# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0000908695-25-000021
**Filing Date:** 2025-11
**Character Count:** 1464899
**Document Hash:** 6bb0b93514cfb568c9b908f040ec4cfa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000908695-25-000021.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0000908695-25-000021

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS III
- **CENTRAL INDEX KEY:** 0000908695

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 251453181

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 20060420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

### Victory Growth and Tax Strategy Fund (Formerly USAA Growth and Tax Strategy Fund) (Series ID: S000012897)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000034866 | Victory Growth and Tax Strategy Fund Shares               | USBLX           |
| C000220605 | Victory Growth and Tax Strategy Fund Class C              | UGTCX           |
| C000220606 | Victory Growth and Tax Strategy Fund Institutional Shares | UGTIX           |
| C000220607 | Victory Growth and Tax Strategy Fund Class A              | UGTAX           |

### Victory Tax Exempt Intermediate-Term Fund (Formerly USAA Tax Exempt Intermediate-Term Fund) (Series ID: S000012901)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034870 | Victory Tax Exempt Intermediate-Term Fund Shares               | USATX           |
| C000220611 | Victory Tax Exempt Intermediate-Term Fund Class A              | UTEIX           |
| C000220612 | Victory Tax Exempt Intermediate-Term Fund Institutional Shares | UITIX           |

### Victory International Fund (Formerly USAA International Fund) (Series ID: S000012903)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000034872 | Victory International Fund Shares               | USIFX           |
| C000066841 | Victory International Fund Institutional Shares | UIIFX           |
| C000204424 | Victory International Fund Class R6             | URITX           |

### Victory Tax Exempt Long-Term Fund (Formerly USAA Tax Exempt Long-Term Fund) (Series ID: S000012904)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000034873 | Victory Tax Exempt Long-Term Fund Shares               | USTEX           |
| C000220616 | Victory Tax Exempt Long-Term Fund Class A              | UTELX           |
| C000220617 | Victory Tax Exempt Long-Term Fund Institutional Shares | ULTIX           |

### Victory Cornerstone Moderate Fund (Formerly USAA Cornerstone Moderate Fund) (Series ID: S000012905)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000034874 | Victory Cornerstone Moderate Fund | USBSX           |

### Victory New York Bond Fund (Formerly USAA New York Bond Fund) (Series ID: S000012908)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000034877 | Victory New York Bond Fund Shares               | USNYX           |
| C000220622 | Victory New York Bond Fund Institutional Shares | UNYIX           |

### Victory Precious Metals and Minerals Fund (Formerly USAA Precious Metals and Minerals Fund) (Series ID: S000012910)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034879 | Victory Precious Metals and Minerals Fund Shares               | USAGX           |
| C000066842 | Victory Precious Metals and Minerals Fund Institutional Shares | UIPMX           |
| C000220623 | Victory Precious Metals and Minerals Fund Class A              | UPMMX           |

### Victory Tax Exempt Short-Term Fund (Formerly USAA Tax Exempt Short-Term Fund) (Series ID: S000012912)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000034881 | Victory Tax Exempt Short-Term Fund Shares               | USSTX           |
| C000220625 | Victory Tax Exempt Short-Term Fund Class A              | UTESX           |
| C000220626 | Victory Tax Exempt Short-Term Fund Institutional Shares | USTIX           |

### Victory California Bond Fund (Formerly USAA California Bond Fund) (Series ID: S000012916)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034886 | Victory California Bond Fund Shares               | USCBX           |
| C000220628 | Victory California Bond Fund Class A              | UXABX           |
| C000220629 | Victory California Bond Fund Institutional Shares | UCBIX           |

### Victory Tax Exempt Money Market Fund (Formerly USAA Tax Exempt Money Market Fund) (Series ID: S000012917)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000034887 | Victory Tax Exempt Money Market Fund | USEXX           |

### Victory Treasury Money Market Trust (Formerly USAA Treasury Money Market Trust) (Series ID: S000012919)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000034889 | Victory Treasury Money Market Trust | UATXX           |

### Victory Virginia Bond Fund (Formerly USAA Virginia Bond Fund) (Series ID: S000012921)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000034891 | Victory Virginia Bond Fund Shares               | USVAX           |
| C000220631 | Victory Virginia Bond Fund Class A              | UVABX           |
| C000220632 | Victory Virginia Bond Fund Institutional Shares | UVAIX           |

### Victory Sustainable World Fund (Formerly USAA Sustainable World Fund) (Series ID: S000012923)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000034893 | Victory Sustainable World Fund Shares               | USAWX           |
| C000159208 | Victory Sustainable World Fund Institutional Shares | UIWGX           |
| C000220633 | Victory Sustainable World Fund Class A              | USWGX           |

### Victory Cornerstone Moderately Aggressive Fund (Formerly USAA Cornerstone Moderately Aggressive Fund) (Series ID: S000012926)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034896 | Victory Cornerstone Moderately Aggressive Fund | USCRX           |

### Victory Emerging Markets Fund (Formerly USAA Emerging Markets Fund) (Series ID: S000012927)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000034897 | Victory Emerging Markets Fund Shares               | USEMX           |
| C000066846 | Victory Emerging Markets Fund Institutional Shares | UIEMX           |

### Victory Government Securities Fund (Formerly USAA Government Securities Fund) (Series ID: S000012929)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000034899 | Victory Government Securities Fund Shares               | USGNX           |
| C000159210 | Victory Government Securities Fund Institutional Shares | UIGSX           |
| C000175754 | Victory Government Securities Fund Class R6             | URGSX           |

### Victory Cornerstone Conservative Fund (Formerly USAA Cornerstone Conservative Fund) (Series ID: S000037224)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000114650 | Victory Cornerstone Conservative Fund | USCCX           |

### Victory Cornerstone Moderately Conservative Fund (Formerly USAA Cornerstone Moderately Conservative Fund) (Series ID: S000037225)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000114651 | Victory Cornerstone Moderately Conservative Fund | UCMCX           |

### Victory Cornerstone Aggressive Fund (Formerly USAA Cornerstone Aggressive Fund) (Series ID: S000037226)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000114652 | Victory Cornerstone Aggressive Fund | UCAGX           |

### Victory Cornerstone Equity Fund (Formerly USAA Cornerstone Equity Fund) (Series ID: S000037227)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000114653 | Victory Cornerstone Equity Fund | UCEQX           |

### Victory Target Managed Allocation Fund (Formerly USAA Target Managed Allocation Fund) (Series ID: S000050251)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000158651 | Victory Target Managed Allocation Fund | UTMAX           |

### Victory Global Equity Income Fund (Formerly USAA Global Equity Income Fund) (Series ID: S000050252)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000158652 | Victory Global Equity Income Fund Shares | UGIEX           |

?xml version='1.0' encoding='ASCII'?

### UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM N-CSR
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811-07852

Victory Portfolios III

(Exact name of registrant as specified in charter)

15935 La Cantera Parkway Building Two, San Antonio, Texas 78256

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Mark Amorosi K&L Gates LLP 1601 K Street, NW Washington, DC 20006-1600

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-235-8396</u>

Date of fiscal year end: <u>February 28</u>

Date of reporting period: <u>August 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Victory California Bond Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USCBX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory California Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $402123 |
| Number of Holdings | 164 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](if4019893123114c66d7a0fde.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Special Tax | 3.7% |
| Higher Education | 4.5% |
| Nursing Homes | 5.1% |
| General Obligation | 5.5% |
| Airport | 8.7% |
| Transportation | 9.1% |
| Education | 10.8% |
| General | 11.1% |
| School District | 13.0% |
| Medical | 16.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USCBX — SAR (8/25)

#### Victory California Bond Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UCBIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory California Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;0.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $402123 |
| Number of Holdings | 164 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](ic1fd5d415ac326ed2a04d0df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Special Tax | 3.7% |
| Higher Education | 4.5% |
| Nursing Homes | 5.1% |
| General Obligation | 5.5% |
| Airport | 8.7% |
| Transportation | 9.1% |
| Education | 10.8% |
| General | 11.1% |
| School District | 13.0% |
| Medical | 16.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UCBIX — SAR (8/25)

#### Victory California Bond Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class A

Ticker: UXABX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory California Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$37 | &nbsp;&nbsp;&nbsp;0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $402123 |
| Number of Holdings | 164 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i8b4bac071fface62618328a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Special Tax | 3.7% |
| Higher Education | 4.5% |
| Nursing Homes | 5.1% |
| General Obligation | 5.5% |
| Airport | 8.7% |
| Transportation | 9.1% |
| Education | 10.8% |
| General | 11.1% |
| School District | 13.0% |
| Medical | 16.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UXABX — SAR (8/25)

#### Victory Cornerstone Aggressive Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: UCAGX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Aggressive Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;0.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $419458 |
| Number of Holdings | 393 |
| Portfolio Turnover | 49% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 6.9% |
| VictoryShares Core Intermediate Bond ETF | 6.2% |
| Vanguard FTSE Developed Markets ETF | 5.2% |
| VictoryShares Free Cash Flow Growth ETF | 5.0% |
| Schwab Fundamental International Equity ETF | 5.0% |
| VictoryShares Core Plus Intermediate Bond ETF | 3.0% |
| NVIDIA Corp. | 2.7% |
| Microsoft Corp. | 2.5% |
| Vanguard FTSE Emerging Markets ETF | 2.5% |
| Schwab Fundamental Emerging Markets Equity ETF | 2.3% |

---

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i0ac90ecd510ecb6e524eb6a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 44.7% |
| Common Stocks | 33.8% |
| Affiliated Fixed-Income Exchange-Traded Funds | 11.3% |
| Affiliated Equity Exchange-Traded Funds | 9.9% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UCAGX — SAR (8/25)

#### Victory Cornerstone Conservative Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USCCX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Conservative Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$5 | &nbsp;&nbsp;&nbsp;0.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $221635 |
| Number of Holdings | 28 |
| Portfolio Turnover | 3% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Victory Core Plus Intermediate Bond Fund, Institutional Shares | 23.5% |
| VictoryShares Short-Term Bond ETF | 14.0% |
| Victory Government Securities Fund, Institutional Shares | 11.6% |
| VictoryShares Core Intermediate Bond ETF | 9.4% |
| Victory Income Fund, Institutional Shares | 7.9% |
| Victory Market Neutral Income Fund, Class I | 4.7% |
| Victory 500 Index Fund, Reward Shares | 4.6% |
| Victory High Income Fund, Institutional Shares | 4.6% |
| Victory International Fund, Institutional Shares | 3.4% |
| VictoryShares International Value Momentum ETF | 2.6% |

---

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i8ffcb7f8d7ead274e14036ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Fixed-Income Mutual Funds | 47.8% |
| Affiliated Equity Mutual Funds | 15.7% |
| Affiliated Fixed-Income Exchange-Traded Funds | 23.3% |
| Affiliated Equity Exchange-Traded Funds | 13.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USCCX — SAR (8/25)

#### Victory Cornerstone Equity Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: UCEQX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Equity Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;0.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $284117 |
| Number of Holdings | 19 |
| Portfolio Turnover | 10% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Victory 500 Index Fund, Reward Shares | 19.5% |
| Victory International Fund, Institutional Shares | 15.3% |
| VictoryShares International Value Momentum ETF | 9.7% |
| VictoryShares WestEnd U.S. Sector ETF | 8.7% |
| Victory Nasdaq-100 Index Fund, Class R6 | 8.3% |
| VictoryShares Free Cash Flow ETF | 6.8% |
| VictoryShares Free Cash Flow Growth ETF | 6.8% |
| VictoryShares Emerging Markets Value Momentum ETF | 6.2% |
| VictoryShares US Value Momentum ETF | 4.6% |
| Victory Income Stock Fund, Institutional Shares | 4.2% |

---

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i8976f4ffb6b1809f5bd8360b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 51.3% |
| Affiliated Equity Exchange-Traded Funds | 48.3% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UCEQX — SAR (8/25)

#### Victory Cornerstone Moderate Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USBSX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Moderate Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;0.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1168628 |
| Number of Holdings | 171 |
| Portfolio Turnover | 47% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| VictoryShares Core Intermediate Bond ETF | 18.3% |
| VictoryShares Core Plus Intermediate Bond ETF | 9.1% |
| iShares Core S&P 500 ETF | 5.0% |
| VictoryShares Free Cash Flow Growth ETF | 3.3% |
| VictoryShares WestEnd Economic Cycle Bond ETF | 2.9% |
| Schwab Fundamental International Equity ETF | 2.5% |
| Vanguard FTSE Developed Markets ETF | 2.3% |
| iShares MSCI Japan ETF | 2.2% |
| iShares Core U.S. Aggregate Bond ETF | 2.1% |
| Vanguard FTSE Europe ETF | 2.0% |

---

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i0bf3173d32673d1b31ed818e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 41.3% |
| Affiliated Fixed-Income Exchange-Traded Funds | 32.7% |
| Affiliated Equity Exchange-Traded Funds | 6.7% |
| Common Stocks | 19.1% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USBSX — SAR (8/25)

#### Victory Cornerstone Moderately Aggressive Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USCRX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Moderately Aggressive Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$43 | &nbsp;&nbsp;&nbsp;0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2812887 |
| Number of Holdings | 408 |
| Portfolio Turnover | 48% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| VictoryShares Core Intermediate Bond ETF | 14.1% |
| VictoryShares Core Plus Intermediate Bond ETF | 6.9% |
| iShares Core S&P 500 ETF | 5.1% |
| Vanguard FTSE Developed Markets ETF | 3.6% |
| VictoryShares Free Cash Flow Growth ETF | 3.6% |
| Schwab Fundamental International Equity ETF | 2.9% |
| VictoryShares WestEnd Economic Cycle Bond ETF | 2.4% |
| iShares MSCI Japan ETF | 2.4% |
| Vanguard FTSE Europe ETF | 2.2% |
| NVIDIA Corp. | 2.1% |

---

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i30496262f74ce3283758fd45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 40.9% |
| Affiliated Fixed-Income Exchange-Traded Funds | 25.2% |
| Affiliated Equity Exchange-Traded Funds | 7.6% |
| Common Stocks | 25.9% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USCRX — SAR (8/25)

#### Victory Cornerstone Moderately Conservative Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: UCMCX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Moderately Conservative Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $182704 |
| Number of Holdings | 119 |
| Portfolio Turnover | 45% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| VictoryShares Core Intermediate Bond ETF | 20.8% |
| VictoryShares Core Plus Intermediate Bond ETF | 11.7% |
| iShares Core S&P 500 ETF | 5.7% |
| VictoryShares WestEnd Economic Cycle Bond ETF | 3.7% |
| iShares Core U.S. Aggregate Bond ETF | 3.2% |
| VictoryShares Free Cash Flow Growth ETF | 3.1% |
| VictoryShares Short-Term Bond ETF | 2.3% |
| iShares MSCI Japan ETF | 2.3% |
| Vanguard FTSE Europe ETF | 2.1% |
| iShares 7-10 Year Treasury Bond ETF | 2.1% |

---

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i6d894a5e622f9a1bdd3da9fe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 43.5% |
| Affiliated Fixed-Income Exchange-Traded Funds | 38.5% |
| Affiliated Equity Exchange-Traded Funds | 3.7% |
| Common Stocks | 13.6% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UCMCX — SAR (8/25)

#### Victory Emerging Markets Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USEMX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Emerging Markets Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$82 | &nbsp;&nbsp;&nbsp;1.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $578252 |
| Number of Holdings | 252 |
| Portfolio Turnover | 67% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

#### Top Sectors<sup>Footnote Reference \*</sup> (% of Net Assets)

#### (as of August 31, 2025)

#### Top Countries<sup>Footnote Reference \*</sup><sup>Footnote Reference ^</sup> (% of Net Assets)

#### (as of August 31, 2025)
![Group By Sector Chart](i256cc17052c41c7fbbd40506.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3% |
| Energy | 3.9% |
| Health Care | 4.0% |
| Consumer Staples | 4.2% |
| Materials | 5.6% |
| Industrials | 6.3% |
| Communication Services | 9.4% |
| Consumer Discretionary | 12.4% |
| Financials | 22.1% |
| Information Technology | 25.3% |

---

![Group By Industry Chart](idd18c3d7eaf2ae0cac95c05a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 24.8% |
| Taiwan | 21.3% |
| India | 13.4% |
| South Korea | 12.3% |
| Brazil | 5.9% |
| Mexico | 4.5% |
| Other<sup>Footnote Reference\*\*</sup> | 16.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes countries comprising less than 3.0% of portfolio. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100%. |

---

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USEMX — SAR (8/25)

#### Victory Emerging Markets Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UIEMX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Emerging Markets Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$72 | &nbsp;&nbsp;&nbsp;1.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $578252 |
| Number of Holdings | 252 |
| Portfolio Turnover | 67% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

#### Top Sectors<sup>Footnote Reference \*</sup> (% of Net Assets)

#### (as of August 31, 2025)

#### Top Countries<sup>Footnote Reference \*</sup><sup>Footnote Reference ^</sup> (% of Net Assets)

#### (as of August 31, 2025)
![Group By Sector Chart](i9a9f8e2bfeca11a16b61a610.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3% |
| Energy | 3.9% |
| Health Care | 4.0% |
| Consumer Staples | 4.2% |
| Materials | 5.6% |
| Industrials | 6.3% |
| Communication Services | 9.4% |
| Consumer Discretionary | 12.4% |
| Financials | 22.1% |
| Information Technology | 25.3% |

---

![Group By Industry Chart](i75acc0e9f7bb793b66d50ab3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 24.8% |
| Taiwan | 21.3% |
| India | 13.4% |
| South Korea | 12.3% |
| Brazil | 5.9% |
| Mexico | 4.5% |
| Other<sup>Footnote Reference\*\*</sup> | 16.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes countries comprising less than 3.0% of portfolio. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100%. |

---

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UIEMX — SAR (8/25)

#### Victory Global Equity Income Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: UGEIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Global Equity Income Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$54 | &nbsp;&nbsp;&nbsp;1.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $67916 |
| Number of Holdings | 124 |
| Portfolio Turnover | 15% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)
![Group By Sector Chart](iba26ac4186e754a86ce61b0d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.7% |
| Consumer Discretionary | 3.3% |
| Utilities | 5.6% |
| Energy | 7.4% |
| Materials | 10.0% |
| Health Care | 10.5% |
| Consumer Staples | 10.8% |
| Industrials | 13.1% |
| Information Technology | 13.2% |
| Financials | 22.9% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 2.2% |
| Cisco Systems, Inc. | 1.9% |
| Heidelberg Materials AG | 1.7% |
| Banco Bilbao Vizcaya Argentaria SA | 1.7% |
| AbbVie, Inc. | 1.6% |
| Fujikura Ltd. | 1.5% |
| Cie de Saint-Gobain SA | 1.5% |
| Novartis AG, Registered Shares | 1.4% |
| Allianz SE, Registered Shares | 1.4% |
| QUALCOMM, Inc. | 1.4% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UGEIX — SAR (8/25)

#### Victory Government Securities Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USGNX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Government Securities Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;0.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1136724 |
| Number of Holdings | 434 |
| Portfolio Turnover | 9% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of August 31, 2025)
![Group By Asset Type Chart](i15cd64d8d8c44026c1211d1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 48.9% |
| U.S. Treasury Obligations | 30.8% |
| Collateralized Mortgage Obligations | 16.1% |
| Other<sup>Footnote Reference\*\*</sup> | 3.6% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USGNX — SAR (8/25)

#### Victory Government Securities Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UIGSX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Government Securities Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;0.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1136724 |
| Number of Holdings | 434 |
| Portfolio Turnover | 9% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of August 31, 2025)
![Group By Asset Type Chart](ie1553353e9db6b0e5bc180a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 48.9% |
| U.S. Treasury Obligations | 30.8% |
| Collateralized Mortgage Obligations | 16.1% |
| Other<sup>Footnote Reference\*\*</sup> | 3.6% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UIGSX — SAR (8/25)

#### Victory Government Securities Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class R6

Ticker: URGSX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Government Securities Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$19 | &nbsp;&nbsp;&nbsp;0.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1136724 |
| Number of Holdings | 434 |
| Portfolio Turnover | 9% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of August 31, 2025)
![Group By Asset Type Chart](i2c4e0d02a389086dd010d0ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 48.9% |
| U.S. Treasury Obligations | 30.8% |
| Collateralized Mortgage Obligations | 16.1% |
| Other<sup>Footnote Reference\*\*</sup> | 3.6% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

URGSX — SAR (8/25)

#### Victory Growth and Tax Strategy Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USBLX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$26 | &nbsp;&nbsp;&nbsp;0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $856932 |
| Number of Holdings | 686 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)
![Group By Sector Chart](ic20a1746b9d0e62cd402bbbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Nursing Homes | 4.3% |
| Education | 4.7% |
| Consumer Discretionary | 4.9% |
| Communication Services | 5.1% |
| Single Family Housing | 5.4% |
| Higher Education | 6.2% |
| General | 6.8% |
| Financials | 7.6% |
| Medical | 10.3% |
| Information Technology | 15.9% |

---

# Top 5 Blue Chip Stocks (% of Net Assets)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.7% |
| Microsoft Corp. | 3.4% |
| Apple, Inc. | 3.2% |
| Amazon.com, Inc. | 2.1% |
| Meta Platforms, Inc. Class A | 1.6% |

---

# Top 5 Tax-Exempt Bonds (% of Net Assets)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| University of California Revenue, Series AL-2, 1.45%, 5/15/48 | 1.2% |
| Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.90%, 5/15/45 | 0.8% |
| Capital Area Housing Finance Corp. Revenue, Series 2025-DBE8159, 2.50%, 3/1/41 | 0.6% |
| Development Authority of Appling County Revenue, Series GA, 2.30%, 9/1/41 | 0.6% |
| The Development Authority of Burke County Revenue, Series GA, 2.25%, 11/1/52 | 0.6% |

---

# \* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.

# Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USBLX — SAR (8/25)

#### Victory Growth and Tax Strategy Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UGTIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;0.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $856932 |
| Number of Holdings | 686 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)
![Group By Sector Chart](ia84e9d343445754824c531d0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Nursing Homes | 4.3% |
| Education | 4.7% |
| Consumer Discretionary | 4.9% |
| Communication Services | 5.1% |
| Single Family Housing | 5.4% |
| Higher Education | 6.2% |
| General | 6.8% |
| Financials | 7.6% |
| Medical | 10.3% |
| Information Technology | 15.9% |

---

# Top 5 Blue Chip Stocks (% of Net Assets)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.7% |
| Microsoft Corp. | 3.4% |
| Apple, Inc. | 3.2% |
| Amazon.com, Inc. | 2.1% |
| Meta Platforms, Inc. Class A | 1.6% |

---

# Top 5 Tax-Exempt Bonds (% of Net Assets)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| University of California Revenue, Series AL-2, 1.45%, 5/15/48 | 1.2% |
| Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.90%, 5/15/45 | 0.8% |
| Capital Area Housing Finance Corp. Revenue, Series 2025-DBE8159, 2.50%, 3/1/41 | 0.6% |
| Development Authority of Appling County Revenue, Series GA, 2.30%, 9/1/41 | 0.6% |
| The Development Authority of Burke County Revenue, Series GA, 2.25%, 11/1/52 | 0.6% |

---

# \* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.

# Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UGTIX — SAR (8/25)

#### Victory Growth and Tax Strategy Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class A

Ticker: UGTAX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $856932 |
| Number of Holdings | 686 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)
![Group By Sector Chart](i7f30e047abb02d8892d91579.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Nursing Homes | 4.3% |
| Education | 4.7% |
| Consumer Discretionary | 4.9% |
| Communication Services | 5.1% |
| Single Family Housing | 5.4% |
| Higher Education | 6.2% |
| General | 6.8% |
| Financials | 7.6% |
| Medical | 10.3% |
| Information Technology | 15.9% |

---

# Top 5 Blue Chip Stocks (% of Net Assets)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.7% |
| Microsoft Corp. | 3.4% |
| Apple, Inc. | 3.2% |
| Amazon.com, Inc. | 2.1% |
| Meta Platforms, Inc. Class A | 1.6% |

---

# Top 5 Tax-Exempt Bonds (% of Net Assets)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| University of California Revenue, Series AL-2, 1.45%, 5/15/48 | 1.2% |
| Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.90%, 5/15/45 | 0.8% |
| Capital Area Housing Finance Corp. Revenue, Series 2025-DBE8159, 2.50%, 3/1/41 | 0.6% |
| Development Authority of Appling County Revenue, Series GA, 2.30%, 9/1/41 | 0.6% |
| The Development Authority of Burke County Revenue, Series GA, 2.25%, 11/1/52 | 0.6% |

---

# \* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.

# Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UGTAX — SAR (8/25)

#### Victory Growth and Tax Strategy Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class C

Ticker: UGTCX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;1.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $856932 |
| Number of Holdings | 686 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)
![Group By Sector Chart](iec2dbed6659abd8f6e48cfb6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Nursing Homes | 4.3% |
| Education | 4.7% |
| Consumer Discretionary | 4.9% |
| Communication Services | 5.1% |
| Single Family Housing | 5.4% |
| Higher Education | 6.2% |
| General | 6.8% |
| Financials | 7.6% |
| Medical | 10.3% |
| Information Technology | 15.9% |

---

# Top 5 Blue Chip Stocks (% of Net Assets)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.7% |
| Microsoft Corp. | 3.4% |
| Apple, Inc. | 3.2% |
| Amazon.com, Inc. | 2.1% |
| Meta Platforms, Inc. Class A | 1.6% |

---

# Top 5 Tax-Exempt Bonds (% of Net Assets)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| University of California Revenue, Series AL-2, 1.45%, 5/15/48 | 1.2% |
| Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.90%, 5/15/45 | 0.8% |
| Capital Area Housing Finance Corp. Revenue, Series 2025-DBE8159, 2.50%, 3/1/41 | 0.6% |
| Development Authority of Appling County Revenue, Series GA, 2.30%, 9/1/41 | 0.6% |
| The Development Authority of Burke County Revenue, Series GA, 2.25%, 11/1/52 | 0.6% |

---

# \* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.

# Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UGTCX — SAR (8/25)

#### Victory International Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USIFX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory International Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$58 | &nbsp;&nbsp;&nbsp;1.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2608459 |
| Number of Holdings | 403 |
| Portfolio Turnover | 22% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

#### Top Sectors<sup>Footnote Reference \*</sup> (% of Net Assets)

#### (as of August 31, 2025)

#### Top Countries<sup>Footnote Reference \*</sup><sup>Footnote Reference ^</sup> (% of Net Assets)

#### (as of August 31, 2025)
![Group By Sector Chart](i6a7ad1d936f67b6a1129ef34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.1% |
| Energy | 4.4% |
| Communication Services | 5.5% |
| Materials | 5.9% |
| Consumer Staples | 7.7% |
| Health Care | 8.9% |
| Information Technology | 8.9% |
| Consumer Discretionary | 9.2% |
| Industrials | 16.2% |
| Financials | 25.5% |

---

![Group By Industry Chart](i20c8baf52816f64cdc35abcb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.3% |
| United Kingdom | 13.4% |
| France | 8.5% |
| Switzerland | 7.9% |
| Germany | 7.7% |
| Netherlands | 5.1% |
| Australia | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 31.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes countries comprising less than 3.0% of portfolio. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100%. |

---

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USIFX — SAR (8/25)

#### Victory International Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UIIFX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory International Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$55 | &nbsp;&nbsp;&nbsp;1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2608459 |
| Number of Holdings | 403 |
| Portfolio Turnover | 22% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

#### Top Sectors<sup>Footnote Reference \*</sup> (% of Net Assets)

#### (as of August 31, 2025)

#### Top Countries<sup>Footnote Reference \*</sup><sup>Footnote Reference ^</sup> (% of Net Assets)

#### (as of August 31, 2025)
![Group By Sector Chart](i56b8ead5bb4ea16657dbe34a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.1% |
| Energy | 4.4% |
| Communication Services | 5.5% |
| Materials | 5.9% |
| Consumer Staples | 7.7% |
| Health Care | 8.9% |
| Information Technology | 8.9% |
| Consumer Discretionary | 9.2% |
| Industrials | 16.2% |
| Financials | 25.5% |

---

![Group By Industry Chart](i9adeff858681e6785214a81b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.3% |
| United Kingdom | 13.4% |
| France | 8.5% |
| Switzerland | 7.9% |
| Germany | 7.7% |
| Netherlands | 5.1% |
| Australia | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 31.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes countries comprising less than 3.0% of portfolio. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100%. |

---

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UIIFX — SAR (8/25)

#### Victory International Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class R6

Ticker: URITX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory International Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;0.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2608459 |
| Number of Holdings | 403 |
| Portfolio Turnover | 22% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

#### Top Sectors<sup>Footnote Reference \*</sup> (% of Net Assets)

#### (as of August 31, 2025)

#### Top Countries<sup>Footnote Reference \*</sup><sup>Footnote Reference ^</sup> (% of Net Assets)

#### (as of August 31, 2025)
![Group By Sector Chart](i6ba88ed7ec7eeab4422a9cf3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.1% |
| Energy | 4.4% |
| Communication Services | 5.5% |
| Materials | 5.9% |
| Consumer Staples | 7.7% |
| Health Care | 8.9% |
| Information Technology | 8.9% |
| Consumer Discretionary | 9.2% |
| Industrials | 16.2% |
| Financials | 25.5% |

---

![Group By Industry Chart](i55834c392936c2db68863efb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.3% |
| United Kingdom | 13.4% |
| France | 8.5% |
| Switzerland | 7.9% |
| Germany | 7.7% |
| Netherlands | 5.1% |
| Australia | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 31.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes countries comprising less than 3.0% of portfolio. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100%. |

---

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

URITX — SAR (8/25)

#### Victory New York Bond Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USNYX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory New York Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$31 | &nbsp;&nbsp;&nbsp;0.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $102810 |
| Number of Holdings | 100 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i5928bc2f2104949db03f77e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Airport | 3.7% |
| Housing | 4.0% |
| Multifamily Housing | 5.2% |
| General Obligation | 6.0% |
| Nursing Homes | 6.5% |
| Transportation | 10.7% |
| General | 11.4% |
| Education | 12.3% |
| Medical | 15.0% |
| Higher Education | 15.3% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USNYX — SAR (8/25)

#### Victory New York Bond Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UNYIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory New York Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$28 | &nbsp;&nbsp;&nbsp;0.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $102810 |
| Number of Holdings | 100 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](if5586003d38a6a5edbc546ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Airport | 3.7% |
| Housing | 4.0% |
| Multifamily Housing | 5.2% |
| General Obligation | 6.0% |
| Nursing Homes | 6.5% |
| Transportation | 10.7% |
| General | 11.4% |
| Education | 12.3% |
| Medical | 15.0% |
| Higher Education | 15.3% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UNYIX — SAR (8/25)

#### Victory Precious Metals and Minerals Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USAGX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Precious Metals and Minerals Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$70 | &nbsp;&nbsp;&nbsp;1.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $874923 |
| Number of Holdings | 43 |
| Portfolio Turnover | 15% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 12.8% |
| Gold Fields Ltd., ADR | 8.2% |
| Kinross Gold Corp. | 7.1% |
| Newmont Corp. | 7.0% |
| Anglogold Ashanti PLC (Johannesburg Stock Exchange) | 5.5% |
| Royal Gold, Inc. | 5.1% |
| Barrick Mining Corp. | 4.9% |
| Zijin Mining Group Co. Ltd., Class H | 4.4% |
| Dundee Precious Metals, Inc. | 4.0% |
| Wheaton Precious Metals Corp. | 3.9% |

---

# Top Countries<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup> (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](ia20b908f59239817c485412f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 52.2% |
| United States | 13.6% |
| South Africa | 11.4% |
| Australia | 10.7% |
| United Kingdom | 7.2% |
| China | 4.4% |
| Other<sup>Footnote Reference\*\*</sup> | 0.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USAGX — SAR (8/25)

#### Victory Precious Metals and Minerals Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UIPMX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Precious Metals and Minerals Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$66 | &nbsp;&nbsp;&nbsp;1.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $874923 |
| Number of Holdings | 43 |
| Portfolio Turnover | 15% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 12.8% |
| Gold Fields Ltd., ADR | 8.2% |
| Kinross Gold Corp. | 7.1% |
| Newmont Corp. | 7.0% |
| Anglogold Ashanti PLC (Johannesburg Stock Exchange) | 5.5% |
| Royal Gold, Inc. | 5.1% |
| Barrick Mining Corp. | 4.9% |
| Zijin Mining Group Co. Ltd., Class H | 4.4% |
| Dundee Precious Metals, Inc. | 4.0% |
| Wheaton Precious Metals Corp. | 3.9% |

---

# Top Countries<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup> (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i825406ff7ab9cfc9b4ae02d4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 52.2% |
| United States | 13.6% |
| South Africa | 11.4% |
| Australia | 10.7% |
| United Kingdom | 7.2% |
| China | 4.4% |
| Other<sup>Footnote Reference\*\*</sup> | 0.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UIPMX — SAR (8/25)

#### Victory Precious Metals and Minerals Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class A

Ticker: UPMMX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Precious Metals and Minerals Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$88 | &nbsp;&nbsp;&nbsp;1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $874923 |
| Number of Holdings | 43 |
| Portfolio Turnover | 15% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 12.8% |
| Gold Fields Ltd., ADR | 8.2% |
| Kinross Gold Corp. | 7.1% |
| Newmont Corp. | 7.0% |
| Anglogold Ashanti PLC (Johannesburg Stock Exchange) | 5.5% |
| Royal Gold, Inc. | 5.1% |
| Barrick Mining Corp. | 4.9% |
| Zijin Mining Group Co. Ltd., Class H | 4.4% |
| Dundee Precious Metals, Inc. | 4.0% |
| Wheaton Precious Metals Corp. | 3.9% |

---

# Top Countries<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup> (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](ic4499532dbf7e3d595871ace.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 52.2% |
| United States | 13.6% |
| South Africa | 11.4% |
| Australia | 10.7% |
| United Kingdom | 7.2% |
| China | 4.4% |
| Other<sup>Footnote Reference\*\*</sup> | 0.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UPMMX — SAR (8/25)

#### Victory Sustainable World Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USAWX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Sustainable World Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$54 | &nbsp;&nbsp;&nbsp;1.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1474583 |
| Number of Holdings | 339 |
| Portfolio Turnover | 37% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

#### Top Sectors<sup>Footnote Reference \*</sup> (% of Net Assets)

#### (as of August 31, 2025)

#### Top Countries<sup>Footnote Reference \*</sup><sup>Footnote Reference ^</sup> (% of Net Assets)

#### (as of August 31, 2025)
![Group By Sector Chart](i020050beee36cf0f2fb095c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.0% |
| Materials | 3.2% |
| Energy | 3.4% |
| Consumer Staples | 5.7% |
| Communication Services | 8.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 10.5% |
| Industrials | 10.7% |
| Financials | 19.7% |
| Information Technology | 22.4% |

---

![Group By Industry Chart](ib9a43528e7305a0ad69bddc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 60.5% |
| Japan | 6.6% |
| Switzerland | 3.6% |
| United Kingdom | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 24.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes countries comprising less than 3.0% of portfolio. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100%. |

---

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USAWX — SAR (8/25)

#### Victory Sustainable World Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UIWGX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Sustainable World Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$53 | &nbsp;&nbsp;&nbsp;1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1474583 |
| Number of Holdings | 339 |
| Portfolio Turnover | 37% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

#### Top Sectors<sup>Footnote Reference \*</sup> (% of Net Assets)

#### (as of August 31, 2025)

#### Top Countries<sup>Footnote Reference \*</sup><sup>Footnote Reference ^</sup> (% of Net Assets)

#### (as of August 31, 2025)
![Group By Sector Chart](i0fb57e6feda6c87f6cfc63fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.0% |
| Materials | 3.2% |
| Energy | 3.4% |
| Consumer Staples | 5.7% |
| Communication Services | 8.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 10.5% |
| Industrials | 10.7% |
| Financials | 19.7% |
| Information Technology | 22.4% |

---

![Group By Industry Chart](i886970334724db488bddd55b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 60.5% |
| Japan | 6.6% |
| Switzerland | 3.6% |
| United Kingdom | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 24.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes countries comprising less than 3.0% of portfolio. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100%. |

---

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UIWGX — SAR (8/25)

#### Victory Sustainable World Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class A

Ticker: USWGX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Sustainable World Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$71 | &nbsp;&nbsp;&nbsp;1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1474583 |
| Number of Holdings | 339 |
| Portfolio Turnover | 37% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

#### Top Sectors<sup>Footnote Reference \*</sup> (% of Net Assets)

#### (as of August 31, 2025)

#### Top Countries<sup>Footnote Reference \*</sup><sup>Footnote Reference ^</sup> (% of Net Assets)

#### (as of August 31, 2025)
![Group By Sector Chart](i5f73e563fa70e1db5cd3bb12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.0% |
| Materials | 3.2% |
| Energy | 3.4% |
| Consumer Staples | 5.7% |
| Communication Services | 8.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 10.5% |
| Industrials | 10.7% |
| Financials | 19.7% |
| Information Technology | 22.4% |

---

![Group By Industry Chart](i82789efa1b39bdc4581ea9cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 60.5% |
| Japan | 6.6% |
| Switzerland | 3.6% |
| United Kingdom | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 24.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes countries comprising less than 3.0% of portfolio. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100%. |

---

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USWGX — SAR (8/25)

#### Victory Target Managed Allocation Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: UTMAX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Target Managed Allocation Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$33 | &nbsp;&nbsp;&nbsp;0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $383417 |
| Number of Holdings | 308 |
| Portfolio Turnover | 91% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)
![Group By Sector Chart](ib5e9a986865d735caa72f6bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.8% |
| Utilities | 2.1% |
| Energy | 3.3% |
| Consumer Staples | 4.9% |
| Communication Services | 6.5% |
| Health Care | 7.2% |
| Consumer Discretionary | 9.8% |
| Industrials | 10.8% |
| Financials | 17.3% |
| Information Technology | 23.4% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of August 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.6% |
| Microsoft Corp. | 4.3% |
| VanEck Gold Miners ETF | 4.1% |
| Apple, Inc. | 4.1% |
| iShares Core MSCI Emerging Markets ETF | 3.1% |
| Amazon.com, Inc. | 2.3% |
| Meta Platforms, Inc., Class A | 1.7% |
| Broadcom, Inc. | 1.6% |
| Alphabet, Inc., Class A | 1.2% |
| Alphabet, Inc., Class C | 1.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UTMAX — SAR (8/25)

#### Victory Tax Exempt Intermediate-Term Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USATX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Intermediate-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;0.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2849177 |
| Number of Holdings | 1107 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](ifb5dbb76a3346ccf4d559859.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| General Obligation | 3.7% |
| Airport | 3.8% |
| Single Family Housing | 4.3% |
| School District | 5.0% |
| Education | 6.4% |
| Nursing Homes | 6.6% |
| Higher Education | 7.7% |
| Transportation | 9.1% |
| General | 17.3% |
| Medical | 22.7% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USATX — SAR (8/25)

#### Victory Tax Exempt Intermediate-Term Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UITIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Intermediate-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$22 | &nbsp;&nbsp;&nbsp;0.44% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2849177 |
| Number of Holdings | 1107 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i36222b44e6136de078e252f6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| General Obligation | 3.7% |
| Airport | 3.8% |
| Single Family Housing | 4.3% |
| School District | 5.0% |
| Education | 6.4% |
| Nursing Homes | 6.6% |
| Higher Education | 7.7% |
| Transportation | 9.1% |
| General | 17.3% |
| Medical | 22.7% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UITIX — SAR (8/25)

#### Victory Tax Exempt Intermediate-Term Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class A

Ticker: UTEIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Intermediate-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$36 | &nbsp;&nbsp;&nbsp;0.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2849177 |
| Number of Holdings | 1107 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i234b0d884c624adc0a1f9b1d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| General Obligation | 3.7% |
| Airport | 3.8% |
| Single Family Housing | 4.3% |
| School District | 5.0% |
| Education | 6.4% |
| Nursing Homes | 6.6% |
| Higher Education | 7.7% |
| Transportation | 9.1% |
| General | 17.3% |
| Medical | 22.7% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UTEIX — SAR (8/25)

#### Victory Tax Exempt Long-Term Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USTEX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Long-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;&nbsp;0.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1562368 |
| Number of Holdings | 561 |
| Portfolio Turnover | 3% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](icb6a90a80360272810f73956.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Airport | 2.4% |
| Water | 2.6% |
| General Obligation | 5.4% |
| Transportation | 6.9% |
| Education | 7.3% |
| School District | 7.7% |
| Higher Education | 9.4% |
| Nursing Homes | 11.5% |
| General | 16.1% |
| Medical | 19.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USTEX — SAR (8/25)

#### Victory Tax Exempt Long-Term Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: ULTIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Long-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$19 | &nbsp;&nbsp;&nbsp;0.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1562368 |
| Number of Holdings | 561 |
| Portfolio Turnover | 3% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](iece68abf3c1dc6e04360ea97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Airport | 2.4% |
| Water | 2.6% |
| General Obligation | 5.4% |
| Transportation | 6.9% |
| Education | 7.3% |
| School District | 7.7% |
| Higher Education | 9.4% |
| Nursing Homes | 11.5% |
| General | 16.1% |
| Medical | 19.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

ULTIX — SAR (8/25)

#### Victory Tax Exempt Long-Term Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class A

Ticker: UTELX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Long-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;0.64% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1562368 |
| Number of Holdings | 561 |
| Portfolio Turnover | 3% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i0fc7d11510258d563788c909.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Airport | 2.4% |
| Water | 2.6% |
| General Obligation | 5.4% |
| Transportation | 6.9% |
| Education | 7.3% |
| School District | 7.7% |
| Higher Education | 9.4% |
| Nursing Homes | 11.5% |
| General | 16.1% |
| Medical | 19.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UTELX — SAR (8/25)

#### Victory Tax Exempt Short-Term Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USSTX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Short-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;0.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $648814 |
| Number of Holdings | 365 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](ib322d6b5e33bbbfe19a694af.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Multifamily Housing | 3.2% |
| Transportation | 3.8% |
| Education | 4.0% |
| Water | 4.1% |
| Nursing Homes | 6.7% |
| General Obligation | 9.3% |
| Development | 9.6% |
| Pollution | 9.9% |
| Medical | 13.4% |
| General | 22.4% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USSTX — SAR (8/25)

#### Victory Tax Exempt Short-Term Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: USTIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Short-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$26 | &nbsp;&nbsp;&nbsp;0.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $648814 |
| Number of Holdings | 365 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i11c1bdfe1b611bae32df093c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Multifamily Housing | 3.2% |
| Transportation | 3.8% |
| Education | 4.0% |
| Water | 4.1% |
| Nursing Homes | 6.7% |
| General Obligation | 9.3% |
| Development | 9.6% |
| Pollution | 9.9% |
| Medical | 13.4% |
| General | 22.4% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USTIX — SAR (8/25)

#### Victory Tax Exempt Short-Term Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class A

Ticker: UTESX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Short-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$39 | &nbsp;&nbsp;&nbsp;0.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $648814 |
| Number of Holdings | 365 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](ia20b5978096bb7567afce323.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Multifamily Housing | 3.2% |
| Transportation | 3.8% |
| Education | 4.0% |
| Water | 4.1% |
| Nursing Homes | 6.7% |
| General Obligation | 9.3% |
| Development | 9.6% |
| Pollution | 9.9% |
| Medical | 13.4% |
| General | 22.4% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UTESX — SAR (8/25)

#### Victory Tax Exempt Money Market Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USEXX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Money Market Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$28 | &nbsp;&nbsp;&nbsp;0.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $419227 |
| Number of Holdings | 46 |
| 7 Day Net Yield | 2.29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i196675a3868a8ed85f3069ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| General | 0.4% |
| Nursing Homes | 1.8% |
| Higher Education | 2.7% |
| Education | 3.6% |
| Transportation | 4.5% |
| Multifamily Housing | 7.5% |
| Power | 8.6% |
| Pollution | 9.3% |
| Medical | 27.6% |
| Development | 33.9% |

---

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USEXX — SAR (8/25)

#### Victory Treasury Money Market Trust
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: UATXX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Treasury Money Market Trust (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$18 | &nbsp;&nbsp;&nbsp;0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $922182 |
| Number of Holdings | 15 |
| 7 Day Net Yield | 3.93% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Asset Allocation<sup>**Footnote Reference ^**</sup> (% of Net Assets)

# (as of August 31, 2025)
![Group By Asset Type Chart](i0c6928c61a00270120cc6b0f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 70.0% |
| Repurchase Agreements | 29.6% |

---

---

| | |
|:---|:---|
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UATXX — SAR (8/25)

#### Victory Virginia Bond Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Fund Shares

Ticker: USVAX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Virginia Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;0.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $456185 |
| Number of Holdings | 170 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](ie72ff0b45536bb8f15adba7e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Water | 2.6% |
| Facilities | 3.2% |
| Airport | 3.7% |
| Development | 4.9% |
| Multifamily Housing | 7.0% |
| Transportation | 9.2% |
| Higher Education | 9.8% |
| Nursing Homes | 15.0% |
| General | 16.6% |
| Medical | 19.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

USVAX — SAR (8/25)

#### Victory Virginia Bond Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Institutional Shares

Ticker: UVAIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Virginia Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;0.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $456185 |
| Number of Holdings | 170 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i285a14bdf13aed5544f4ae84.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Water | 2.6% |
| Facilities | 3.2% |
| Airport | 3.7% |
| Development | 4.9% |
| Multifamily Housing | 7.0% |
| Transportation | 9.2% |
| Higher Education | 9.8% |
| Nursing Homes | 15.0% |
| General | 16.6% |
| Medical | 19.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UVAIX — SAR (8/25)

#### Victory Virginia Bond Fund
![Image](i803904a3959fa9fe1df4c800.jpg)

Class A

Ticker: UVABX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Virginia Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$39 | &nbsp;&nbsp;&nbsp;0.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of August 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $456185 |
| Number of Holdings | 170 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

# Top Industries\* (% of Net Assets)

# (as of August 31, 2025)
![Group By Industry Chart](i417bafd8b1a47f1d89f77ac2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Water | 2.6% |
| Facilities | 3.2% |
| Airport | 3.7% |
| Development | 4.9% |
| Multifamily Housing | 7.0% |
| Transportation | 9.2% |
| Higher Education | 9.8% |
| Nursing Homes | 15.0% |
| General | 16.6% |
| Medical | 19.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](if622e8d02e68c2c6764f736c.jpg)

UVABX — SAR (8/25)

(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable – only for annual reports.

***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***

**Item 3. Audit Committee Financial Expert.**

Not applicable – only for annual reports.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable – only for annual reports.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Financial Statements and Other Information.**

(a) August

31,

2025

Semi-Annual:

Full

Financials

Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Victory

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*III*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *235-8396,* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 2
Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

#### 10
Victory

Cornerstone

Equity

Fund

#### 11
Victory

Cornerstone

Moderate

Fund

#### 12
Victory

Cornerstone

Moderately

Aggressive

Fund

#### 16
Victory

Cornerstone

Moderately

Conservative

Fund

#### 24

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 27
Statements

of

Operations

#### 29
Statements

of

Changes

in

Net

Assets

#### 31
Financial

Highlights

#### 33

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 39
Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(33.8%)

Communication

Services

(3.7%):

Alphabet,

Inc.

,

Class

A

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

25,462

$

5,421

Alphabet,

Inc.

,

Class

C

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

16,286

3,478

Cable

One,

Inc.

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

Cargurus,

Inc.

(a) .......................................................

2,901

Comcast

Corp.

,

Class

A

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

19,716

670

Electronic

Arts,

Inc.

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

3,328

572

Gray

Media,

Inc.

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

11,543

IDT

Corp.

,

Class

B

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

836

Meta

Platforms,

Inc.

,

Class

A

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

1,158

855

Netflix,

Inc.

(a) .........................................................

1,378

1,665

Nexxen

International

Ltd.

(a) (b) .............................................

6,148

Playtika

Holding

Corp.

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

6,747

T-Mobile

US,

Inc.

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

2,462

620

Verizon

Communications,

Inc.

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

39,535

1,749

Yelp,

Inc.

(a) ...........................................................

2,639

Ziff

Davis,

Inc.

(a) .......................................................

2,095

15,536

Consumer

Discretionary

(2.6%):

Academy

Sports

&

Outdoors,

Inc.

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

584

Amazon.com,

Inc.

(a) ....................................................

7,096

1,625

American

Eagle

Outfitters,

Inc.

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

5,197

Booking

Holdings,

Inc.

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

1,075

Brinker

International,

Inc.

(a) ...............................................

516

Build-A-Bear

Workshop,

Inc.

,

Class

A

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

1,308

Cricut,

Inc.

,

Class

A

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

7,144

Deckers

Outdoor

Corp.

(a) .................................................

3,615

DoorDash,

Inc.

,

Class

A

(a) ................................................

2,195

538

Expedia

Group,

Inc.

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

3,752

806

Frontdoor,

Inc.

(a) .......................................................

1,459

Garrett

Motion,

Inc.

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

3,664

General

Motors

Co.

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

25,678

1,504

G-III

Apparel

Group

Ltd.

(a) ...............................................

2,121

Hamilton

Beach

Brands

Holding

Co.

,

Class

A

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

1,188

Installed

Building

Products,

Inc.

(b) ..........................................

KB

Home

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

1,286

Kontoor

Brands,

Inc.

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

1,006

Latham

Group,

Inc.

(a) ...................................................

5,749

Lowe's

Cos.,

Inc.

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

2,511

648

Lululemon

Athletica,

Inc.

(a) ...............................................

1,663

Monarch

Casino

&

Resort,

Inc.

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

755

NVR,

Inc.

(a) ..........................................................

Phinia,

Inc.

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

2,021

PulteGroup,

Inc.

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

4,092

540

Ralph

Lauren

Corp.

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

2,185

649

Signet

Jewelers

Ltd.

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

1,502

Tapestry,

Inc.

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

5,596

570

Taylor

Morrison

Home

Corp.

(a) ............................................

1,973

The

Buckle,

Inc.

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

2,150

Toll

Brothers,

Inc.

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

4,879

678

Tri

Pointe

Homes,

Inc.

(a) .................................................

2,543

Winmark

Corp.

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

Winnebago

Industries,

Inc.

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

1,419

11,013

Consumer

Staples

(1.8%):

Altria

Group,

Inc.

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

3,990

Cal-Maine

Foods,

Inc.

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

1,257

Coca-Cola

Consolidated,

Inc.

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

2,760

Costco

Wholesale

Corp.

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

1,283

1,210

Dole

PLC

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

6,205

Edgewell

Personal

Care

Co.

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

1,664

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Ingredion,

Inc.

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

1,658

$

Interparfums,

Inc.

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

Kimberly-Clark

Corp.

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

4,828

624

Medifast,

Inc.

(a) .......................................................

2,319

Philip

Morris

International,

Inc.

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

7,637

1,276

Sprouts

Farmers

Market,

Inc.

(a) ............................................

Sysco

Corp.

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

6,574

529

The

Andersons,

Inc.

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

1,365

The

Kroger

Co.

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

10,220

693

U.S.

Foods

Holding

Corp.

(a) ...............................................

6,162

Walmart,

Inc.

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

14,832

1,438

7,529

Energy

(1.0%):

Cactus,

Inc.

,

Class

A

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

1,400

Chevron

Corp.

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

2,715

Core

Natural

Resources,

Inc.

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

777

Coterra

Energy,

Inc.

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

13,209

Magnolia

Oil

&

Gas

Corp.

,

Class

A

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

2,841

Marathon

Petroleum

Corp.

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

3,892

699

Matador

Resources

Co.

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

839

Murphy

Oil

Corp.

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

5,265

Ovintiv,

Inc.

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

16,360

689

Ranger

Energy

Services,

Inc.

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

6,694

Scorpio

Tankers,

Inc.

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

1,099

SM

Energy

Co.

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

3,884

TechnipFMC

PLC

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

15,418

567

Teekay

Corp.

Ltd.

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

9,834

Teekay

Tankers

Ltd.

,

Class

A

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

1,454

Valero

Energy

Corp.

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

3,752

570

4,059

Financials

(4.1%):

Acadian

Asset

Management,

Inc.

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

2,255

Amalgamated

Financial

Corp.

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

3,588

American

Express

Co.

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

2,543

842

Ameriprise

Financial,

Inc.

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

2,651

1,365

Apollo

Commercial

Real

Estate

Finance,

Inc.

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

2,433

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

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

2,643

Atlanticus

Holdings

Corp.

(a) ...............................................

1,060

Axis

Capital

Holdings

Ltd.

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

2,486

BancFirst

Corp.

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

690

Bank7

Corp.

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

Bread

Financial

Holdings,

Inc.

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

1,875

Capital

One

Financial

Corp.

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

3,922

891

Cathay

General

Bancorp

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

1,899

Cincinnati

Financial

Corp.

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

1,892

Coastal

Financial

Corp.

(a) ................................................

1,060

Cohen

&

Steers,

Inc.

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

1,159

Dime

Community

Bancshares,

Inc.

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

3,176

Donnelley

Financial

Solutions,

Inc.

(a) ........................................

644

Enova

International,

Inc.

(a) ................................................

1,132

Essent

Group

Ltd.

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

1,762

Everest

Group

Ltd.

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

1,687

577

Fidelity

National

Financial,

Inc.

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

10,719

642

First

Bancorp

Puerto

Rico

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

6,192

First

Financial

Bancorp

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

2,148

Franklin

BSP

Realty

Trust,

Inc.

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

2,790

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a) ....................................

3,587

Hancock

Whitney

Corp.

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

1,376

Interactive

Brokers

Group,

Inc.

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

13,651

850

International

Bancshares

Corp.

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

1,852

Jackson

Financial,

Inc.

,

Class

A

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

1,539

JPMorgan

Chase

&

Co.

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

7,597

2,290

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Ladder

Capital

Corp.

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

3,106

$

Live

Oak

Bancshares,

Inc.

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

1,727

MFA

Financial,

Inc.

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

2,300

Northeast

Community

Bancorp,

Inc.

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

1,736

OFG

Bancorp

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

2,763

Old

Second

Bancorp,

Inc.

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

5,139

PayPal

Holdings,

Inc.

(a) ..................................................

10,508

737

PJT

Partners,

Inc.

,

Class

A

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

722

QCR

Holdings,

Inc.

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

1,002

Skyward

Specialty

Insurance

Group,

Inc.

(a) ....................................

1,949

Synchrony

Financial

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

905

The

Allstate

Corp.

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

5,193

1,056

The

Bancorp,

Inc.

(a) .....................................................

1,305

The

Bank

of

New

York

Mellon

Corp.

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

4,348

The

Bank

of

NT

Butterfield

&

Son

Ltd.

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

2,080

The

Goldman

Sachs

Group,

Inc.

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

2,152

1,604

The

Hartford

Insurance

Group,

Inc.

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

4,825

638

The

PNC

Financial

Services

Group,

Inc.

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

1,319

The

Progressive

Corp.

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

3,594

888

Universal

Insurance

Holdings,

Inc.

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

2,938

Visa,

Inc.

,

Class

A

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

1,127

W.R.

Berkley

Corp.

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

712

World

Acceptance

Corp.

(a) ................................................

552

17,258

Health

Care

(3.9%):

Abbott

Laboratories

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

9,351

1,240

AbbVie,

Inc.

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

8,488

1,786

ACADIA

Pharmaceuticals,

Inc.

(a) ...........................................

709

AdaptHealth

Corp.

(a) ....................................................

3,124

ADMA

Biologics,

Inc.

(a) .................................................

1,329

Agios

Pharmaceuticals,

Inc.

(a) .............................................

Akebia

Therapeutics,

Inc.

(a) ...............................................

9,752

Akero

Therapeutics,

Inc.

(a) ................................................

Alkermes

PLC

(a) .......................................................

1,032

Amicus

Therapeutics,

Inc.

(a) ...............................................

2,526

Apogee

Therapeutics,

Inc.

(a) ...............................................

Arcellx,

Inc.

(a) ........................................................

Arcutis

Biotherapeutics,

Inc.

(a) .............................................

2,043

Arrowhead

Pharmaceuticals,

Inc.

(a) ..........................................

981

aTyr

Pharma,

Inc.

(a) .....................................................

6,879

Avanos

Medical,

Inc.

(a) ..................................................

2,689

Avidity

Biosciences,

Inc.

(a) ...............................................

763

Beam

Therapeutics,

Inc.

(a) (b) ..............................................

715

BioCryst

Pharmaceuticals,

Inc.

(a) ...........................................

1,272

Bridgebio

Pharma,

Inc.

(a) .................................................

1,210

Bristol-Myers

Squibb

Co.

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

8,361

Cardinal

Health,

Inc.

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

7,990

1,189

Catalyst

Pharmaceuticals,

Inc.

(a) ............................................

850

Celldex

Therapeutics,

Inc.

(a) ...............................................

741

Centene

Corp.

(a) .......................................................

9,593

Cidara

Therapeutics,

Inc.

(a) ...............................................

Corcept

Therapeutics,

Inc.

(a) ..............................................

717

CorVel

Corp.

(a) ........................................................

915

Crinetics

Pharmaceuticals,

Inc.

(a) ...........................................

794

Exelixis,

Inc.

(a) ........................................................

9,405

Gilead

Sciences,

Inc.

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

11,125

1,257

GRAIL,

Inc.

(a) (b) ......................................................

926

Halozyme

Therapeutics,

Inc.

(a) .............................................

Innoviva,

Inc.

(a) .......................................................

5,547

Insmed,

Inc.

(a) .........................................................

Integra

LifeSciences

Holdings

Corp.

(a) .......................................

1,669

Intellia

Therapeutics,

Inc.

(a) (b) .............................................

1,144

iRadimed

Corp.

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

866

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Johnson

&

Johnson

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

7,248

$

1,284

Krystal

Biotech,

Inc.

(a) ...................................................

Kymera

Therapeutics,

Inc.

(a) ..............................................

514

Lantheus

Holdings,

Inc.

(a) ................................................

506

Madrigal

Pharmaceuticals,

Inc.

(a) ...........................................

McKesson

Corp.

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

1,980

1,360

Merck

&

Co.,

Inc.

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

21,394

1,800

Mirum

Pharmaceuticals,

Inc.

(a) .............................................

Niagen

Bioscience,

Inc.

(a) ................................................

10,959

Novavax,

Inc.

(a) .......................................................

955

Option

Care

Health,

Inc.

(a) ................................................

1,615

Pacira

BioSciences,

Inc.

(a) ................................................

2,395

Pediatrix

Medical

Group,

Inc.

(a) ............................................

4,925

Pfizer,

Inc.

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

42,579

1,054

Progyny,

Inc.

(a) ........................................................

3,360

Protagonist

Therapeutics,

Inc.

(a) ............................................

PTC

Therapeutics,

Inc.

(a) .................................................

Rhythm

Pharmaceuticals,

Inc.

(a) ............................................

Royalty

Pharma

PLC

,

Class

A

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

16,088

579

Scholar

Rock

Holding

Corp.

(a) .............................................

1,589

Select

Medical

Holdings

Corp.

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

5,681

SIGA

Technologies,

Inc.

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

10,528

Soleno

Therapeutics,

Inc.

(a) ...............................................

Tenet

Healthcare

Corp.

(a) .................................................

3,212

592

TG

Therapeutics,

Inc.

(a) ..................................................

1,458

Travere

Therapeutics,

Inc.

(a) ...............................................

1,345

Twist

Bioscience

Corp.

(a) .................................................

510

United

Therapeutics

Corp.

(a) ..............................................

1,096

UnitedHealth

Group,

Inc.

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

2,066

640

Universal

Health

Services,

Inc.

,

Class

B

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

1,360

Vera

Therapeutics,

Inc.

(a) .................................................

Veracyte,

Inc.

(a) ........................................................

572

Vericel

Corp.

(a) ........................................................

16,349

Industrials

(3.8%):

ACCO

Brands

Corp.

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

20,858

Acuity,

Inc.

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

1,893

618

Allison

Transmission

Holdings,

Inc.

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

5,472

Apogee

Enterprises,

Inc.

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

1,467

Applied

Industrial

Technologies,

Inc.

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

Argan,

Inc.

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

583

ASGN,

Inc.

(a) .........................................................

931

Atkore,

Inc.

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

619

Automatic

Data

Processing,

Inc.

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

4,972

1,512

Boise

Cascade

Co.

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

1,065

Cintas

Corp.

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

1,830

Columbus

McKinnon

Corp.

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

2,997

Comfort

Systems

USA,

Inc.

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

1,529

1,075

Cummins,

Inc.

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

3,770

1,502

Delta

Air

Lines,

Inc.

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

15,964

986

Deluxe

Corp.

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

4,157

DNOW,

Inc.

(a) ........................................................

6,279

EMCOR

Group,

Inc.

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

1,979

1,227

Exponent,

Inc.

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

972

GE

Vernova,

Inc.

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

2,284

1,400

Genco

Shipping

&

Trading

Ltd.

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

4,547

General

Electric

Co.

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

1,348

Griffon

Corp.

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

1,142

Huron

Consulting

Group,

Inc.

(a) ............................................

502

Kforce,

Inc.

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

1,279

Korn

Ferry

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

828

Legalzoom.com,

Inc.

(a) ..................................................

7,234

Leidos

Holdings,

Inc.

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

4,761

861

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Liquidity

Services,

Inc.

(a) .................................................

2,874

$

Lockheed

Martin

Corp.

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

1,286

586

Masterbrand,

Inc.

(a) .....................................................

6,444

Matson,

Inc.

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

824

Mueller

Industries,

Inc.

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

835

Owens

Corning

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

3,595

540

Power

Solutions

International,

Inc.

(a) ........................................

974

Resideo

Technologies,

Inc.

(a) ..............................................

1,741

Sterling

Infrastructure,

Inc.

(a) ..............................................

599

Sun

Country

Airlines

Holdings,

Inc.

(a) ........................................

7,652

Terex

Corp.

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

1,716

TriNet

Group,

Inc.

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

674

Uber

Technologies,

Inc.

(a) ................................................

9,056

849

United

Airlines

Holdings,

Inc.

(a) ............................................

10,676

1,121

Wabash

National

Corp.

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

3,324

15,690

Information

Technology

(11.0%):

A10

Networks,

Inc.

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

5,421

Adeia,

Inc.

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

5,511

Adobe,

Inc.

(a) .........................................................

2,058

734

Amphenol

Corp.

,

Class

A

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

5,448

593

Apple,

Inc.

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

23,461

5,446

Arista

Networks,

Inc.

(a) ..................................................

6,246

853

Belden,

Inc.

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

542

Benchmark

Electronics,

Inc.

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

2,690

Box,

Inc.

,

Class

A

(a) ....................................................

3,191

Cisco

Systems,

Inc.

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

28,071

1,939

Clear

Secure,

Inc.

,

Class

A

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

2,932

Cognizant

Technology

Solutions

Corp.

,

Class

A

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

11,067

800

Commvault

Systems,

Inc.

(a) ...............................................

747

Consensus

Cloud

Solutions,

Inc.

(a) ..........................................

2,401

Diodes,

Inc.

(a) .........................................................

1,112

Docusign,

Inc.

(a) .......................................................

7,219

553

Dropbox,

Inc.

,

Class

A

(a) .................................................

18,875

548

Extreme

Networks,

Inc.

(a) ................................................

5,765

F5,

Inc.

(a) ............................................................

2,385

747

Flex

Ltd.

(a) ...........................................................

10,315

553

Fortinet,

Inc.

(a) ........................................................

9,282

731

Gen

Digital,

Inc.

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

20,527

620

GoDaddy,

Inc.

,

Class

A

(a) .................................................

6,187

918

Hewlett

Packard

Enterprise

Co.

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

24,046

543

Insight

Enterprises,

Inc.

(a) ................................................

735

International

Business

Machines

Corp.

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

4,678

1,139

KLA

Corp.

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

Knowles

Corp.

(a) .......................................................

3,935

Kulicke

&

Soffa

Industries,

Inc.

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

1,298

Microsoft

Corp.

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

20,369

10,321

Motorola

Solutions,

Inc.

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

1,093

516

NetApp,

Inc.

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

5,584

630

NetScout

Systems,

Inc.

(a) .................................................

3,104

NVIDIA

Corp.

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

66,057

11,506

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

9,599

1,504

Photronics,

Inc.

(a) ......................................................

2,695

QUALCOMM,

Inc.

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

7,789

1,252

Qualys,

Inc.

(a) .........................................................

685

Salesforce,

Inc.

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

1,774

Sanmina

Corp.

(a) .......................................................

915

ScanSource,

Inc.

(a) .....................................................

1,835

Verint

Systems,

Inc.

(a) ...................................................

3,208

VeriSign,

Inc.

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

2,765

756

Vishay

Intertechnology,

Inc.

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

2,848

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Zoom

Communications,

Inc.

(a) .............................................

7,586

$

618

46,269

Materials

(0.9%):

AdvanSix,

Inc.

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

2,342

Cabot

Corp.

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

897

CF

Industries

Holdings,

Inc.

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

6,008

520

Commercial

Metals

Co.

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

958

CRH

PLC

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

6,914

781

Hawkins,

Inc.

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

722

Newmont

Corp.

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

11,999

893

O-I

Glass,

Inc.

(a) .......................................................

4,693

Olympic

Steel,

Inc.

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

1,676

Reliance,

Inc.

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

1,610

Steel

Dynamics,

Inc.

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

4,925

645

SunCoke

Energy,

Inc.

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

8,838

Sylvamo

Corp.

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

1,213

3,856

Real

Estate

(0.2%):

Acadia

Realty

Trust

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

1,247

American

Healthcare

REIT,

Inc.

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

2,093

Anywhere

Real

Estate,

Inc.

(a) ..............................................

3,907

Apple

Hospitality

REIT,

Inc.

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

2,331

Broadstone

Net

Lease,

Inc.

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

2,489

CareTrust

REIT,

Inc.

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

1,145

Compass,

Inc.

,

Class

A

(a) .................................................

3,058

COPT

Defense

Properties

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

1,135

Cushman

&

Wakefield

PLC

(a) .............................................

2,170

Douglas

Emmett,

Inc.

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

1,461

Essential

Properties

Realty

Trust,

Inc.

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

1,112

Four

Corners

Property

Trust,

Inc.

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

1,284

Innovative

Industrial

Properties,

Inc.

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

Kite

Realty

Group

Trust

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

1,548

National

Health

Investors,

Inc.

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

Newmark

Group,

Inc.

,

Class

A

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

1,960

Phillips

Edison

&

Co.,

Inc.

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

1,132

PotlatchDeltic

Corp.

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

717

Ryman

Hospitality

Properties,

Inc.

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

Sabra

Health

Care

REIT,

Inc.

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

1,579

SL

Green

Realty

Corp.

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

561

Sunstone

Hotel

Investors,

Inc.

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

1,898

Tanger,

Inc.

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

777

Terreno

Realty

Corp.

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

615

The

Macerich

Co.

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

1,777

Urban

Edge

Properties

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

1,584

871

Utilities

(0.8%):

Avista

Corp.

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

2,157

Black

Hills

Corp.

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

2,085

DTE

Energy

Co.

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

4,572

625

Edison

International

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

6,843

Evergy,

Inc.

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

6,239

Genie

Energy

Ltd.

,

Class

B

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

4,171

MGE

Energy,

Inc.

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

559

NiSource,

Inc.

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

12,282

519

NRG

Energy,

Inc.

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

3,861

562

OGE

Energy

Corp.

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

4,136

Spire,

Inc.

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

855

Unitil

Corp.

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

1,172

3,155

Total

Common

Stocks

(Cost

$109,145)

a

a

a

141,585

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Exchange-Traded

Funds

(44.7%)

Invesco

DB

Commodity

Index

Tracking

Fund

(a) ................................

45,600

$

1,013

Invesco

RAFI

Developed

Markets

ex-US

ETF

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

8,406

506

Invesco

RAFI

Emerging

Markets

ETF

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

202,529

4,940

iShares

0-5

Year

TIPS

Bond

ETF

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

15,797

1,641

iShares

1-3

Year

Treasury

Bond

ETF

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

18,823

1,562

iShares

20+

Year

Treasury

Bond

ETF

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

17,964

1,556

iShares

7-10

Year

Treasury

Bond

ETF

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

25,252

2,428

iShares

Core

MSCI

EAFE

ETF

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

74,183

6,343

iShares

Core

S&P

500

ETF

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

44,460

28,824

iShares

Core

S&P

Small-Cap

ETF

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

3,982

iShares

Core

U.S.

Aggregate

Bond

ETF

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

28,491

2,834

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

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

17,504

1,647

iShares

MSCI

Canada

ETF

(b) ..............................................

91,988

4,488

iShares

MSCI

Europe

Financials

ETF

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

150,996

5,048

iShares

MSCI

International

Momentum

Factor

ETF

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

67,263

3,130

iShares

MSCI

International

Quality

Factor

ETF

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

79,939

3,449

iShares

MSCI

Japan

ETF

(b) ...............................................

115,260

9,022

JPMorgan

BetaBuilders

Canada

ETF

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

52,813

4,490

Real

Estate

Select

Sector

SPDR

Fund

(b) ......................................

61,453

2,600

Schwab

Fundamental

Emerging

Markets

Equity

ETF

(b) ...........................

276,770

9,532

Schwab

Fundamental

International

Equity

ETF

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

499,928

21,012

Schwab

Fundamental

International

Small

Equity

ETF

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

35,056

1,540

SPDR

Gold

Shares

(a) ....................................................

16,833

5,354

SPDR

S&P

Emerging

Markets

SmallCap

ETF

(b) ................................

14,790

983

VanEck

Gold

Miners

ETF

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

11,096

701

Vanguard

FTSE

All-World

ex-US

ETF

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

61,261

4,249

Vanguard

FTSE

Developed

Markets

ETF

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

368,060

21,609

Vanguard

FTSE

Emerging

Markets

ETF

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

199,498

10,280

Vanguard

FTSE

Europe

ETF

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

111,818

8,778

Vanguard

Mortgage-Backed

Securities

ETF

(b) ..................................

21,540

1,004

Vanguard

Real

Estate

ETF

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

9,925

915

Vanguard

Total

Bond

Market

ETF

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

94,314

6,960

Vanguard

Total

Stock

Market

ETF

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

22,172

7,055

Xtrackers

USD

High

Yield

Corporate

Bond

ETF

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

42,134

1,559

Total

Exchange-Traded

Funds

(Cost

$147,549)

a

a

a

187,522

Affiliated

Exchange-Traded

Funds

(21.2%)

VictoryShares

Core

Intermediate

Bond

ETF

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

548,471

25,905

VictoryShares

Core

Plus

Intermediate

Bond

ETF

(b) ..............................

567,170

12,432

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

93,130

5,096

VictoryShares

Free

Cash

Flow

Growth

ETF

(b) ..................................

770,818

21,031

VictoryShares

International

Free

Cash

Flow

ETF

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

289,000

7,851

VictoryShares

International

Free

Cash

Flow

Growth

ETF

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

289,000

7,542

VictoryShares

Short-Term

Bond

ETF

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

103,145

5,256

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

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

155,000

3,910

Total

Affiliated

Exchange-Traded

Funds

(Cost

$88,911)

a

a

a

89,023

Collateral

for

Securities

Loaned

(5.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(c) ........

5,901,657

5,901

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(c) ............

5,901,657

5,902

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(c) ...............

5,901,657

5,902

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(c) .

5,901,657

5,902

Total

Collateral

for

Securities

Loaned

(Cost

$23,607)

a

a

a

23,607

Total

Investments

(Cost

$369,212)

—

105.3%

441,737

Liabilities

in

excess

of

other

assets

— (5.3)%

(22,279)

NET

ASSETS

-

100.00%

$

419,458

At

August

31,

2025,

the

Fund's

investments

in

foreign

securities

were

29.7%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(c) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Conservative

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(36.3%)

VictoryShares

Core

Intermediate

Bond

ETF

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

438,782

$

20,724

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

55,618

3,044

VictoryShares

Free

Cash

Flow

ETF

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

90,000

3,360

VictoryShares

Free

Cash

Flow

Growth

ETF

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

90,000

2,456

VictoryShares

Hedged

Equity

Income

ETF

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

70,000

1,886

VictoryShares

International

Value

Momentum

ETF

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

93,597

5,683

VictoryShares

Pioneer

Asset-Based

Income

ETF

(a) ...............................

100,000

2,528

VictoryShares

Short-Term

Bond

ETF

(a) .......................................

609,469

31,059

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

44,000

1,277

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

18,550

1,657

VictoryShares

US

Value

Momentum

ETF

(a) ....................................

25,995

2,291

VictoryShares

WestEnd

U.S.

Sector

ETF

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

102,587

4,571

Total

Affiliated

Exchange-Traded

Funds

(Cost

$74,930)

a

a

a

80,536

Affiliated

Mutual

Funds

(63.5%)

Victory

500

Index

Fund,

Reward

Shares

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

126,983

10,265

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

5,633,292

52,164

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

Victory

Government

Securities

Fund,

Institutional

Shares

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

2,882,694

25,800

Victory

High

Income

Fund,

Institutional

Shares

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

1,462,044

10,176

Victory

Income

Fund,

Institutional

Shares

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

1,509,512

17,586

Victory

Income

Stock

Fund,

Institutional

Shares

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

91,010

1,727

Victory

International

Fund,

Institutional

Shares

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

234,786

7,488

Victory

Market

Neutral

Income

Fund,

Class

I

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

1,201,397

10,440

Victory

Index

Fund,

Class

R6

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

58,774

3,397

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

(b) ...................

45,471

1,629

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

901

Total

Affiliated

Mutual

Funds

(Cost

$139,446)

a

a

a

140,685

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(d) ........

11,650

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(d) ............

11,650

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(d) ...............

11,650

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(d) .

11,650

Total

Collateral

for

Securities

Loaned

(Cost

$47)

a

a

a

Total

Investments

(Cost

$214,423)

—

99.8%

221,268

Other

assets

in

excess

of

liabilities

— 0.2%

NET

ASSETS

-

100.00%

$

221,635

At

August

31,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

12.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Non-income

producing

security.

(c) Amount

represents

less

than

0.05%

of

net

assets.

(d) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Equity

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

l

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(48.3%)

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

320,458

$

17,536

VictoryShares

Free

Cash

Flow

ETF

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

521,092

19,453

VictoryShares

Free

Cash

Flow

Growth

ETF

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

707,968

19,316

VictoryShares

International

Value

Momentum

ETF

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

452,611

27,483

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

186,062

5,401

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

114,594

10,235

VictoryShares

US

Value

Momentum

ETF

(a) ....................................

149,156

13,148

VictoryShares

WestEnd

U.S.

Sector

ETF

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

552,787

24,632

Total

Affiliated

Exchange-Traded

Funds

(Cost

$105,001)

a

a

a

137,204

Affiliated

Mutual

Funds

(51.3%)

Victory

500

Index

Fund,

Reward

Shares

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

684,393

55,326

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

272,156

6,589

Victory

Income

Stock

Fund,

Institutional

Shares

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

633,481

12,023

Victory

International

Fund,

Institutional

Shares

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

1,364,225

43,505

Victory

Index

Fund,

Class

R6

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

406,193

23,478

Victory

Pioneer

International

Equity

Fund,

Class

Y

(b) .............................

102,634

3,262

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

(b) ...................

45,942

1,646

Total

Affiliated

Mutual

Funds

(Cost

$89,140)

a

a

a

145,829

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(c) ........

56,250

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(c) ............

56,250

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(c) ...............

56,250

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(c) .

56,250

Total

Collateral

for

Securities

Loaned

(Cost

$225)

a

a

a

Total

Investments

(Cost

$194,366)

—

99.7%

283,258

Other

assets

in

excess

of

liabilities

— 0.3%

859

NET

ASSETS

-

100.00%

$

284,117

At

August

31,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

35.2%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderate

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(19.1%)

Communication

Services

(2.2%):

Alphabet,

Inc.

,

Class

A

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

44,593

$

9,494

Alphabet,

Inc.

,

Class

C

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

28,608

6,109

Comcast

Corp.

,

Class

A

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

34,512

1,172

Electronic

Arts,

Inc.

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

5,825

1,002

Meta

Platforms,

Inc.

,

Class

A

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

2,029

1,499

Netflix,

Inc.

(a) .........................................................

2,412

2,914

T-Mobile

US,

Inc.

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

4,310

1,086

Verizon

Communications,

Inc.

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

69,204

3,061

26,337

Consumer

Discretionary

(1.4%):

Amazon.com,

Inc.

(a) ....................................................

12,420

2,844

Booking

Holdings,

Inc.

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

1,887

Deckers

Outdoor

Corp.

(a) .................................................

6,329

757

DoorDash,

Inc.

,

Class

A

(a) ................................................

3,842

942

Expedia

Group,

Inc.

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

7,155

1,537

General

Motors

Co.

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

44,975

2,635

Lowe's

Cos.,

Inc.

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

4,398

1,135

Lululemon

Athletica,

Inc.

(a) ...............................................

2,912

589

NVR,

Inc.

(a) ..........................................................

PulteGroup,

Inc.

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

7,168

946

Ralph

Lauren

Corp.

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

3,826

1,136

Tapestry,

Inc.

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

9,802

998

Toll

Brothers,

Inc.

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

9,115

1,267

16,787

Consumer

Staples

(1.1%):

Altria

Group,

Inc.

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

6,984

Coca-Cola

Consolidated,

Inc.

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

4,830

566

Costco

Wholesale

Corp.

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

2,254

2,126

Ingredion,

Inc.

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

2,900

Kimberly-Clark

Corp.

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

8,456

1,092

Philip

Morris

International,

Inc.

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

13,376

2,236

Sysco

Corp.

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

11,521

927

The

Kroger

Co.

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

17,890

1,214

U.S.

Foods

Holding

Corp.

(a) ...............................................

10,785

837

Walmart,

Inc.

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

26,003

2,522

12,365

Energy

(0.5%):

Chevron

Corp.

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

4,755

764

Coterra

Energy,

Inc.

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

23,121

565

Marathon

Petroleum

Corp.

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

6,817

1,225

Ovintiv,

Inc.

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

28,654

1,207

TechnipFMC

PLC

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

27,005

993

Valero

Energy

Corp.

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

6,573

999

5,753

Financials

(2.1%):

American

Express

Co.

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

4,451

1,475

Ameriprise

Financial,

Inc.

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

4,641

2,389

Axis

Capital

Holdings

Ltd.

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

4,351

Capital

One

Financial

Corp.

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

6,870

1,561

Cincinnati

Financial

Corp.

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

3,308

508

Everest

Group

Ltd.

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

2,959

1,012

Fidelity

National

Financial,

Inc.

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

18,762

1,123

Interactive

Brokers

Group,

Inc.

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

23,910

1,488

JPMorgan

Chase

&

Co.

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

13,306

4,011

PayPal

Holdings,

Inc.

(a) ..................................................

18,393

1,291

Synchrony

Financial

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

1,585

The

Allstate

Corp.

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

9,095

1,850

The

Bank

of

New

York

Mellon

Corp.

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

7,612

804

The

Goldman

Sachs

Group,

Inc.

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

3,767

2,807

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderate

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) The

Hartford

Insurance

Group,

Inc.

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

8,446

$

1,118

The

PNC

Financial

Services

Group,

Inc.

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

2,307

The

Progressive

Corp.

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

6,291

1,554

Visa,

Inc.

,

Class

A

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

1,975

695

W.R.

Berkley

Corp.

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

1,248

24,804

Health

Care

(2.2%):

Abbott

Laboratories

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

16,369

2,172

AbbVie,

Inc.

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

14,852

3,125

Bristol-Myers

Squibb

Co.

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

14,635

690

Cardinal

Health,

Inc.

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

13,986

2,081

Centene

Corp.

(a) .......................................................

16,792

Exelixis,

Inc.

(a) ........................................................

16,462

616

Gilead

Sciences,

Inc.

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

19,466

2,199

Johnson

&

Johnson

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

12,672

2,245

McKesson

Corp.

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

3,466

2,380

Merck

&

Co.,

Inc.

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

37,522

3,156

Pfizer,

Inc.

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

74,529

1,845

Royalty

Pharma

PLC

,

Class

A

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

28,161

1,013

Tenet

Healthcare

Corp.

(a) .................................................

5,623

1,037

United

Therapeutics

Corp.

(a) ..............................................

1,919

585

UnitedHealth

Group,

Inc.

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

3,612

1,119

Universal

Health

Services,

Inc.

,

Class

B

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

2,386

25,184

Industrials

(2.0%):

Acuity,

Inc.

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

3,356

1,096

Allison

Transmission

Holdings,

Inc.

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

9,567

835

Automatic

Data

Processing,

Inc.

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

8,704

2,646

Cintas

Corp.

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

3,203

673

Comfort

Systems

USA,

Inc.

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

2,677

1,883

Cummins,

Inc.

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

6,599

2,629

Delta

Air

Lines,

Inc.

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

27,960

1,727

EMCOR

Group,

Inc.

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

3,505

2,173

GE

Vernova,

Inc.

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

3,998

2,451

General

Electric

Co.

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

2,361

650

Leidos

Holdings,

Inc.

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

8,334

1,508

Lockheed

Martin

Corp.

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

2,251

1,026

Owens

Corning

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

6,293

945

Uber

Technologies,

Inc.

(a) ................................................

15,852

1,486

United

Airlines

Holdings,

Inc.

(a) ............................................

18,699

1,963

23,691

Information

Technology

(6.7%):

Adobe,

Inc.

(a) .........................................................

3,603

1,285

Amphenol

Corp.

,

Class

A

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

9,537

1,038

Apple,

Inc.

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

41,076

9,535

Arista

Networks,

Inc.

(a) ..................................................

10,984

1,500

Cisco

Systems,

Inc.

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

49,137

3,395

Cognizant

Technology

Solutions

Corp.

,

Class

A

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

19,373

1,400

Docusign,

Inc.

(a) .......................................................

12,636

969

Dropbox,

Inc.

,

Class

A

(a) .................................................

33,093

962

F5,

Inc.

(a) ............................................................

4,179

1,309

Flex

Ltd.

(a) ...........................................................

18,068

969

Fortinet,

Inc.

(a) ........................................................

16,248

1,280

Gen

Digital,

Inc.

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

35,932

1,085

GoDaddy,

Inc.

,

Class

A

(a) .................................................

10,830

1,606

Hewlett

Packard

Enterprise

Co.

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

42,116

951

International

Business

Machines

Corp.

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

8,188

1,994

KLA

Corp.

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

566

Microsoft

Corp.

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

35,676

18,077

Motorola

Solutions,

Inc.

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

1,914

904

NetApp,

Inc.

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

9,774

1,102

NVIDIA

Corp.

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

115,698

20,152

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderate

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

16,803

$

2,633

QUALCOMM,

Inc.

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

13,635

2,191

Salesforce,

Inc.

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

3,107

796

VeriSign,

Inc.

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

4,840

1,323

Zoom

Communications,

Inc.

(a) .............................................

13,287

1,082

78,031

Materials

(0.5%):

CF

Industries

Holdings,

Inc.

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

10,517

911

CRH

PLC

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

12,102

1,367

Newmont

Corp.

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

21,017

1,564

Reliance,

Inc.

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

2,820

834

Steel

Dynamics,

Inc.

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

8,626

1,129

5,805

Utilities

(0.4%):

DTE

Energy

Co.

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

8,004

1,094

Edison

International

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

11,980

672

Evergy,

Inc.

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

10,908

777

NiSource,

Inc.

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

21,499

909

NRG

Energy,

Inc.

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

6,762

984

OGE

Energy

Corp.

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

7,225

4,759

Total

Common

Stocks

(Cost

$168,993)

a

a

a

223,516

Exchange-Traded

Funds

(41.3%)

Invesco

DB

Commodity

Index

Tracking

Fund

(a) (b) ..............................

114,500

2,543

Invesco

RAFI

Developed

Markets

ex-US

ETF

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

177,931

10,705

Invesco

RAFI

Emerging

Markets

ETF

(b) ......................................

394,365

9,619

iShares

0-5

Year

TIPS

Bond

ETF

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

104,502

10,856

iShares

1-3

Year

Treasury

Bond

ETF

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

156,318

12,971

iShares

20+

Year

Treasury

Bond

ETF

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

206,806

17,909

iShares

7-10

Year

Treasury

Bond

ETF

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

202,123

19,434

iShares

Core

MSCI

Emerging

Markets

ETF

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

98,418

6,111

iShares

Core

S&P

500

ETF

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

89,579

58,076

iShares

Core

S&P

Small-Cap

ETF

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

150,215

17,731

iShares

Core

U.S.

Aggregate

Bond

ETF

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

243,903

24,259

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

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

120,824

11,372

iShares

MSCI

Canada

ETF

(b) ..............................................

256,116

12,496

iShares

MSCI

Europe

Financials

ETF

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

326,757

10,923

iShares

MSCI

International

Momentum

Factor

ETF

(b) ............................

132,075

6,147

iShares

MSCI

International

Quality

Factor

ETF

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

151,219

6,524

iShares

MSCI

Japan

ETF

(b) ...............................................

323,487

25,323

JPMorgan

BetaBuilders

Canada

ETF

(b) .......................................

123,338

10,485

Real

Estate

Select

Sector

SPDR

Fund

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

107,634

4,554

Schwab

Fundamental

Emerging

Markets

Equity

ETF

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

475,785

16,386

Schwab

Fundamental

International

Equity

ETF

(b) ...............................

684,425

28,766

Schwab

Fundamental

International

Small

Equity

ETF

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

130,046

5,713

SPDR

Gold

Shares

(a) ....................................................

67,661

21,521

SPDR

S&P

Emerging

Markets

SmallCap

ETF

(b) ................................

34,497

2,292

VanEck

Gold

Miners

ETF

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

31,235

1,973

Vanguard

FTSE

All-World

ex-US

ETF

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

125,790

8,725

Vanguard

FTSE

Developed

Markets

ETF

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

464,868

27,292

Vanguard

FTSE

Emerging

Markets

ETF

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

234,347

12,076

Vanguard

FTSE

Europe

ETF

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

293,013

23,001

Vanguard

Mortgage-Backed

Securities

ETF

(b) ..................................

280,927

13,097

Vanguard

Real

Estate

ETF

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

29,000

2,675

Vanguard

S&P

500

ETF

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

Vanguard

Short-Term

Corporate

Bond

ETF

(b) ..................................

91,596

7,316

Vanguard

Total

Bond

Market

ETF

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

180,541

13,324

Vanguard

Total

Stock

Market

ETF

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

48,642

15,478

Xtrackers

USD

High

Yield

Corporate

Bond

ETF

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

127,113

4,704

Total

Exchange-Traded

Funds

(Cost

$409,280)

a

a

a

482,378

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderate

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(39.4%)

VictoryShares

Core

Intermediate

Bond

ETF

(b) ..................................

4,534,400

$

214,163

VictoryShares

Core

Plus

Intermediate

Bond

ETF

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

4,831,796

105,913

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

161,904

8,860

VictoryShares

Free

Cash

Flow

Growth

ETF

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

1,408,986

38,443

VictoryShares

International

Free

Cash

Flow

ETF

(b) ..............................

750,000

20,374

VictoryShares

International

Free

Cash

Flow

Growth

ETF

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

750,000

19,572

VictoryShares

Short-Term

Bond

ETF

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

402,475

20,510

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

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

1,325,000

33,420

Total

Affiliated

Exchange-Traded

Funds

(Cost

$489,218)

a

a

a

461,255

Collateral

for

Securities

Loaned

(2.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(c) ........

6,591,088

6,591

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(c) ............

6,591,088

6,591

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(c) ...............

6,591,088

6,591

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(c) .

6,591,088

6,591

Total

Collateral

for

Securities

Loaned

(Cost

$26,364)

a

a

a

26,364

Total

Investments

(Cost

$1,093,855)

—

102.1%

1,193,513

Liabilities

in

excess

of

other

assets

— (2.1)%

(24,885)

NET

ASSETS

-

100.00%

$

1,168,628

At

August

31,

2025,

the

Fund's

investments

in

foreign

securities

were

20.3%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(25.9%)

Communication

Services

(2.9%):

Alphabet,

Inc.

,

Class

A

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

132,355

$

28,180

Alphabet,

Inc.

,

Class

C

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

84,967

18,143

Cable

One,

Inc.

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

1,222

Cargurus,

Inc.

(a) .......................................................

6,857

Comcast

Corp.

,

Class

A

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

125,190

4,253

Electronic

Arts,

Inc.

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

17,281

2,972

Fox

Corp.

,

Class

A

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

3,623

Gray

Media,

Inc.

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

41,766

IDT

Corp.

,

Class

B

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

3,525

Meta

Platforms,

Inc.

,

Class

A

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

6,030

4,454

Netflix,

Inc.

(a) .........................................................

7,157

8,647

T-Mobile

US,

Inc.

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

12,785

3,222

Verizon

Communications,

Inc.

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

215,806

9,545

Yelp,

Inc.

(a) ...........................................................

7,595

Ziff

Davis,

Inc.

(a) .......................................................

6,346

81,031

Consumer

Discretionary

(2.0%):

Academy

Sports

&

Outdoors,

Inc.

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

5,688

Amazon.com,

Inc.

(a) ....................................................

36,832

8,435

Best

Buy

Co.,

Inc.

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

3,792

Booking

Holdings,

Inc.

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

923

5,168

Cricut,

Inc.

,

Class

A

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

34,500

D.R.

Horton,

Inc.

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

3,230

547

Deckers

Outdoor

Corp.

(a) .................................................

18,776

2,246

DoorDash,

Inc.

,

Class

A

(a) ................................................

11,398

2,795

eBay,

Inc.

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

5,454

Expedia

Group,

Inc.

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

21,227

4,560

Ford

Motor

Co.

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

43,444

511

Frontdoor,

Inc.

(a) .......................................................

3,544

General

Motors

Co.

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

133,643

7,830

G-III

Apparel

Group

Ltd.

(a) ...............................................

8,820

Hamilton

Beach

Brands

Holding

Co.

,

Class

A

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

7,794

JAKKS

Pacific,

Inc.

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

9,762

KB

Home

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

3,589

Kontoor

Brands,

Inc.

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

3,022

Lowe's

Cos.,

Inc.

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

13,069

3,373

Lululemon

Athletica,

Inc.

(a) ...............................................

8,640

1,747

M/I

Homes,

Inc.

(a) ......................................................

1,498

Mohawk

Industries,

Inc.

(a) ................................................

1,065

Monarch

Casino

&

Resort,

Inc.

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

1,839

Nathan's

Famous,

Inc.

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

981

NVR,

Inc.

(a) ..........................................................

Perdoceo

Education

Corp.

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

4,520

Phinia,

Inc.

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

4,030

PulteGroup,

Inc.

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

21,301

2,812

Ralph

Lauren

Corp.

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

11,350

3,370

Signet

Jewelers

Ltd.

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

5,533

Tapestry,

Inc.

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

29,127

2,966

Taylor

Morrison

Home

Corp.

(a) ............................................

6,675

The

Buckle,

Inc.

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

5,081

Toll

Brothers,

Inc.

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

27,040

3,759

Tri

Pointe

Homes,

Inc.

(a) .................................................

9,298

Winmark

Corp.

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

562

Winnebago

Industries,

Inc.

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

5,293

55,974

Consumer

Staples

(1.4%):

Altria

Group,

Inc.

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

20,719

1,392

Cal-Maine

Foods,

Inc.

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

3,814

Coca-Cola

Consolidated,

Inc.

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

14,350

1,682

Conagra

Brands,

Inc.

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

9,213

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Constellation

Brands,

Inc.

,

Class

A

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

$

Costco

Wholesale

Corp.

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

6,687

6,308

Dole

PLC

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

14,562

Edgewell

Personal

Care

Co.

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

6,876

Ingredion,

Inc.

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

8,604

1,115

Interparfums,

Inc.

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

1,385

Kimberly-Clark

Corp.

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

25,127

3,245

Philip

Morris

International,

Inc.

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

36,660

6,127

Reckitt

Benckiser

Group

PLC

,

ADR

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

9,627

Sprouts

Farmers

Market,

Inc.

(a) ............................................

1,201

Sysco

Corp.

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

34,171

2,750

Target

Corp.

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

6,646

638

The

Andersons,

Inc.

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

5,490

The

Campbell's

Company

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

7,167

The

Kraft

Heinz

Co.

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

7,138

The

Kroger

Co.

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

53,072

3,600

The

Vita

Coco

Co.,

Inc.

(a) ................................................

6,439

U.S.

Foods

Holding

Corp.

(a) ...............................................

31,997

2,483

Walmart,

Inc.

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

77,202

7,487

39,245

Energy

(0.8%):

Cactus,

Inc.

,

Class

A

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

6,446

Chevron

Corp.

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

14,132

2,270

ConocoPhillips

Co.

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

7,414

734

Coterra

Energy,

Inc.

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

98,289

2,402

Evolution

Petroleum

Corp.

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

33,896

Exxon

Mobil

Corp.

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

7,654

875

International

Seaways,

Inc.

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

5,464

Marathon

Petroleum

Corp.

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

20,257

3,640

Matador

Resources

Co.

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

2,642

Murphy

Oil

Corp.

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

6,614

Northern

Oil

&

Gas,

Inc.

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

11,305

Ovintiv,

Inc.

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

85,147

3,586

Ranger

Energy

Services,

Inc.

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

13,749

REX

American

Resources

Corp.

(a) ..........................................

2,218

Riley

Exploration

Permian,

Inc.

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

12,585

RPC,

Inc.

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

34,131

SM

Energy

Co.

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

8,306

TechnipFMC

PLC

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

80,245

2,950

Teekay

Corp.

Ltd.

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

23,392

Teekay

Tankers

Ltd.

,

Class

A

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

4,884

Valero

Energy

Corp.

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

19,532

2,969

22,248

Financials

(3.2%):

1st

Source

Corp.

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

5,620

Acadian

Asset

Management,

Inc.

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

5,330

Adamas

Trust,

Inc.

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

20,317

Ally

Financial,

Inc.

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

3,623

American

Express

Co.

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

13,205

4,375

American

International

Group,

Inc.

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

7,257

590

Ameriprise

Financial,

Inc.

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

13,769

7,088

Apollo

Commercial

Real

Estate

Finance,

Inc.

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

13,621

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

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

5,799

Atlanticus

Holdings

Corp.

(a) ...............................................

2,081

Axis

Capital

Holdings

Ltd.

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

12,910

1,273

Bank

of

America

Corp.

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

18,192

923

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

(b) ....................................

11,824

Bread

Financial

Holdings,

Inc.

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

6,430

Capital

One

Financial

Corp.

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

20,415

4,639

Cathay

General

Bancorp

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

7,575

Chimera

Investment

Corp.

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

11,500

Cincinnati

Financial

Corp.

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

9,815

1,508

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Citizens

Financial

Group,

Inc.

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

5,881

$

CNB

Financial

Corp.

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

9,333

CNO

Financial

Group,

Inc.

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

3,152

Cohen

&

Steers,

Inc.

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

1,874

Comerica,

Inc.

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

1,733

Corebridge

Financial,

Inc.

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

7,391

CVB

Financial

Corp.

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

10,660

Dime

Community

Bancshares,

Inc.

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

7,585

Enova

International,

Inc.

(a) ................................................

2,218

Essent

Group

Ltd.

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

3,547

Everest

Group

Ltd.

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

8,774

3,000

Fidelity

National

Financial,

Inc.

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

55,662

3,332

First

Bancorp

Puerto

Rico

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

21,237

First

Financial

Bancorp

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

13,737

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a) ....................................

8,159

Hancock

Whitney

Corp.

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

3,736

Hanmi

Financial

Corp.

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

9,179

Hope

Bancorp,

Inc.

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

20,098

Interactive

Brokers

Group,

Inc.

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

71,049

4,422

International

Bancshares

Corp.

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

6,249

Jackson

Financial,

Inc.

,

Class

A

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

4,435

JPMorgan

Chase

&

Co.

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

40,545

12,221

Ladder

Capital

Corp.

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

14,508

Live

Oak

Bancshares,

Inc.

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

5,070

Morgan

Stanley

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

5,301

798

Northeast

Community

Bancorp,

Inc.

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

12,352

Northern

Trust

Corp.

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

5,106

670

OFG

Bancorp

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

9,207

Old

Second

Bancorp,

Inc.

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

19,783

Pathward

Financial,

Inc.

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

2,677

PayPal

Holdings,

Inc.

(a) ..................................................

56,500

3,966

PJT

Partners,

Inc.

,

Class

A

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

1,392

PROG

Holdings,

Inc.

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

3,226

Prudential

Financial,

Inc.

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

3,902

QCR

Holdings,

Inc.

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

2,930

Raymond

James

Financial,

Inc.

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

1,700

Regional

Management

Corp.

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

3,980

Selective

Insurance

Group,

Inc.

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

2,226

Simmons

First

National

Corp.

,

Class

A

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

11,118

Skyward

Specialty

Insurance

Group,

Inc.

(a) ....................................

5,711

State

Street

Corp.

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

6,835

786

Synchrony

Financial

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

4,710

T. Rowe

Price

Group,

Inc.

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

2,460

The

Allstate

Corp.

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

16,968

3,452

The

Bancorp,

Inc.

(a) .....................................................

4,158

The

Bank

of

New

York

Mellon

Corp.

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

22,580

2,384

The

Bank

of

NT

Butterfield

&

Son

Ltd.

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

9,840

The

Goldman

Sachs

Group,

Inc.

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

11,177

8,330

The

Hartford

Insurance

Group,

Inc.

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

25,056

3,315

The

PNC

Financial

Services

Group,

Inc.

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

6,842

1,419

The

Progressive

Corp.

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

18,664

4,611

TPG

RE

Finance

Trust,

Inc.

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

15,446

Truist

Financial

Corp.

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

14,703

688

U.S.

Bancorp

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

8,684

Unity

Bancorp,

Inc.

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

4,459

Universal

Insurance

Holdings,

Inc.

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

8,903

Visa,

Inc.

,

Class

A

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

5,866

2,064

W.R.

Berkley

Corp.

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

3,708

Wells

Fargo

&

Co.

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

13,038

1,071

Westamerica

Bancorp

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

4,321

World

Acceptance

Corp.

(a) ................................................

1,546

91,295

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Health

Care

(2.9%):

Abbott

Laboratories

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

48,559

$

6,442

AbbVie,

Inc.

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

44,053

9,269

AdaptHealth

Corp.

(a) ....................................................

22,421

Biogen,

Inc.

(a) .........................................................

2,663

Bristol-Myers

Squibb

Co.

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

50,202

2,369

Cardinal

Health,

Inc.

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

41,490

6,173

Centene

Corp.

(a) .......................................................

49,814

1,447

CorVel

Corp.

(a) ........................................................

2,775

Exelixis,

Inc.

(a) ........................................................

48,837

1,827

Gilead

Sciences,

Inc.

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

57,754

6,524

Harmony

Biosciences

Holdings,

Inc.

(a) .......................................

7,180

Innoviva,

Inc.

(a) .......................................................

12,169

Integra

LifeSciences

Holdings

Corp.

(a) .......................................

16,310

iRadimed

Corp.

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

2,083

Johnson

&

Johnson

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

43,231

7,659

Lantheus

Holdings,

Inc.

(a) ................................................

2,877

McKesson

Corp.

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

10,282

7,060

Medtronic

PLC

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

6,114

567

Merck

&

Co.,

Inc.

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

111,313

9,364

Niagen

Bioscience,

Inc.

(a) ................................................

24,823

Pacira

BioSciences,

Inc.

(a) ................................................

4,423

Pediatrix

Medical

Group,

Inc.

(a) ............................................

18,660

Pfizer,

Inc.

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

221,100

5,474

Progyny,

Inc.

(a) ........................................................

9,865

Royalty

Pharma

PLC

,

Class

A

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

83,543

3,006

Sanofi

SA

,

ADR

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

8,264

Select

Medical

Holdings

Corp.

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

21,287

SIGA

Technologies,

Inc.

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

23,660

Tenet

Healthcare

Corp.

(a) .................................................

16,683

3,075

United

Therapeutics

Corp.

(a) ..............................................

5,704

1,738

UnitedHealth

Group,

Inc.

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

10,718

3,321

Universal

Health

Services,

Inc.

,

Class

B

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

7,082

1,286

Zimmer

Biomet

Holdings,

Inc.

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

5,488

582

80,868

Industrials

(2.8%):

3M

Co.

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

4,511

702

ACCO

Brands

Corp.

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

36,408

Acuity,

Inc.

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

9,956

3,250

AGCO

Corp.

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

1,919

Allison

Transmission

Holdings,

Inc.

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

28,393

2,479

Apogee

Enterprises,

Inc.

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

5,084

Argan,

Inc.

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

1,295

Automatic

Data

Processing,

Inc.

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

25,821

7,851

BlueLinx

Holdings,

Inc.

(a) ................................................

2,956

Boise

Cascade

Co.

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

2,611

Builders

FirstSource,

Inc.

(a) ...............................................

920

Caterpillar,

Inc.

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

1,146

Cintas

Corp.

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

9,503

1,996

Comfort

Systems

USA,

Inc.

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

7,943

5,587

Cummins,

Inc.

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

19,578

7,801

Deere

&

Co.

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

649

Delta

Air

Lines,

Inc.

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

85,959

5,311

Deluxe

Corp.

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

11,371

Deutsche

Post

AG

,

ADR

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

5,468

DNOW,

Inc.

(a) ........................................................

25,989

EMCOR

Group,

Inc.

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

10,399

6,447

Ennis,

Inc.

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

9,224

ExlService

Holdings,

Inc.

(a) ...............................................

2,394

FedEx

Corp.

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

679

Fortune

Brands

Innovations,

Inc.

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

4,897

GE

Vernova,

Inc.

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

11,860

7,270

Genco

Shipping

&

Trading

Ltd.

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

10,338

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) General

Electric

Co.

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

7,016

$

1,931

Griffon

Corp.

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

3,497

Hub

Group,

Inc.

,

Class

A

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

5,488

Huron

Consulting

Group,

Inc.

(a) ............................................

1,335

Korn

Ferry

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

3,078

Legalzoom.com,

Inc.

(a) ..................................................

24,233

Leidos

Holdings,

Inc.

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

24,724

4,473

Liquidity

Services,

Inc.

(a) .................................................

8,217

Lockheed

Martin

Corp.

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

6,678

3,043

Masterbrand,

Inc.

(a) .....................................................

18,154

Matson,

Inc.

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

2,855

MillerKnoll,

Inc.

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

9,786

Mueller

Industries,

Inc.

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

1,627

NEXTracker,

Inc.

,

Class

A

(a) ..............................................

1,928

Oshkosh

Corp.

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

1,142

Owens

Corning

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

18,671

2,804

Resideo

Technologies,

Inc.

(a) ..............................................

7,034

REV

Group,

Inc.

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

4,888

Sterling

Infrastructure,

Inc.

(a) ..............................................

1,315

Sun

Country

Airlines

Holdings,

Inc.

(a) ........................................

20,341

Terex

Corp.

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

5,794

TriNet

Group,

Inc.

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

2,159

Uber

Technologies,

Inc.

(a) ................................................

47,026

4,409

UFP

Industries,

Inc.

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

1,752

United

Airlines

Holdings,

Inc.

(a) ............................................

55,566

5,834

United

Parcel

Service,

Inc.

,

Class

B

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

8,003

700

80,236

Information

Technology

(8.5%):

A10

Networks,

Inc.

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

15,293

Adeia,

Inc.

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

14,887

Adobe,

Inc.

(a) .........................................................

10,688

3,812

Amkor

Technology,

Inc.

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

4,245

Amphenol

Corp.

,

Class

A

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

28,292

3,080

Apple,

Inc.

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

121,994

28,320

Arista

Networks,

Inc.

(a) ..................................................

32,587

4,450

Bel

Fuse,

Inc.

,

Class

B

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

1,327

Box,

Inc.

,

Class

A

(a) ....................................................

3,461

Cisco

Systems,

Inc.

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

157,102

10,854

Clear

Secure,

Inc.

,

Class

A

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

9,246

Climb

Global

Solutions,

Inc.

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

1,910

Cognizant

Technology

Solutions

Corp.

,

Class

A

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

57,470

4,152

Commvault

Systems,

Inc.

(a) ...............................................

1,562

Consensus

Cloud

Solutions,

Inc.

(a) ..........................................

6,241

Diodes,

Inc.

(a) .........................................................

4,937

Docusign,

Inc.

(a) .......................................................

37,486

2,874

Dropbox,

Inc.

,

Class

A

(a) .................................................

98,252

2,855

Extreme

Networks,

Inc.

(a) ................................................

14,670

F5,

Inc.

(a) ............................................................

12,408

3,885

Flex

Ltd.

(a) ...........................................................

53,689

2,879

Fortinet,

Inc.

(a) ........................................................

48,200

3,797

Gen

Digital,

Inc.

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

106,592

3,219

GoDaddy,

Inc.

,

Class

A

(a) .................................................

32,129

4,765

Hewlett

Packard

Enterprise

Co.

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

125,150

2,825

HP,

Inc.

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

10,700

Insight

Enterprises,

Inc.

(a) ................................................

1,712

International

Business

Machines

Corp.

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

26,665

6,493

KLA

Corp.

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

1,679

1,464

Kulicke

&

Soffa

Industries,

Inc.

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

3,954

Microsoft

Corp.

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

106,013

53,716

Motorola

Solutions,

Inc.

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

5,688

2,687

M-Tron

Industries,

Inc.

(a) .................................................

3,404

NetApp,

Inc.

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

32,053

3,615

NetScout

Systems,

Inc.

(a) .................................................

7,260

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) NVIDIA

Corp.

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

343,198

$

59,778

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

49,846

7,811

PC

Connection,

Inc.

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

2,513

Photronics,

Inc.

(a) ......................................................

7,783

QUALCOMM,

Inc.

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

42,416

6,817

Qualys,

Inc.

(a) .........................................................

1,843

Salesforce,

Inc.

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

9,235

2,366

Sanmina

Corp.

(a) .......................................................

1,776

ScanSource,

Inc.

(a) .....................................................

4,576

The

Hackett

Group,

Inc.

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

5,557

VeriSign,

Inc.

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

14,358

3,925

Vishay

Intertechnology,

Inc.

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

17,162

Zoom

Communications,

Inc.

(a) .............................................

37,247

3,033

238,361

Materials

(0.7%):

AdvanSix,

Inc.

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

10,015

Cabot

Corp.

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

2,073

CF

Industries

Holdings,

Inc.

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

31,198

2,703

Commercial

Metals

Co.

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

2,040

CRH

PLC

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

35,904

4,055

Greif,

Inc.

,

Class

A

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

3,244

Hawkins,

Inc.

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

2,413

LyondellBasell

Industries

NV

,

Class

A

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

8,545

Newmont

Corp.

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

62,452

4,646

Olympic

Steel,

Inc.

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

6,865

PPG

Industries,

Inc.

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

2,784

Reliance,

Inc.

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

8,382

2,478

Steel

Dynamics,

Inc.

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

25,632

3,356

SunCoke

Energy,

Inc.

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

24,126

Sylvamo

Corp.

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

8,338

The

Mosaic

Co.

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

8,341

20,228

Real

Estate

(0.2%):

Alexander

&

Baldwin,

Inc.

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

8,905

American

Healthcare

REIT,

Inc.

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

6,521

Anywhere

Real

Estate,

Inc.

(a) ..............................................

25,799

Apartment

Investment

and

Management

Co.

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

17,567

Broadstone

Net

Lease,

Inc.

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

13,754

CareTrust

REIT,

Inc.

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

9,554

CBL

&

Associates

Properties,

Inc.

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

4,134

Compass,

Inc.

,

Class

A

(a) .................................................

13,955

Curbline

Properties

Corp.

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

8,538

DiamondRock

Hospitality

Co.

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

18,039

Diversified

Healthcare

Trust

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

39,625

Elme

Communities

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

10,245

Essential

Properties

Realty

Trust,

Inc.

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

10,830

Farmland

Partners,

Inc.

(b) .................................................

12,429

Host

Hotels

&

Resorts,

Inc.

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

21,781

NET

Lease

Office

Properties

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

4,022

Newmark

Group,

Inc.

,

Class

A

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

11,206

Paramount

Group,

Inc.

(a) .................................................

23,689

Peakstone

Realty

Trust

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

11,110

PotlatchDeltic

Corp.

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

5,281

Sabra

Health

Care

REIT,

Inc.

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

14,716

Tanger,

Inc.

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

4,011

Universal

Health

Realty

Income

Trust

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

3,040

Whitestone

REIT

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

11,212

Xenia

Hotels

&

Resorts,

Inc.

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

11,902

4,827

Utilities

(0.5%):

Black

Hills

Corp.

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

5,732

DTE

Energy

Co.

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

24,316

3,323

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Duke

Energy

Corp.

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

3,532

$

Edison

International

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

35,538

1,995

Evergy,

Inc.

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

32,389

2,308

Eversource

Energy

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

3,008

Genie

Energy

Ltd.

,

Class

B

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

1,843

MGE

Energy,

Inc.

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

2,027

NiSource,

Inc.

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

63,779

2,696

NRG

Energy,

Inc.

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

18,716

2,724

OGE

Energy

Corp.

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

21,465

958

15,173

Total

Common

Stocks

(Cost

$558,402)

a

a

a

729,486

Exchange-Traded

Funds

(40.9%)

Invesco

DB

Commodity

Index

Tracking

Fund

(a) (b) ..............................

256,100

5,688

Invesco

RAFI

Developed

Markets

ex-US

ETF

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

268,341

16,145

Invesco

RAFI

Emerging

Markets

ETF

(b) ......................................

999,229

24,371

iShares

0-5

Year

TIPS

Bond

ETF

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

234,479

24,358

iShares

1-3

Year

Treasury

Bond

ETF

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

307,256

25,496

iShares

20+

Year

Treasury

Bond

ETF

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

315,420

27,315

iShares

7-10

Year

Treasury

Bond

ETF

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

396,847

38,157

iShares

Core

MSCI

Emerging

Markets

ETF

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

430,714

26,743

iShares

Core

S&P

500

ETF

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

223,079

144,627

iShares

Core

S&P

Small-Cap

ETF

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

139,690

16,489

iShares

Core

U.S.

Aggregate

Bond

ETF

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

436,227

43,387

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(b) .........................

282,974

26,633

iShares

MSCI

Canada

ETF

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

677,776

33,069

iShares

MSCI

Europe

Financials

ETF

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

675,966

22,598

iShares

MSCI

International

Momentum

Factor

ETF

(b) ............................

507,674

23,627

iShares

MSCI

International

Quality

Factor

ETF

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

536,871

23,161

iShares

MSCI

Japan

ETF

(b) ...............................................

845,923

66,219

JPMorgan

BetaBuilders

Canada

ETF

(b) .......................................

337,496

28,691

Real

Estate

Select

Sector

SPDR

Fund

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

319,835

13,532

Schwab

Fundamental

Emerging

Markets

Equity

ETF

(b) ...........................

1,247,141

42,952

Schwab

Fundamental

International

Equity

ETF

(b) ...............................

1,968,469

82,735

Schwab

Fundamental

International

Small

Equity

ETF

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

301,126

13,228

SPDR

Gold

Shares

(a) ....................................................

145,439

46,260

SPDR

S&P

Biotech

ETF

(b) ...............................................

17,249

1,550

SPDR

S&P

Emerging

Markets

SmallCap

ETF

(b) ................................

107,983

7,174

VanEck

Gold

Miners

ETF

(b) ...............................................

79,336

5,012

Vanguard

FTSE

All-World

ex-US

ETF

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

344,002

23,860

Vanguard

FTSE

Developed

Markets

ETF

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

1,724,454

101,243

Vanguard

FTSE

Emerging

Markets

ETF

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

594,574

30,638

Vanguard

FTSE

Europe

ETF

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

772,948

60,676

Vanguard

Mortgage-Backed

Securities

ETF

(b) ..................................

594,901

27,734

Vanguard

Real

Estate

ETF

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

53,025

4,891

Vanguard

Total

Bond

Market

ETF

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

262,456

19,369

Vanguard

Total

Stock

Market

ETF

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

129,134

41,090

Xtrackers

USD

High

Yield

Corporate

Bond

ETF

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

286,722

10,609

Total

Exchange-Traded

Funds

(Cost

$957,789)

a

a

a

1,149,327

Affiliated

Exchange-Traded

Funds

(32.8%)

VictoryShares

Core

Intermediate

Bond

ETF

(b) ..................................

8,400,445

396,760

VictoryShares

Core

Plus

Intermediate

Bond

ETF

(b) ..............................

8,819,323

193,320

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

383,044

20,961

VictoryShares

Free

Cash

Flow

Growth

ETF

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

3,667,525

100,065

VictoryShares

International

Free

Cash

Flow

ETF

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

1,715,000

46,589

VictoryShares

International

Free

Cash

Flow

Growth

ETF

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

1,720,000

44,885

VictoryShares

Short-Term

Bond

ETF

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

991,350

50,519

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

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

2,729,841

68,853

Total

Affiliated

Exchange-Traded

Funds

(Cost

$969,249)

a

a

a

921,952

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Collateral

for

Securities

Loaned

(2.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(c) ........

14,880,381

$

14,881

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(c) ............

14,880,381

14,881

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(c) ...............

14,880,381

14,880

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(c) .

14,880,381

14,880

Total

Collateral

for

Securities

Loaned

(Cost

$59,522)

a

a

a

59,522

Total

Investments

(Cost

$2,544,962)

—

101.7%

2,860,287

Liabilities

in

excess

of

other

assets

— (1.7)%

(47,400)

NET

ASSETS

-

100.00%

$

2,812,887

At

August

31,

2025,

the

Fund's

investments

in

foreign

securities

were

23.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Conservative

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(13.6%)

Communication

Services

(1.2%):

Alphabet,

Inc.

,

Class

A

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

2,607

$

555

AT&T,

Inc.

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

17,438

511

Comcast

Corp.

,

Class

A

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

13,016

Meta

Platforms,

Inc.

,

Class

A

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

Verizon

Communications,

Inc.

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

9,354

2,226

Consumer

Discretionary

(0.7%):

Darden

Restaurants,

Inc.

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

880

Expedia

Group,

Inc.

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

1,034

Lennar

Corp.

,

Class

A

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

1,659

Lowe's

Cos.,

Inc.

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

NIKE,

Inc.

,

Class

B

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

4,059

Tapestry,

Inc.

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

909

The

Home

Depot,

Inc.

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

598

1,350

Consumer

Staples

(1.5%):

Altria

Group,

Inc.

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

9,411

633

Archer-Daniels-Midland

Co.

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

1,936

Kimberly-Clark

Corp.

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

2,434

PepsiCo,

Inc.

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

3,165

Philip

Morris

International,

Inc.

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

4,458

745

Sysco

Corp.

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

2,601

Target

Corp.

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

1,584

2,645

Energy

(0.4%):

Devon

Energy

Corp.

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

4,495

EOG

Resources,

Inc.

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

1,090

Marathon

Petroleum

Corp.

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

1,466

ONEOK,

Inc.

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

858

Valero

Energy

Corp.

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

652

Financials

(1.4%):

American

Express

Co.

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

2,158

715

Ameriprise

Financial,

Inc.

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

736

Everest

Group

Ltd.

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

JPMorgan

Chase

&

Co.

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

1,307

T. Rowe

Price

Group,

Inc.

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

The

Goldman

Sachs

Group,

Inc.

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

1,275

950

2,557

Health

Care

(1.8%):

AbbVie,

Inc.

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

3,145

662

Bristol-Myers

Squibb

Co.

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

7,438

Cardinal

Health,

Inc.

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

1,775

CVS

Health

Corp.

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

3,771

Gilead

Sciences,

Inc.

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

6,413

724

Merck

&

Co.,

Inc.

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

5,030

Pfizer,

Inc.

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

17,788

The

Cigna

Group

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

3,235

Industrials

(1.1%):

A.O.

Smith

Corp.

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

913

Automatic

Data

Processing,

Inc.

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

Caterpillar,

Inc.

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

1,553

651

Cummins,

Inc.

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

FedEx

Corp.

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

1,130

Lockheed

Martin

Corp.

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

Masco

Corp.

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

1,609

Otis

Worldwide

Corp.

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

2,305

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Conservative

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Paychex,

Inc.

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

$

United

Parcel

Service,

Inc.

,

Class

B

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

3,256

1,946

Information

Technology

(4.8%):

Accenture

PLC

,

Class

A

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

1,657

Apple,

Inc.

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

5,892

1,368

Applied

Materials,

Inc.

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

2,821

Broadcom,

Inc.

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

2,168

645

Cisco

Systems,

Inc.

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

8,871

613

Cognizant

Technology

Solutions

Corp.

,

Class

A

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

3,339

Dell

Technologies,

Inc.

,

Class

C

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

2,852

HP,

Inc.

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

2,031

KLA

Corp.

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

682

595

Lam

Research

Corp.

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

6,391

640

Microsoft

Corp.

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

3,619

1,834

Monolithic

Power

Systems,

Inc.

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

NetApp,

Inc.

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

1,513

NXP

Semiconductors

NV

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

1,931

QUALCOMM,

Inc.

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

3,301

530

TE

Connectivity

PLC

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

886

8,789

Materials

(0.1%):

LyondellBasell

Industries

NV

,

Class

A

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

1,879

Steel

Dynamics,

Inc.

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

1,131

Real

Estate

(0.2%):

American

Tower

Corp.

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

Crown

Castle,

Inc.

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

792

Equinix,

Inc.

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

Prologis,

Inc.

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

997

Welltower,

Inc.

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

Utilities

(0.4%):

Evergy,

Inc.

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

1,687

Eversource

Energy

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

3,402

FirstEnergy

Corp.

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

4,763

NRG

Energy,

Inc.

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

1,508

765

Total

Common

Stocks

(Cost

$17,985)

a

a

a

24,796

Exchange-Traded

Funds

(43.5%)

Invesco

DB

Commodity

Index

Tracking

Fund

(a) (b) ..............................

22,900

509

Invesco

RAFI

Developed

Markets

ex-US

ETF

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

35,176

2,116

Invesco

RAFI

Emerging

Markets

ETF

........................................

30,630

747

iShares

0-5

Year

TIPS

Bond

ETF

............................................

14,091

1,464

iShares

1-3

Year

Treasury

Bond

ETF

.........................................

35,334

2,932

iShares

20+

Year

Treasury

Bond

ETF

.........................................

32,881

2,848

iShares

7-10

Year

Treasury

Bond

ETF

........................................

39,620

3,809

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

8,000

iShares

Core

S&P

500

ETF

................................................

15,926

10,325

iShares

Core

S&P

Small-Cap

ETF

...........................................

14,173

1,673

iShares

Core

U.S.

Aggregate

Bond

ETF

.......................................

59,270

5,895

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

...........................

26,527

2,497

iShares

MSCI

Canada

ETF

................................................

34,657

1,691

iShares

MSCI

International

Momentum

Factor

ETF

..............................

71,831

3,343

iShares

MSCI

International

Quality

Factor

ETF

.................................

73,832

3,185

iShares

MSCI

Japan

ETF

(b) ...............................................

53,719

4,205

JPMorgan

BetaBuilders

Canada

ETF

(b) .......................................

19,897

1,691

Schwab

Fundamental

Emerging

Markets

Equity

ETF

(b) ...........................

22,434

773

Schwab

Fundamental

International

Equity

ETF

(b) ...............................

89,866

3,777

Schwab

Fundamental

International

Small

Equity

ETF

.............................

47,088

2,069

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Conservative

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) SPDR

Gold

Shares

(a) ....................................................

10,133

$

3,223

SPDR

S&P

Emerging

Markets

SmallCap

ETF

..................................

7,496

VanEck

Gold

Miners

ETF

.................................................

5,491

Vanguard

FTSE

All-World

ex-US

ETF

........................................

21,240

1,473

Vanguard

FTSE

Developed

Markets

ETF

......................................

23,301

1,368

Vanguard

FTSE

Emerging

Markets

ETF

......................................

40,386

2,081

Vanguard

FTSE

Europe

ETF

...............................................

48,936

3,841

Vanguard

Mortgage-Backed

Securities

ETF

....................................

45,663

2,129

Vanguard

Real

Estate

ETF

................................................

7,052

651

Vanguard

Short-Term

Corporate

Bond

ETF

....................................

10,471

836

Vanguard

Small-Cap

Value

ETF

(b) ..........................................

8,408

1,756

Vanguard

Total

Bond

Market

ETF

...........................................

26,807

1,978

Vanguard

Total

Stock

Market

ETF

...........................................

7,690

2,447

Xtrackers

USD

High

Yield

Corporate

Bond

ETF

.................................

20,332

752

Total

Exchange-Traded

Funds

(Cost

$68,227)

a

a

a

79,426

Affiliated

Exchange-Traded

Funds

(42.2%)

VictoryShares

Core

Intermediate

Bond

ETF

....................................

805,047

38,023

VictoryShares

Core

Plus

Intermediate

Bond

ETF

(b) ..............................

978,234

21,443

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

19,770

1,082

VictoryShares

Free

Cash

Flow

Growth

ETF

....................................

210,807

5,752

VictoryShares

Short-Term

Bond

ETF

.........................................

82,859

4,222

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

..............................

265,000

6,684

Total

Affiliated

Exchange-Traded

Funds

(Cost

$82,347)

a

a

a

77,206

Collateral

for

Securities

Loaned

(5.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(c) ........

2,642,209

2,643

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(c) ............

2,642,209

2,642

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(c) ...............

2,642,209

2,642

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(c) .

2,642,209

2,642

Total

Collateral

for

Securities

Loaned

(Cost

$10,569)

a

a

a

10,569

Total

Investments

(Cost

$179,128)

—

105.1%

191,997

Liabilities

in

excess

of

other

assets

— (5.1)%

(9,293)

NET

ASSETS

-

100.00%

$

182,704

At

August

31,

2025,

the

Fund's

investments

in

foreign

securities

were

21.0%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Statements

of

Assets

and

Liabilities

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$88,911,

$214,376

and

$194,141)

$

89,023

(a) $

221,221

(b) $

283,033

(c) Unaffiliated

investments,

at

value

(Cost

$280,301,

$47

and

$225)

352,714

(d) 47

Cash

1,453

1,049

Deposit

with

broker

for

futures

contracts

—

—

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

From

Adviser

for

ETF

reimbursements

—

—

Prepaid

expenses

Total

Assets

443,565

221,784

284,436

Liabilities:

Payables:

Collateral

received

on

loaned

securities

23,607

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

—

—

Administration

fees

—

—

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(e) —

(e) —

(e) Trustees'

fees

Other

accrued

expenses

Total

Liabilities

24,107

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

308,791

212,337

186,064

Total

accumulated

earnings

(loss)

110,667

9,298

98,053

Net

Assets

$

419,458

$

221,635

$

284,117

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

26,500

19,714

14,015

Net

asset

value,

offering

and

redemption

price

per

share:(f)

$

.83

$

.24

$

.27

(a) Includes

$1,830

thousand

of

securities

on

loan.

(b) Includes

$46

thousand

of

securities

on

loan.

(c) Includes

$220

thousand

of

securities

on

loan.

(d) Includes

$20,916

thousand

of

securities

on

loan.

(e) Rounds

to

less

than

$1

thousand.

(f) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Assets

and

Liabilities

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$489,218,

$969,249

and

$82,347)

$

461,255

(a) $

921,952

(b) $

77,206

(c) Unaffiliated

investments,

at

value

(Cost

$604,637,

$1,575,713

and

$96,781)

732,258

(d) 1,938,335

(e) 114,791

(f) Cash

1,857

13,209

1,269

Deposit

with

broker

for

futures

contracts

Receivables:

Dividends,

interest,

and

securities

lending

income

765

Capital

shares

issued

From

Adviser

for

ETF

reimbursements

697

Prepaid

expenses

Total

Assets

1,196,232

2,875,414

193,551

Liabilities:

Payables:

Collateral

received

on

loaned

securities

26,364

59,522

10,569

Capital

shares

redeemed

782

Accrued

expenses

and

other

payables:

Investment

advisory

fees

583

1,400

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(g) Trustees'

fees

Other

accrued

expenses

Total

Liabilities

27,604

62,527

10,847

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

1,001,900

2,267,774

168,859

Total

accumulated

earnings

(loss)

166,728

545,113

13,845

Net

Assets

$

1,168,628

$

2,812,887

$

182,704

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

71,764

97,582

15,615

Net

asset

value,

offering

and

redemption

price

per

share:(h)

$

.28

$

.83

$

.70

(a) Includes

$323

thousand

of

securities

on

loan.

(b) Includes

$1,223

thousand

of

securities

on

loan.

(c) Includes

$349

thousand

of

securities

on

loan.

(d) Includes

$28,778

thousand

of

securities

on

loan.

(e) Includes

$76,163

thousand

of

securities

on

loan.

(f) Includes

$9,874

thousand

of

securities

on

loan.

(g) Rounds

to

less

than

$1

thousand.

(h) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Operations

For

the

Six

Months

Ended

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

1,047

$

4,137

$

1,801

Dividends

from

unaffiliated

investments

3,161

—

—

Interest

from

unaffiliated

investments

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(1) —

—

Total

Income

4,335

4,160

1,859

Expenses:

Investment

advisory

fees

1,196

—

—

Administration

fees

—

—

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

Trustees'

fees

Compliance

fees

Printing

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

—

—(a)

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

2,059

Expenses

waived/reimbursed

by

Adviser

(113) —

—

Net

Expenses

1,946

Net

Investment

Income

(Loss)

2,389

4,057

1,756

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

(1,116)

682

2,217

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

and

foreign

currency

transactions

23,803

—

—

Net

realized

gains

(losses)

from

futures

contracts

1,163

—

—

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

4,521

5,910

28,554

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

6,958

—

—

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(834) —

—

Net

realized/unrealized

gains

(losses)

on

investments

34,495

6,592

30,771

Change

in

net

assets

resulting

from

operations

$

36,884

$

10,649

$

32,527

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

7,878

$

14,989

$

1,481

Dividends

from

unaffiliated

investments

8,138

20,692

1,334

Interest

from

unaffiliated

investments

Securities

lending

(net

of

fees)

Foreign

tax

withholding

—(a)

(4) (1) Total

Income

16,538

36,599

2,901

Expenses:

Investment

advisory

fees

3,354

8,022

Administration

fees

853

2,039

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

867

2,063

Trustees'

fees

Compliance

fees

Printing

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Line

of

credit

fees

—

—

—(a)

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

5,249

12,391

921

Expenses

waived/reimbursed

by

Adviser

(663) (1,302)

(119) Net

Expenses

4,586

11,089

802

Net

Investment

Income

(Loss)

11,952

25,510

2,099

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

(8,182)

(17,239)

(1,877)

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

and

foreign

currency

transactions

52,017

149,281

5,304

Net

realized

gains

(losses)

from

futures

contracts

1,307

3,640

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

15,548

34,699

2,840

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

and

foreign

currency

translations

5,057

15,329

1,862

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(585) (3,223)

(130) Net

realized/unrealized

gains

(losses)

on

investments

65,162

182,487

8,283

Change

in

net

assets

resulting

from

operations

$

77,114

$

207,997

$

10,382

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

2,389

$

5,950

$

4,057

$

8,267

$

1,756

$

6,156

Net

realized

gains

(losses)

23,850

30,471

682

2,210

2,217

6,028

Net

change

in

unrealized

appreciation/

depreciation

10,645

(1,023)

5,910

5,767

28,554

18,195

Change

in

net

assets

resulting

from

operations

36,884

35,398

10,649

16,244

32,527

30,379

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(29,661)

(3,718)

(9,218)

—

(7,783)

Change

in

net

assets

resulting

from

capital

transactions

(9,852)

7,414

4,810

(4,913)

(1,517)

1,566

Change

in

net

assets

27,032

13,151

11,741

2,113

31,010

24,162

Net

Assets:

Beginning

of

period

392,426

379,275

209,894

207,781

253,107

228,945

End

of

period

$

419,458

$

392,426

$

221,635

$

209,894

$

284,117

$

253,107

Capital

Transactions:

Proceeds

from

shares

issued

$

17,809

$

36,724

$

25,645

$

32,858

$

18,125

$

27,829

Distributions

reinvested

—

29,574

3,686

9,147

—

7,766

Cost

of

shares

redeemed

(27,661)

(58,884)

(24,521)

(46,918)

(19,642)

(34,029)

Change

in

net

assets

resulting

from

capital

transactions

$

(9,852)

$

7,414

$

4,810

$

(4,913)

$

(1,517)

$

1,566

Share

Transactions:

Issued

1,209

2,470

2,346

3,059

975

1,583

Reinvested

—

2,031

856

—

Redeemed

(1,879)

(3,954)

(2,250)

(4,374)

(1,062)

(1,940)

Change

in

Shares

(670)

547

(459)

(87)

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

11,952

$

25,480

$

25,510

$

54,765

$

2,099

$

4,553

Net

realized

gains

(losses)

45,142

58,128

135,682

163,870

3,711

1,572

Net

change

in

unrealized

appreciation/

depreciation

20,020

4,211

46,805

5,403

4,572

5,991

Change

in

net

assets

resulting

from

operations

77,114

87,819

207,997

224,038

10,382

12,116

Change

in

net

assets

resulting

from

distributions

to

shareholders

(7,947)

(67,066)

—

(182,662)

(1,502)

(3,627)

Change

in

net

assets

resulting

from

capital

transactions

(31,397)

(6,528)

(98,003)

(12,802)

(4,359)

(11,135)

Change

in

net

assets

37,770

14,225

109,994

28,574

4,521

(2,646)

Net

Assets:

Beginning

of

period

1,130,858

1,116,633

2,702,893

2,674,319

178,183

180,829

End

of

period

$

1,168,628

$

1,130,858

$

2,812,887

$

2,702,893

$

182,704

$

178,183

Capital

Transactions:

Proceeds

from

shares

issued

$

36,662

$

75,213

$

78,521

$

156,657

$

7,449

$

16,461

Distributions

reinvested

7,892

66,666

—

180,962

1,494

3,603

Cost

of

shares

redeemed

(75,951)

(148,407)

(176,524)

(350,421)

(13,302)

(31,199)

Change

in

net

assets

resulting

from

capital

transactions

$

(31,397)

$

(6,528)

$

(98,003)

$

(12,802)

$

(4,359)

$

(11,135)

Share

Transactions:

Issued

2,376

4,884

2,900

5,731

661

1,476

Reinvested

511

4,360

—

6,759

Redeemed

(4,913)

(9,635)

(6,521)

(12,819)

(1,188)

(2,828)

Change

in

Shares

(2,026)

(391)

(3,621)

(329)

(393)

(1,021)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Aggressive

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$14.44

$14.25

$12.60

$13.55

$15.31

$11.74

$11.73

Investment

Activities:

Net

investment

income

(loss)(b)

0.09 0.23 0.22 0.18 0.17 0.12 0.20 Net

realized

and

unrealized

gains

(losses)

1.30 1.11 1.70 (0.54)

(0.66)

3.71 0.03 Total

from

Investment

Activities

1.39 1.34 1.92 (0.36)

(0.49)

3.83 0.23 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.26)

(0.27)

(0.08)

(0.17)

(0.18)

(0.15)

Net

realized

gains

—

(0.89)

—

(0.51)

(1.10)

(0.08)

(0.07)

Total

Distributions

—

(1.15)

(0.27)

(0.59)

(1.27)

(0.26)

(0.22)

Net

Asset

Value,

End

of

Period

$15.83

$14.44

$14.25

$12.60

$13.55

$15.31

$11.74

Total

Return(c)(d)

9.63%

9.42%

15.33%

(2.65)%

(3.84)%

32.91%

1.78%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.98%

1.03%

1.10%

1.10%

1.10%

1.10%

1.10%

Net

Investment

Income

(Loss)(e)

1.20%

1.51%

1.68%

1.86%

1.11%

0.88%

1.68%

Gross

Expenses(e)(f)

1.03%

1.07%

1.14%

1.15%

1.12%

1.17%

1.18%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$419,458

$392,426

$379,275

$346,144

$361,083

$387,496

$343,560

Portfolio

Turnover(c)

49%

72%

57%

60%

43%

64%

90%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Conservative

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.89

$10.53

$10.11

$10.70

$11.86

$10.96

$10.72

Investment

Activities:

Net

investment

income

(loss)(b)

0.21 0.43 0.38 0.24 0.31 0.30 0.32 Net

realized

and

unrealized

gains

(losses)

0.33 0.41 0.43 (0.46)

(1.01)

1.03 0.25 Total

from

Investment

Activities

0.54 0.84 0.81 (0.22)

(0.70)

1.33 0.57 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.45)

(0.39)

(0.19)

(0.31)

(0.31)

(0.33)

Net

realized

gains

—

(0.03)

—

(0.18)

(0.15)

(0.12)

—

Total

Distributions

(0.19)

(0.48)

(0.39)

(0.37)

(0.46)

(0.43)

(0.33)

Net

Asset

Value,

End

of

Period

$11.24

$10.89

$10.53

$10.11

$10.70

$11.86

$10.96

Total

Return(c)(d)

5.06%

8.14%

8.24%

(2.00)%

(6.19)%

12.28%

5.45%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.10%

0.10%

0.10%

0.10%

0.08%

0.10%

0.09%

Net

Investment

Income

(Loss)(e)

3.79%

3.98%

3.73%

3.09%

2.68%

2.61%

2.92%

Gross

Expenses(e)(f)

0.10%

0.10%

0.10%

0.12%

0.08%

0.10%

0.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$221,635

$209,894

$207,781

$207,514

$223,137

$243,950

$205,950

Portfolio

Turnover(c)

3%

7%

11%

2%

11%

15%

8%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Equity

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$17.95

$16.33

$14.20

$15.59

$17.44

$13.28

$13.90

Investment

Activities:

Net

investment

income

(loss)(b)

0.13 0.44 0.32 0.23 0.52 0.27 0.34 Net

realized

and

unrealized

gains

(losses)

2.19 1.75 2.61 (0.68)

(1.56)

5.16 (0.24)

Total

from

Investment

Activities

2.32 2.19 2.93 (0.45)

(1.04)

5.43 0.10 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.42)

(0.33)

(0.25)

(0.59)

(0.20)

(0.32)

Net

realized

gains

—

(0.15)

(0.47)

(0.69)

(0.22)

(1.07)

(0.40)

Total

Distributions

—

(0.57)

(0.80)

(0.94)

(0.81)

(1.27)

(0.72)

Net

Asset

Value,

End

of

Period

$20.27

$17.95

$16.33

$14.20

$15.59

$17.44

$13.28

Total

Return(c)(d)

12.92%

13.47%

20.92%

(2.66)%

(6.41)%

42.26%

0.14%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.08%

0.09%

0.10%

0.10%

0.09%

0.10%

0.10%

Net

Investment

Income

(Loss)(e)

1.34%

2.52%

2.12%

2.15%

3.04%

1.74%

2.38%

Gross

Expenses(e)(f)

0.08%

0.09%

0.10%

0.12%

0.09%

0.11%

0.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$284,117

$253,107

$228,945

$198,226

$207,909

$232,236

$191,013

Portfolio

Turnover(c)

10%

11%

14%

6%

12%

5%

6%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Moderate

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$15.33

$15.05

$13.83

$14.90

$16.96

$14.24

$14.11

Investment

Activities:

Net

investment

income

(loss)(b)

0.16 0.35 0.32 0.21 0.21 0.20 0.29 Net

realized

and

unrealized

gains

(losses)

0.90 0.85 1.12 (0.66)

(1.11)

2.76 0.13 Total

from

Investment

Activities

1.06 1.20 1.44 (0.45)

(0.90)

2.96 0.42 Distributions

to

Shareholders

from:

Net

investment

income

(0.11)

(0.47)

(0.22)

(0.17)

(0.23)

(0.21)

(0.29)

Net

realized

gains

—

(0.45)

—

(0.45)

(0.93)

(0.03)

—

Total

Distributions

(0.11)

(0.92)

(0.22)

(0.62)

(1.16)

(0.24)

(0.29)

Net

Asset

Value,

End

of

Period

$16.28

$15.33

$15.05

$13.83

$14.90

$16.96

$14.24

Total

Return(c)(d)

6.95%

8.12%

10.54%

(3.01)%

(5.82)%

21.00%

2.98%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.81%

0.83%

0.86%

0.87%

0.87%

0.97%

1.00%

Net

Investment

Income

(Loss)(e)

2.10%

2.25%

2.22%

2.04%

1.28%

1.29%

2.01%

Gross

Expenses(e)(f)

0.92%

0.94%

0.96%

0.98%

0.95%

0.98%

1.00%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,168,628

$1,130,858

$1,116,633

$1,075,327

$1,139,908

$1,265,532

$1,131,458

Portfolio

Turnover(c)

47%

58%

51%

47%

47%

53%

87%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Moderately

Aggressive

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$26.71

$26.34

$24.00

$25.76

$29.45

$24.10

$23.97

Investment

Activities:

Net

investment

income

(loss)(b)

0.26 0.55 0.52 0.37 0.36 0.32 0.48 Net

realized

and

unrealized

gains

(losses)

1.86 1.69 2.36 (1.11)

(1.77)

5.56 0.18 Total

from

Investment

Activities

2.12 2.24 2.88 (0.74)

(1.41)

5.88 0.66 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.70)

(0.54)

(0.23)

(0.35)

(0.37)

(0.39)

Net

realized

gains

—

(1.17)

—

(0.79)

(1.93)

(0.16)

(0.14)

Total

Distributions

—

(1.87)

(0.54)

(1.02)

(2.28)

(0.53)

(0.53)

Net

Asset

Value,

End

of

Period

$28.83

$26.71

$26.34

$24.00

$25.76

$29.45

$24.10

Total

Return(c)(d)

7.94%

8.60%

12.07%

(2.87)%

(5.43)%

24.58%

2.59%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.82%

0.84%

0.87%

0.88%

0.88%

0.96%

0.98%

Net

Investment

Income

(Loss)(e)

1.88%

2.01%

2.08%

2.04%

1.26%

1.18%

1.94%

Gross

Expenses(e)(f)

0.91%

0.92%

0.95%

0.96%

0.93%

0.97%

0.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,812,887

$2,702,893

$2,674,319

$2,549,840

$2,720,065

$3,026,975

$2,662,354

Portfolio

Turnover(c)

48%

67%

52%

49%

44%

64%

92%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Moderately

Conservative

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$11.13

$10.62

$10.12

$11.23

$12.74

$11.14

$10.94

Investment

Activities:

Net

investment

income

(loss)(b)

0.13 0.28 0.25 0.17 0.15 0.16 0.23 Net

realized

and

unrealized

gains

(losses)

0.54 0.45 0.51 (0.54)

(0.85)

1.64 0.22 Total

from

Investment

Activities

0.67 0.73 0.76 (0.37)

(0.70)

1.80 0.45 Distributions

to

Shareholders

from:

Net

investment

income

(0.10)

(0.22)

(0.26)

(0.13)

(0.17)

(0.17)

(0.23)

Net

realized

gains

—

—

—

(0.61)

(0.64)

(0.03)

(0.02)

Total

Distributions

(0.10)

(0.22)

(0.26)

(0.74)

(0.81)

(0.20)

(0.25)

Net

Asset

Value,

End

of

Period

$11.70

$11.13

$10.62

$10.12

$11.23

$12.74

$11.14

Total

Return(c)(d)

6.02%

6.93%

7.57%

(3.31)%

(5.95)%

16.30%

4.09%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.90%

0.90%

0.90%

0.90%

0.90%

0.90%

0.90%

Net

Investment

Income

(Loss)(e)

2.35%

2.53%

2.41%

2.13%

1.23%

1.35%

2.05%

Gross

Expenses(e)(f)

1.03%

1.03%

1.04%

1.05%

1.00%

1.02%

1.02%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$182,704

$178,183

$180,829

$184,724

$200,344

$221,892

$220,787

Portfolio

Turnover(c)

45%

48%

51%

43%

61%

52%

84%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Notes

to

Financial

Statements

August

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following six funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Funds

(Legal

Name)

Funds

(Short

Name)

Victory

Cornerstone

Aggressive

Fund

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Cornerstone

Equity

Fund

Victory

Cornerstone

Moderate

Fund

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

Cornerstone

Moderately

Conservative

Fund

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Funds'

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

August

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of August

31,

2025,

there

were

no

significant

transfers

into/out

of

Level

3. Level

Level

Level

Total

Cornerstone

Aggressive

Fund

Common

Stocks

...............................................

$

141,585

$

—

$

—

$

141,585

Exchange-Traded

Funds

.........................................

187,522

—

—

187,522

Affiliated

Exchange-Traded

Funds

..................................

89,023

—

—

89,023

Collateral

for

Securities

Loaned

...................................

23,607

—

—

23,607

Total

.......................................................

$

441,737

$

—

$

—

$

441,737

Cornerstone

Conservative

Fund

Affiliated

Exchange-Traded

Funds

..................................

80,536

—

—

80,536

Affiliated

Mutual

Funds

.........................................

140,685

—

—

140,685

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

221,268

$

—

$

—

$

221,268

Cornerstone

Equity

Fund

Affiliated

Exchange-Traded

Funds

..................................

137,204

—

—

137,204

Affiliated

Mutual

Funds

.........................................

145,829

—

—

145,829

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

283,258

$

—

$

—

$

283,258

Cornerstone

Moderate

Fund

Common

Stocks

...............................................

223,516

—

—

223,516

Exchange-Traded

Funds

.........................................

482,378

—

—

482,378

Affiliated

Exchange-Traded

Funds

..................................

461,255

—

—

461,255

Collateral

for

Securities

Loaned

...................................

26,364

—

—

26,364

Total

.......................................................

$

1,193,513

$

—

$

—

$

1,193,513

Cornerstone

Moderately

Aggressive

Fund

Common

Stocks

...............................................

729,486

—

—

729,486

Exchange-Traded

Funds

.........................................

1,149,327

—

—

1,149,327

Affiliated

Exchange-Traded

Funds

..................................

921,952

—

—

921,952

Collateral

for

Securities

Loaned

...................................

59,522

—

—

59,522

Total

.......................................................

$

2,860,287

$

—

$

—

$

2,860,287

Cornerstone

Moderately

Conservative

Fund

Common

Stocks

...............................................

24,796

—

—

24,796

Exchange-Traded

Funds

.........................................

79,426

—

—

79,426

Affiliated

Exchange-Traded

Funds

..................................

77,206

—

—

77,206

Collateral

for

Securities

Loaned

...................................

10,569

—

—

10,569

Total

.......................................................

$

191,997

$

—

$

—

$

191,997

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

temporarily

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Derivative

Instruments:

Futures

Contracts:

The

Funds

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Funds

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Funds

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs and

a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian,

which is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Funds

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Funds

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Funds

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Funds'

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Funds'

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Funds

are

not

subject

to

master

netting

agreements

for

futures

contracts. During

the

six

months

ended August

31,

2025,

the Funds entered

into

futures

contracts

primarily

for

the

strategy

of

hedging

or

other

purposes,

including

but

not

limited

to,

providing

liquidity

and

equitizing

cash.

Summary

of

Derivative

Instruments:

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

August

31,

2025 (amounts

in

thousands):

Net

Realized

Gains

(Losses)

from

Futures

Contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Futures

Contracts

Equity

Risk

Exposure:

6,394,000

(4,772,000)

Cornerstone

Aggressive

Fund

.........................................................

$

1,163

$

(834) Cornerstone

Moderate

Fund

..........................................................

1,307

(585) Cornerstone

Moderately

Aggressive

Fund

................................................

3,640

(3,223)

Cornerstone

Moderately

Conservative

Fund

...............................................

(130) Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

All

open

derivative

positions

at

period

end

are

reflected

on

each

respective

Fund's

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund's

net

assets

at

period end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

August

31,

2025

(amounts

in

thousands):

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Fund

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Funds

do

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on unaffiliated

investment

securities

and

foreign

currency

translations

on

the

Statements

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

and

foreign

currency

transactions

on

the

Statements

of

Operations.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Cornerstone

Aggressive

Fund

........................................

$

22,746

$

—

$

23,607

Cornerstone

Conservative

Fund

.......................................

—

Cornerstone

Equity

Fund

...........................................

—

Cornerstone

Moderate

Fund

.........................................

29,101

3,477

26,364

Cornerstone

Moderately

Aggressive

Fund

...............................

77,386

19,964

59,522

Cornerstone

Moderately

Conservative

Fund

..............................

10,223

—

10,569

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

February

or

February

for

leap

years.

For

the

six

months

ended

August

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee.

Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

six

months

ended

August

31,

2025,

the

Funds

had

no

subadvisers.

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Cornerstone

Aggressive

Fund

.......................................

$

192,973

$

196,873

$

—

$

1,494

Cornerstone

Conservative

Fund

......................................

12,118

6,573

—

—

Cornerstone

Equity

Fund

..........................................

25,966

25,474

—

—

Cornerstone

Moderate

Fund

........................................

531,325

536,637

—

9,961

Cornerstone

Moderately

Aggressive

Fund

..............................

1,299,411

1,356,550

—

14,941

Cornerstone

Moderately

Conservative

Fund

.............................

78,947

81,599

—

1,494

Base

Rate

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.59%

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.59%

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate,

which

is

based

on

the

Funds' average

daily

net

assets as

follows:

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser,

provides

transfer

agency

services

to

the

Funds.

VCTA

provides

transfer

agent

services

to

the

Funds

(excluding

the

Victory

Cornerstone

Conservative,

and

Victory

Cornerstone

Equity

Funds) based

on

an

annual

charge

of

$23

per

shareholder

account

plus

out-of-pocket

expenses.

VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

For

the

Victory

Cornerstone

Conservative,

and

Victory

Cornerstone

Equity

Funds,

VCTA

does

not

receive

any

fees

from

the

Fund

for

these

services.

The

Funds

pay

for

out-of-pocket

expenses

incurred

and

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Funds

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust,

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust

until

at

least

June

30,

2026. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

August

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Annual

Charge

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

In

effect

until

June

30,

2026

Cornerstone

Aggressive

Fund

............................................................................

1.10%

Cornerstone

Conservative

Fund

...........................................................................

0.10%

Cornerstone

Equity

Fund

...............................................................................

0.10%

Cornerstone

Moderate

Fund

.............................................................................

1.00%

Cornerstone

Moderately

Aggressive

Fund

...................................................................

0.98%

Cornerstone

Moderately

Conservative

Fund

..................................................................

0.90%

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

To

the

extent

the

Fund

invests

in

an

affiliated

VCM

ETF,

the

Adviser

has

contractually

undertaken

to

waive

all

or

a

portion

of

the

Fund's

advisory

fee

in

the

proportionate

amounts

to

any

advisory

fees

it

earns

as

an

investment

adviser

to

any

affiliated

ETF

in

which

the

Fund

invests.

These

affiliated

ETF

advisory

fee

reimbursements

are

not

available

for

recoupment.

For

the

period

ended

August

31,

2025,

the

Funds

incurred

reimbursable

expenses,

of

which,

consisted

of

affiliated

ETF

advisory

fees

for

reimbursement.

These

expenses

are

reflected

on

the

Statements

of

Operations

as

Expenses

waived/reimbursed

by

Adviser,

as

detailed

in

the

table

below

(amounts

in

thousands):

\*

As

of

the period

ended

August

31,

2025,

for

each

of

the

funds

listed,

all

of

the

amounts

reimbursed

reflected

affiliated

ETF

advisory

fees.

As

of

August

31,

2025,

the

Funds

have

receivables

related

to

affiliated

ETF

reimbursable

expenses

from

the

Adviser,

pursuant

to

the

Fund's

expense

limitation

agreement.

These

receivables

are

reflected

on

the

Statements

of

Assets

and

Liabilities

as

Receivables

from

Adviser

for

ETF

reimbursements,

as

detailed

in

the

table

below

(amounts

in

thousands):

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability due

to

an

assessment

that

such

repayments

are

not

probable

at

August

31,

2025. For

the six

months

ended

August

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of August

31,

2025,

the

Funds

had

no amounts available

to

be

repaid

to

the

Adviser.

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

August

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

5. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Amount

Reimbursed\*

Cornerstone

Aggressive

Fund

.................................................................................................................

$

Cornerstone

Moderate

Fund

..................................................................................................................

663

Cornerstone

Moderately

Aggressive

Fund

....................................................................................................

1302

Cornerstone

Moderately

Conservative

Fund

..................................................................................................

Receivable

Cornerstone

Aggressive

Fund

.................................................................................................................

$

Cornerstone

Moderate

Fund

..................................................................................................................

Cornerstone

Moderately

Aggressive

Fund

....................................................................................................

697

Cornerstone

Moderately

Conservative

Fund

..................................................................................................

Amount

Cornerstone

Conservative

Fund

...........................................................................

$

Cornerstone

Moderately

Conservative

Fund

..................................................................

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

![cornerstone book risks table](epub568486166265856.jpg)

Affiliated

Funds

Risk

—

The

risks

of

the Fund(s)

directly

correspond

to

the

risks

of

the

underlying

affiliated

funds

in

which

the

Fund(s)

invest.

By

investing

in

the

underlying

affiliated

funds,

the

Funds

have

exposure

to

the

risk

of

many

different

areas

of

the

market.

The

degree

to

which

the

risks

described

below

apply

to

the

Fund(s)

varies

according

to each

Fund's

(or

Funds')

asset

allocation.

For

instance,

the

more

the

Fund

is

allocated

to

stock

funds,

the

greater

the

risk

associated

with

equity

securities.

The

Fund(s)

also

are

subject

to

asset

allocation

risk

(i.e.,

the

risk

that

allocations

will

not

produce

the

intended

results)

and

to

management

risk

(i.e.,

the

risk

that

the

selection

of

underlying

affiliated

funds

will

not

produce

the

intended

results).

Conflict

of

Interest Risk

— In

managing

a

Fund that

invests

in

underlying

affiliated

funds,

the

Adviser

may

have

conflicts

of

interest

in

allocating

the

Fund's

assets

among

the

various

underlying

affiliated

funds.

This

is

because

the

fees

payable

by

some

of

the

underlying

affiliated

funds

to

the

Adviser

and/or

its

affiliates

are

higher

than

the

fees

payable

by

other

underlying

affiliated

funds,

and

because

the

Adviser

also

manages

and

administers

the

underlying

affiliated

funds.

Tactical

Allocation Risk

— The Fund(s) has

a

targeted

risk

tolerance

and

a

corresponding

asset

allocation

target;

however,

mere

asset

allocation

and

volatility

are

not

the

sole

determination

of

risk.

The

Fund's

(or

Funds') managers

will

tactically

allocate

away

from

the

target

allocation

as

market

conditions

and

the

perceived

risks

warrant.

The

Fund(s)

bears

the

risk

that

the

managers'

tactical

allocation

will

not

be

successful.

Equity

Securities

Risk

—

The

Funds

may

invest

in

underlying

affiliated

funds

that

invest

in

equity

securities.

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

Derivatives

Risk

— The

Funds

may

invest

in

futures,

options,

and

other

types

of

derivatives.

Risks

associated

with

derivatives

include

the

risk

that

the

derivative

is

not

well-correlated

with

the

security,

index,

ETFs,

or

currency

to

which

it

relates;

the

risk

that

the

use

of

derivatives

may

not

have

the

intended

effects

and

may

result

in

losses,

underperformance,

or

missed

opportunities;

the

risk

that

the

Funds

will

be

unable

to

sell

the

derivative

because

of

an

illiquid

secondary

market;

the

risk

that

a

counterparty

is

unwilling

or

unable

to

meet

its

obligation;

the

risk

of

interest

rate

movements;

and

the

risk

that

the

derivatives

transaction

could

expose

the

Fund

to

the

effects

of

leverage,

which

could

increase

the

Funds'

market

exposure,

magnify

investment

risks

and

losses,

and

cause

losses

to

be

realized

more

quickly.

There

is

no

guarantee

that

derivative

techniques

will

be

employed

or

that

they

will

work

as

intended,

and

their

use

could

lower

returns

or

even

result

in

losses

to

the

Funds.

In

addition,

current

regulations

may

limit

the

Funds'

ability

to

invest

in

derivatives.

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

August

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

The

average

borrowing

for

the

days

outstanding

and

average

interest

rate

for

each

Fund

during

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

August

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

August

31,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended February

28,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

8. #### Affiliated

#### Securities:
An

affiliated

security

is

a

security

in

which

a

Fund

has

ownership

of

at

least

5%

of

the issuer's

outstanding

voting

shares, an

investment

company

managed

by

VCM,

or

an

issuer

under

common

control

with a

Fund

or

VCM. The

Funds

do

not

invest

in

affiliated securities

for

the

purpose

Amount

Outstanding

at

August

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Cornerstone

Moderately

Aggressive

Fund

.......................

$

—

$

7,000

5.42%

$

7,000

Borrower

or

Lender

Amount

Outstanding

at

August

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Cornerstone

Equity

Fund

..........................

Borrower

$

—

$

717

4.85%

$

717

Declared

Paid

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Short-Term

Amount

Long-Term

Amount

Total

Cornerstone

Moderately

Conservative

Fund

...................................

$

(2,058)

$

(2,239)

$

(4,297)

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

of

exercising

management

or

control. These

securities

are

noted

as

affiliated

on the

Funds'

Schedule

of

Portfolio

Investments.

The

financial

statements

of

the

underlying

funds

can

be

found

in

shareholder

reports

filed

with

the

SEC

by

each

such

underlying

fund

semi-annually

on

Form

N-CSR

and

are

available

for

download

from

both

the

SEC's

as

well

as

each

respective

underlying

fund's

website. Transactions

in

affiliated

securities

during

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands,

except

shares):

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

8/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Aggressive

Fund

VictoryShares

Core

Intermediate

Bond

ETF

...

$

32,406

$

—

$

(6,474)

$

(1,116)

$

1,089

$

25,905

548,471

$

584

$

—

VictoryShares

Core

Plus

Intermediate

Bond

ETF

...

8,585

3,759

—

—

12,432

567,170

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

740

3,974

—

—

5,096

93,130

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

13,860

4,641

—

—

2,530

21,031

770,818

—

VictoryShares

International

Free

Cash

Flow

ETF

.....

—

7,587

—

—

7,851

289,000

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

7,434

—

—

7,542

289,000

—\*

—

VictoryShares

Short-Term

Bond

ETF

............

5,226

—

—

—

5,256

103,145

—

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

2,021

1,859

—

—

3,910

155,000

—

$

62,838

$

29,254

$

(6,474)

$

(1,116)

$

4,521

$

89,023

2,815,734

$

1,047

$

—

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

8/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Conservative

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

8,274

$

1,547

$

(496) $

$

927

$

10,265

126,983

$

$

—

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

...............

50,492

1,664

—

—

52,164

5,633,292

1,202

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

—

—

—

—

—

Victory

Government

Securities

Fund,

Institutional

Shares

.

25,149

—

—

25,800

2,882,694

—

Victory

High

Income

Fund,

Institutional

Shares

......

9,748

—

—

10,176

1,462,044

—

Victory

Income

Fund,

Institutional

Shares

......

17,221

—

—

17,586

1,509,512

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

1,664

—

—

1,727

91,010

—

Victory

International

Fund,

Institutional

Shares

......

7,355

—

(1,001)

1,029

7,488

234,786

—

—

Victory

Market

Neutral

Income

Fund,

Class

I

..........

9,970

—

—

10,440

1,201,397

—

Victory

Index

Fund,

Class

R6

.........

3,022

—

—

—

3,397

58,774

—

—

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

...............

1,455

—

(489) 212

1,629

45,471

—

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

—\*

—

—

—\*

901

—\*

—

Victory

Target

Managed

Allocation

Fund

........

4,770

—

(4,587)

(535) —

—

—

—

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

8/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

VictoryShares

Core

Intermediate

Bond

ETF

...

$

20,653

$

—

$

—

$

—

$

$

20,724

438,782

$

$

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

2,572

—

—

—

3,044

55,618

—

VictoryShares

Free

Cash

Flow

ETF

.................

3,179

—

—

—

3,360

90,000

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

1,420

665

—

—

2,456

90,000

—

VictoryShares

Hedged

Equity

Income

ETF

...........

—

1,830

—

—

1,886

70,000

—

VictoryShares

International

Value

Momentum

ETF

...

4,655

—

—

—

1,028

5,683

93,597

—

VictoryShares

Pioneer

Asset-

Based

Income

ETF

......

—

2,518

—

—

2,528

100,000

—

—

VictoryShares

Short-Term

Bond

ETF

............

29,868

1,016

—

—

31,059

609,469

691

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

638

—

—

1,277

44,000

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

1,530

—

—

—

1,657

18,550

—

VictoryShares

US

Value

Momentum

ETF

........

2,182

—

—

—

2,291

25,995

—

VictoryShares

WestEnd

U.S.

Sector

ETF

............

3,404

776

—

—

4,571

102,587

—

$

209,084

$

12,118

$

(6,573)

$

682

$

5,910

$

221,221

14,985,669

$

4,137

$

—

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

8/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Equity

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

50,274

$

1,761

$

(1,201)

$

$

4,457

$

55,326

684,393

$

$

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

5,585

—

—

—

1,004

6,589

272,156

—

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

11,582

—

—

12,023

633,481

—

Victory

International

Fund,

Institutional

Shares

......

43,238

2,500

(8,412)

5,954

43,505

1,364,225

—

—

Victory

Index

Fund,

Class

R6

.........

18,792

1,987

—

—

2,699

23,478

406,193

—

—

Victory

Pioneer

International

Equity

Fund,

Class

Y

.....

—

3,000

—

—

3,262

102,634

—

—

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

...............

1,045

—

—

—

601

1,646

45,942

—

—

Victory

Target

Managed

Allocation

Fund

........

11,264

—

(11,051)

1,113

(1,326)

—

—

—

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

14,821

—

—

—

2,715

17,536

320,458

—

VictoryShares

Free

Cash

Flow

ETF

.................

14,908

3,388

—

—

1,157

19,453

521,092

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

8,114

8,877

—

—

2,325

19,316

707,968

—

VictoryShares

International

Value

Momentum

ETF

...

24,249

—

(1,952)

5,070

27,483

452,611

631

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

4,142

638

—

—

621

5,401

186,062

—

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

8/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

$

8,625

$

802

$

—

$

—

$

808

$

10,235

114,594

$

$

—

VictoryShares

US

Value

Momentum

ETF

........

14,200

1,125

(2,858)

728

(47) 13,148

149,156

—

VictoryShares

WestEnd

U.S.

Sector

ETF

............

20,931

1,780

—

—

1,921

24,632

552,787

—

$

251,770

$

25,966

$

(25,474)

$

2,217

$

28,554

$

283,033

6,513,752

$

1,801

$

—

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

8/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Moderate

Fund

VictoryShares

Core

Intermediate

Bond

ETF

...

$

261,681

$

—

$

(47,332)

$

(8,182)

$

7,996

$

214,163

4,534,400

$

4,812

$

—

VictoryShares

Core

Plus

Intermediate

Bond

ETF

...

73,480

31,686

—

—

747

105,913

4,831,796

1,957

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

2,382

5,468

—

—

1,010

8,860

161,904

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

23,635

10,319

—

—

4,489

38,443

1,408,986

—

VictoryShares

International

Free

Cash

Flow

ETF

.....

—

19,696

—

—

678

20,374

750,000

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

19,306

—

—

19,572

750,000

—

VictoryShares

Short-Term

Bond

ETF

............

20,394

—

—

—

20,510

402,475

—

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

17,685

15,489

—

—

33,420

1,325,000

—

$

399,257

$

101,964

$

(47,332)

$

(8,182)

$

15,548

$

461,255

14,164,561

$

7,878

$

—

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

8/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Moderately

Aggressive

Fund

VictoryShares

Core

Intermediate

Bond

ETF

...

$

496,609

$

—

$

(99,368)

$

(17,239)

$

16,758

$

396,760

8,400,445

$

8,972

$

—

VictoryShares

Core

Plus

Intermediate

Bond

ETF

...

132,857

59,076

—

—

1,387

193,320

8,819,323

3,557

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

3,145

15,990

—

—

1,826

20,961

383,044

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

61,219

27,153

—

—

11,693

100,065

3,667,525

—

VictoryShares

International

Free

Cash

Flow

ETF

.....

—

44,960

—

—

1,629

46,589

1,715,000

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

44,230

—

—

655

44,885

1,720,000

—

VictoryShares

Short-Term

Bond

ETF

............

50,232

—

—

—

50,519

991,350

1,163

—

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

38,651

29,738

—

—

68,853

2,729,841

1,033

—

$

782,713

$

221,147

$

(99,368)

$

(17,239)

$

34,699

$

921,952

28,426,528

$

14,989

$

—

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

\*

Rounds

to

less

than

$1

thousand.

9. #### Segment

#### Reporting:
The

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund's

financial

position

or

the

results

of

its

operations.

The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

8/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Moderately

Conservative

Fund

VictoryShares

Core

Intermediate

Bond

ETF

...

$

49,190

$

—

$

(11,120)

$

(1,877)

$

1,830

$

38,023

805,047

$

864

$

—

VictoryShares

Core

Plus

Intermediate

Bond

ETF

...

15,284

6,015

—

—

21,443

978,234

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

—

—

1,082

19,770

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

3,332

1,761

—

—

659

5,752

210,807

—

VictoryShares

Short-Term

Bond

ETF

............

4,198

—

—

—

4,222

82,859

—

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

3,537

3,098

—

—

6,684

265,000

—

$

75,993

$

11,370

$

(11,120)

$

(1,877)

$

2,840

$

77,206

2,361,717

$

1,481

$

—

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-CF-1025

August

31,

2025

Semi-Annual:

Full

Financials

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*III*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *235-8396,* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 2
Victory

California

Bond

Fund

Victory

Government

Securities

Fund

#### 7
Victory

Growth

&

Tax

Strategy

Fund

#### 12
Victory

New

York

Bond

Fund

#### 29
Victory

Virginia

Bond

Fund

#### 32

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 37
Statements

of

Operations

#### 39
Statements

of

Changes

in

Net

Assets

#### 41
Financial

Highlights

#### 45

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 60
Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(98.9%)

California

(96.6%):

Alameda

Corridor

Transportation

Authority

Revenue,

Series

A,

0.00%,

10/1/50,

Continuously

Callable

@100(a)

...................................................

$

1,250

$

691

Albany

Unified

School

District,

GO,

Series

B,

4.00%,

8/1/46,

Continuously

Callable

@100

..

1,500

1,344

Bay

Area

Toll

Authority

Revenue,

Series

A,

3.88%

(MUNIPSA+125bps),

4/1/36,

(Put

Date

4/1/27)(b)(c)

......................................................

15,000

15,013

Burbank

Unified

School

District,

GO

4.30%,

8/1/33,

Continuously

Callable

@100

...............................

3,085

3,151

4.35%,

8/1/34,

Continuously

Callable

@100

...............................

3,000

3,052

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

AMT,

Series

B,

5.25%,

7/1/54,

Continuously

Callable

@100

...............................

2,875

2,898

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

897

California

Community

Choice

Financing

Authority

Revenue

Series

A,

5.00%,

1/1/56,

(Put

Date

5/1/35)(c)

...............................

1,000

1,034

Series

D,

5.00%,

10/1/55,

(Put

Date

7/1/34)(c)

..............................

1,000

1,050

California

Community

Housing

Agency

Revenue,

Series

A,

5.00%,

8/1/50,

Continuously

Callable

@100(d)

...................................................

1,900

1,748

California

County

Tobacco

Securitization

Agency

Revenue

4.00%,

6/1/49,

Continuously

Callable

@100

...............................

500

Series

A,

4.00%,

6/1/49,

Continuously

Callable

@100

.........................

500

Series

A,

4.00%,

6/1/49,

Continuously

Callable

@100

.........................

1,000

846

California

Educational

Facilities

Authority

Revenue

5.00%,

10/1/43,

Continuously

Callable

@100

...............................

2,000

2,018

5.00%,

10/1/48,

Continuously

Callable

@100

...............................

2,000

1,999

Series

A,

5.00%,

10/1/37,

Continuously

Callable

@100

........................

1,000

1,006

Series

A,

4.25%,

11/1/50,

Continuously

Callable

@100

........................

1,000

903

Series

A,

5.00%,

10/1/52,

Continuously

Callable

@100

........................

5,500

5,128

Series

A,

5.50%,

10/1/53,

Continuously

Callable

@100

........................

500

California

Enterprise

Development

Authority

Revenue

5.00%,

6/1/44,

Continuously

Callable

@100(d)

.............................

750

710

4.00%,

11/1/49,

Continuously

Callable

@100

...............................

1,900

1,635

4.00%,

11/1/50,

Continuously

Callable

@100

...............................

680

587

4.00%,

6/1/54,

Continuously

Callable

@100

...............................

2,000

1,658

5.00%,

6/1/54,

Continuously

Callable

@100(d)

.............................

1,985

1,805

California

Health

Facilities

Financing

Authority

Revenue

Series

A,

4.00%,

3/1/39,

Continuously

Callable

@100

.........................

7,375

6,505

Series

A,

5.25%,

12/1/44,

Continuously

Callable

@100

........................

1,300

1,301

Series

A,

5.00%,

8/15/47,

Continuously

Callable

@100

........................

2,900

2,695

Series

A,

4.00%,

10/1/47,

Continuously

Callable

@100

........................

10,000

8,270

Series

A,

4.00%,

4/1/49,

Pre-refunded

4/1/30

@

..........................

Series

B,

4.00%,

11/15/41,

Continuously

Callable

@100

.......................

14,000

12,623

Series

B,

5.25%,

11/15/53,

Continuously

Callable

@100

.......................

1,000

978

California

Infrastructure

&

Economic

Development

Bank

Revenue

4.00%,

7/1/50,

Continuously

Callable

@100

...............................

4,000

3,501

Series

A,

5.25%,

7/1/54,

Continuously

Callable

@100

.........................

2,000

1,947

Series

B,

5.00%,

11/1/57,

Continuously

Callable

@100

........................

1,300

1,245

California

Municipal

Finance

Authority

Certificate

of

Participation

(INS

-

Assured

Guaranty

Corp.)

Series

A,

5.25%,

11/1/36,

Continuously

Callable

@100

........................

1,000

1,043

Series

A,

5.25%,

11/1/52,

Continuously

Callable

@100

........................

500

501

California

Municipal

Finance

Authority

Revenue

4.00%,

10/1/46,

Continuously

Callable

@100

...............................

6,500

5,389

4.00%,

10/1/46,

Continuously

Callable

@100

...............................

965

776

5.00%,

7/1/55,

Continuously

Callable

@103

...............................

1,000

977

Series

A,

5.00%,

2/1/37,

Continuously

Callable

@100

.........................

750

753

Series

A,

5.50%,

5/1/44,

Continuously

Callable

@100(d)

......................

Series

A,

4.00%,

10/1/44,

Continuously

Callable

@100

........................

2,000

1,700

Series

A,

5.00%,

2/1/47,

Continuously

Callable

@100

.........................

2,000

1,951

Series

A,

5.00%,

7/1/47,

Continuously

Callable

@100

.........................

1,000

937

Series

A,

5.00%,

6/1/50,

Continuously

Callable

@100

.........................

1,000

935

Series

A,

4.00%,

11/15/52,

Continuously

Callable

@103

.......................

750

558

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A,

5.00%,

4/1/54,

Continuously

Callable

@103

.........................

$

1,540

$

1,442

Series

A,

5.75%,

5/1/54,

Continuously

Callable

@100(d)

......................

710

692

Series

A,

4.00%,

11/15/56,

Continuously

Callable

@103

.......................

1,100

797

Series

A,

5.88%,

5/1/59,

Continuously

Callable

@100(d)

......................

California

Municipal

Finance

Authority

Revenue

(NBGA

-

California

Health

Insurance

Construction

Loan

Insurance

Program)

4.13%,

5/15/39,

Continuously

Callable

@100

...............................

1,900

1,890

4.13%,

5/15/46,

Continuously

Callable

@100

...............................

2,100

1,884

Series

B,

5.00%,

5/15/47,

Continuously

Callable

@102

........................

2,500

2,499

California

Pollution

Control

Financing

Authority

Revenue,

5.00%,

11/21/45,

Continuously

Callable

@100(d)

...................................................

7,470

7,239

California

Pollution

Control

Financing

Authority

Revenue

AMT,

3.80%,

7/1/43,

(Put

Date

2/17/26)(c)(d)

.....................................................

500

California

Public

Finance

Authority

Revenue

5.00%,

10/15/37,

Continuously

Callable

@100

..............................

1,000

1,005

5.00%,

10/15/47,

Continuously

Callable

@100

..............................

3,000

2,729

Series

A,

5.00%,

11/1/54,

Continuously

Callable

@100

........................

1,000

947

California

School

Finance

Authority

Revenue

5.00%,

8/1/41,

Continuously

Callable

@100(d)

.............................

1,600

1,522

5.00%,

8/1/46,

Continuously

Callable

@100(d)

.............................

2,050

1,854

5.00%,

7/1/49,

Continuously

Callable

@103(d)

.............................

1,000

960

Series

A,

5.00%,

7/1/47,

Continuously

Callable

@100(d)

......................

1,370

1,303

Series

A,

5.00%,

6/1/54,

Continuously

Callable

@100(d)

......................

650

580

Series

A,

5.00%,

6/1/54,

Continuously

Callable

@100(d)

......................

900

789

Series

A,

5.00%,

7/1/54,

Continuously

Callable

@100(d)

......................

1,050

994

Series

A,

5.00%,

7/1/54,

Continuously

Callable

@100(d)

......................

3,150

2,924

Series

A,

5.00%,

7/1/55,

Continuously

Callable

@100(d)

......................

2,000

1,855

Series

IS,

5.00%,

8/1/42,

Continuously

Callable

@100(d)

......................

1,000

959

Series

IS,

5.00%,

8/1/52,

Continuously

Callable

@100(d)

......................

1,000

900

California

Statewide

Communities

Development

Authority

Revenue

5.00%,

5/15/40,

Continuously

Callable

@100

...............................

2,750

2,727

5.00%,

10/1/46,

Continuously

Callable

@100

...............................

2,750

2,724

5.00%,

1/1/48,

Continuously

Callable

@100

...............................

1,995

1,997

5.00%,

7/1/48,

Continuously

Callable

@100

...............................

4,000

4,008

Series

A,

4.00%,

4/1/45,

Continuously

Callable

@100

.........................

1,500

1,291

Series

A,

5.00%,

5/15/47,

Continuously

Callable

@100

........................

2,000

1,915

Series

A,

4.00%,

8/15/51,

Continuously

Callable

@100

........................

3,000

2,544

Series

A,

5.00%,

12/1/53,

Continuously

Callable

@100

........................

1,000

998

Series

A,

5.00%,

12/1/57,

Continuously

Callable

@100

........................

2,500

2,478

California

Statewide

Communities

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.),

Series

A,

5.25%,

8/15/52,

Continuously

Callable

@100

..................

1,000

1,008

California

Statewide

Communities

Development

Authority

Revenue

(NBGA

-

California

Health

Insurance

Construction

Loan

Insurance

Program),

4.00%,

11/1/46,

Continuously

Callable

@100

.....................................................

4,000

3,442

California

Statewide

Communities

Development

Authority

Special

Tax,

Series

A,

5.00%,

9/2/55,

Continuously

Callable

@100

.....................................

1,255

1,216

Centinela

Valley

Union

High

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

B,

4.00%,

8/1/50,

Continuously

Callable

@100

.........................

9,500

8,221

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2014-1

Special

Tax,

Series

A,

5.00%,

9/1/52,

Continuously

Callable

@100

.............................

750

756

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

1,397

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Financing

District

No.

Tax

Allocation

Series

A,

5.00%,

9/1/52,

Continuously

Callable

@100(d)

......................

1,250

1,121

Series

B,

5.00%,

9/1/52,

Continuously

Callable

@100(d)

......................

640

563

City

of

Atwater

Wastewater

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

5/1/43,

Continuously

Callable

@100

...............................

1,300

1,302

City

of

Fillmore

Wastewater

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

5/1/47,

Continuously

Callable

@100

.....................................

2,000

2,008

City

of

Los

Angeles

Department

of

Airports

Revenue

AMT

Series

A,

5.00%,

5/15/55,

Continuously

Callable

@100

........................

1,500

1,474

Series

C,

4.00%,

5/15/50,

Continuously

Callable

@100

........................

1,840

1,550

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) City

of

Sacramento

Special

Tax,

5.38%,

9/1/52,

Continuously

Callable

@103(d)

..........

$

2,000

$

1,928

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

4,118

City

of

Tulare

Sewer

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

4.00%,

11/15/44,

Continuously

Callable

@100

...........................................

5,000

4,623

City

of

Upland

Certificate

of

Participation

4.00%,

1/1/42,

Continuously

Callable

@100

...............................

3,000

2,537

5.00%,

1/1/47,

Continuously

Callable

@100

...............................

2,000

1,848

City

of

West

Sacramento

CA

Enhanced

Infrastructure

Financing

District

No.

Tax

Allocation

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

9/1/55,

Continuously

Callable

@100

1,000

986

County

of

Sacramento

CA

Airport

System

Revenue

AMT,

Series

D,

5.25%,

7/1/50,

Continuously

Callable

@100

...........................................

2,000

2,007

Foothill-Eastern

Transportation

Corridor

Agency

Revenue,

Series

B-2,

3.50%,

1/15/53,

Continuously

Callable

@100

...........................................

1,500

1,179

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

1/15/34(e)

........................................................

15,000

11,234

1/15/35(e)

........................................................

7,500

5,346

Golden

State

Tobacco

Securitization

Corp.

Revenue,

Series

B,

5.00%,

6/1/51,

Continuously

Callable

@100

.....................................................

1,000

975

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

3,275

Inglewood

Unified

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

C,

4.00%,

8/1/37,

Continuously

Callable

@100

.........................

Series

C,

4.00%,

8/1/39,

Continuously

Callable

@100

.........................

Irvine

Unified

School

District

Special

Tax

Series

A,

5.00%,

9/1/45,

Continuously

Callable

@100

.........................

2,990

3,000

Series

B,

5.00%,

9/1/42,

Continuously

Callable

@100

.........................

995

1,014

Series

B,

5.00%,

9/1/47,

Continuously

Callable

@100

.........................

995

996

Series

C,

5.00%,

9/1/42,

Continuously

Callable

@100

.........................

995

995

Series

C,

5.00%,

9/1/47,

Continuously

Callable

@100

.........................

520

510

Series

D,

5.00%,

9/1/49,

Continuously

Callable

@100

........................

995

990

Irvine

Unified

School

District

Special

Tax

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A,

4.00%,

9/1/50,

Continuously

Callable

@100

.........................

1,790

1,516

Series

A,

5.00%,

9/1/56,

Continuously

Callable

@100

.........................

5,970

5,962

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

1,316

Los

Angeles

Housing

Authority

Revenue,

Series

A,

4.40%,

12/1/54,

Continuously

Callable

@100

...........................................................

2,000

1,697

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2024-DBE-8152,

2.45%,

7/1/54,

(Put

Date

9/4/2025)(c)(d)(f)

...............

900

900

Manteca

Unified

School

District

Special

Tax,

Series

A,

5.00%,

9/1/54,

Continuously

Callable

@100

...........................................................

2,000

1,874

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

5,424

Middle

Fork

Project

Finance

Authority

Revenue,

5.00%,

4/1/33,

Continuously

Callable

@100

2,205

2,289

Monrovia

Financing

Authority

Revenue,

5.00%,

12/1/45,

Continuously

Callable

@100

.....

3,435

3,456

Monrovia

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

12/1/45,

Continuously

Callable

@100

....................................

2,345

2,359

Moreno

Valley

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

B,

5.00%,

8/1/47,

Continuously

Callable

@100

.............................

6,500

6,520

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

3,281

Norwalk

Redevelopment

Agency

Tax

Allocation

(INS

-

National

Public

Finance

Guarantee

Corp.)

Series

A,

5.00%,

10/1/30,

Continuously

Callable

@100

........................

5,000

5,007

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

6,539

Palomar

Health,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

8/1/31(e)

.......

12,230

9,542

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Palomar

Health,

GO

(INS

-

National

Public

Finance

Guarantee

Corp.),

Series

A,

8/1/26(e)

...

$

5,500

$

5,256

Perris

Union

High

School

District,

GO

(INS

-

Assured

Guaranty

Corp.),

Series

A,

4.00%,

9/1/48,

Continuously

Callable

@100

.....................................

5,000

4,515

Poway

Unified

School

District

Special

Tax

(INS

-

Assured

Guaranty

Municipal

Corp.),

4.00%,

9/1/50,

Continuously

Callable

@100

.....................................

4,750

4,176

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

(NBGA

-

University

of

California

Medical

Center),

Series

O-1,

1.90%,

5/15/45,

(Put

Date

9/4/2025)(c)(f)

...

2,120

2,120

Rio

Elementary

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

B,

4.00%,

8/1/45,

Continuously

Callable

@100

...............................

2,800

2,498

River

Islands

Public

Financing

Authority

Special

Tax

(INS

-

Assured

Guaranty

Corp.),

Series

A-1,

5.25%,

9/1/52,

Continuously

Callable

@103

............................

1,500

1,537

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

2,034

RNR

School

Financing

Authority

Special

Tax

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

5.00%,

9/1/41,

Continuously

Callable

@100

.........................

2,000

2,019

Sacramento

Area

Flood

Control

Agency

Special

Assessment

(INS

-

Build

America

Mutual

Assurance

Co.),

5.00%,

10/1/44,

Continuously

Callable

@100

...................

2,000

2,003

San

Diego

County

Regional

Airport

Authority

Revenue,

Series

A,

5.00%,

7/1/47,

Continuously

Callable

@100

.....................................................

1,500

1,504

San

Diego

County

Regional

Airport

Authority

Revenue

AMT

Series

B,

4.00%,

7/1/46,

Continuously

Callable

@100

.........................

3,000

2,547

Series

B,

5.00%,

7/1/51,

Continuously

Callable

@100

.........................

1,685

1,669

Series

B,

5.50%,

7/1/55,

Continuously

Callable

@100

.........................

1,500

1,554

Series

B,

5.00%,

7/1/56,

Continuously

Callable

@100

.........................

5,250

5,152

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

AMT

Series

A,

5.25%,

5/1/49,

Continuously

Callable

@100

.........................

1,400

1,423

Series

A,

5.50%,

5/1/55,

Continuously

Callable

@100

.........................

12,000

12,370

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

5,007

Santa

Clarita

Community

College

District,

GO,

4.00%,

8/1/46,

Continuously

Callable

@100

.

5,250

4,695

Stockton

Public

Financing

Authority

Revenue

4.00%,

3/1/40,

Continuously

Callable

@100

...............................

920

801

5.00%,

3/1/47,

Continuously

Callable

@100

...............................

4,385

4,040

Sweetwater

Union

High

School

District,

GO,

Series

2018-A1,

5.00%,

8/1/52,

Continuously

Callable

@100

.....................................................

1,000

1,029

Tahoe-Truckee

Unified

School

District

Certificate

of

Participation

(INS

-

Build

America

Mutual

Assurance

Co.),

4.00%,

6/1/43,

Continuously

Callable

@100

..............

1,000

924

Tobacco

Securitization

Authority

of

Southern

California

Revenue

5.00%,

6/1/48,

Continuously

Callable

@100

...............................

655

605

5.00%,

6/1/48,

Continuously

Callable

@100

...............................

2,175

2,094

Transbay

Joint

Powers

Authority

Tax

Allocation,

Series

A,

5.00%,

10/1/49,

Continuously

Callable

@100

.....................................................

800

736

University

of

California

Revenue,

Series

AL-2,

1.45%,

5/15/48,

(Put

Date

9/4/2025)(c)(f)

...

4,900

4,900

Vacaville

Unified

School

District,

GO,

Series

D,

4.00%,

8/1/45,

Continuously

Callable

@100

1,850

1,683

Val

Verde

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

C,

4.00%,

8/1/45,

Continuously

Callable

@100

...............................

4,475

3,992

Washington

Township

Health

Care

District

Revenue

Series

A,

5.00%,

7/1/42,

Continuously

Callable

@100

.........................

1,000

956

Series

A,

5.75%,

7/1/53,

Continuously

Callable

@100

.........................

1,500

1,522

Washington

Township

Health

Care

District,

GO,

Series

A,

4.00%,

8/1/51,

Continuously

Callable

@100

.....................................................

3,280

2,717

West

Contra

Costa

Unified

School

District,

GO,

Series

B,

5.00%,

8/1/54,

Continuously

Callable

@100

.....................................................

1,000

1,010

388,386

Guam

(1.6%):

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

AMT,

Series

A,

5.25%,

10/1/41,

Continuously

Callable

@100

...........................................

Guam

Government

Waterworks

Authority

Revenue,

Series

A,

5.50%,

7/1/55,

Continuously

Callable

@100

.....................................................

750

763

Guam

Power

Authority

Revenue

Series

A,

5.00%,

10/1/40,

Continuously

Callable

@100

........................

2,800

2,777

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A,

5.00%,

10/1/41,

Continuously

Callable

@100

........................

$

2,635

$

2,675

6,318

Virgin

Islands

(0.7%):

Virgin

Islands

Public

Finance

Authority

Revenue,

5.00%,

9/1/33(d)

...................

3,000

3,000

Total

Municipal

Bonds

(Cost

$421,863)

a

a

a

397,704

Total

Investments

(Cost

$421,863)

—

98.9%

397,704

Other

assets

in

excess

of

liabilities

— 1.1%

4,419

NET

ASSETS

-

100.00%

$

402,123

(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

August

31,

2025. (c) Put

Bond.

(d) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

August

31,

2025,

the

fair

value

of

these

securities

was

$36,830

(thousands)

and

amounted

to

9.2%

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.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(1.5%)

ABS

Other

(0.8%):

Consumers

2014

Securitization

Funding

LLC

,

Series

2014-A

,

Class

A3

,

.53

%

,

5/1/29

.....

$

2,517

$

2,492

PSNH

Funding

LLC

,

Series

2018-1

,

Class

A3

,

.81

%

,

2/1/35

.......................

4,000

3,913

WEPCO

Environmental

Trust

Finance

I

LLC

,

Series

2021-1

,

Class

A

,

.58

%

,

12/15/35

.....

3,160

2,819

9,224

Agency

ABS

Other

(0.7%):

Nelnet

Student

Loan

Trust

................................................

Series

2006-3

,

Class

B

,

.85

%

(SOFR90A

+

bps)

,

6/25/41

,

Callable

9/25/25

@

(a) 1,214

1,090

Series

2015-3A

,

Class

A2

,

.06

%

(SOFR30A

+

bps)

,

2/27/51

,

Callable

2/25/30

@

(a) (b) .........................................................

741

740

Series

2019-5

,

Class

A

,

.53

%

,

10/25/67

,

Callable

3/25/33

@

(b) ..............

3,347

3,062

SLM

Student

Loan

Trust

..................................................

Series

2006-4

,

Class

B

,

.80

%

(SOFR90A

+

bps)

,

1/25/70

,

Callable

4/25/31

@

(a) 1,895

1,785

Series

2013-6

,

Class

A3

,

.11

%

(SOFR30A

+

bps)

,

6/26/28

(a) ..................

1,524

1,508

8,185

Total

Asset-Backed

Securities

(Cost

$18,000)

a

a

a

17,409

Collateralized

Mortgage

Obligations

(16.1%)

Agency

CMO

(0.2%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

4772

,

Class

ZG

,

.50

%

,

12/15/47

.......

2,119

2,079

Agency

CMO

Floating

(0.5%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

3134

,

Class

FA

,

.76

%

(SOFR30A

+

bps)

,

3/15/36

(a) ...................

Series

4023

,

Class

PF

,

.01

%

(SOFR30A

+

bps)

,

10/15/41

(a) ...................

Series

5522

,

Class

BF

,

.40

%

(SOFR30A

+

bps)

,

3/25/55

(a) ..................

2,765

2,758

Series

5525

,

Class

FA

,

.55

%

(SOFR30A

+

bps)

,

4/25/55

(a) ..................

1,844

1,840

Federal

National

Mortgage

Association

.......................................

Series

2005-29

,

Class

FY

,

.76

%

(SOFR30A

+

bps)

,

4/25/35

(a) .................

Series

2007-84

,

Class

F

,

.76

%

(SOFR30A

+

bps)

,

8/25/37

(a) ..................

5,713

Agency

CMO

Other

(5.3%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

4623

,

Class

H

,

.50

%

,

11/15/44

....................................

918

852

Series

5270

,

Class

AB

,

.50

%

,

1/25/49

...................................

2,923

2,965

Series

5450

,

Class

KA

,

.50

%

,

6/25/51

...................................

2,568

2,550

Series

5478

,

Class

J

,

.50

%

,

3/25/51

.....................................

2,541

2,564

Series

5547

,

Class

V

,

.00

%

,

4/25/39

.....................................

2,975

2,999

Federal

National

Mortgage

Association

.......................................

Series

2012-100

,

Class

BA

,

.50

%

,

9/25/27

................................

Series

2012-102

,

Class

GA

,

.38

%

,

9/25/27

................................

Series

2012-103

,

Class

HB

,

.50

%

,

9/25/27

................................

Series

2012-107

,

Class

GC

,

.50

%

,

10/25/27

...............................

Series

2012-73

,

Class

DC

,

.50

%

,

7/25/27

.................................

Series

2022-88

,

Class

BA

,

.50

%

,

7/25/47

.................................

955

964

Series

2022-M12

,

Class

A

,

.09

%

,

12/25/28

(c) ..............................

5,506

5,358

Series

2024-33

,

Class

PB

,

.00

%

,

3/25/48

.................................

2,697

2,697

Series

2025-33

,

Class

P

,

.00

%

,

5/25/54

...................................

2,896

2,902

Series

2025-40

,

Class

B

,

.00

%

,

10/25/50

.................................

1,908

1,909

Government

National

Mortgage

Association

....................................

Series

2022-207

,

Class

NA

,

.00

%

,

1/20/52

................................

2,448

2,160

Series

2022-68

,

Class

WQ

,

.76

%

,

5/20/50

(c) ..............................

3,684

3,573

Series

2022-90

,

Class

QU

,

.00

%

,

11/20/49

................................

5,396

5,229

Series

2023-107

,

Class

PA

,

.50

%

,

1/20/46

................................

3,334

3,361

Series

2023-128

,

Class

KA

,

.00

%

,

6/20/47

................................

1,338

1,346

Series

2023-131

,

Class

P

,

.50

%

,

6/20/48

..................................

1,658

1,658

Series

2023-149

,

Class

D

,

.50

%

,

9/20/47

.................................

946

958

Series

2023-196

,

Class

E

,

.00

%

,

9/20/48

.................................

3,232

3,069

Series

2023-53

,

Class

QA

,

.00

%

,

6/20/49

.................................

2,909

2,914

Series

2024-160

,

Class

H

,

.00

%

,

9/20/62

.................................

2,749

2,721

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-19

,

Class

AD

,

.00

%

,

6/20/53

.................................

$

568

$

568

Series

2024-20

,

Class

PA

,

.50

%

,

2/20/54

.................................

1,560

1,550

Series

2024-97

,

Class

MC

,

.00

%

,

1/20/64

.................................

1,560

1,560

Series

2025-98

,

Class

ET

,

.50

%

,

6/20/65

.................................

2,851

2,831

59,838

Agency

Commercial

MBS

(10.1%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

K051

,

Class

A2

,

.31

%

,

9/25/25

...................................

2,775

2,774

Series

K057

,

Class

A2

,

.57

%

,

7/25/26

...................................

6,445

6,359

Series

K080

,

Class

A2

,

.93

%

,

7/25/28

(c) .................................

15,000

14,997

Series

K126

,

Class

A2

,

.07

%

,

1/25/31

...................................

2,860

2,585

Series

K136

,

Class

A2

,

.13

%

,

11/25/31

...................................

5,000

4,439

Series

K141

,

Class

A2

,

.25

%

,

2/25/32

...................................

2,000

1,781

Series

K142

,

Class

A2

,

.40

%

,

3/25/32

...................................

3,000

2,690

Series

K143

,

Class

A2

,

.35

%

,

3/25/32

...................................

5,000

4,464

Series

K144

,

Class

A2

,

.45

%

,

4/25/32

...................................

5,183

4,648

Series

K145

,

Class

A2

,

.58

%

,

5/25/32

...................................

3,423

3,090

Series

K146

,

Class

A2

,

.92

%

,

6/25/32

...................................

3,000

2,763

Series

K147

,

Class

A2

,

.00

%

,

6/25/32

(c) .................................

3,000

2,775

Series

K149

,

Class

A2

,

.53

%

,

8/25/32

...................................

3,000

2,862

Series

K523

,

Class

AS

,

.89

%

(SOFR30A

+

bps)

,

4/25/29

(a) ...................

2,998

2,999

Series

K536

,

Class

AS

,

.84

%

(SOFR30A

+

bps)

,

11/25/29

(a) ..................

2,750

2,750

Series

K733

,

Class

AM

,

.75

%

,

9/25/25

...................................

1,184

1,184

Series

K759

,

Class

A2

,

.80

%

,

1/25/32

(c) .................................

3,000

3,091

Series

KC03

,

Class

A2

,

.50

%

,

1/25/26

...................................

4,221

4,202

Series

KPLB2

,

Class

A

,

.83

%

,

6/25/33

(d) .................................

5,000

5,130

Federal

National

Mortgage

Association

.......................................

Series

2016-M5

,

Class

A2

,

.47

%

,

4/25/26

.................................

2,357

2,331

Series

2017-M12

,

Class

A2

,

.16

%

,

6/25/27

(c) ..............................

3,655

3,596

Series

2017-M8

,

Class

A2

,

.06

%

,

5/25/27

(c) ...............................

5,851

5,758

Series

2018-M10

,

Class

A2

,

.47

%

,

7/25/28

(c) ..............................

7,796

7,689

Series

2018-M4

,

Class

A2

,

.16

%

,

3/25/28

(c) ...............................

2,008

1,969

Series

2021-M3G

,

Class

A2

,

.29

%

,

1/25/31

(c) .............................

3,000

2,599

Series

2022-M13

,

Class

A2

,

.68

%

,

6/25/32

................................

8,671

7,816

Series

2022-M3

,

Class

A2

,

.76

%

,

11/25/31

(c) ..............................

4,000

3,445

Series

2023-M4

,

Class

A2

,

.89

%

,

9/25/32

(c) ...............................

4,000

3,865

114,651

Total

Collateralized

Mortgage

Obligations

(Cost

$180,287)

a

a

a

182,281

Corporate

Bonds

(0.9%)

Energy

(0.3%):

Evergy

Missouri

West

Storm

Funding

I

LLC

,

.10

%

,

12/1/38

.......................

3,294

3,338

Financials

(0.2%):

Swepco

Storm

Recovery

Funding

LLC

,

.88

%

,

9/1/39

............................

2,234

2,230

Utilities

(0.4%):

Tennessee

Valley

Authority

,

.50

%

,

12/15/42

...................................

5,000

4,062

Total

Corporate

Bonds

(Cost

$9,878)

a

a

a

9,630

Municipal

Bonds

(0.7%)

Hawaii

(0.2%):

State

of

Hawaii

Department

of

Business

Economic

Development

&

Tourism

Revenue

,

Series

,

.24

%

,

1/1/31

..................................................

State

of

Hawaii,

GO

,

Series

GN

,

.94

%

,

10/1/37

,

Continuously

Callable

@100

...........

2,000

2,006

2,164

Louisiana

(0.5%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A

,

.15

%

,

2/1/33

..............................................

3,000

2,979

Series

A

,

.28

%

,

2/1/36

..............................................

2,000

1,948

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A1-A3

,

.08

%

,

6/1/31

...........................................

$

633

$

643

5,570

Texas

(0.0%):(e)

State

of

Texas,

GO

,

.86

%

,

10/1/35

,

Continuously

Callable

@100

....................

500

512

Total

Municipal

Bonds

(Cost

$8,291)

a

a

a

8,246

U.S.

Government

Agency

Mortgages

(48.9%)

Federal

Farm

Credit

Banks

Funding

Corporation

.58

%

,

4/2/29

.....................................................

1,500

1,499

.14

%

,

10/30/34

....................................................

3,000

2,989

.55

%

,

12/21/34

....................................................

3,000

2,514

.20

%

,

9/2/36

.....................................................

2,000

1,559

.60

%

,

8/5/39

.....................................................

4,000

3,998

.19

%

,

6/17/44

....................................................

2,500

2,500

15,059

Federal

Home

Loan

Banks

.75

%

,

8/16/27

(c) (f) .................................................

1,000

966

.25

%

,

9/25/34

....................................................

3,000

2,981

3,947

Federal

Home

Loan

Mortgage

Corporation

.05

%

,

10/1/29

....................................................

4,000

3,972

.40

%

,

11/1/29

.....................................................

3,355

3,374

.00

%

,

3/1/32

-

5/1/52

...............................................

16,741

15,132

.50

%

,

10/1/33

-

7/1/52

..............................................

19,031

17,565

.00

%

,

10/1/33

-

12/1/52

.............................................

23,132

22,161

.50

%

,

12/1/35

-

1/1/55

..............................................

27,233

27,511

.50

%

,

4/1/37

.....................................................

2,755

2,459

.00

%

,

3/1/38

-

8/1/55

...............................................

47,538

47,249

.50

%

,

5/1/42

.....................................................

2,347

2,083

.50

%

,

11/1/42

-

5/1/55

..............................................

11,011

10,706

.97

%

(SOFR30A

+

bps)

,

8/1/52

(a) ....................................

6,056

5,954

.50

%

,

2/1/53

.....................................................

2,692

2,800

.00

%

,

8/1/53

-

3/1/55

...............................................

12,787

13,094

174,060

Federal

National

Mortgage

Association

.25

%

,

11/1/26

.....................................................

1,734

1,695

.00

%

,

2/1/27

-

4/1/52

...............................................

18,703

16,503

.48

%

,

11/1/29

.....................................................

871

816

.74

%

,

2/1/31

.....................................................

2,987

2,610

.64

%

,

9/1/31

.....................................................

1,250

1,075

.21

%

,

10/1/32

(c) ..................................................

2,329

2,036

.13

%

,

1/1/34

.....................................................

4,000

3,400

.00

%

,

12/1/35

-

5/1/55

..............................................

25,181

25,097

.50

%

,

3/1/37

.....................................................

2,568

2,300

.50

%

,

11/1/37

-

7/1/55

..............................................

33,965

34,300

.50

%

,

1/1/38

-

2/1/55

...............................................

33,522

32,493

.00

%

,

4/1/38

-

12/1/54

..............................................

39,478

37,269

.00

%

,

5/1/38

-

11/1/54

..............................................

2,589

2,667

.50

%

,

6/1/41

-

3/1/52

...............................................

19,030

16,206

.50

%

,

1/1/42

-

7/1/52

...............................................

30,548

28,069

.48

%

,

7/1/42

.....................................................

511

.44

%

,

10/1/51

....................................................

2,575

1,664

.00

%

,

11/1/51

-

12/1/51

..............................................

23,451

18,804

227,471

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Government

National

Mortgage

Association

.00

%

,

5/15/27

-

7/15/32

.............................................

$

$

.00

%

,

5/15/27

-

9/15/30

.............................................

.50

%

,

2/15/28

-

10/20/54

.............................................

3,557

3,592

.00

%

,

4/15/28

-

10/20/53

.............................................

6,679

6,938

.50

%

,

5/15/28

-

8/20/34

.............................................

872

912

.75

%

,

5/15/28

....................................................

.50

%

,

4/20/33

-

2/20/54

.............................................

19,866

20,262

.00

%

,

5/20/33

-

11/20/54

.............................................

15,226

15,198

.50

%

,

9/15/39

-

9/20/53

.............................................

18,646

18,269

.00

%

,

7/15/40

-

11/20/40

.............................................

1,594

1,535

.50

%

,

2/20/50

-

7/20/53

.............................................

36,491

31,040

.00

%

,

8/20/51

-

12/20/53

.............................................

25,589

22,607

.50

%

,

4/20/52

-

6/20/52

.............................................

3,318

3,000

123,691

Small

Business

Administration

Pools

.65

%

(PRIME

-

bps)

,

9/25/31

(a) .....................................

2,277

2,264

.13

%

(PRIME

-

bps)

,

2/25/32

(a) ......................................

2,026

2,093

.38

%

(PRIME

+

bps)

,

2/25/32

(a) ......................................

1,420

1,494

.10

%

(PRIME

+

bps)

,

2/25/32

(a) .....................................

1,885

2,005

.63

%

(PRIME

+

bps)

,

6/25/32

(a) ......................................

1,265

1,317

.00

%

(PRIME

-

bps)

,

9/25/32

(a) .....................................

1,931

1,930

.75

%

(PRIME

-

bps)

,

10/25/34

(a) .....................................

852

863

11,966

Total

U.S.

Government

Agency

Mortgages

(Cost

$574,044)

a

a

a

556,194

U.S.

Treasury

Obligations

(30.8%)

U.S.

Treasury

Bonds

.25

%

,

2/15/29

....................................................

5,000

5,270

.75

%

,

8/15/41

....................................................

7,000

4,634

.00

%

,

11/15/41

....................................................

5,000

3,427

.38

%

,

8/15/42

....................................................

5,000

4,170

.75

%

,

11/15/43

....................................................

6,000

5,195

.00

%

,

5/15/45

....................................................

8,000

6,065

.00

%

,

5/15/45

....................................................

5,000

5,084

U.S.

Treasury

Notes

.38

%

,

1/31/26

....................................................

6,000

5,908

.63

%

,

5/15/26

....................................................

5,200

5,188

.75

%

,

5/31/26

....................................................

4,000

3,906

.38

%

,

8/31/26

....................................................

7,000

6,830

.88

%

,

2/28/27

....................................................

10,250

9,976

.75

%

,

4/30/27

....................................................

10,000

9,851

.63

%

,

5/31/27

....................................................

10,500

10,315

.13

%

,

8/31/27

....................................................

13,000

12,877

.13

%

,

9/30/27

....................................................

6,000

6,061

.13

%

,

2/29/28

....................................................

7,500

7,062

.25

%

,

4/30/28

....................................................

5,000

4,706

.25

%

,

5/31/28

....................................................

5,000

4,697

.13

%

,

8/31/28

....................................................

5,000

4,652

.25

%

,

9/30/28

....................................................

3,500

3,263

.38

%

,

10/31/28

....................................................

8,200

7,660

.63

%

,

2/15/29

....................................................

12,000

11,620

.38

%

,

3/31/29

....................................................

14,100

13,521

.88

%

,

4/30/29

....................................................

16,000

15,595

.38

%

,

5/15/29

....................................................

11,300

10,817

.75

%

,

5/31/29

....................................................

13,750

13,333

.88

%

,

11/30/29

....................................................

14,000

14,119

.88

%

,

12/31/29

....................................................

8,000

8,070

.50

%

,

1/31/30

....................................................

10,000

9,933

.88

%

,

10/31/30

....................................................

11,000

11,589

.88

%

,

11/15/30

....................................................

15,000

13,004

.63

%

,

5/15/31

....................................................

10,000

8,902

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 1

.25

%

,

8/15/31

....................................................

$

21,000

$

18,147

.88

%

,

5/15/32

....................................................

13,000

12,212

.13

%

,

11/15/32

....................................................

13,000

13,146

.50

%

,

2/15/33

....................................................

15,000

14,541

.38

%

,

5/15/33

....................................................

18,000

17,255

.88

%

,

8/15/34

....................................................

8,000

7,844

Total

U.S.

Treasury

Obligations

(Cost

$356,717)

a

a

a

350,445

Shares

Investment

Companies

(0.1%)

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

.14

%

(g) ............

620,263

620

Total

Investment

Companies

(Cost

$620)

a

a

a

620

Principal

Amount

(000) Repurchase

Agreements

(0.5%)

Fixed

Income

Clearing

Corporation-State

Street

Bank

&

Trust

Co.

,

.31

%

,

purchased

on

8/29/25,

with

a

maturity

date

of

9/2/25,

with

a

repurchase

value

of

$6,003

(collateralized

by

U.S.

Treasury

Bonds

,

4.25%,

due

2/15/54,

with

a

value

of

$6,120)

....................

6,000

6,000

Total

Repurchase

Agreements

(Cost

$6,000)

a

a

a

6,000

Total

Investments

(Cost

$1,153,837)

—

99.5%

1,130,825

Other

assets

in

excess

of

liabilities

— 0.5%

5,899

NET

ASSETS

-

100.00%

$

1,136,724

(a) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

August

31,

2025. (b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

August

31,

2025,

the

fair

value

of

these

securities

was

$3,802

(thousands)

and

amounted

to

0.3%

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

August

31,

2025. (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

August

31,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

LLC

—

Limited

Liability

Company

MBS

—

Mortgage-Backed

Securities

PRIME

—

US

Prime

rate,

rate

disclosed

as

of

August

31,

2025. SOFR

—

Secured

Overnight

Financing

Rate

SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

August

31,

2025. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

August

31,

2025. Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(47.1%)

Communication

Services

(5.1%):

Alphabet,

Inc.,

Class

A

...................................................

35,923

$

7,648

Alphabet,

Inc.,

Class

C

...................................................

53,042

11,326

AT&T,

Inc.

...........................................................

2,783

Charter

Communications,

Inc.,

Class

A(a)

.....................................

Comcast

Corp.,

Class

A

..................................................

29,196

992

Electronic

Arts,

Inc.

.....................................................

1,990

Live

Nation

Entertainment,

Inc.(a)

...........................................

1,691

Meta

Platforms,

Inc.,

Class

A

..............................................

18,645

13,773

Netflix,

Inc.(a)

.........................................................

4,968

6,003

News

Corp.,

Class

A

.....................................................

2,721

Omnicom

Group,

Inc.

....................................................

1,760

Ralliant

Corp.

.........................................................

611

The

Interpublic

Group

of

Cos.,

Inc.

..........................................

2,760

The

Walt

Disney

Co.

....................................................

13,618

1,612

T-Mobile

US,

Inc.

......................................................

3,497

881

43,308

Consumer

Discretionary

(4.9%):

Amazon.com,

Inc.(a)

....................................................

76,433

17,503

AutoZone,

Inc.(a)

.......................................................

991

Bath

&

Body

Works,

Inc.

.................................................

1,449

Best

Buy

Co.,

Inc.

......................................................

1,247

Booking

Holdings,

Inc.

...................................................

2,329

CarMax,

Inc.(a)

........................................................

1,130

Carnival

Corp.(a)

.......................................................

2,770

Chipotle

Mexican

Grill,

Inc.(a)

.............................................

16,242

684

D.R.

Horton,

Inc.

.......................................................

3,028

513

Darden

Restaurants,

Inc.

..................................................

1,474

eBay,

Inc.

............................................................

6,771

614

Expedia

Group,

Inc.

.....................................................

575

Ford

Motor

Co.

........................................................

14,951

Garmin

Ltd.

...........................................................

1,028

Genuine

Parts

Co.

......................................................

1,110

Hasbro,

Inc.

...........................................................

1,004

Hilton

Worldwide

Holdings,

Inc.

............................................

3,004

829

Lennar

Corp.,

Class

A

....................................................

1,491

Lennar

Corp.,

Class

B

...................................................

—(b)

Lowe's

Cos.,

Inc.

.......................................................

7,215

1,862

Marriott

International,

Inc.,

Class

A

..........................................

2,951

791

McDonald's

Corp.

......................................................

6,165

1,933

NIKE,

Inc.,

Class

B

.....................................................

9,000

696

O'Reilly

Automotive,

Inc.(a)

...............................................

11,565

1,199

PulteGroup,

Inc.

........................................................

2,359

Ralph

Lauren

Corp.

.....................................................

Ross

Stores,

Inc.

.......................................................

2,808

Royal

Caribbean

Cruises

Ltd.

..............................................

2,197

798

Starbucks

Corp.

........................................................

10,260

905

Tapestry,

Inc.

..........................................................

3,019

Tesla,

Inc.(a)

..........................................................

2,928

978

The

Home

Depot,

Inc.

...................................................

10,473

4,260

The

TJX

Cos.,

Inc.

......................................................

9,986

1,364

Tractor

Supply

Co.

......................................................

6,907

Victoria's

Secret

&

Co.(a)

.................................................

—(b)

Wynn

Resorts

Ltd.

......................................................

Yum!

Brands,

Inc.

......................................................

2,220

41,750

Consumer

Staples

(2.0%):

Altria

Group,

Inc.

.......................................................

11,731

788

Brown-Forman

Corp.,

Class

B

.............................................

Colgate-Palmolive

Co.

...................................................

5,377

Constellation

Brands,

Inc.,

Class

A

..........................................

980

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Costco

Wholesale

Corp.

..................................................

4,112

$

3,879

Kimberly-Clark

Corp.

....................................................

Mondelez

International,

Inc.,

Class

A

.........................................

10,190

626

Monster

Beverage

Corp.(a)

................................................

3,722

PepsiCo,

Inc.

..........................................................

2,100

Philip

Morris

International,

Inc.

.............................................

9,877

1,651

Sysco

Corp.

...........................................................

3,290

The

Coca-Cola

Co.

......................................................

23,340

1,610

The

Estee

Lauder

Cos.,

Inc.

...............................................

1,480

The

Hershey

Co.

.......................................................

910

The

J.M.

Smucker

Co.

...................................................

785

The

Kroger

Co.

........................................................

7,825

531

The

Procter

&

Gamble

Co.

................................................

16,183

2,541

Tyson

Foods,

Inc.,

Class

A

................................................

1,740

Walmart,

Inc.

..........................................................

39,279

3,809

17,416

Energy

(1.2%):

Baker

Hughes

Co.

......................................................

8,513

Chevron

Corp.

.........................................................

3,466

557

ConocoPhillips

Co.

.....................................................

12,984

1,285

Coterra

Energy,

Inc.

.....................................................

2,120

Devon

Energy

Corp.

.....................................................

4,751

Diamondback

Energy,

Inc.

................................................

2,110

EOG

Resources,

Inc.

....................................................

3,683

Exxon

Mobil

Corp.

.....................................................

35,349

4,040

Marathon

Petroleum

Corp.

................................................

6,445

1,158

Occidental

Petroleum

Corp.

...............................................

1,424

ONEOK,

Inc.

..........................................................

5,513

Phillips

Co.

.........................................................

2,813

The

Williams

Cos.,

Inc.

..................................................

14,335

830

Valero

Energy

Corp.

.....................................................

2,568

10,508

Financials

(7.6%):

Aflac,

Inc.

............................................................

6,523

697

American

Express

Co.

...................................................

6,406

2,122

American

International

Group,

Inc.

..........................................

6,463

526

Ameriprise

Financial,

Inc.

.................................................

1,152

593

Aon

PLC,

Class

A

......................................................

2,315

850

Arthur

J. Gallagher

&

Co.

.................................................

2,370

717

Bank

of

America

Corp.

...................................................

80,661

4,093

Berkshire

Hathaway,

Inc.,

Class

B(a)

.........................................

16,329

8,213

Blackrock,

Inc.

........................................................

1,116

1,258

Capital

One

Financial

Corp.

...............................................

8,261

1,877

Chubb

Ltd.

...........................................................

3,365

926

Cincinnati

Financial

Corp.

................................................

970

Citigroup,

Inc.

.........................................................

838

CME

Group,

Inc.

.......................................................

1,700

Comerica,

Inc.

.........................................................

1,299

Fidelity

National

Information

Services,

Inc.

....................................

1,180

Fifth

Third

Bancorp

.....................................................

5,810

Fiserv,

Inc.(a)

..........................................................

3,400

Global

Payments,

Inc.

....................................................

783

Huntington

Bancshares,

Inc.

...............................................

1,619

Intercontinental

Exchange,

Inc.

.............................................

5,129

906

JPMorgan

Chase

&

Co.

..................................................

30,491

9,191

KeyCorp

.............................................................

2,645

Lincoln

National

Corp.

...................................................

1,733

Loews

Corp.

..........................................................

2,090

M&T

Bank

Corp.

.......................................................

660

Marsh

&

McLennan

Cos.,

Inc.

.............................................

5,030

1,035

Mastercard,

Inc.,

Class

A

.................................................

8,421

5,013

MetLife,

Inc.

..........................................................

4,334

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Millrose

Properties,

Inc.

..................................................

1,333

$

Moody's

Corp.

.........................................................

1,532

781

Morgan

Stanley

........................................................

14,862

2,236

MSCI,

Inc.

...........................................................

991

563

Nasdaq,

Inc.

..........................................................

3,477

Northern

Trust

Corp.

....................................................

PayPal

Holdings,

Inc.(a)

..................................................

6,960

Principal

Financial

Group,

Inc.

.............................................

2,475

Prudential

Financial,

Inc.

.................................................

2,120

Raymond

James

Financial,

Inc.

.............................................

1,988

Regions

Financial

Corp.

..................................................

9,785

S&P

Global,

Inc.

.......................................................

3,289

1,804

State

Street

Corp.

.......................................................

2,324

Synchrony

Financial

.....................................................

6,100

T. Rowe

Price

Group,

Inc.

.................................................

1,970

The

Allstate

Corp.

......................................................

3,038

618

The

Bank

of

New

York

Mellon

Corp.

.........................................

5,526

584

The

Charles

Schwab

Corp.

................................................

8,304

796

The

Goldman

Sachs

Group,

Inc.

............................................

3,096

2,307

The

Hartford

Insurance

Group,

Inc.

..........................................

2,900

The

PNC

Financial

Services

Group,

Inc.

......................................

2,716

563

The

Progressive

Corp.

...................................................

5,434

1,342

The

Travelers

Cos.,

Inc.

..................................................

2,350

638

Truist

Financial

Corp.

....................................................

2,758

U.S.

Bancorp

..........................................................

2,150

Visa,

Inc.,

Class

A

......................................................

16,518

5,811

W.R.

Berkley

Corp.

.....................................................

4,011

Wells

Fargo

&

Co.

......................................................

34,972

2,874

Willis

Towers

Watson

PLC

................................................

801

Zions

Bancorp

NA

......................................................

1,309

65,533

Health

Care

(4.2%):

Abbott

Laboratories

.....................................................

15,054

1,997

AbbVie,

Inc.

..........................................................

16,170

3,402

Agilent

Technologies,

Inc.

.................................................

2,762

Amgen,

Inc.

...........................................................

4,703

1,353

Becton

Dickinson

&

Co.

..................................................

1,310

Biogen,

Inc.(a)

.........................................................

816

Boston

Scientific

Corp.(a)

.................................................

12,299

1,298

Cardinal

Health,

Inc.

....................................................

2,310

Cencora,

Inc.

..........................................................

1,410

CVS

Health

Corp.

......................................................

6,602

Danaher

Corp.

.........................................................

5,012

1,032

DaVita,

Inc.(a)

.........................................................

748

Edwards

Lifesciences

Corp.(a)

.............................................

5,760

Elevance

Health,

Inc.

....................................................

1,583

504

Eli

Lilly

&

Co.

.........................................................

8,708

6,379

Gilead

Sciences,

Inc.

....................................................

8,764

990

HCA

Healthcare,

Inc.

....................................................

2,570

1,038

Humana,

Inc.

..........................................................

886

IDEXX

Laboratories,

Inc.(a)

...............................................

808

523

Intuitive

Surgical,

Inc.(a)

.................................................

3,141

1,487

Johnson

&

Johnson

.....................................................

13,286

2,354

Labcorp

Holdings,

Inc.

...................................................

522

McKesson

Corp.

.......................................................

1,449

995

Merck

&

Co.,

Inc.

......................................................

15,316

1,288

Mettler-Toledo

International,

Inc.(a)

.........................................

Quest

Diagnostics,

Inc.

...................................................

600

ResMed,

Inc.

..........................................................

1,315

Revvity,

Inc.

..........................................................

680

Stryker

Corp.

..........................................................

3,361

1,316

The

Cigna

Group

.......................................................

2,052

617

Thermo

Fisher

Scientific,

Inc.

..............................................

3,390

1,670

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) UnitedHealth

Group,

Inc.

.................................................

6,743

$

2,090

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

2,479

969

Waters

Corp.(a)

........................................................

690

Zoetis,

Inc.

...........................................................

3,969

621

35,919

Industrials

(4.3%):

3M

Co.

..............................................................

610

Allegion

PLC

.........................................................

613

Amentum

Holdings,

Inc.(a)

................................................

1,020

AMETEK,

Inc.

........................................................

2,775

513

Automatic

Data

Processing,

Inc.

............................................

4,040

1,228

Carrier

Global

Corp.

.....................................................

7,990

521

Caterpillar,

Inc.

........................................................

5,172

2,167

Cintas

Corp.

..........................................................

4,174

877

Copart,

Inc.(a)

.........................................................

9,139

CSX

Corp.

............................................................

24,027

781

Cummins,

Inc.

.........................................................

1,300

518

Deere

&

Co.

..........................................................

3,331

1,594

Dover

Corp.

...........................................................

936

Eaton

Corp.

PLC

.......................................................

4,314

1,506

Emerson

Electric

Co.

....................................................

4,724

624

Equifax,

Inc.

..........................................................

1,023

Expeditors

International

of

Washington,

Inc.

....................................

1,122

Fastenal

Co.

...........................................................

10,764

535

FedEx

Corp.

..........................................................

1,690

Fortive

Corp.

..........................................................

1,835

GE

Vernova,

Inc.

.......................................................

2,834

1,737

General

Dynamics

Corp.

..................................................

1,726

560

General

Electric

Co.

.....................................................

11,332

3,119

Honeywell

International,

Inc.

..............................................

4,610

1,012

Howmet

Aerospace,

Inc.

..................................................

3,713

646

Illinois

Tool

Works,

Inc.

..................................................

1,946

515

Ingersoll

Rand,

Inc.

.....................................................

4,166

Jacobs

Solutions,

Inc.

....................................................

963

Johnson

Controls

International

PLC

..........................................

6,676

714

L3Harris

Technologies,

Inc.

...............................................

808

Lockheed

Martin

Corp.

...................................................

1,618

737

Masco

Corp.

..........................................................

2,230

Norfolk

Southern

Corp.

..................................................

2,167

607

Northrop

Grumman

Corp.

.................................................

1,346

794

Old

Dominion

Freight

Line,

Inc.

............................................

1,764

Otis

Worldwide

Corp.

....................................................

2,705

PACCAR,

Inc.

.........................................................

3,846

Parker-Hannifin

Corp.

...................................................

1,216

923

Paychex,

Inc.

..........................................................

2,957

Pentair

PLC

...........................................................

869

Quanta

Services,

Inc.

....................................................

1,444

546

Republic

Services,

Inc.

...................................................

2,086

Rockwell

Automation,

Inc.

................................................

980

RTX

Corp.

............................................................

9,870

1,565

Southwest

Airlines

Co.

...................................................

4,050

Stanley

Black

&

Decker,

Inc.

..............................................

663

Textron,

Inc.

..........................................................

2,069

The

Boeing

Co.(a)

......................................................

3,526

828

Trane

Technologies

PLC

..................................................

2,801

1,164

TransDigm

Group,

Inc.

...................................................

593

830

Union

Pacific

Corp.

.....................................................

6,447

1,441

United

Rentals,

Inc.

.....................................................

750

717

Veralto

Corp.

..........................................................

2,045

Verisk

Analytics,

Inc.

....................................................

1,450

W.W.

Grainger,

Inc.

.....................................................

Waste

Management,

Inc.

..................................................

3,791

858

Westinghouse

Air

Brake

Technologies

Corp.

....................................

1,745

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Xylem,

Inc.

...........................................................

1,548

$

36,951

Information

Technology

(15.9%):

Accenture

PLC,

Class

A

..................................................

4,449

1,157

Adobe,

Inc.(a)

.........................................................

4,438

1,583

Advanced

Micro

Devices,

Inc.(a)

............................................

16,362

2,661

Akamai

Technologies,

Inc.(a)

..............................................

1,250

Amphenol

Corp.,

Class

A

.................................................

11,268

1,227

Analog

Devices,

Inc.

....................................................

2,646

665

Apple,

Inc.

...........................................................

117,422

27,258

Applied

Materials,

Inc.

...................................................

10,023

1,611

Arista

Networks,

Inc.(a)

..................................................

9,456

1,291

Autodesk,

Inc.(a)

.......................................................

1,733

545

Broadcom,

Inc.

........................................................

36,481

10,849

Cadence

Design

Systems,

Inc.(a)

............................................

2,583

905

Cisco

Systems,

Inc.

.....................................................

31,509

2,177

Cognizant

Technology

Solutions

Corp.,

Class

A

.................................

3,759

Corning,

Inc.

..........................................................

7,670

514

Fortinet,

Inc.(a)

........................................................

7,291

574

Gartner,

Inc.(a)

........................................................

Hewlett

Packard

Enterprise

Co.

.............................................

6,048

HP,

Inc.

..............................................................

7,898

International

Business

Machines

Corp.

........................................

4,045

985

Intuit,

Inc.

............................................................

2,547

1,699

Keysight

Technologies,

Inc.(a)

.............................................

1,865

KLA

Corp.

...........................................................

1,554

1,355

Lam

Research

Corp.

.....................................................

15,932

1,596

Microchip

Technology,

Inc.

................................................

2,740

Micron

Technology,

Inc.

..................................................

10,075

1,199

Microsoft

Corp.

........................................................

57,815

29,294

Motorola

Solutions,

Inc.

..................................................

1,485

702

NetApp,

Inc.

..........................................................

2,469

NVIDIA

Corp.

.........................................................

180,471

31,434

Oracle

Corp.

..........................................................

17,620

3,984

QUALCOMM,

Inc.

.....................................................

11,987

1,927

Roper

Technologies,

Inc.

..................................................

798

Salesforce,

Inc.

........................................................

6,219

1,594

Seagate

Technology

Holdings

PLC

..........................................

2,325

ServiceNow,

Inc.(a)

.....................................................

1,714

1,573

Synopsys,

Inc.(a)

.......................................................

1,398

844

TE

Connectivity

PLC

....................................................

2,933

606

Texas

Instruments,

Inc.

...................................................

8,840

1,790

VeriSign,

Inc.

..........................................................

690

Western

Digital

Corp.

....................................................

920

136,241

Materials

(0.9%):

Air

Products

and

Chemicals,

Inc.

............................................

1,398

Avery

Dennison

Corp.

...................................................

660

Ball

Corp.

............................................................

2,732

CF

Industries

Holdings,

Inc.

...............................................

2,537

Corteva,

Inc.

..........................................................

4,359

Dow,

Inc.

............................................................

1,327

DuPont

de

Nemours,

Inc.

.................................................

2,966

Eastman

Chemical

Co.

...................................................

940

Ecolab,

Inc.

...........................................................

1,433

Freeport-McMoRan,

Inc.

.................................................

15,881

705

International

Flavors

&

Fragrances,

Inc.

.......................................

International

Paper

Co.

...................................................

2,781

Linde

PLC

............................................................

4,727

2,261

Martin

Marietta

Materials,

Inc.

.............................................

721

Nucor

Corp.

...........................................................

2,641

PPG

Industries,

Inc.

.....................................................

1,640

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) The

Mosaic

Co.

........................................................

4,418

$

The

Sherwin-Williams

Co.

................................................

2,304

843

Vulcan

Materials

Co.

....................................................

1,110

7,383

Real

Estate

(0.4%):

American

Tower

Corp.

...................................................

2,283

AvalonBay

Communities,

Inc.

..............................................

510

CBRE

Group,

Inc.,

Class

A(a)

..............................................

3,165

513

Equinix,

Inc.

..........................................................

Equity

Residential

......................................................

2,215

Host

Hotels

&

Resorts,

Inc.

................................................

740

Iron

Mountain,

Inc.

.....................................................

3,566

Prologis,

Inc.

..........................................................

3,804

Public

Storage

.........................................................

Simon

Property

Group,

Inc.

...............................................

2,004

Ventas,

Inc.

...........................................................

1,230

Welltower,

Inc.

.........................................................

4,568

769

3,582

Utilities

(0.6%):

Ameren

Corp.

.........................................................

1,840

American

Electric

Power

Co.,

Inc.

...........................................

2,820

CenterPoint

Energy,

Inc.

..................................................

5,327

CMS

Energy

Corp.

......................................................

1,560

Consolidated

Edison,

Inc.

.................................................

1,480

Constellation

Energy

Corp.

................................................

3,573

1,100

DTE

Energy

Co.

.......................................................

918

Duke

Energy

Corp.

......................................................

1,811

Entergy

Corp.

.........................................................

880

Eversource

Energy

......................................................

1,380

NextEra

Energy,

Inc.

....................................................

12,560

905

NRG

Energy,

Inc.

.......................................................

2,788

Public

Service

Enterprise

Group,

Inc.

.........................................

3,040

Sempra

..............................................................

2,820

The

Southern

Co.

.......................................................

2,590

WEC

Energy

Group,

Inc.

.................................................

2,417

Xcel

Energy,

Inc.

.......................................................

1,980

5,002

Total

Common

Stocks

(Cost

$50,106)

a

a

a

403,593

Rights

(0.0%)(c)

Health

Care

(0.0%):(c)

ABIOMED,

Inc.,

CVR,

expiring

1/2/26(a)(d)

...................................

568

Total

Rights

(Cost

$—)

a

a

a

Principal

Amount

(000) Municipal

Bonds

(52.4%)

Alabama

(1.4%):

Alabama

Housing

Finance

Authority

Revenue,

Series

D,

4.55%,

10/1/54,

Continuously

Callable

@100

.....................................................

$

3,500

3,157

Black

Belt

Energy

Gas

District

Revenue,

Series

D-1,

5.50%,

6/1/49,

Continuously

Callable

@100

...........................................................

1,000

1,059

Cooper

Green

Mercy

Health

Services

Authority

Revenue,

5.25%,

9/1/52,

Continuously

Callable

@100

.....................................................

2,000

2,010

County

of

Jefferson

Sewer

Revenue,

5.50%,

10/1/53,

Continuously

Callable

@100

........

1,000

1,019

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Series

A,

5.00%,

1/1/56

..............................................

1,000

1,026

Series

B,

5.25%,

3/1/55

..............................................

1,600

1,684

Walker

County

Board

of

Education

Special

Tax,

4.25%,

3/1/54,

Continuously

Callable

@100

2,500

2,174

12,129

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Alaska

(0.3%):

Alaska

Housing

Finance

Corp.

Revenue,

Series

A,

4.65%,

6/1/51,

Continuously

Callable

@100

$

3,000

$

2,808

Arizona

(1.5%):

Arizona

IDA

Revenue

5.00%,

11/1/47,

Continuously

Callable

@100

...............................

1,000

957

Series

B,

4.00%,

7/1/41,

Continuously

Callable

@100

.........................

Series

B,

4.00%,

7/1/52,

Continuously

Callable

@100

.........................

840

630

Series

F,

5.00%,

7/1/47,

Continuously

Callable

@100

.........................

1,000

985

La

Paz

County

IDA

Revenue

4.00%,

2/15/41,

Continuously

Callable

@100

...............................

4.00%,

2/15/46,

Continuously

Callable

@100

...............................

4.00%,

2/15/51,

Continuously

Callable

@100

...............................

Maricopa

County

&

Phoenix

IDA

Revenue,

Series

A,

4.70%,

9/1/55,

Continuously

Callable

@100

...........................................................

750

699

Maricopa

County

IDA

Revenue

4.00%,

7/1/51,

Continuously

Callable

@100(e)

.............................

1,500

1,130

Series

A,

5.00%,

9/1/42,

Continuously

Callable

@100

.........................

500

500

Series

A,

4.00%,

7/1/46,

Continuously

Callable

@100

.........................

735

642

Series

A,

4.00%,

7/1/56,

Continuously

Callable

@100

.........................

1,000

818

Sierra

Vista

IDA

Revenue,

5.75%,

6/15/53,

Continuously

Callable

@100(e)

.............

2,000

1,932

Tempe

IDA

Revenue,

Series

B,

4.00%,

12/1/46,

Continuously

Callable

@102

............

1,185

961

The

County

of

Pima

IDA

Revenue,

4.00%,

6/15/51,

Continuously

Callable

@100(e)

.......

1,000

741

The

IDA

of

the

City

of

Phoenix

Arizona

Revenue,

5.00%,

7/1/46,

Continuously

Callable

@100

1,300

1,221

12,406

California

(3.1%):

California

Educational

Facilities

Authority

Revenue,

Series

A,

5.00%,

10/1/52,

Continuously

Callable

@100

.....................................................

2,000

1,865

California

Municipal

Finance

Authority

Revenue,

5.00%,

7/1/55,

Continuously

Callable

@103

1,000

977

Los

Angeles

Housing

Authority

Revenue,

Series

A,

4.40%,

12/1/54,

Continuously

Callable

@100

...........................................................

2,000

1,697

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

(NBGA

-

University

of

California

Medical

Center),

Series

O-1,

1.90%,

5/15/45,

Callable

10/1/25

@

100(f)

..

6,660

6,660

State

of

California,

GO,

5.00%,

8/1/45,

Continuously

Callable

@100

..................

1,000

1,001

Sutter

Butte

Flood

Control

Agency

Special

Assessment

(INS

-

Build

America

Mutual

Assurance

Co.),

5.00%,

10/1/40,

Continuously

Callable

@100

...................

1,000

1,001

University

of

California

Revenue,

Series

AL-2,

1.45%,

5/15/48,

Callable

10/1/25

@

100(f)

..

10,000

10,000

West

Contra

Costa

Unified

School

District,

GO

(INS

-

National

Public

Finance

Guarantee

Corp.),

8/1/34(g)

...................................................

4,435

3,207

26,408

Colorado

(1.3%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

5.00%,

4/1/48,

Continuously

Callable

@100

...............................

710

700

4.00%,

1/1/52,

Continuously

Callable

@100

...............................

675

511

5.00%,

9/1/52,

Continuously

Callable

@100

...............................

730

681

4.50%,

7/1/53,

Continuously

Callable

@100

...............................

1,000

869

4.00%,

1/1/62,

Continuously

Callable

@100

...............................

795

569

Series

A,

5.00%,

12/1/38,

Continuously

Callable

@100

........................

1,000

1,023

Colorado

Health

Facilities

Authority

Revenue

Series

A,

4.00%,

9/1/50,

Pre-refunded

9/01/30

@

.........................

1,000

1,070

Series

A,

4.00%,

12/1/50,

Continuously

Callable

@103

........................

1,000

806

Denver

Convention

Center

Hotel

Authority

Revenue,

5.00%,

12/1/40,

Continuously

Callable

@100

...........................................................

1,000

989

Denver

Health

&

Hospital

Authority

Certificate

of

Participation,

5.00%,

12/1/48,

Continuously

Callable

@100

.....................................................

1,900

1,833

Park

Creek

Metropolitan

District

Revenue

Series

A,

5.00%,

12/1/41,

Continuously

Callable

@100

........................

Series

A,

5.00%,

12/1/45,

Continuously

Callable

@100

........................

1,000

973

Rampart

Range

Metropolitan

District

No.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

12/1/47,

Continuously

Callable

@100

.........................

1,000

1,001

11,275

Connecticut

(0.6%):

Connecticut

Housing

Finance

Authority

Revenue,

Series

A-1,

4.65%,

11/15/51,

Continuously

Callable

@100

.....................................................

1,500

1,416

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue,

5.25%,

7/1/53,

Continuously

Callable

@100

...........................................

$

1,000

$

1,004

State

of

Connecticut,

GO

Series

A,

5.00%,

4/15/36,

Continuously

Callable

@100

........................

1,500

1,578

Series

A,

5.00%,

4/15/37,

Continuously

Callable

@100

........................

1,000

1,039

5,037

Delaware

(0.0%):(c)

Delaware

State

Housing

Authority

Revenue,

Series

A,

4.70%,

7/1/55,

Continuously

Callable

@100

...........................................................

Florida

(3.2%):

Capital

Trust

Agency,

Inc.

Revenue

5.00%,

8/1/40,

Continuously

Callable

@100

...............................

600

601

5.00%,

8/1/55,

Continuously

Callable

@100

...............................

1,300

1,167

Capital

Trust

Authority

Revenue,

Series

A,

5.13%,

12/15/54,

Continuously

Callable

@100

..

1,000

871

City

of

Atlantic

Beach

Revenue,

Series

A,

5.00%,

11/15/53,

Continuously

Callable

@103

...

1,000

889

City

of

Pompano

Beach

Revenue

4.00%,

9/1/50,

Continuously

Callable

@103

...............................

1,500

1,166

Series

A,

4.00%,

9/1/51,

Continuously

Callable

@103

.........................

500

County

of

Miami-Dade

FL

Aviation

Revenue,

Series

B,

5.25%,

10/1/55,

Continuously

Callable

@100

...........................................................

1,500

1,539

Florida

Development

Finance

Corp.

Revenue

5.00%,

7/1/51,

Continuously

Callable

@100

...............................

1,175

1,082

Series

A,

5.00%,

6/15/52,

Continuously

Callable

@100

........................

1,250

1,123

Florida

Housing

Finance

Corp.

Revenue

Series

1,

4.65%,

7/1/55,

Continuously

Callable

@100

.........................

3,000

2,717

Series

3,

5.13%,

1/1/56,

Continuously

Callable

@100

.........................

765

754

Lee

County

IDA

Revenue

Series

A,

5.25%,

10/1/52,

Continuously

Callable

@103

........................

850

743

Series

A,

5.25%,

11/15/54,

Continuously

Callable

@100

.......................

2,000

1,910

Orange

County

Health

Facilities

Authority

Revenue

Series

A,

4.50%,

10/1/56,

Continuously

Callable

@100

........................

1,000

904

Series

A,

5.25%,

10/1/56,

Continuously

Callable

@100

........................

3,000

3,043

Palm

Beach

County

Educational

Facilities

Authority

Revenue,

4.00%,

10/1/51,

Continuously

Callable

@100

.....................................................

1,000

763

Palm

Beach

County

Health

Facilities

Authority

Revenue,

Series

B,

5.00%,

11/15/55,

Continuously

Callable

@103

...........................................

2,500

2,315

Sarasota

County

Health

Facilities

Authority

Revenue,

5.00%,

5/15/38,

Continuously

Callable

@103

...........................................................

700

701

Seminole

County

IDA

Revenue,

Series

A,

4.00%,

6/15/51,

Continuously

Callable

@100(e)

..

830

631

Southeast

Overtown

Park

West

Community

Redevelopment

Agency

Tax

Allocation,

Series

A-1,

5.00%,

3/1/30,

Continuously

Callable

@100(e)

..........................

800

801

Volusia

County

Educational

Facility

Authority

Revenue,

5.25%,

6/1/54,

Continuously

Callable

@100

...........................................................

3,000

2,863

26,967

Georgia

(2.4%):

Development

Authority

of

Appling

County

Revenue,

Series

GA,

2.30%,

9/1/41,

Continuously

Callable

@100(f)

...................................................

5,200

5,200

Development

Authority

of

Floyd

County

Revenue,

Series

GA,

2.30%,

9/1/26,

Continuously

Callable

@100(f)

...................................................

2,000

2,000

Georgia

Housing

&

Finance

Authority

Revenue

Series

A,

4.70%,

12/1/55,

Continuously

Callable

@100

........................

2,000

1,888

Series

C,

4.60%,

12/1/54,

Continuously

Callable

@100

........................

1,000

933

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue,

5.00%,

8/1/43,

Continuously

Callable

@100

.....................................................

1,000

954

Main

Street

Natural

Gas,

Inc.

Revenue,

Series

D,

5.00%,

5/1/54

......................

2,000

2,125

Municipal

Electric

Authority

of

Georgia

Revenue,

Series

A,

4.00%,

1/1/51,

Continuously

Callable

@100

.....................................................

The

Development

Authority

of

Burke

County

Revenue,

Series

1,

2.30%,

7/1/49(f)

........

2,400

2,400

The

Development

Authority

of

Burke

County

Revenue

(NBGA

-

Southern

Co.),

Series

GA,

2.25%,

11/1/52(f)

...................................................

4,910

4,910

20,756

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Idaho

(0.1%):

Idaho

Health

Facilities

Authority

Revenue,

Series

A,

5.25%,

3/1/53,

Continuously

Callable

@100

...........................................................

$

1,000

$

1,000

Illinois

(4.1%):

Chicago

Board

of

Education,

GO

Series

A,

5.00%,

12/1/47,

Continuously

Callable

@100

........................

3,200

2,788

Series

H,

5.00%,

12/1/46,

Continuously

Callable

@100

........................

2,000

1,756

Chicago

Midway

International

Airport

Revenue,

Series

B,

5.00%,

1/1/41,

Continuously

Callable

@100

.....................................................

1,000

1,004

Chicago

O'Hare

International

Airport

Revenue,

Series

C,

5.00%,

1/1/41,

Continuously

Callable

@100

...........................................................

1,000

1,004

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue,

Series

A,

5.00%,

12/1/52,

Continuously

Callable

@100

...........................................

685

668

City

of

Chicago

Wastewater

Transmission

Revenue,

Series

A,

5.00%,

1/1/47,

Continuously

Callable

@100

.....................................................

1,000

989

City

of

Chicago,

GO

Series

A,

5.00%,

1/1/45,

Continuously

Callable

@100

.........................

2,500

2,353

Series

A,

6.00%,

1/1/50,

Continuously

Callable

@100

.........................

1,335

1,366

City

of

Galesburg

Revenue,

Series

A,

4.00%,

10/1/46,

Continuously

Callable

@100

.......

1,000

725

Cook

County

Community

College

District

No.

508,

GO

(INS

-

Build

America

Mutual

Assurance

Co.),

5.00%,

12/1/47,

Continuously

Callable

@100

...................

1,000

951

County

of

Cook

Sales

Tax

Revenue,

5.00%,

11/15/38,

Continuously

Callable

@100

.......

1,000

1,013

Illinois

Educational

Facilities

Authority

Revenue,

4.00%,

11/1/36,

Continuously

Callable

@102

...........................................................

1,000

1,000

Illinois

Finance

Authority

Revenue

3.90%,

3/1/30,

Continuously

Callable

@100

...............................

1,000

1,001

0.00%,

5/15/40,

Continuously

Callable

@100(h)

............................

4.00%,

2/15/41,

Continuously

Callable

@100

...............................

4.00%,

2/15/41,

Pre-refunded

2/15/27

@

...............................

925

946

4.00%,

10/15/44,

Continuously

Callable

@103

..............................

2,000

1,515

Series

A,

5.00%,

5/15/37,

Continuously

Callable

@100

........................

1,000

1,007

Series

A,

5.00%,

5/15/45,

Continuously

Callable

@100

........................

1,000

971

Series

A,

4.00%,

8/1/51,

Continuously

Callable

@100

.........................

1,000

740

Series

B,

5.00%,

10/1/49,

Continuously

Callable

@100(e)

......................

750

690

Series

C,

4.00%,

2/15/41,

Pre-refunded

2/15/27

@

........................

Series

C,

4.00%,

2/15/41,

Pre-refunded

2/15/27

@

........................

Illinois

Housing

Development

Authority

Revenue,

Series

I,

4.63%,

4/1/50,

Continuously

Callable

@100

.....................................................

3,000

2,811

Metropolitan

Pier

&

Exposition

Authority

Revenue,

5.00%,

6/15/50,

Continuously

Callable

@100

...........................................................

2,500

2,407

Northern

Illinois

University

Certificate

of

Participation,

5.50%,

4/1/49,

Continuously

Callable

@100

...........................................................

1,000

1,040

Sangamon

County

Water

Reclamation

District,

GO,

Series

A,

5.75%,

1/1/53,

Continuously

Callable

@100

.....................................................

1,235

1,235

St.

Clair

County

Community

Unit

School

District

No.

Cahokia,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

1/1/54,

Continuously

Callable

@100

....

1,000

1,001

State

of

Illinois,

GO

5.50%,

5/1/39,

Continuously

Callable

@100

...............................

Series

A,

5.50%,

3/1/47,

Continuously

Callable

@100

.........................

1,000

1,023

Series

B,

4.00%,

10/1/33,

Continuously

Callable

@100

........................

2,300

2,334

34,684

Indiana

(1.2%):

Evansville

Redevelopment

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

4.00%,

2/1/39,

Continuously

Callable

@100

...............................

1,000

953

Indiana

Finance

Authority

Revenue

5.25%,

3/1/54,

Continuously

Callable

@100

...............................

4,000

4,023

Series

A,

5.00%,

7/1/54,

Continuously

Callable

@100

.........................

1,100

1,021

Indiana

Housing

&

Community

Development

Authority

Revenue,

Series

A-1,

4.70%,

7/1/55,

Continuously

Callable

@100

...........................................

2,500

2,346

Richmond

Hospital

Authority

Revenue,

Series

A,

5.00%,

1/1/39,

Continuously

Callable

@100

1,500

1,492

9,835

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Iowa

(0.1%):

Iowa

Finance

Authority

Revenue,

Series

A,

4.75%,

7/1/55,

Continuously

Callable

@100

....

$

1,260

$

1,209

Kansas

(0.5%):

City

of

Lawrence

Revenue,

Series

A,

5.00%,

7/1/43,

Continuously

Callable

@100

........

1,500

1,452

City

of

Manhattan

Revenue,

Series

A,

4.00%,

6/1/46,

Continuously

Callable

@103

........

1,000

799

Wyandotte

County-Kansas

City

Unified

Government

Utility

System

Revenue

Series

A,

5.00%,

9/1/44,

Continuously

Callable

@100

.........................

1,250

1,246

Series

A,

5.00%,

9/1/45,

Continuously

Callable

@100

.........................

1,000

987

4,484

Kentucky

(1.3%):

City

of

Ashland

Revenue,

Series

A,

5.00%,

2/1/40,

Continuously

Callable

@100

..........

1,000

1,009

Kentucky

Economic

Development

Finance

Authority

Revenue,

Series

A,

5.00%,

5/15/46,

Continuously

Callable

@100

...........................................

1,000

796

Kentucky

Economic

Development

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

12/1/45,

Continuously

Callable

@100

..........

1,000

986

Kentucky

Municipal

Energy

Agency

Revenue,

5.00%,

1/1/50,

Continuously

Callable

@100

..

3,000

3,010

Kentucky

Public

Energy

Authority

Revenue,

Series

B,

5.00%,

1/1/55

..................

1,250

1,332

Louisville/Jefferson

County

Metropolitan

Government

Revenue,

Series

A,

5.00%,

5/15/52,

Continuously

Callable

@100

...........................................

4,000

3,736

10,869

Louisiana

(0.6%):

City

of

Shreveport

Water

&

Sewer

Revenue,

5.00%,

12/1/40,

Continuously

Callable

@100

..

1,000

1,000

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Assured

Guaranty

Corp.),

Series

B,

4.00%,

12/1/44,

Continuously

Callable

@100

....................................

500

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

Housing

Corp.

Revenue,

Series

A,

4.70%,

6/1/55,

Continuously

Callable

@100

...

1,000

930

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5.00%,

10/1/39,

Continuously

Callable

@100

...............................

1,000

1,004

5.00%,

10/1/43,

Continuously

Callable

@100

...............................

1,000

1,004

5,374

Maine

(0.8%):

Finance

Authority

of

Maine

Revenue,

5.50%,

7/1/55,

Continuously

Callable

@100

........

2,000

2,033

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue,

Series

A,

4.00%,

7/1/46,

Continuously

Callable

@100

...........................................

1,000

732

Maine

State

Housing

Authority

Revenue

Series

A,

4.70%,

11/15/53,

Continuously

Callable

@100

.......................

2,000

1,892

Series

C,

5.25%,

11/15/55,

Continuously

Callable

@100

.......................

2,000

2,016

6,673

Maryland

(1.3%):

City

of

Gaithersburg

Revenue,

5.13%,

1/1/42,

Continuously

Callable

@103

.............

865

840

Maryland

Economic

Development

Corp.

Revenue,

4.50%,

10/1/54,

Continuously

Callable

@100

...........................................................

2,000

1,763

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

5.25%,

7/1/53,

Continuously

Callable

@100

...............................

1,250

1,229

5.00%,

7/1/54,

Continuously

Callable

@100

...............................

1,250

1,249

5.00%,

10/1/54,

Continuously

Callable

@100

...............................

2,500

2,382

5.00%,

7/1/55,

Continuously

Callable

@100

...............................

1,500

1,473

Series

A,

5.25%,

7/1/52,

Continuously

Callable

@100

.........................

2,000

2,022

10,958

Massachusetts

(1.7%):

Massachusetts

Development

Finance

Agency

Revenue

5.00%,

4/15/40,

Continuously

Callable

@100

...............................

1,000

963

4.00%,

9/1/48,

Continuously

Callable

@100

...............................

1,380

1,112

4.00%,

7/1/51,

Continuously

Callable

@100

...............................

1,500

1,160

5.00%,

10/1/57,

Continuously

Callable

@103(e)

.............................

1,000

903

Series

A,

5.00%,

6/1/39,

Pre-refunded

6/01/29

@

.........................

1,000

1,096

Series

A,

5.00%,

7/1/44,

Continuously

Callable

@100

.........................

1,600

1,476

Series

A,

5.50%,

7/1/44,

Continuously

Callable

@100

.........................

500

Series

B,

4.00%,

6/1/50,

Continuously

Callable

@100

.........................

1,000

737

Series

B,

4.00%,

7/1/50,

Continuously

Callable

@100

.........................

850

663

Series

D,

5.00%,

7/1/44,

Continuously

Callable

@100

........................

1,000

942

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

I,

5.00%,

7/1/46,

Continuously

Callable

@100

.........................

$

1,000

$

931

Series

N,

5.50%,

7/1/55,

Continuously

Callable

@100

........................

2,000

2,043

Series

T1,

3.23%

(MUNIPSA+60bps),

7/1/49(e)(i)

...........................

1,250

1,245

Massachusetts

Housing

Finance

Agency

Revenue,

Series

242,

4.80%,

12/1/55,

Continuously

Callable

@100

.....................................................

1,250

1,182

14,906

Michigan

(1.1%):

City

of

Wyandotte

Electric

System

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

5.00%,

10/1/44,

Continuously

Callable

@100

........................

1,000

1,000

Jackson

Public

Schools,

GO

(NBGA

-

Michigan

School

Bond

Qualification

and

Loan

Program),

5.00%,

5/1/42,

Continuously

Callable

@100

........................

1,000

1,013

Karegnondi

Water

Authority

Revenue,

5.00%,

11/1/41,

Continuously

Callable

@100

.......

1,000

1,004

Kentwood

Economic

Development

Corp.

Revenue,

4.00%,

11/15/45,

Continuously

Callable

@103

...........................................................

500

Lincoln

Consolidated

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

5/1/40,

Continuously

Callable

@100

.............................

1,250

1,265

Livonia

Public

Schools,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

5/1/45,

Continuously

Callable

@100

...........................................

1,000

980

Michigan

Finance

Authority

Revenue

4.00%,

2/1/42,

Continuously

Callable

@100

...............................

745

622

4.00%,

9/1/45,

Continuously

Callable

@100

...............................

1,000

784

4.00%,

12/1/51,

Continuously

Callable

@100

...............................

1,490

858

5.63%,

11/1/52,

Continuously

Callable

@100

...............................

2,000

1,863

9,782

Minnesota

(0.2%):

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota

Revenue

5.00%,

11/15/44,

Pre-refunded

11/15/25

@

.............................

1,000

1,005

Series

A,

5.00%,

11/15/47,

Continuously

Callable

@100

.......................

1,000

919

1,924

Mississippi

(0.1%):

Mississippi

Home

Corp.

Revenue,

Series

A,

4.95%,

6/1/53,

Continuously

Callable

@100

...

835

828

Missouri

(1.2%):

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

5.00%,

8/1/45,

Continuously

Callable

@100

...............................

1,270

1,160

4.00%,

2/15/51,

Continuously

Callable

@100

...............................

5.00%,

12/1/52,

Continuously

Callable

@100

...............................

500

Series

A,

4.00%,

2/15/49,

Continuously

Callable

@100

........................

Series

A,

4.25%,

4/1/55,

Continuously

Callable

@100

.........................

3,000

2,620

Missouri

Development

Finance

Board

Revenue,

4.00%,

3/1/51,

Continuously

Callable

@100

1,000

791

Missouri

Housing

Development

Commission

Revenue,

Series

A,

4.65%,

11/1/55,

Continuously

Callable

@100

.....................................................

3,000

2,776

St.

Louis

Municipal

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5.00%,

10/1/38,

Continuously

Callable

@100

...............................

1,000

1,021

5.00%,

10/1/49,

Continuously

Callable

@100

...............................

1,000

987

10,419

Montana

(0.1%):

Montana

Board

of

Housing

Revenue,

Series

A,

4.88%,

12/1/54,

Continuously

Callable

@100

Montana

Facility

Finance

Authority

Revenue,

Series

A,

5.50%,

2/15/55,

Continuously

Callable

@100

...........................................................

584

Nebraska

(0.7%):

Central

Plains

Energy

Project

Revenue

Series

1,

5.00%,

5/1/53

...............................................

2,000

2,107

Series

A,

5.00%,

9/1/42,

Continuously

Callable

@100

.........................

1,000

1,019

Douglas

County

Hospital

Authority

No.

Revenue,

5.00%,

11/1/48,

Continuously

Callable

@100

...........................................................

1,000

970

Nebraska

Investment

Finance

Authority

Revenue

Series

A,

4.65%,

9/1/55,

Continuously

Callable

@100

.........................

1,000

935

Series

E,

5.05%,

9/1/50,

Continuously

Callable

@100

.........................

1,000

1,003

6,034

Nevada

(0.5%):

Carson

City

Revenue,

5.00%,

9/1/42,

Continuously

Callable

@100

...................

1,000

962

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Las

Vegas

Convention

&

Visitors

Authority

Revenue,

Series

C,

4.00%,

7/1/41,

Continuously

Callable

@100

.....................................................

$

1,555

$

1,428

Las

Vegas

Redevelopment

Agency

Tax

Allocation,

5.00%,

6/15/45,

Continuously

Callable

@100

...........................................................

1,500

1,486

3,876

New

Hampshire

(0.6%):

New

Hampshire

Business

Finance

Authority

Revenue

4.00%,

1/1/51,

Continuously

Callable

@103

...............................

2,000

1,487

Series

A,

5.25%,

7/1/48,

Continuously

Callable

@103

.........................

1,000

961

Series

A,

5.25%,

11/1/54,

Continuously

Callable

@100

........................

1,000

988

Series

A,

5.00%,

6/1/55,

Continuously

Callable

@100

.........................

850

804

Series

C,

5.25%,

7/1/54,

Continuously

Callable

@100

.........................

1,000

945

5,185

New

Jersey

(1.5%):

New

Jersey

Economic

Development

Authority

Revenue

5.00%,

6/15/43,

Pre-refunded

12/15/28

@

..............................

5.00%,

6/15/43,

Continuously

Callable

@100

...............................

630

631

Series

A,

4.00%,

7/1/34,

Continuously

Callable

@100

.........................

1,000

972

Series

A,

5.00%,

6/15/47,

Continuously

Callable

@100

........................

1,000

968

Series

B,

5.00%,

6/15/43,

Continuously

Callable

@100

........................

1,000

1,005

Series

DDD,

5.00%,

6/15/42,

Pre-refunded

6/15/27

@

.....................

2,000

2,092

New

Jersey

Economic

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

6/1/37,

Continuously

Callable

@100

..........................

500

509

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

B,

5.00%,

9/1/36,

Continuously

Callable

@100

.....................................................

1,000

1,017

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

5.00%,

10/1/37,

Continuously

Callable

@100

...............................

1,000

1,020

Series

A,

5.25%,

7/1/54,

Continuously

Callable

@100

.........................

1,000

1,025

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

5.00%,

6/15/48,

Pre-refunded

12/15/32

@

..............................

1,000

1,140

Series

A,

12/15/38(g)

................................................

1,500

830

South

Jersey

Transportation

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

5.25%,

11/1/52,

Continuously

Callable

@100

...............................

500

507

The

Passaic

County

Improvement

Authority

Revenue,

5.38%,

7/1/53,

Continuously

Callable

@100

...........................................................

500

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

A,

5.25%,

6/1/46,

Continuously

Callable

@100

...........................................................

500

13,107

New

Mexico

(0.2%):

New

Mexico

Mortgage

Finance

Authority

Revenue,

Series

A,

4.75%,

9/1/55,

Continuously

Callable

@100

.....................................................

1,945

1,797

New

York

(2.3%):

Build

NYC

Resource

Corp.

Revenue

Series

A,

7.00%,

4/15/53,

Continuously

Callable

@100(e)

......................

1,000

1,008

Series

A,

5.50%,

12/1/56,

Continuously

Callable

@100

........................

720

722

City

of

New

York,

GO,

Series

B-3,

2.25%,

10/1/46(f)

.............................

1,500

1,500

Clinton

County

Capital

Resource

Corp.

Revenue,

5.00%,

7/1/46,

Continuously

Callable

@100(e)

.........................................................

800

774

New

York

City

Housing

Development

Corp.

Revenue,

Series

A-1,

4.80%,

11/1/55,

Continuously

Callable

@100

...........................................

1,000

955

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

DD,

2.25%,

6/15/33(f)

..

4,020

4,020

New

York

Liberty

Development

Corp.

Revenue

5.25%,

10/1/35

....................................................

630

710

5.50%,

10/1/37

....................................................

1,500

1,705

2.80%,

9/15/69,

Continuously

Callable

@100

...............................

1,000

925

New

York

State

Dormitory

Authority

Revenue

5.50%,

10/1/54,

Continuously

Callable

@100

...............................

1,500

1,532

5.00%,

7/1/57,

Continuously

Callable

@100

...............................

1,000

792

Series

A,

4.25%,

7/1/50,

Continuously

Callable

@100

.........................

625

527

Series

A-1,

5.50%,

7/1/55,

Continuously

Callable

@100

.......................

500

516

St.

Lawrence

County

Industrial

Development

Agency

Revenue,

5.25%,

7/1/52,

Continuously

Callable

@100

.....................................................

1,190

1,162

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue,

Series

266,

4.70%,

10/1/52,

Continuously

Callable

@100

....................................

$

1,500

$

1,403

The

Genesee

County

Funding

Corp.

Revenue,

Series

A,

5.25%,

12/1/52,

Continuously

Callable

@100

...........................................................

500

Triborough

Bridge

&

Tunnel

Authority

Revenue,

Series

A,

4.50%,

12/1/56,

Continuously

Callable

@100

.....................................................

1,000

910

19,649

North

Carolina

(0.7%):

North

Carolina

Medical

Care

Commission

Revenue

5.00%,

10/1/35,

Continuously

Callable

@100

...............................

1,000

1,009

4.50%,

12/1/44,

Continuously

Callable

@100

...............................

2,000

1,757

5.00%,

1/1/49,

Continuously

Callable

@103

...............................

1,500

1,388

Series

A,

5.13%,

10/1/54,

Continuously

Callable

@100

........................

1,500

1,404

5,558

North

Dakota

(0.4%):

City

of

Grand

Forks

Revenue,

4.00%,

12/1/51,

Continuously

Callable

@100

............

1,450

1,191

County

of

Ward

Revenue,

Series

C,

5.00%,

6/1/43,

Continuously

Callable

@100

.........

1,000

920

North

Dakota

Housing

Finance

Agency

Revenue,

Series

A,

5.05%,

7/1/53,

Continuously

Callable

@100

.....................................................

935

928

3,039

Ohio

(1.4%):

Columbus

Regional

Airport

Authority

Revenue,

Series

B,

5.25%,

1/1/55,

Continuously

Callable

@100

.....................................................

580

593

County

of

Hamilton

Revenue

Series

A,

5.50%,

8/1/51,

Continuously

Callable

@100

.........................

1,300

1,263

Series

A,

5.75%,

1/1/53,

Continuously

Callable

@103

.........................

500

County

of

Ross

Revenue,

5.00%,

12/1/49,

Continuously

Callable

@100

................

2,420

2,261

Northeast

Ohio

Medical

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

5.00%,

12/1/43,

Continuously

Callable

@100

...............................

775

777

Ohio

Higher

Educational

Facility

Commission

Revenue

4.00%,

12/1/46,

Continuously

Callable

@100

...............................

750

564

5.25%,

1/1/52,

Continuously

Callable

@100

...............................

1,000

935

4.00%,

10/1/52,

Continuously

Callable

@100

...............................

2,000

1,482

Ohio

Housing

Finance

Agency

Revenue,

Series

A,

4.70%,

9/1/55,

Continuously

Callable

@100

3,000

2,835

Southeastern

Ohio

Port

Authority

Revenue,

5.00%,

12/1/43,

Continuously

Callable

@100

...

750

614

11,818

Oklahoma

(0.2%):

Oklahoma

Development

Finance

Authority

Revenue,

Series

B,

5.50%,

8/15/57,

Continuously

Callable

@100

.....................................................

1,000

940

Tulsa

County

Industrial

Authority

Revenue,

5.25%,

11/15/37,

Continuously

Callable

@102

..

750

755

1,695

Oregon

(0.3%):

Oregon

State

Facilities

Authority

Revenue,

Series

A,

4.00%,

10/1/51,

Continuously

Callable

@100

...........................................................

1,000

759

Salem

Hospital

Facility

Authority

Revenue

4.00%,

5/15/47,

Continuously

Callable

@103

...............................

1,000

777

5.00%,

5/15/53,

Continuously

Callable

@102

...............................

1,250

1,079

2,615

Pennsylvania

(3.1%):

Allegheny

County

Hospital

Development

Authority

Revenue,

Series

A,

5.00%,

4/1/47,

Continuously

Callable

@100

...........................................

2,000

1,904

Butler

County

Hospital

Authority

Revenue,

5.00%,

7/1/39,

Continuously

Callable

@100

....

1,665

1,490

Canon-McMillan

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.),

4.00%,

6/1/44,

Continuously

Callable

@100

.....................................

1,500

1,316

Commonwealth

of

Pennsylvania

Certificate

of

Participation,

Series

A,

5.00%,

7/1/43,

Continuously

Callable

@100

...........................................

1,000

989

Lancaster

IDA

Revenue,

4.00%,

7/1/51,

Continuously

Callable

@103

.................

500

Latrobe

IDA

Revenue,

4.00%,

3/1/51,

Continuously

Callable

@100

...................

800

600

Lehigh

County

General

Purpose

Authority

Revenue,

5.25%,

2/1/54,

Continuously

Callable

@100

...........................................................

1,400

1,360

Montgomery

County

IDA

Revenue

4.00%,

10/1/46,

Continuously

Callable

@100

...............................

625

528

4.00%,

10/1/51,

Continuously

Callable

@100

...............................

825

668

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Northampton

County

General

Purpose

Authority

Revenue

5.00%,

8/15/43,

Continuously

Callable

@100

...............................

$

1,000

$

971

5.00%,

8/15/48,

Continuously

Callable

@100

...............................

2,500

2,340

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue,

Series

A,

4.00%,

7/15/46,

Continuously

Callable

@100

...........................................

1,575

1,239

Pennsylvania

Housing

Finance

Agency

Revenue

Series

147A,

4.73%,

4/1/53,

Continuously

Callable

@100

......................

1,500

1,409

Series

148A,

4.80%,

10/1/55,

Continuously

Callable

@100

.....................

2,000

1,879

Series

149A,

5.20%,

4/1/53,

Continuously

Callable

@100

......................

500

500

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue,

Series

B,

5.00%,

12/1/39,

Continuously

Callable

@100

...........................................

1,000

1,018

Pennsylvania

Turnpike

Commission

Revenue

Series

A-1,

5.00%,

12/1/46,

Continuously

Callable

@100

......................

1,000

963

Series

A-1,

5.00%,

12/1/47,

Continuously

Callable

@100

......................

1,000

991

Philadelphia

IDA

Revenue,

5.00%,

8/1/50,

Continuously

Callable

@100

...............

1,050

980

Reading

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

3/1/38,

Continuously

Callable

@100

...........................................

1,500

1,541

The

Berks

County

Municipal

Authority

Revenue

Series

A1,

8.00%,

6/30/34,

Continuously

Callable

@104

.......................

Series

A-2A,

6.00%,

6/30/34,

Continuously

Callable

@104

.....................

Series

A3,

5.00%,

6/30/39,

Continuously

Callable

@100

.......................

1,050

940

Series

B1,

0.00%,

6/30/44,

Continuously

Callable

@88(j)

......................

525

The

School

District

of

Philadelphia,

GO

Series

A,

5.00%,

9/1/38,

Continuously

Callable

@100

.........................

1,000

1,020

Series

F,

5.00%,

9/1/37,

Continuously

Callable

@100

.........................

1,000

1,016

26,654

Rhode

Island

(0.3%):

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue,

Series

85-A,

4.70%,

4/1/55,

Continuously

Callable

@100

...........................................

2,000

1,882

Rhode

Island

Turnpike

&

Bridge

Authority

Revenue,

Series

A,

5.00%,

10/1/40,

Continuously

Callable

@100

.....................................................

1,000

1,001

2,883

South

Carolina

(0.5%):

South

Carolina

Jobs-Economic

Development

Authority

Revenue

5.00%,

11/15/47,

Continuously

Callable

@103

..............................

1,000

914

5.25%,

2/1/53,

Continuously

Callable

@100

...............................

750

758

South

Carolina

Public

Service

Authority

Revenue

Series

A,

5.00%,

12/1/55,

Continuously

Callable

@100

........................

1,000

997

Series

B,

5.25%,

12/1/54,

Continuously

Callable

@100

........................

1,000

1,019

South

Carolina

State

Housing

Finance

&

Development

Authority

Revenue,

Series

A,

4.70%,

1/1/55,

Continuously

Callable

@100

.....................................

1,000

935

4,623

South

Dakota

(0.2%):

South

Dakota

Housing

Development

Authority

Revenue,

Series

C,

5.10%,

5/1/52,

Continuously

Callable

@100

...........................................

2,000

1,978

Tennessee

(1.2%):

Greeneville

Health

&

Educational

Facilities

Board

Revenue,

5.00%,

7/1/37,

Continuously

Callable

@100

.....................................................

1,500

1,517

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

5.00%,

7/1/46,

Continuously

Callable

@100

...............................

1,465

1,445

5.00%,

10/1/48,

Continuously

Callable

@100

...............................

500

4.00%,

10/1/51,

Continuously

Callable

@100

...............................

1,000

751

Series

A,

5.00%,

10/1/45,

Continuously

Callable

@100

........................

1,000

932

Tennergy

Corp.

Revenue,

Series

A,

5.50%,

10/1/53

...............................

2,500

2,666

Tennessee

Energy

Acquisition

Corp.

Revenue,

Series

A,

5.00%,

12/1/35,

Continuously

Callable

@100

...........................................................

2,400

2,541

10,305

Texas

(6.8%):

Barbers

Hill

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund),

4.25%,

2/15/54,

Continuously

Callable

@100

....................................

2,000

1,767

Bexar

County

Health

Facilities

Development

Corp.

Revenue,

5.00%,

7/15/37,

Continuously

Callable

@103

.....................................................

1,000

963

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Capital

Area

Housing

Finance

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2025-

DBE8159,

2.50%,

3/1/41(e)(f)

.........................................

$

5,300

$

5,300

City

of

Arlington

Special

Tax

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

2/15/48,

Continuously

Callable

@100

...............................

1,000

992

City

of

Arlington

Tax

Allocation,

4.00%,

8/15/50,

Continuously

Callable

@100

..........

1,700

1,260

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

916

City

of

Laredo

Waterworks

&

Sewer

System

Revenue,

4.00%,

3/1/41,

Continuously

Callable

@100

...........................................................

1,000

911

City

of

Lewisville

Special

Assessment

(INS

-

ACA

Financial

Guaranty

Corp.),

5.80%,

9/1/25,

Escrowed

to

Maturity

................................................

725

725

Clifton

Higher

Education

Finance

Corp.

Revenue,

4.25%,

8/15/52,

Continuously

Callable

@100

...........................................................

1,500

1,235

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund),

4.25%,

4/1/53,

Continuously

Callable

@100

...............................

3,250

2,857

County

of

Fort

Bend

TX

Toll

Road

Revenue,

5.25%,

3/1/55,

Continuously

Callable

@100

...

3,000

3,044

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue,

4.25%,

8/15/54,

Continuously

Callable

@100

...........................................

2,500

2,127

EP

Cimarron

Ventanas

PFC

Revenue,

4.13%,

12/1/39,

Continuously

Callable

@100

.......

2,000

1,858

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A,

5.00%,

6/1/38,

Continuously

Callable

@100

...........................................

1,000

732

Harris

County

Hospital

District

Revenue,

4.00%,

2/15/42,

Continuously

Callable

@100

....

1,000

863

Hidalgo

County

Regional

Mobility

Authority

Revenue,

Series

B,

4.00%,

12/1/41,

Continuously

Callable

@100

.....................................................

700

590

Houston

Higher

Education

Finance

Corp.

Revenue,

4.00%,

10/1/51,

Continuously

Callable

@100

...........................................................

1,100

814

Houston

Housing

Finance

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2024-DBE-

8153,

2.50%,

3/1/60(e)(f)

.............................................

4,060

4,060

Martin

County

Hospital

District,

GO,

4.00%,

4/1/36,

Continuously

Callable

@100

........

Matagorda

County

Navigation

District

No.

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(h)

...................................................

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue,

5.00%,

11/1/55,

Continuously

Callable

@103

.....................................................

1,200

1,099

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A1,

5.00%,

7/1/38,

Continuously

Callable

@100

..........

Port

of

Port

Arthur

Navigation

District

Revenue

2.83%,

11/1/40,

Continuously

Callable

@100(f)

.............................

4,500

4,500

Series

A,

2.30%,

4/1/40(f)

.............................................

2,900

2,900

Princeton

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund),

5.00%,

2/15/43,

Continuously

Callable

@100

....................................

1,000

1,004

San

Antonio

Education

Facilities

Corp.

Revenue

5.00%,

10/1/50,

Continuously

Callable

@100

...............................

1,250

1,119

4.00%,

4/1/54,

Continuously

Callable

@100

...............................

1,000

717

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

5.00%,

11/15/46,

Continuously

Callable

@100

..............................

1,000

907

Series

A,

0.00%,

11/15/45,

Continuously

Callable

@100(h)

.....................

818

Series

A,

5.00%,

7/1/53,

Continuously

Callable

@100

.........................

750

732

Series

B,

0.00%,

11/15/36,

Continuously

Callable

@100(h)

.....................

818

Series

B,

5.00%,

11/15/46,

Continuously

Callable

@100

.......................

1,935

1,742

Series

B,

5.00%,

7/1/48,

Continuously

Callable

@100

.........................

2,960

2,886

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue,

5.00%,

12/15/27

..........

1,375

1,432

Victory

Street

Public

Facility

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2025-

DBE8158,

2.50%,

8/1/62(e)(f)

.........................................

4,900

4,900

58,565

Utah

(0.4%):

Military

Installation

Development

Authority

Revenue,

Series

A-1,

4.00%,

6/1/41,

Continuously

Callable

@103

.....................................................

500

Utah

Charter

School

Finance

Authority

Revenue

4.00%,

4/15/52,

Continuously

Callable

@100

...............................

3,000

2,342

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4.50%,

10/15/52,

Continuously

Callable

@100

..............................

$

1,000

$

859

3,630

Vermont

(0.2%):

Vermont

Economic

Development

Authority

Revenue,

4.00%,

5/1/45,

Continuously

Callable

@103

...........................................................

1,000

770

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue,

5.00%,

10/15/46,

Continuously

Callable

@100

...........................................

1,000

814

1,584

Virginia

(0.1%):

Alexandria

IDA

Revenue,

5.00%,

10/1/45,

Pre-refunded

10/01/25

@

...............

1,000

1,002

Salem

Economic

Development

Authority

Revenue,

6.00%,

4/1/55,

Continuously

Callable

@100

...........................................................

1,258

Washington

(0.5%):

Washington

Health

Care

Facilities

Authority

Revenue

4.00%,

7/1/42,

Continuously

Callable

@100

...............................

1,000

853

Series

A,

5.00%,

1/1/47,

Pre-refunded

1/01/27

@

.........................

1,000

1,034

Washington

State

Housing

Finance

Commission

Revenue

5.00%,

1/1/38,

Continuously

Callable

@102(e)

.............................

1,000

951

Series

A,

5.00%,

7/1/48,

Continuously

Callable

@103

.........................

1,000

950

Series

A-1,

3.50%,

12/20/35

...........................................

4,051

West

Virginia

(0.3%):

West

Virginia

Hospital

Finance

Authority

Revenue,

Series

A,

4.38%,

6/1/53,

Continuously

Callable

@100

.....................................................

3,000

2,631

Wisconsin

(1.7%):

Public

Finance

Authority

Revenue

5.00%,

7/1/38,

Continuously

Callable

@100

...............................

1,000

1,021

5.00%,

1/1/42,

Continuously

Callable

@103(e)

.............................

600

528

5.50%,

12/1/44,

Continuously

Callable

@100(e)

.............................

1,000

971

4.00%,

2/1/51,

Continuously

Callable

@100

...............................

1,000

674

Series

A,

5.25%,

3/1/47,

Continuously

Callable

@100

.........................

2,000

1,892

Series

A,

5.25%,

10/1/48,

Continuously

Callable

@100

........................

1,500

1,372

Series

A,

4.00%,

7/1/51,

Continuously

Callable

@100

.........................

880

668

Series

A,

5.75%,

7/1/53,

Continuously

Callable

@100(e)

.......................

1,500

1,416

Series

A,

5.25%,

6/15/55,

Continuously

Callable

@100

........................

500

Series

B,

5.50%,

6/15/55,

Continuously

Callable

@100

........................

Public

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

7/1/44,

Continuously

Callable

@100

...............................

600

601

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

A,

4.25%,

4/1/52,

Continuously

Callable

@100

.....................................................

500

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

4.00%,

1/1/47,

Continuously

Callable

@103

...............................

600

4.38%,

8/15/55,

Continuously

Callable

@100

...............................

3,000

2,680

4.00%,

1/1/57,

Continuously

Callable

@103

...............................

1,000

738

14,326

Wyoming

(0.1%):

Wyoming

Community

Development

Authority

Revenue,

Series

1,

4.88%,

12/1/53,

Continuously

Callable

@100

...........................................

1,000

958

Total

Municipal

Bonds

(Cost

$486,878)

a

a

a

449,372

Total

Investments

(Cost

$536,984)

—

99.5%

852,966

Other

assets

in

excess

of

liabilities

— 0.5%

3,966

NET

ASSETS

-

100.00%

$

856,932

(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

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

August

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(e) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

August

31,

2025,

the

fair

value

of

these

securities

was

$27,981

(thousands)

and

amounted

to

3.3%

of

net

assets.

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(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) Zero-coupon

bond.

(h) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(i) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

August

31,

2025. (j) 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.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### New

#### York

#### Bond

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(99.0%)

New

York

(99.0%):

Albany

Capital

Resource

Corp.

Revenue,

5.00%,

6/1/49,

Continuously

Callable

@100

.....

$

1,500

$

1,072

Albany

County

Airport

Authority

Revenue,

Series

A,

5.00%,

12/15/48,

Continuously

Callable

@100

...........................................................

1,000

957

Allegany

County

Capital

Resource

Corp.

Revenue,

Series

A,

5.00%,

12/1/52,

Continuously

Callable

@100

.....................................................

1,000

812

Brookhaven

Local

Development

Corp.

Revenue

5.25%,

11/1/36,

Continuously

Callable

@100

...............................

1,500

1,525

4.00%,

10/1/45,

Continuously

Callable

@100

...............................

1,000

859

Series

B,

4.00%,

11/1/55,

Continuously

Callable

@102

........................

1,000

785

Broome

County

Local

Development

Corp.

Revenue,

4.00%,

7/1/47,

Continuously

Callable

@103

...........................................................

500

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

Revenue

5.00%,

8/1/52,

Continuously

Callable

@100

...............................

1,000

874

Series

A,

5.00%,

6/1/35,

Continuously

Callable

@102

.........................

1,000

1,021

Build

NYC

Resource

Corp.

Revenue

5.00%,

6/1/40,

Continuously

Callable

@100

...............................

700

700

5.00%,

7/1/41,

Continuously

Callable

@100

...............................

500

4.00%,

8/1/42,

Continuously

Callable

@100

...............................

1,000

811

5.00%,

7/1/45,

Continuously

Callable

@100

...............................

2,000

1,936

5.00%,

6/1/48,

Continuously

Callable

@102

...............................

2,000

1,808

4.00%,

7/1/49,

Continuously

Callable

@100

...............................

500

4.75%,

6/15/53,

Continuously

Callable

@100

...............................

500

5.75%,

6/1/62,

Continuously

Callable

@100(a)

.............................

Series

A,

5.00%,

7/1/56,

Continuously

Callable

@100

.........................

500

Series

A,

5.50%,

12/1/56,

Continuously

Callable

@100

........................

Bushnell's

Basin

Fire

Association,

Inc.

Revenue,

3.00%,

11/1/30

.....................

1,715

1,596

City

of

Elmira,

GO,

5.00%,

7/1/35,

Continuously

Callable

@100

.....................

1,575

1,663

City

of

Long

Beach,

GO

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

B,

4.63%,

7/15/52,

Continuously

Callable

@100

....................................

2,000

1,888

City

of

New

York,

GO,

Series

B-3,

2.25%,

10/1/46(b)

.............................

2,620

2,620

Dutchess

County

Local

Development

Corp.

Revenue

5.00%,

7/1/46,

Continuously

Callable

@100

...............................

600

574

Series

B,

4.00%,

7/1/41,

Continuously

Callable

@100

.........................

2,000

1,806

Hempstead

Town

Local

Development

Corp.

Revenue,

5.00%,

7/1/48,

Continuously

Callable

@100

...........................................................

Hudson

Yards

Infrastructure

Corp.

Revenue,

Series

A,

4.00%,

2/15/44,

Continuously

Callable

@100

...........................................................

2,000

1,769

Jefferson

County

Civic

Facility

Development

Corp.

Revenue,

4.00%,

11/1/47,

Continuously

Callable

@100

.....................................................

1,000

717

Metropolitan

Transportation

Authority

Revenue

Series

A,

4.63%,

11/15/50,

Continuously

Callable

@100

.......................

Series

A1,

5.25%,

11/15/56,

Continuously

Callable

@100

......................

1,000

995

Series

B,

4.00%,

11/15/50,

Continuously

Callable

@100

.......................

1,000

802

Series

D-1,

5.00%,

11/15/34,

Continuously

Callable

@100

.....................

3,000

3,009

Monroe

County

Industrial

Development

Corp.

Revenue

5.00%,

12/1/46,

Continuously

Callable

@100

...............................

1,500

1,383

4.00%,

10/1/47,

Continuously

Callable

@100

...............................

1,000

790

5.00%,

6/1/59,

Continuously

Callable

@100(a)

.............................

1,000

871

Series

A,

5.00%,

12/1/42,

Continuously

Callable

@100

........................

2,000

2,000

Monroe

County

Industrial

Development

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

1/15/38,

Continuously

Callable

@100

.........................

500

500

Nassau

County

Local

Economic

Assistance

Corp.

Revenue,

Series

A,

5.00%,

7/1/55,

Continuously

Callable

@100

...........................................

1,000

921

New

York

City

Housing

Development

Corp.

Revenue

4.20%,

11/1/58,

Continuously

Callable

@100

...............................

2,990

2,549

Series

A-1,

4.80%,

11/1/55,

Continuously

Callable

@100

......................

1,000

955

New

York

City

Industrial

Development

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

2.25%,

10/1/29

...............................................

720

703

New

York

City

Municipal

Water

Finance

Authority

Revenue

Series

BB,

4.25%,

6/15/53,

Continuously

Callable

@100

......................

1,000

877

Series

DD,

2.25%,

6/15/33(b)

..........................................

2,305

2,305

Victory

Portfolios

III

#### Victory

#### New

#### York

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue,

Series

S-1,

4.00%,

7/15/45,

Continuously

Callable

@100

....................................

$

2,000

$

1,759

New

York

Convention

Center

Development

Corp.

Revenue

5.00%,

11/15/45,

Continuously

Callable

@100

..............................

500

Series

B,

11/15/37(c)

................................................

1,000

541

New

York

Convention

Center

Development

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

B,

11/15/48(c)

...........................................

2,000

537

New

York

Liberty

Development

Corp.

Revenue

2.80%,

9/15/69,

Continuously

Callable

@100

...............................

1,500

1,387

Series

1,

5.00%,

11/15/44,

Continuously

Callable

@100(a)

.....................

1,000

971

New

York

Power

Authority

Revenue,

Series

A,

5.00%,

11/15/53,

Continuously

Callable

@100

New

York

State

Dormitory

Authority

Revenue

5.00%,

12/1/37,

Continuously

Callable

@100(a)

.............................

1,300

1,216

6.00%,

7/1/40,

Continuously

Callable

@100

...............................

2,700

2,347

5.00%,

7/1/48,

Continuously

Callable

@100

...............................

570

559

5.00%,

7/1/51,

Continuously

Callable

@100

...............................

725

610

5.00%,

7/1/57,

Continuously

Callable

@100

...............................

1,000

792

Series

1,

4.00%,

7/1/47,

Continuously

Callable

@100

.........................

1,000

833

Series

A,

4.00%,

8/1/38,

Continuously

Callable

@100

.........................

2,000

1,824

Series

A,

4.00%,

7/1/43,

Continuously

Callable

@100

.........................

2,000

1,788

Series

A,

4.00%,

7/1/45,

Continuously

Callable

@100

.........................

2,250

1,985

Series

A,

4.00%,

3/15/49,

Continuously

Callable

@100

........................

750

635

Series

A,

4.00%,

3/15/49,

Continuously

Callable

@100

........................

1,500

1,308

Series

A,

4.00%,

9/1/50,

Continuously

Callable

@100

.........................

500

Series

A,

5.00%,

7/1/53,

Continuously

Callable

@100

.........................

1,000

1,000

Series

A,

5.25%,

7/1/55,

Continuously

Callable

@100

.........................

1,000

1,023

Series

A-1,

3.50%,

7/1/44,

Continuously

Callable

@100

.......................

1,000

767

Series

A-1,

4.00%,

7/1/45,

Continuously

Callable

@100

.......................

3,000

2,656

Series

A-1,

5.50%,

7/1/55,

Continuously

Callable

@100

.......................

New

York

State

Dormitory

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

7/1/51,

Continuously

Callable

@100

...............................

750

728

New

York

State

Housing

Finance

Agency

Revenue

Series

B-1,

5.15%,

11/1/55,

Continuously

Callable

@100

......................

500

Series

C-1,

4.75%,

11/1/53,

Continuously

Callable

@100

......................

1,100

1,030

New

York

State

Housing

Finance

Agency

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

DBE-

8105,

2.50%,

8/1/50(a)(b)

.............................................

New

York

State

Thruway

Authority

Revenue

Series

A,

4.00%,

1/1/56,

Continuously

Callable

@100

.........................

1,000

824

Series

B,

4.00%,

1/1/50,

Continuously

Callable

@100

.........................

1,000

853

New

York

Transportation

Development

Corp.

Revenue

AMT,

6.00%,

6/30/55,

Continuously

Callable

@100

.....................................................

1,000

1,046

New

York

Transportation

Development

Corp.

Revenue

AMT

(INS

-

Assured

Guaranty

Municipal

Corp.)

5.00%,

6/30/54,

Continuously

Callable

@100

...............................

1,000

951

Series

A,

4.50%,

12/31/54,

Continuously

Callable

@100

.......................

1,000

853

Oneida

County

Local

Development

Corp.

Revenue,

4.00%,

7/1/39,

Continuously

Callable

@100

...........................................................

750

617

Onondaga

Civic

Development

Corp.

Revenue

5.00%,

10/1/40,

Continuously

Callable

@100

...............................

1,000

836

5.00%,

1/1/43,

Continuously

Callable

@100

...............................

1,090

1,068

Onondaga

County

Trust

for

Cultural

Resources

Revenue,

5.00%,

5/1/40,

Continuously

Callable

@100

...........................................................

800

800

Southold

Local

Development

Corp.

Revenue,

5.00%,

12/1/45,

Continuously

Callable

@100

.

1,000

938

St.

Lawrence

County

Industrial

Development

Agency

Revenue

5.00%,

9/1/47,

Continuously

Callable

@100

...............................

1,770

1,470

5.25%,

7/1/52,

Continuously

Callable

@100

...............................

1,000

977

Series

A,

4.00%,

7/1/43,

Continuously

Callable

@100

.........................

500

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue,

Series

211,

3.80%,

10/1/48,

Continuously

Callable

@100

....................................

1,140

962

Suffolk

County

Economic

Development

Corp.

Revenue,

Series

C,

5.00%,

7/1/33,

Continuously

Callable

@100

.....................................................

The

Genesee

County

Funding

Corp.

Revenue,

Series

A,

5.25%,

12/1/52,

Continuously

Callable

@100

...........................................................

750

732

Victory

Portfolios

III

#### Victory

#### New

#### York

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

Trust

for

Cultural

Resources

of

The

City

of

New

York

Revenue,

Series

A,

4.00%,

7/1/46,

Continuously

Callable

@100

...........................................

$

1,000

$

853

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

2,543

Series

A,

4.50%,

12/1/56,

Continuously

Callable

@100

........................

500

Series

A-1,

4.00%,

11/15/54,

Continuously

Callable

@100

.....................

1,000

845

Series

B,

11/15/32(c)

................................................

1,000

792

TSASC,

Inc.

Revenue,

Series

A,

5.00%,

6/1/41,

Continuously

Callable

@100

............

1,000

966

Westchester

County

Healthcare

Corp.

Revenue,

Series

B,

6.00%,

11/1/30,

Continuously

Callable

@100

.....................................................

Westchester

County

Local

Development

Corp.

Revenue

5.00%,

7/1/42,

Continuously

Callable

@103

...............................

815

785

5.00%,

11/1/46,

Continuously

Callable

@100

...............................

1,000

852

5.00%,

6/1/47,

Continuously

Callable

@100

...............................

1,000

943

Series

S,

5.00%,

1/1/51,

Continuously

Callable

@103

.........................

1,000

944

Westchester

Tobacco

Asset

Securitization

Corp.

Revenue,

Series

B,

5.00%,

6/1/41,

Continuously

Callable

@100

...........................................

500

101,739

Total

Municipal

Bonds

(Cost

$113,116)

a

a

a

101,739

Total

Investments

(Cost

$113,116)

—

99.0%

101,739

Other

assets

in

excess

of

liabilities

— 1.0%

1,071

NET

ASSETS

-

100.00%

$

102,810

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

August

31,

2025,

the

fair

value

of

these

securities

was

$3,584

(thousands)

and

amounted

to

3.5%

of

net

assets.

(b) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(c) Zero-coupon

bond.

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

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(98.8%)

Virginia

(88.6%):

Alexandria

IDA

Revenue,

Series

C,

4.00%,

1/1/46,

Continuously

Callable

@100

.........

$

2,400

$

2,086

Amherst

IDA

Revenue

5.00%,

9/1/26,

Continuously

Callable

@100

...............................

580

580

4.75%,

9/1/30,

Continuously

Callable

@100

...............................

2,000

1,965

Arlington

County

IDA

Revenue

5.00%,

2/15/43,

Continuously

Callable

@100

...............................

1,775

1,790

4.00%,

7/1/45,

Continuously

Callable

@100

...............................

1,585

1,368

Bristol

IDA

Revenue,

5.00%,

11/1/53,

Continuously

Callable

@100

...................

8,030

8,046

Campbell

County

IDA

Revenue,

4.00%,

6/1/44,

Continuously

Callable

@100

............

4,600

4,073

Capital

Region

Airport

Commission

Revenue

Series

A,

4.00%,

7/1/36,

Continuously

Callable

@100

.........................

700

682

Series

A,

4.00%,

7/1/38,

Continuously

Callable

@100

.........................

750

709

Charles

City

County

Economic

Development

Authority

Revenue,

Series

A,

2.88%,

2/1/29,

Continuously

Callable

@101

...........................................

10,000

9,695

Chesapeake

Bay

Bridge

&

Tunnel

District

Revenue

5.00%,

7/1/46,

Continuously

Callable

@100

...............................

2,840

2,785

5.00%,

7/1/51,

Continuously

Callable

@100

...............................

6,400

6,176

Chesapeake

Bay

Bridge

&

Tunnel

District

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

7/1/41,

Continuously

Callable

@100

...............................

5,000

5,012

Chesapeake

Hospital

Authority

Revenue

4.00%,

7/1/39,

Continuously

Callable

@100

...............................

1,000

918

4.00%,

7/1/43,

Continuously

Callable

@100

...............................

4,000

3,441

City

of

Chesapeake

VA

Chesapeake

Expressway

Toll

Road

Revenue

Series

B,

4.75%,

7/15/32,

Continuously

Callable

@100

........................

6,520

6,821

Series

B,

4.88%,

7/15/40,

Continuously

Callable

@100

........................

3,000

3,007

City

of

Petersburg,

GO

4.25%,

9/1/48,

Continuously

Callable

@100

...............................

1,000

912

4.25%,

9/1/53,

Continuously

Callable

@100

...............................

1,250

1,113

City

of

Richmond

Public

Utility

Revenue

4.00%,

1/15/40,

Continuously

Callable

@100

...............................

6,000

5,612

Series

A,

4.00%,

1/15/50,

Continuously

Callable

@100

........................

2,220

1,908

County

of

Fairfax

Sewer

Revenue,

Series

A,

5.00%,

7/15/46,

Continuously

Callable

@100

..

10,000

10,243

Fairfax

County

Economic

Development

Authority

Revenue,

5.00%,

4/1/47,

Continuously

Callable

@100

.....................................................

4,000

3,960

Fairfax

County

IDA

Revenue

Series

A,

4.00%,

5/15/44,

Continuously

Callable

@100

........................

6,900

6,229

Series

A,

4.00%,

5/15/48,

Continuously

Callable

@100

........................

1,500

1,278

Farmville

IDA

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.38%,

7/1/53,

(Put

Date

7/1/43)(a)

........................................................

5,800

6,086

Front

Royal

&

Warren

County

IDA

Revenue,

4.00%,

1/1/50,

Continuously

Callable

@103

..

7,000

5,909

Hampton

Roads

Transportation

Accountability

Commission

Revenue,

Series

A,

4.00%,

7/1/52,

Continuously

Callable

@100

...........................................

6,000

5,063

Henrico

County

Economic

Development

Authority

Revenue

4.25%,

6/1/26,

Continuously

Callable

@100

...............................

5.00%,

10/1/37,

Continuously

Callable

@102

...............................

2,500

2,508

4.00%,

10/1/40,

Continuously

Callable

@103

...............................

500

4.00%,

10/1/45,

Continuously

Callable

@103

...............................

725

641

4.00%,

10/1/50,

Continuously

Callable

@103

...............................

1,500

1,270

Series

A,

5.00%,

10/1/42,

Continuously

Callable

@103

........................

1,000

1,018

Series

A,

5.00%,

10/1/47,

Continuously

Callable

@103

........................

945

936

Series

A,

5.00%,

10/1/52,

Continuously

Callable

@103

........................

7,380

7,337

James

City

County

Economic

Development

Authority

Revenue

4.00%,

6/1/47,

Continuously

Callable

@103

...............................

1,000

748

Series

A,

4.00%,

12/1/50,

Continuously

Callable

@103

........................

9,905

7,598

Series

A,

6.75%,

12/1/53,

Continuously

Callable

@103

........................

855

896

Lewistown

Commerce

Center

Community

Development

Authority

Tax

Allocation

Series

A,

6.05%,

3/1/44,

Continuously

Callable

@102(b)

......................

656

Series

B,

6.05%,

3/1/44,

Continuously

Callable

@102

.........................

610

Series

C,

4.75%,

3/1/54,

Continuously

Callable

@100(b)

......................

2,599

1,091

Lexington

IDA

Revenue

4.00%,

1/1/31,

Continuously

Callable

@102

...............................

750

753

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4.00%,

1/1/37,

Continuously

Callable

@102

...............................

$

1,000

$

944

5.00%,

1/1/48,

Continuously

Callable

@100

...............................

1,000

990

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2023-DBE-8106,

2.50%,

6/1/63(c)(d)

................................

5,900

5,900

Lynchburg

Economic

Development

Authority

Revenue

4.00%,

1/1/39,

Continuously

Callable

@100

...............................

1,320

1,243

4.00%,

1/1/41,

Continuously

Callable

@100

...............................

1,135

1,023

5.00%,

9/1/43,

Continuously

Callable

@100

...............................

3,000

2,784

4.00%,

1/1/55,

Continuously

Callable

@100

...............................

14,420

11,244

Series

A,

5.00%,

1/1/47,

Continuously

Callable

@100

.........................

2,250

2,138

Manassas

Park

Economic

Development

Authority

Revenue,

4.00%,

12/15/52,

Continuously

Callable

@100

.....................................................

4,500

3,730

Marquis

Community

Development

Authority

of

York

County

Revenue,

1.50%,

9/1/45(b)(c)(e)

1,093

Marquis

Community

Development

Authority

of

York

County

Tax

Allocation

Series

B,

1.13%,

9/1/41(b)(e)

..........................................

3,532

1,319

Series

C,

9/1/41(e)(f)

................................................

5,389

Montgomery

County

Economic

Development

Authority

Revenue,

Series

A,

4.00%,

6/1/38,

Continuously

Callable

@100

...........................................

1,750

1,686

Norfolk

Airport

Authority

Revenue,

5.00%,

7/1/43,

Continuously

Callable

@100

.........

2,800

2,824

Norfolk

Economic

Development

Authority

Revenue

Series

B,

4.00%,

11/1/48,

Continuously

Callable

@100

........................

6,100

5,127

Series

B,

5.00%,

11/1/48,

(Put

Date

11/1/28)(a)

.............................

1,600

1,708

Prince

Edward

County

IDA

Revenue

4.00%,

9/1/43,

Continuously

Callable

@100

...............................

2,250

1,925

5.00%,

9/1/48,

Continuously

Callable

@100

...............................

2,055

1,939

5.25%,

9/1/57,

Continuously

Callable

@100

...............................

3,000

2,964

Prince

William

County

IDA

Revenue

5.00%,

1/1/37,

Continuously

Callable

@102

...............................

1,000

948

5.00%,

1/1/46,

Continuously

Callable

@102

...............................

4,000

3,561

Radford

IDA

Revenue

(NBGA

-

Fannie

Mae),

3.50%,

9/15/29,

Continuously

Callable

@100

.

3,910

3,910

Roanoke

Economic

Development

Authority

Revenue

5.00%,

7/1/47

.....................................................

5,000

4,984

4.00%,

7/1/51,

Continuously

Callable

@100

...............................

5,000

4,270

Series

A,

5.00%,

9/1/36,

Continuously

Callable

@100

.........................

1,640

1,620

Series

A,

5.00%,

9/1/43,

Continuously

Callable

@100

.........................

4,060

3,671

Rockingham

County

Economic

Development

Authority

Revenue

Series

A,

4.00%,

12/1/33,

Continuously

Callable

@100

........................

1,000

979

Series

A,

5.00%,

12/1/39,

Continuously

Callable

@100

........................

4,180

4,184

Salem

Economic

Development

Authority

Revenue

4.00%,

4/1/38,

Continuously

Callable

@100

...............................

4.00%,

4/1/39,

Continuously

Callable

@100

...............................

4.00%,

4/1/40,

Continuously

Callable

@100

...............................

4.00%,

4/1/45,

Continuously

Callable

@100

...............................

750

609

5.00%,

4/1/49,

Continuously

Callable

@100

...............................

910

834

6.00%,

4/1/55,

Continuously

Callable

@100

...............................

Stafford

County

Economic

Development

Authority

Revenue

5.00%,

6/15/36,

Continuously

Callable

@100

...............................

5,900

5,956

4.00%,

6/15/37,

Continuously

Callable

@100

...............................

6,495

6,105

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

B1,

5.00%,

6/1/47,

Continuously

Callable

@100

...........................................................

5,000

4,177

University

of

Virginia

Revenue

Series

A,

5.00%,

4/1/42,

Continuously

Callable

@100

.........................

4,000

4,046

Series

A-1,

4.00%,

4/1/45,

Continuously

Callable

@100

.......................

3,600

3,223

Series

B,

5.00%,

9/1/49,

Continuously

Callable

@100

.........................

10,000

10,051

Virginia

Beach

Development

Authority

Revenue

5.00%,

9/1/40,

Continuously

Callable

@103

...............................

3,250

3,152

5.00%,

9/1/44,

Continuously

Callable

@103

...............................

4,865

4,624

4.00%,

9/1/48,

Continuously

Callable

@103

...............................

3,755

2,828

Virginia

College

Building

Authority

Revenue

5.00%,

6/1/26

.....................................................

5.00%,

6/1/27

.....................................................

5.00%,

6/1/28

.....................................................

5.00%,

6/1/29

.....................................................

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5.00%,

6/1/30

.....................................................

$

$

5.00%,

6/1/31

.....................................................

4.00%,

1/15/33,

Continuously

Callable

@100

...............................

965

975

4.00%,

1/15/35,

Continuously

Callable

@100

...............................

545

544

4.00%,

1/15/36,

Continuously

Callable

@100

...............................

650

640

4.00%,

6/1/36,

Continuously

Callable

@100

...............................

925

914

4.00%,

1/15/43,

Continuously

Callable

@100

...............................

1,285

1,123

4.00%,

6/1/46,

Continuously

Callable

@100

...............................

1,000

826

6.00%,

6/1/55,

Continuously

Callable

@100

...............................

1,500

1,544

Series

A,

3.00%,

1/15/46,

Continuously

Callable

@100

........................

1,000

729

Series

A,

3.00%,

1/15/51,

Continuously

Callable

@100

........................

1,175

802

Series

E,

5.00%,

2/1/31,

Continuously

Callable

@100

.........................

10,000

10,545

Series

E,

5.00%,

2/1/32,

Continuously

Callable

@100

.........................

4,000

4,211

Virginia

Commonwealth

Transportation

Board

Regional

Fuels

Tax

Revenue,

4.00%,

5/15/46,

Continuously

Callable

@100

....................................

5,195

4,580

Virginia

Commonwealth

Transportation

Board

Revenue

5.00%,

3/15/32,

Continuously

Callable

@100

...............................

3,350

3,499

5.00%,

9/15/32,

Continuously

Callable

@100

...............................

9,190

9,591

4.00%,

5/15/42,

Continuously

Callable

@100

...............................

10,000

9,127

Series

A,

4.00%,

5/15/36,

Continuously

Callable

@100

........................

2,000

2,003

Virginia

Commonwealth

University

Health

System

Authority

Revenue,

Series

B,

5.00%,

7/1/46,

Continuously

Callable

@100

.....................................

5,500

5,370

Virginia

Commonwealth

University

Revenue

Series

A,

4.00%,

11/1/37,

Continuously

Callable

@100

........................

750

729

Series

A,

5.00%,

11/1/38,

Continuously

Callable

@100

........................

Series

A,

4.00%,

5/1/48,

Continuously

Callable

@100

.........................

2,475

2,096

Virginia

Housing

Development

Authority

Revenue

Series

A,

4.65%,

9/1/55,

Continuously

Callable

@100

.........................

1,200

1,128

Series

B,

3.60%,

5/1/46,

Continuously

Callable

@100

.........................

6,555

5,306

Series

D,

4.75%,

8/1/53,

Continuously

Callable

@100

........................

1,500

1,421

Series

D,

4.70%,

7/1/55,

Continuously

Callable

@100

........................

1,250

1,160

Series

E,

2.65%,

7/1/50,

Continuously

Callable

@100

.........................

1,640

1,041

Series

E,

4.65%,

7/1/55,

Continuously

Callable

@100

.........................

1,000

920

Series

E,

5.20%,

10/1/58,

Continuously

Callable

@100

........................

3,000

3,024

Series

E-2,

4.60%,

10/1/54,

Continuously

Callable

@100

......................

1,000

913

Series

F,

5.00%,

10/1/52,

Continuously

Callable

@100

........................

5,000

4,945

Series

G,

5.15%,

11/1/52,

Continuously

Callable

@100

........................

1,750

1,744

Series

H,

4.70%,

12/1/54,

Continuously

Callable

@100

........................

800

756

Series

I,

2.45%,

11/1/45,

Continuously

Callable

@100

........................

1,500

959

Series

K,

1.95%,

12/1/32,

Continuously

Callable

@100

........................

1,500

1,290

Series

K,

2.05%,

12/1/33,

Continuously

Callable

@100

........................

665

557

Virginia

Resources

Authority

Revenue

4.00%,

11/1/49,

Continuously

Callable

@100

...............................

6,700

5,817

Series

A,

5.00%,

11/1/32,

Continuously

Callable

@100

........................

Series

A,

4.00%,

11/1/43,

Continuously

Callable

@100

........................

1,445

1,341

Series

A,

4.00%,

11/1/47,

Continuously

Callable

@100

........................

1,040

920

Series

B,

4.75%,

11/1/52,

Continuously

Callable

@100

........................

750

741

Virginia

Small

Business

Financing

Authority

Revenue

4.00%,

12/1/49,

Continuously

Callable

@100

...............................

15,830

13,103

4.00%,

12/1/51,

Continuously

Callable

@103

...............................

4,000

3,098

Series

A,

4.00%,

1/1/45,

Continuously

Callable

@103

.........................

2,800

2,391

Series

A,

4.00%,

1/1/51,

Continuously

Callable

@103

.........................

16,265

13,151

Series

A,

5.50%,

12/1/54,

Continuously

Callable

@102

........................

4,500

4,406

Series

A-1,

5.25%,

6/15/55,

Continuously

Callable

@100

......................

2,000

2,001

Virginia

Small

Business

Financing

Authority

Revenue

AMT

4.00%,

11/1/52,

(Put

Date

11/20/25)(a)

...................................

1,500

1,501

Series

I-495,

5.00%,

12/31/57,

Continuously

Callable

@100

....................

2,000

1,883

Western

Regional

Jail

Authority

Revenue

5.00%,

12/1/35,

Continuously

Callable

@100

...............................

1,540

1,573

5.00%,

12/1/38,

Continuously

Callable

@100

...............................

1,000

1,022

Winchester

Economic

Development

Authority

Revenue,

5.00%,

1/1/44,

Continuously

Callable

@100

...........................................................

3,250

3,179

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Wise

County

IDA

Revenue,

Series

A,

0.75%,

10/1/40

.............................

$

2,500

$

2,500

404,233

District

of

Columbia

(6.5%):

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

AMT

Series

A,

5.25%,

10/1/48,

Continuously

Callable

@100

........................

3,160

3,183

Series

A,

4.50%,

10/1/53,

Continuously

Callable

@100

........................

2,175

1,948

Series

A,

5.25%,

10/1/53,

Continuously

Callable

@100

........................

2,000

2,020

Series

A,

5.50%,

10/1/54,

Continuously

Callable

@100

........................

5,000

5,130

Series

A,

5.50%,

10/1/55,

Continuously

Callable

@100

........................

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

4.00%,

10/1/52,

Continuously

Callable

@100

...............................

3,000

2,497

Series

A,

5.00%,

10/1/44,

Continuously

Callable

@100

........................

1,500

1,500

Series

B,

4.00%,

10/1/53,

Continuously

Callable

@100

........................

1,500

1,221

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

B,

10/1/30(f)

.............................

5,500

4,719

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue,

Series

A,

4.00%,

7/15/45,

Continuously

Callable

@100

...........................................

2,500

2,198

Washington

Metropolitan

Area

Transit

Authority

Revenue,

Series

B,

5.00%,

7/1/42,

Continuously

Callable

@100

...........................................

5,000

5,038

29,720

Guam

(3.7%):

Guam

Government

Waterworks

Authority

Revenue

Series

A,

5.00%,

1/1/50,

Continuously

Callable

@100

.........................

1,000

970

Series

A,

5.50%,

7/1/55,

Continuously

Callable

@100

.........................

750

763

Guam

Power

Authority

Revenue

Series

A,

5.00%,

10/1/40,

Continuously

Callable

@100

........................

4,000

3,967

Series

A,

5.00%,

10/1/41,

Continuously

Callable

@100

........................

1,500

1,523

Series

A,

5.00%,

10/1/43,

Continuously

Callable

@100

........................

Series

A,

5.00%,

10/1/44,

Continuously

Callable

@100

........................

Port

Authority

of

Guam

Revenue,

Series

A,

5.00%,

7/1/48,

Continuously

Callable

@100

....

1,500

1,453

Territory

of

Guam

Revenue

Series

A,

5.00%,

11/1/27

..............................................

Series

A,

5.00%,

11/1/28

..............................................

Series

A,

5.00%,

11/1/29

..............................................

Series

A,

5.00%,

11/1/30

..............................................

Series

A,

5.00%,

11/1/35,

Continuously

Callable

@100

........................

2,000

2,050

Series

A,

5.00%,

12/1/46,

Continuously

Callable

@100

........................

1,250

1,250

Series

D,

5.00%,

11/15/39,

Continuously

Callable

@100

.......................

2,000

2,005

Series

F,

5.00%,

1/1/31

...............................................

500

541

Series

F,

4.00%,

1/1/42,

Continuously

Callable

@100

.........................

1,000

856

16,800

Total

Municipal

Bonds

(Cost

$503,183)

a

a

a

450,753

Total

Investments

(Cost

$503,183)

—

98.8%

450,753

Other

assets

in

excess

of

liabilities

— 1.2%

5,432

NET

ASSETS

-

100.00%

$

456,185

(a) Put

Bond.

(b) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(c) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

August

31,

2025,

the

fair

value

of

these

securities

was

$6,308

(thousands)

and

amounted

to

1.4%

of

net

assets.

(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) This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(f) 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

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Statements

of

Assets

and

Liabilities

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Assets:

Investments,

at

value

(Cost

$421,863,

$1,147,837

and

$536,984)

$

397,704

$

1,124,825

$

852,966

Repurchase

agreements,

at

value

(Cost

$—,

$6,000

and

$—)

—

6,000

—

Cash

—

Receivables:

Dividends,

interest,

and

securities

lending

income

4,663

5,508

5,909

Capital

shares

issued

989

Investments

sold

—

632

—

From

Adviser

—

Prepaid

expenses

Total

Assets

402,790

1,137,995

859,557

Liabilities:

Payables:

Distributions

—

—

Investments

purchased

—

—

2,000

Capital

shares

redeemed

837

Payable

to

Adviser

—

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

—(a)

Transfer

agent

fees

Compliance

fees

—(a)

Trustees'

fees

12b-1

fees

—(a)

—

Other

accrued

expenses

Total

Liabilities

667

1,271

2,625

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

447,370

1,202,529

496,552

Total

accumulated

earnings

(loss)

(45,247)

(65,805)

360,380

Net

Assets

$

402,123

$

1,136,724

$

856,932

Net

Assets:

Fund

Shares

$

397,358

$

224,523

$

744,671

Institutional

Shares

4,081

849,151

77,206

Class

A

684

—

18,292

Class

C

—

—

16,763

Class

R6

—

63,050

—

Total

$

402,123

$

1,136,724

$

856,932

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

40,373

25,096

25,798

Institutional

Shares

94,887

2,677

Class

A

—

636

Class

C

—

—

589

Class

R6

—

7,044

—

Total

40,858

127,027

29,700

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Fund

Shares

$

9.84 $

8.95 $

28.87 Institutional

Shares

9.84 8.95 28.84 Class

A

9.83 —

28.76 Class

C(c)

—

—

28.48 Class

R6

—

8.95 —

Maximum

Sales

Charge

—

Class

A

2.25%

—%

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

10.06 $

—

$

29.42 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statements

of

Assets

and

Liabilities

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

Assets:

Investments,

at

value

(Cost

$113,116

and

$503,183)

$

101,739

$

450,753

Cash

Receivables:

Interest

1,144

5,974

Capital

shares

issued

From

Adviser

Prepaid

expenses

Total

Assets

103,013

456,826

Liabilities:

Payables:

Distributions

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

—(a)

—

(a) Transfer

agent

fees

Compliance

fees

—(a)

—(a)

Trustees'

fees

12b-1

fees

—

Other

accrued

expenses

Total

Liabilities

641

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

121,040

526,853

Total

accumulated

earnings

(loss)

(18,230)

(70,668)

Net

Assets

$

102,810

$

456,185

Net

Assets:

Fund

Shares

$

99,392

$

419,747

Institutional

Shares

3,418

26,364

Class

A

—

10,074

Total

$

102,810

$

456,185

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

9,712

41,963

Institutional

Shares

2,634

Class

A

—

1,008

Total

10,047

45,605

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Fund

Shares

$

10.23 $

10.00 Institutional

Shares

10.21 10.01 Class

A

—

10.00 Maximum

Sales

Charge

—

Class

A

—%

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

—

$

10.23 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Operations

For

the

Six

Months

Ended

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Investment

Income:

Dividends

$

—

$

$

2,312

Interest

8,604

23,524

9,184

Securities

lending

(net

of

fees)

—

—

(a) —

(a) Foreign

tax

withholding

—

—

—

(a) Total

Income

8,604

23,564

11,496

Expenses:

Investment

advisory

fees

630

963

1,101

Administration

fees

—

Fund

Shares

546

Administration

fees

—

Institutional

Shares

Administration

fees

—

Class

A

—

(a) —

Administration

fees

—

Class

C

—

—

Administration

fees

—

Class

R6

—

—

Sub-Administration

fees

12b-1

fees

—

Class

A

—

12b-1

fees

—

Class

C

—

—

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

Transfer

agent

fees

—

Institutional

Shares

Transfer

agent

fees

—

Class

A

—

(a) —

Transfer

agent

fees

—

Class

C

—

—

Transfer

agent

fees

—

Class

R6

—

—

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

—

(a) 40

Interfund

lending

fees

—

—

(a) 2

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

Total

Expenses

1,103

2,334

2,236

Less

fees

paid

indirectly

(9)

—

(9)

Expenses

waived/reimbursed

by

Adviser

(28)

—

(12)

Net

Expenses

1,066

2,334

2,215

Net

Investment

Income

(Loss)

7,538

21,230

9,281

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(2,786)

556

7,732

Net

realized

gains

(losses)

from

in-kind

redemptions

—

—

32,546

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(20,642)

6,773

(23,684)

Net

realized/unrealized

gains

(losses)

on

investments

(23,428)

7,329

16,594

Change

in

net

assets

resulting

from

operations

$

(15,890)

$

28,559

$

25,875

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

Investment

Income:

Interest

$

2,363

$

9,175

Total

Income

2,363

9,175

Expenses:

Investment

advisory

fees

794

Administration

fees

—

Fund

Shares

Administration

fees

—

Institutional

Shares

Administration

fees

—

Class

A

—

Sub-Administration

fees

12b-1

fees

—

Class

A

—

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

Transfer

agent

fees

—

Institutional

Shares

Transfer

agent

fees

—

Class

A

—

Trustees'

fees

Compliance

fees

—

(a) 2

Legal

and

audit

fees

State

registration

and

filing

fees

—

(a) —

(a) Other

expenses

Total

Expenses

1,353

Less

fees

paid

indirectly

(3)

(10)

Expenses

waived/reimbursed

by

Adviser

(68)

(43)

Net

Expenses

1,300

Net

Investment

Income

(Loss)

2,023

7,875

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(1,438)

(3,355)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(5,699)

(22,004)

Net

realized/unrealized

gains

(losses)

on

investments

(7,137)

(25,359)

Change

in

net

assets

resulting

from

operations

$

(5,114)

$

(17,484)

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

7,538

$

15,023

$

21,230

$

38,855

$

9,281

$

17,004

Net

realized

gains

(losses)

(2,786)

(569)

556

(4,084)

40,278

8,132

Net

change

in

unrealized

appreciation/depreciation

(20,642)

(733)

6,773

24,984

(23,684)

62,302

Change

in

net

assets

resulting

from

operations

(15,890)

13,721

28,559

59,755

25,875

87,438

Distributions

to

Shareholders:

Fund

Shares

(7,483)

(14,904)

(4,311)

(8,570)

(7,083)

(16,689)

Institutional

Shares

(59)

(93)

(16,242)

(29,919)

(735)

(1,876)

Class

A

(8)

(11)

—

—

(167)

(390)

Class

C

—

—

—

—

(84)

(177)

Class

R6

—

—

(1,096)

(1,180)

—

—

Change

in

net

assets

resulting

from

distributions

to

shareholders

(7,550)

(15,008)

(21,649)

(39,669)

(8,069)

(19,132)

Change

in

net

assets

resulting

from

capital

transactions

(28,868)

(42,956)

27,519

69,204

(23,177)

(3,796)

Change

in

net

assets

(52,308)

(44,243)

34,429

89,290

(5,371)

64,510

Net

Assets:

Beginning

of

period

454,431

498,674

1,102,295

1,013,005

862,303

797,793

End

of

period

$

402,123

$

454,431

$

1,136,724

$

1,102,295

$

856,932

$

862,303

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

7,260

$

10,292

$

16,920

$

25,988

$

22,094

$

68,085

Distributions

reinvested

6,299

12,737

4,046

8,135

6,765

15,921

Cost

of

shares

redeemed

(43,987)

(66,200)

(25,543)

(51,748)

(46,214)

(82,155)

Total

Fund

Shares

$

(30,428)

$

(43,171)

$

(4,577)

$

(17,625)

$

(17,355)

$

1,851

Institutional

Shares

Proceeds

from

shares

issued

$

1,482

$

1,140

$

22,873

$

80,074

$

41,100

$

15,896

Distributions

reinvested

16,161

29,919

603

Cost

of

shares

redeemed

(330)

(937)

(21,833)

(52,780)

(46,047)

(22,609)

Total

Institutional

Shares

$

1,210

$

$

17,201

$

57,213

$

(4,664)

$

(6,110)

Class

A

Proceeds

from

shares

issued

$

596

$

$

—

$

—

$

2,694

$

11,703

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(252)

(129)

—

—

(4,949)

(13,553)

Total

Class

A

$

$

(80)

$

—

$

—

$

(2,138)

$

(1,627)

Class

C

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

2,042

$

3,443

Distributions

reinvested

—

—

—

—

Cost

of

shares

redeemed

—

—

—

—

(1,140)

(1,517)

Total

Class

C

$

—

$

—

$

—

$

—

$

980

$

2,090

Class

R6

Proceeds

from

shares

issued

$

—

$

—

$

23,670

$

40,056

$

—

$

—

Distributions

reinvested

—

—

1,070

1,180

—

—

Cost

of

shares

redeemed

—

—

(9,845)

(11,620)

—

—

Total

Class

R6

$

—

$

—

$

14,895

$

29,616

$

—

$

—

Change

in

net

assets

resulting

from

capital

transactions

$

(28,868)

$

(42,956)

$

27,519

$

69,204

$

(23,177)

$

(3,796)

Share

Transactions:

Fund

Shares

Issued

727

990

1,908

2,954

801

2,489

Reinvested

634

1,227

925

591

Redeemed

(4,421)

(6,364)

(2,885)

(5,884)

(1,678)

(3,013)

Total

Fund

Shares

(3,060)

(4,147)

(522)

(2,005)

(631)

Institutional

Shares

Issued

2,581

9,096

1,445

582

Reinvested

1,817

3,416

Redeemed

(33)

(90)

(2,463)

(5,993)

(1,631)

(825)

Total

Institutional

Shares

1,935

6,519

(176)

(221)

Class

A

Issued

—

—

Reinvested

—

—

Redeemed

(26)

(13)

—

—

(180)

(504)

Total

Class

A

(8)

—

—

(77)

(65)

Class

C

Issued

—

—

—

—

Reinvested

—

—

—

—

Redeemed

—

—

—

—

(42)

(56)

Total

Class

C

—

—

—

—

Class

R6

Issued

—

—

2,672

4,538

—

—

Reinvested

—

—

—

—

Redeemed

—

—

(1,110)

(1,321)

—

—

Total

Class

R6

—

—

1,682

3,352

—

—

Change

in

Shares

(2,900)

(4,125)

3,095

7,866

(847)

(142)

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

2,023

$

4,246

$

7,875

$

15,329

Net

realized

gains

(losses)

(1,438)

792

(3,355)

Net

change

in

unrealized

appreciation/depreciation

(5,699)

(18)

(22,004)

2,059

Change

in

net

assets

resulting

from

operations

(5,114)

5,020

(17,484)

17,471

Distributions

to

Shareholders:

Fund

Shares

(1,939)

(4,010)

(7,259)

(14,226)

Institutional

Shares

(84)

(234)

(476)

(810)

Class

A

—

(2)

(a) (157)

(293)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(2,023)

(4,246)

(7,892)

(15,329)

Change

in

net

assets

resulting

from

capital

transactions

(6,346)

(14,657)

(29,402)

(24,681)

Change

in

net

assets

(13,483)

(13,883)

(54,778)

(22,539)

Net

Assets:

Beginning

of

period

116,293

130,176

510,963

533,502

End

of

period

$

102,810

$

116,293

$

456,185

$

510,963

(a) Class

A

activity

is

for

the

period

March

1,

2024,

to

January

30,

2025

(date

of

termination).

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

5,759

$

17,026

$

15,859

$

27,694

Distributions

reinvested

1,518

3,175

6,127

12,260

Cost

of

shares

redeemed

(12,754)

(30,627)

(53,301)

(63,189)

Total

Fund

Shares

$

(5,477)

$

(10,426)

$

(31,315)

$

(23,235)

Institutional

Shares

Proceeds

from

shares

issued

$

638

$

2,405

$

10,048

$

6,907

Distributions

reinvested

706

Cost

of

shares

redeemed

(1,589)

(6,739)

(9,121)

(7,720)

Total

Institutional

Shares

$

(869)

$

(4,118)

$

1,354

$

(107)

Class

A

Proceeds

from

shares

issued

$

—

$

(a) $

1,042

$

681

Distributions

reinvested

—

—

(a) (b) 151

Cost

of

shares

redeemed

—

(150)

(a) (634)

(2,296)

Total

Class

A

$

—

$

(113)

$

559

$

(1,339)

Change

in

net

assets

resulting

from

capital

transactions

$

(6,346)

$

(14,657)

$

(29,402)

$

(24,681)

Share

Transactions:

Fund

Shares

Issued

550

1,564

1,567

2,638

Reinvested

607

1,169

Redeemed

(1,225)

(2,805)

(5,279)

(6,028)

Total

Fund

Shares

(529)

(949)

(3,105)

(2,221)

Institutional

Shares

Issued

988

659

Reinvested

Redeemed

(154)

(621)

(914)

(734)

Total

Institutional

Shares

(86)

(381)

(8)

Class

A

Issued

—

(a) 102

Reinvested

—

—

(a) (c) 15

Redeemed

—

(14)

(a) (62)

(219)

Total

Class

A

—

(10)

(129)

Change

in

Shares

(615)

(1,340)

(2,934)

(2,358)

(a) Class

A

activity

is

for

the

period

March

1,

2024,

to

January

30,

2025

(date

of

termination).

(b) Rounds

to

less

than

$1

thousand.

(c) Rounds

to

less

than

thousand

shares.

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.39

$10.41

$10.16

$10.81

$11.49

$11.17

$11.07

Investment

Activities:

Net

investment

income

(loss)(b)

0.18 0.34 0.33 0.29 0.27 0.27 0.30 Net

realized

and

unrealized

gains

(losses)

(0.55)

(0.03)

0.25 (0.66)

(0.68)

0.32 0.10 Total

from

Investment

Activities

(0.37)

0.31 0.58 (0.37)

(0.41)

0.59 0.40 Distributions

to

Shareholders

from:

Net

investment

income

(0.18)

(0.33)

(0.33)

(0.28)

(0.27)

(0.27)

(0.30)

Total

Distributions

(0.18)

(0.33)

(0.33)

(0.28)

(0.27)

(0.27)

(0.30)

Net

Asset

Value,

End

of

Period

$9.84

$10.39

$10.41

$10.16

$10.81

$11.49

$11.17

Total

Return(c)(d)

(3.59)%

3.02%

5.87%

(3.43)%

(3.64)%

5.36%

3.62%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.50%(h)

0.55%(h)

0.57%(h)

0.59%

0.55%

0.56%

0.53%

Net

Investment

Income

(Loss)(e)

3.53%

3.17%

3.18%

3.04%

2.39%

2.40%

2.66%

Gross

Expenses(e)(f)

0.51%(h)

0.56%(h)

0.58%(h)

0.59%

0.55%

0.56%

0.53%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$397,358

$451,059

$495,521

$516,046

$606,474

$655,948

$677,785

Portfolio

Turnover(c)(i)

7%

11%

2%

19%

11%

32%

33%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.38

$10.41

$10.16

$10.81

$11.48

$11.35

Investment

Activities:

Net

investment

income

(loss)(c)

0.18 0.33 0.33 0.30 0.28 0.21 Net

realized

and

unrealized

gains

(losses)

(0.54)

(0.03)

0.26 (0.67)

(0.67)

0.13 Total

from

Investment

Activities

(0.36)

0.30 0.59 (0.37)

(0.39)

0.34 Distributions

to

Shareholders

from:

Net

investment

income

(0.18)

(0.33)

(0.34)

(0.28)

(0.28)

(0.21)

Total

Distributions

(0.18)

(0.33)

(0.34)

(0.28)

(0.28)

(0.21)

Net

Asset

Value,

End

of

Period

$9.84

$10.38

$10.41

$10.16

$10.81

$11.48

Total

Return(d)(e)

(3.49)%

2.97%

5.92%

(3.36)%

(3.50)%

3.01%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.48%(i)

0.51%(i)

0.52%(i)

0.51%

0.51%

0.50%

Net

Investment

Income

(Loss)(f)

3.56%

3.21%

3.22%

3.17%

2.43%

2.44%

Gross

Expenses(f)(h)

0.66%(i)

0.64%(i)

0.60%(i)

0.59%

0.58%

0.94%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,081

$3,020

$2,721

$1,515

$592

$911

Portfolio

Turnover(d)(j)

7%

11%

2%

19%

11%

32%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Class

A

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.37

$10.40

$10.15

$10.80

$11.47

$11.16

$11.06

Investment

Activities:

Net

investment

income

(loss)(b)

0.16 0.31 0.30 0.26 0.25 0.25 0.27 Net

realized

and

unrealized

gains

(losses)

(0.54)

(0.03)

0.26 (0.66)

(0.67)

0.31 0.10 Total

from

Investment

Activities

(0.38)

0.28 0.56 (0.40)

(0.42)

0.56 0.37 Distributions

to

Shareholders

from:

Net

investment

income

(0.16)

(0.31)

(0.31)

(0.25)

(0.25)

(0.25)

(0.27)

Total

Distributions

(0.16)

(0.31)

(0.31)

(0.25)

(0.25)

(0.25)

(0.27)

Net

Asset

Value,

End

of

Period

$9.83

$10.37

$10.40

$10.15

$10.80

$11.47

$11.16

Total

Return(c)(d)

(3.62)%

2.69%

5.66%

(3.69)%

(3.78)%

5.01%

3.36%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.75%(h)

0.78%(h)

0.78%(h)

0.89%

0.79%

0.81%

0.78%

Net

Investment

Income

(Loss)(e)

3.30%

2.95%

2.99%

2.73%

2.15%

2.15%

2.41%

Gross

Expenses(e)(f)

1.64%(h)

1.52%(h)

0.86%(h)

0.97%

0.85%

0.88%

0.78%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$684

$352

$432

$533

$1,098

$6,783

$6,381

Portfolio

Turnover(c)(i)

7%

11%

2%

19%

11%

32%

33%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Government

Securities

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.89

$8.73

$8.76

$9.19

$10.03

$10.23

$9.84

Investment

Activities:

Net

investment

income

(loss)(b)

0.17 0.32 0.28 0.15 0.15 0.21 0.24 Net

realized

and

unrealized

gains

(losses)

0.06 0.16 (0.02)

(0.42)

(0.71)

(0.15)

0.39 Total

from

Investment

Activities

0.23 0.48 0.26 (0.27)

(0.56)

0.06 0.63 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.32)

(0.29)

(0.16)

(0.17)

(0.22)

(0.24)

Net

realized

gains

—

—

—

—

(0.11)

(0.04)

—

Total

Distributions

(0.17)

(0.32)

(0.29)

(0.16)

(0.28)

(0.26)

(0.24)

Net

Asset

Value,

End

of

Period

$8.95

$8.89

$8.73

$8.76

$9.19

$10.03

$10.23

Total

Return(c)(d)

2.60%

5.65%

2.96%

(3.00)%

(5.71)%

0.56%

6.49%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.49%

0.51%

0.53%

0.53%

0.42%

0.41%

0.43%

Net

Investment

Income

(Loss)(e)

3.71%

3.61%

3.17%

2.20%

1.56%

2.04%

2.36%

Gross

Expenses(e)(f)

0.49%

0.51%

0.53%

0.53%

0.42%

0.41%

0.43%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$224,523

$227,803

$241,030

$255,105

$272,233

$327,111

$364,077

Portfolio

Turnover(c)(h)

9%

20%

36%

27%

34%

15%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Government

Securities

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.89

$8.73

$8.76

$9.20

$10.04

$10.23

$9.85

Investment

Activities:

Net

investment

income

(loss)(b)

0.17 0.33 0.29 0.15 0.16 0.22 0.24 Net

realized

and

unrealized

gains

(losses)

0.06 0.16 (0.02)

(0.43)

(0.71)

(0.14)

0.39 Total

from

Investment

Activities

0.23 0.49 0.27 (0.28)

(0.55)

0.08 0.63 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.33)

(0.30)

(0.16)

(0.18)

(0.23)

(0.25)

Net

realized

gains

—

—

—

—

(0.11)

(0.04)

—

Total

Distributions

(0.17)

(0.33)

(0.30)

(0.16)

(0.29)

(0.27)

(0.25)

Net

Asset

Value,

End

of

Period

$8.95

$8.89

$8.73

$8.76

$9.20

$10.04

$10.23

Total

Return(c)(d)

2.65%

5.76%

3.08%

(3.03)%

(5.64)%

0.75%

6.45%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.40%

0.41%

0.42%

0.42%

0.35%

0.32%

0.36%

Net

Investment

Income

(Loss)(e)

3.80%

3.71%

3.29%

2.31%

1.61%

2.12%

2.43%

Gross

Expenses(e)(f)

0.40%

0.41%

0.42%

0.42%

0.35%

0.32%

0.36%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$849,151

$826,782

$754,424

$691,136

$771,104

$545,930

$638,299

Portfolio

Turnover(c)(h)

9%

20%

36%

27%

34%

15%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Government

Securities

Fund

Class

R6

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.90

$8.73

$8.76

$9.20

$10.01

$10.22

$9.84

Investment

Activities:

Net

investment

income

(loss)(b)

0.17 0.33 0.30 0.17 0.16 0.23 0.24 Net

realized

and

unrealized

gains

(losses)

0.05 0.18 (0.03)

(0.44)

(0.67)

(0.15)

0.39 Total

from

Investment

Activities

0.22 0.51 0.27 (0.27)

(0.51)

0.08 0.63 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.34)

(0.30)

(0.17)

(0.19)

(0.25)

(0.25)

Net

realized

gains

—

—

—

—

(0.11)

(0.04)

—

Total

Distributions

(0.17)

(0.34)

(0.30)

(0.17)

(0.30)

(0.29)

(0.25)

Net

Asset

Value,

End

of

Period

$8.95

$8.90

$8.73

$8.76

$9.20

$10.01

$10.22

Total

Return(c)(d)

2.55%

5.93%

3.14%

(2.96)%

(5.26)%

0.75%

6.46%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.37%

0.37%(h)

0.37%(h)

0.34%(h)

0.26%(h)

0.31%

0.35%

Net

Investment

Income

(Loss)(e)

3.83%

3.78%

3.49%

2.55%

1.65%

2.30%

2.43%

Gross

Expenses(e)(f)

0.37%

0.37%

0.44%

1.81%

3.55%

0.46%

0.39%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$63,050

$47,710

$17,551

$4,016

$531

$167

$7,903

Portfolio

Turnover(c)(i)

9%

20%

36%

27%

34%

15%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Includes

impact

of

voluntary

waiver.

Without

this

voluntary

waiver,

the

net

expense

ratio

for

the

year

ended

May

31,

2022,

nine

months

ended

February

28,

2023,

year

ended

February

29,

2024,

and

year

ended

February

28,

2025,

would

have

been

0.22%,

0.15%,

less

than

0.01%

higher

and

less

than

0.01%

higher,

respectively.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Growth

and

Tax

Strategy

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$28.24

$26.01

$22.61

$23.66

$25.25

$20.96

$20.18

Investment

Activities:

Net

investment

income

(loss)(b)

0.31 0.56 0.55 0.38 0.42 0.43 0.47 Net

realized

and

unrealized

gains

(losses)

0.59 2.30 3.38 (1.15)

(1.60)

4.29 0.77 Total

from

Investment

Activities

0.90 2.86 3.93 (0.77)

(1.18)

4.72 1.24 Distributions

to

Shareholders

from:

Net

investment

income

(0.27)

(0.63)

(0.53)

(0.28)

(0.41)

(0.43)

(0.46)

Total

Distributions

(0.27)

(0.63)

(0.53)

(0.28)

(0.41)

(0.43)

(0.46)

Net

Asset

Value,

End

of

Period

$28.87

$28.24

$26.01

$22.61

$23.66

$25.25

$20.96

Total

Return(c)(d)

3.21%

11.15%

17.68%

(3.24)%

(4.80)%

22.79%

6.25%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.50%(h)

0.50%(h)

0.51%(h)

0.54%

0.58%

0.59%

0.57%

Net

Investment

Income

(Loss)(e)

2.24%

2.06%

2.31%

2.26%

1.64%

1.86%

2.25%

Gross

Expenses(e)(f)

0.50%(h)

0.50%(h)

0.51%(h)

0.54%

0.58%

0.59%

0.57%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$744,671

$746,342

$685,562

$620,529

$694,234

$701,841

$593,579

Portfolio

Turnover(c)(i)

5%(j)

17%

13%

15%

14%

11%

34%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Growth

and

Tax

Strategy

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

June

29,

2020(b)

through

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$28.21

$25.98

$22.59

$23.65

$25.24

$21.05

Investment

Activities:

Net

investment

income

(loss)(c)

0.31 0.55 0.54 0.38 0.42 0.40 Net

realized

and

unrealized

gains

(losses)

0.59 2.30 3.38 (1.16)

(1.60)

4.12 Total

from

Investment

Activities

0.90 2.85 3.92 (0.78)

(1.18)

4.52 Distributions

to

Shareholders

from:

Net

investment

income

(0.27)

(0.62)

(0.53)

(0.28)

(0.41)

(0.33)

Total

Distributions

(0.27)

(0.62)

(0.53)

(0.28)

(0.41)

(0.33)

Net

Asset

Value,

End

of

Period

$28.84

$28.21

$25.98

$22.59

$23.65

$25.24

Total

Return(d)(e)

3.23%

11.12%

17.63%

(3.28)%

(4.79)%

21.62%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.53%(i)

0.54%(i)

0.54%(i)

0.55%

0.57%

0.56%

Net

Investment

Income

(Loss)(f)

2.21%

2.03%

2.28%

2.25%

1.65%

1.80%

Gross

Expenses(f)(h)

0.54%(i)

0.55%(i)

0.54%(i)

0.57%

0.57%

0.59%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$77,206

$80,501

$79,867

$52,018

$64,446

$55,541

Portfolio

Turnover(d)(j)

5%(k)

17%

13%

15%

14%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(k) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Growth

and

Tax

Strategy

Fund

Class

A

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

June

29,

2020(b)

through

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$28.14

$25.92

$22.54

$23.59

$25.22

$21.05

Investment

Activities:

Net

investment

income

(loss)(c)

0.27 0.47 0.47 0.33 0.36 0.31 Net

realized

and

unrealized

gains

(losses)

0.58 2.30 3.37 (1.16)

(1.62)

4.16 Total

from

Investment

Activities

0.85 2.77 3.84 (0.83)

(1.26)

4.47 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.55)

(0.46)

(0.22)

(0.37)

(0.30)

Total

Distributions

(0.23)

(0.55)

(0.46)

(0.22)

(0.37)

(0.30)

Net

Asset

Value,

End

of

Period

$28.76

$28.14

$25.92

$22.54

$23.59

$25.22

Total

Return(d)(e)

3.07%

10.80%

17.29%

(3.50)%

(5.10)%

21.35%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.82%(i)

0.83%(i)

0.83%(i)

0.85%

0.86%

0.86%

Net

Investment

Income

(Loss)(f)

1.92%

1.74%

1.98%

1.97%

1.42%

1.38%

Gross

Expenses(f)(h)

0.88%(i)

0.91%(i)

0.93%(i)

1.06%

1.03%

13.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$18,292

$20,063

$20,154

$11,836

$9,754

$525

Portfolio

Turnover(d)(j)

5%(k)

17%

13%

15%

14%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(k) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Growth

and

Tax

Strategy

Fund

Class

C

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

June

29,

2020(b)

through

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$27.89

$25.70

$22.40

$23.46

$25.12

$21.05

Investment

Activities:

Net

investment

income

(loss)(c)

0.16 0.27 0.29 0.20 0.17 0.16 Net

realized

and

unrealized

gains

(losses)

0.58 2.28 3.33 (1.14)

(1.60)

4.13 Total

from

Investment

Activities

0.74 2.55 3.62 (0.94)

(1.43)

4.29 Distributions

to

Shareholders

from:

Net

investment

income

(0.15)

(0.36)

(0.32)

(0.12)

(0.23)

(0.22)

Total

Distributions

(0.15)

(0.36)

(0.32)

(0.12)

(0.23)

(0.22)

Net

Asset

Value,

End

of

Period

$28.48

$27.89

$25.70

$22.40

$23.46

$25.12

Total

Return(d)(e)

2.67%

10.00%

16.36%

(3.99)%

(5.78)%

20.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

1.57%(i)

1.58%(i)

1.58%(i)

1.59%

1.61%

1.60%

Net

Investment

Income

(Loss)(f)

1.17%

0.99%

1.24%

1.21%

0.66%

0.70%

Gross

Expenses(f)(h)

1.65%(i)

1.72%(i)

1.76%(i)

1.89%

1.67%

5.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$16,763

$15,397

$12,210

$5,619

$5,543

$1,221

Portfolio

Turnover(d)(j)

5%(k)

17%

13%

15%

14%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(k) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

New

York

Bond

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.91

$10.85

$10.57

$11.39

$12.11

$11.80

$11.87

Investment

Activities:

Net

investment

income

(loss)(b)

0.19 0.37 0.38 0.32 0.32 0.34 0.38 Net

realized

and

unrealized

gains

(losses)

(0.68)

0.06 0.28 (0.82)

(0.72)

0.31 (0.07)

Total

from

Investment

Activities

(0.49)

0.43 0.66 (0.50)

(0.40)

0.65 0.31 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.37)

(0.38)

(0.32)

(0.32)

(0.34)

(0.38)

Total

Distributions

(0.19)

(0.37)

(0.38)

(0.32)

(0.32)

(0.34)

(0.38)

Net

Asset

Value,

End

of

Period

$10.23

$10.91

$10.85

$10.57

$11.39

$12.11

$11.80

Total

Return(c)(d)

(4.46)%

4.08%

6.36%

(4.38)%

(3.40)%

5.61%

2.60%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.63%(h)

0.66%(h)

0.63%(h)

0.67%

0.64%

0.66%

0.61%

Net

Investment

Income

(Loss)(e)

3.70%

3.45%

3.55%

3.25%

2.65%

2.87%

3.17%

Gross

Expenses(e)(f)

0.75%(h)

0.77%(h)

0.70%(h)

0.71%

0.64%

0.66%

0.61%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$99,392

$111,708

$121,382

$139,084

$170,335

$207,085

$218,096

Portfolio

Turnover(c)(i)

5%

4%

4%

15%

10%

19%

18%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

New

York

Bond

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.88

$10.82

$10.56

$11.38

$12.10

$11.94

Investment

Activities:

Net

investment

income

(loss)(c)

0.20 0.38 0.38 0.32 0.33 0.26 Net

realized

and

unrealized

gains

(losses)

(0.67)

0.06 0.26 (0.82)

(0.72)

0.16 Total

from

Investment

Activities

(0.47)

0.44 0.64 (0.50)

(0.39)

0.42 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.38)

(0.38)

(0.32)

(0.33)

(0.26)

Total

Distributions

(0.20)

(0.38)

(0.38)

(0.32)

(0.33)

(0.26)

Net

Asset

Value,

End

of

Period

$10.21

$10.88

$10.82

$10.56

$11.38

$12.10

Total

Return(d)(e)

(4.35)%

4.12%

6.22%

(4.34)%

(3.39)%

3.55%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.56%(i)

0.63%(i)

0.60%(i)

0.61%

0.61%

0.61%

Net

Investment

Income

(Loss)(f)

3.78%

3.49%

3.56%

3.31%

2.72%

2.86%

Gross

Expenses(f)(h)

0.81%(i)

0.82%(i)

0.71%(i)

0.70%

0.65%

0.77%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,418

$4,585

$8,682

$20,352

$21,414

$2,958

Portfolio

Turnover(d)(j)

5%

4%

4%

15%

10%

19%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Virginia

Bond

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.53

$10.48

$10.24

$10.94

$11.61

$11.26

$11.30

Investment

Activities:

Net

investment

income

(loss)(b)

0.17 0.31 0.31 0.29 0.26 0.27 0.31 Net

realized

and

unrealized

gains

(losses)

(0.53)

0.05 0.26 (0.72)

(0.67)

0.35 (0.04)

Total

from

Investment

Activities

(0.36)

0.36 0.57 (0.43)

(0.41)

0.62 0.27 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.31)

(0.33)

(0.27)

(0.26)

(0.27)

(0.31)

Total

Distributions

(0.17)

(0.31)

(0.33)

(0.27)

(0.26)

(0.27)

(0.31)

Net

Asset

Value,

End

of

Period

$10.00

$10.53

$10.48

$10.24

$10.94

$11.61

$11.26

Total

Return(c)(d)

(3.44)%

3.47%

5.66%

(3.90)%

(3.64)%

5.53%

2.39%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)(h)

0.54%(i)

0.58%(h)

0.58%(i)

0.55%

0.53%

0.50%

0.55%

Net

Investment

Income

(Loss)(e)

3.29%

2.94%

3.02%

3.01%

2.23%

2.32%

2.70%

Gross

Expenses(e)(f)

0.56%(i)

0.59%(i)

0.59%(i)

0.56%

0.53%

0.50%

0.55%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$419,747

$474,417

$495,681

$516,987

$639,231

$713,075

$685,508

Portfolio

Turnover(c)(j)

5%

6%

5%

14%

8%

28%

24%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) The

net

expense

ratio

may

not

correlate

to

the

applicable

expense

limits

in

place

during

the

period

since

the

current

contractual

expense

limitation

is

applied

for

a

period

beginning

July

1,

2019,

and

in

effect

through

June

30,

2026,

instead

of

coinciding

with

the

Fund's

Fiscal

year

end.

(i)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Virginia

Bond

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.53

$10.49

$10.24

$10.94

$11.61

$11.46

Investment

Activities:

Net

investment

income

(loss)(c)

0.17 0.31 0.32 0.31 0.26 0.20 Net

realized

and

unrealized

gains

(losses)

(0.52)

0.04 0.26 (0.73)

(0.67)

0.15 Total

from

Investment

Activities

(0.35)

0.35 0.58 (0.42)

(0.41)

0.35 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.31)

(0.33)

(0.28)

(0.26)

(0.20)

Total

Distributions

(0.17)

(0.31)

(0.33)

(0.28)

(0.26)

(0.20)

Net

Asset

Value,

End

of

Period

$10.01

$10.53

$10.49

$10.24

$10.94

$11.61

Total

Return(d)(e)

(3.33)%

3.42%

5.81%

(3.86)%

(3.61)%

3.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.51%(i)

0.53%(i)

0.52%(i)

0.51%

0.50%

0.49%

Net

Investment

Income

(Loss)(f)

3.33%

2.99%

3.08%

3.26%

2.25%

2.26%

Gross

Expenses(f)(h)

0.59%(i)

0.61%(i)

0.59%(i)

0.57%

0.56%

0.58%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$26,364

$26,516

$26,490

$27,598

$10,469

$12,105

Portfolio

Turnover(d)(j)

5%

6%

5%

14%

8%

28%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Virginia

Bond

Fund

Class

A

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.52

$10.48

$10.23

$10.94

$11.60

$11.25

$11.29

Investment

Activities:

Net

investment

income

(loss)(b)

0.16 0.29 0.29 0.26 0.23 0.24 0.28 Net

realized

and

unrealized

gains

(losses)

(0.52)

0.04 0.26 (0.72)

(0.66)

0.35 (0.04)

Total

from

Investment

Activities

(0.36)

0.33 0.55 (0.46)

(0.43)

0.59 0.24 Distributions

to

Shareholders

from:

Net

investment

income

(0.16)

(0.29)

(0.30)

(0.25)

(0.23)

(0.24)

(0.28)

Total

Distributions

(0.16)

(0.29)

(0.30)

(0.25)

(0.23)

(0.24)

(0.28)

Net

Asset

Value,

End

of

Period

$10.00

$10.52

$10.48

$10.23

$10.94

$11.60

$11.25

Total

Return(c)(d)

(3.46)%

3.15%

5.53%

(4.20)%

(3.78)%

5.26%

2.14%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.78%(h)

0.80%(h)

0.80%(h)

0.79%

0.77%

0.76%

0.80%

Net

Investment

Income

(Loss)(e)

3.06%

2.72%

2.80%

2.77%

1.99%

2.06%

2.46%

Gross

Expenses(e)(f)

0.88%(h)

0.91%(h)

0.87%(h)

0.85%

0.82%

0.81%

0.82%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$10,074

$10,030

$11,331

$12,556

$16,614

$19,032

$19,671

Portfolio

Turnover(c)(i)

5%

6%

5%

14%

8%

28%

24%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

August

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following five funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

\*

Effective

January

30,

2025,

Class

A

was

liquidated.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs"),

American

Depositary

Receipts,

and

Rights,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

California

Bond

Fund

California

Bond

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Government

Securities

Fund

Government

Securities

Fund

Fund

Shares,

Institutional

Shares,

and

Class

R6

Victory

Growth

and

Tax

Strategy

Fund

Growth

and

Tax

Strategy

Fund

Fund

Shares,

Institutional

Shares,

Class

A,

and

Class

C

Victory

New

York

Bond

Fund\*

New

York

Bond

Fund

Fund

Shares

and

Institutional

Shares

Victory

Virginia

Bond

Fund

Virginia

Bond

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Repurchase

agreements

are

valued

at

cost

which

approximates

market

value.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Funds'

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

August

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of August

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Level

Level

Level

Total

California

Bond

Fund

Municipal

Bonds

..............................................

$

—

$

397,704

$

—

$

397,704

Total

.......................................................

$

—

$

397,704

$

—

$

397,704

Government

Securities

Fund

Asset-Backed

Securities

.........................................

—

17,409

—

17,409

Collateralized

Mortgage

Obligations

................................

—

182,281

—

182,281

Corporate

Bonds

..............................................

—

9,630

—

9,630

Municipal

Bonds

..............................................

—

8,246

—

8,246

U.S.

Government

Agency

Mortgages

................................

—

556,194

—

556,194

U.S.

Treasury

Obligations

........................................

—

350,445

—

350,445

Investment

Companies

..........................................

620

—

—

620

Repurchase

Agreements

.........................................

—

6,000

—

6,000

Total

.......................................................

$

620

$

1,130,205

$

—

$

1,130,825

Growth

and

Tax

Strategy

Fund

Common

Stocks

...............................................

403,593

—

—

403,593

Rights

......................................................

—

—

Municipal

Bonds

..............................................

—

449,372

—

449,372

Total

.......................................................

$

403,593

$

449,372

$

$

852,966

New

York

Bond

Fund

Municipal

Bonds

..............................................

—

101,739

—

101,739

Total

.......................................................

$

—

$

101,739

$

—

$

101,739

Virginia

Bond

Fund

Municipal

Bonds

..............................................

—

449,021

1,732

450,753

Total

.......................................................

$

—

$

449,021

$

1,732

$

450,753

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Repurchase

Agreements:

The

Funds

may

enter

into

repurchase

agreements

with

commercial

banks

or

recognized

security

dealers

pursuant

to

the

terms

of

a

Master

Repurchase

Agreement.

A

repurchase

agreement

is

an

arrangement

wherein

the

Fund

purchases

securities

and

the

seller

agrees

to

repurchase

the

securities

at

an

agreed

upon

time

and

at

an

agreed

upon

price.

The

purchased

securities

are

marked-to-market

daily

to

ensure

their

value

is

equal

to

at

least

102%

of

principal

including

accrued

interest

and

are

held

by

the

Funds,

either

through

its

regular

custodian

or

through

a

special

"tri-party"

custodian

that

maintains

separate

accounts

for

both

the

Fund

and

its

counterparty,

until

maturity

of

the

repurchase

agreement.

Master

Repurchase

Agreements

typically

contain

netting

provisions,

which

provide

for

the

net

settlement

of

all

transactions

and

collateral

with

the

Funds

through

a

single

payment

in

the

event

of

default

or

termination.

Repurchase

agreements

are

subject

to

credit

risk,

and

the

Fund's

Manager

monitors

the

creditworthiness

of

sellers

with

which

the

Funds

may

enter

into

repurchase

agreements.

Investments

in

repurchase

agreements

as

presented

on

the

Portfolio

of

Investments

are

not

net

settlement

amounts

but

gross.

At

August

31,

2025,

the

value

of

the

related

collateral

exceeded

the

value

of

the

repurchase

agreements,

reducing

the

net

settlement

amount

to

zero.

Details

on

the

collateral

are

included

on

the

Portfolio

of

Investments.

Investment

Companies:

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Securities

Purchased

on

a

Delayed-Delivery

or

When-Issued

Basis:

The

Funds

may

purchase

securities

on

a

delayed-delivery

or

when-issued

basis.

Delivery

and

payment

for

securities

that

have

been

purchased

by

the

Funds

on

a

delayed-delivery

or

when-issued

basis,

or

for

delayed

draws

on

loans

can

generally

take

place

within

days after

the

trade

date.

Securities

that

require

more

than

days

to

settle

are

considered

a

senior

security

and

subject

to

Rule

18f-4.

At

the

time

the

Funds

make

the

commitment

to

purchase

a

security

on

a

delayed-delivery

or

when-issued

basis,

the

Funds

record

the

transaction

and

reflect

the

value

of

the

security

in

determining

NAV.

No

interest

accrues

to

the

Funds

until

the

transaction

settles

and

payment

takes

place.

If

the

Funds

own

delayed-

delivery

or

when-issued

securities,

these

values

are

included

in

Payables

for

Investments

purchased

on

the

accompanying

Statements

of

Assets

and

Liabilities.

Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

Mortgage-

and

Asset-Backed

Securities:

The

values

of

some

mortgage-related

or

asset-backed

securities

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

Early

repayment

of

principal

on

some

mortgage-related

securities

may

expose

the

Funds

to

a

lower

rate

of

return

upon

reinvestment

of

principal.

The

values

of

mortgage-

and

asset-backed

securities

depend

in

part

on

the

credit

quality

and

adequacy

of

the

underlying

assets

or

collateral

and

may

fluctuate

in

response

to

the

market's

perception

of

these

factors

as

well

as

current

and

future

repayment

rates.

Some

mortgage-backed

securities

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government

(e.g.,

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association,

commonly

known

as

"Ginnie

Mae"),

while

other

mortgage-backed

securities

(e.g.,

mortgage-backed

securities

issued

by

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

commonly

known

as

"Fannie

Mae"

and

"Freddie

Mac,"

respectively),

are

backed

only

by

the

credit

of

the

government

entity

issuing

them.

In

addition,

some

mortgage-backed

securities

are

issued

by

private

entities

and,

as

such,

are

not

guaranteed

by

the

U.S.

government

or

any

agency

or

instrumentality

of

the

U.S.

government.

Below-Investment-Grade

Securities:

Certain

Funds

may

invest

in

below-investment-grade

securities

(i.e.,

lower-quality,

"junk"

debt),

which

are

subject

to

various

risks.

Lower-

quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statements

of

Operations.

The Funds

may

receive

other

income

from

investments

in

loan

assignments

and/or

unfunded

commitments,

including

amendment

fees,

consent

fees,

and

commitment

fees.

These

fees

are

recorded

as

income

when

received.

These

amounts,

if

received,

are

included

in

Interest

income

on

the

Statements

of

Operations.

Securities

Lending:

The

Government

Securities

Fund

and

Growth

and

Tax

Strategy

Fund, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

As

of

August

31,

2025,

the

Funds

did

not

have

any

securities

on

loan.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

February

or

February

for

leap

years.

For

the

six

months

ended

August

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

3. #### Purchases

#### and

#### Sales:
Purchases

and

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

and

purchases

and

sales

associated

with

in-kind

transactions

for

the

six

months

ended

August

31,

2025,

are

included

in

the

table

below

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in-kind

redemptions

are

reflected

on

the

Statements

of

Operations

as

net

realized

gains

(losses)

from

in-kind

redemptions.

4. #### Affiliated

#### Fund

#### Ownership:
The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund's

net

assets.

The

affiliated

fund-of-funds'

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

August

31,

2025,

certain

affiliated fund-of-funds

owned

total

outstanding

shares

of

the

Funds

as

follows:

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment.

Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

California

Bond

Fund

.............................................

$

28,216

$

47,789

$

—

$

—

Government

Securities

Fund

........................................

2,989

3,839

125,313

96,896

Growth

and

Tax

Strategy

Fund

......................................

49,831

41,944

—

—

New

York

Bond

Fund

.............................................

5,170

15,980

—

—

Virginia

Bond

Fund

..............................................

22,401

31,686

—

—

Associated

with

In-Kind

Transactions

Purchases

Sales

Growth

and

Tax

Strategy

Fund

............................................................

$

—

$

33,341

Government

Securities

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.3 Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.4 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.7 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

9.7 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.6 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.5 Adviser

Fee

Tier

Rates

First

$50

million

$50

million

but

not

over

$100

million

Over

$100

million

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.30%

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.30%

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.30%

Base

Rate

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.125%

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

The

performance

adjustment

for

each

share

class

is

accrued

daily

and

calculated

monthly

by

comparing

the

respective

class' performance

to

the

Lipper

Index

listed

in

the

table

below:

\*

The

Lipper

Composite

Index

is

comprised

of

51%

of

the

Lipper

General

&

Insured

Municipal

Debt

Funds

Index

and

49%

of

the

Lipper

Large-Cap

Core

Funds

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the average

annual

performance

of

the

relevant

share

class

of

the

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point.

Each

class'

annual

performance

adjustment

rate

is

multiplied

by

the

average

daily

net

assets

of the

respective class over

the

entire

performance

period,

which

is

then

multiplied

by

a

fraction,

the

numerator

of

which

is

the

number

of

days

in

the

month

and

the

denominator

of

which

is

(366

in

leap

years).

The

resulting

amount

is

then

added

to

(in

the

case

of

overperformance),

or

subtracted

from

(in

the

case

of

underperformance)

the

base

fee.

Under

the

performance

fee

arrangement, each

class

pays

a

positive

performance

fee

adjustment

for

a

performance

period

whenever

each Funds'

class outperforms

the respective

Index

in

the table

above, over

that

period,

even

if

the class

has

overall

negative

returns

during

the

performance

period.

The

performance

adjustment

rate,

if

any, included

in

the

investment

advisory

fee

may

differ

from

the

maximum

over/under

Annual

Adjustment

Rate

due

to

differences

in

average

net

assets

for

the

reporting

period

and

rolling

month

performance

periods.

For

the

six

months ended August

31,

2025,

performance adjustments were

(amounts

in

thousands):

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

six

months

ended

August

31,

2025,

the

Funds

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate,

which

is

based

on

the

Funds' average

daily

net

assets

as

follows:

Comparative

Index

California

Bond

Fund

..................................................

Lipper

California

Municipal

Debt

Funds

Government

Securities

Fund

.............................................

Lipper

Intermediate

U.S.

Government

Funds

Growth

and

Tax

Strategy

Fund

...........................................

Lipper

Composite

\*

New

York

Bond

Fund

..................................................

Lipper

New

York

Municipal

Debt

Funds

Virginia

Bond

Fund

...................................................

Lipper

Virginia

Municipal

Debt

Funds

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

+/-

+/-

and

greater

+/-

Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

California

Bond

Fund

........................................

$

(86) (—)(a)

(—)(a)

N/A

N/A

as

annual

%

rate

..........................................

(0.04)%

(0.02)%

(0.05)%

N/A

N/A

Government

Securities

Fund

...................................

$

N/A

N/A

as

annual

%

rate

..........................................

0.06%

0.05%

N/A

N/A

0.02%

Growth

and

Tax

Strategy

Fund

.................................

$

(136) (14) (4) (3) N/A

as

annual

%

rate

..........................................

(0.04)%

(0.04)%

(0.04)%

(0.04)%

N/A

New

York

Bond

Fund

........................................

$

(12) (1) N/A

N/A

N/A

as

annual

%

rate

..........................................

(0.02)%

(0.05)%

N/A

N/A

N/A

Virginia

Bond

Fund

.........................................

$

—(b)

(1) N/A

N/A

as

annual

%

rate

..........................................

—%

0.01%

(0.02)%

N/A

N/A

(a) Rounds

to

less

than

$1

thousand.

(b) Rounds

to

less

than

0.01%.

(c) There

was

no

performance

adjustment

for

Fund

Shares.

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser,

provides

transfer

agency

services

to

the

Funds.

VCTA

provides

transfer

agent

services

to

the

Funds based

on

an

annual

charge

per

shareholder

account

plus

out-of-pocket

expenses.

VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

Annual

charges

for

the

six

months

ended

August

31,

2025

per

shareholder

account

were

as

follows:

For

the

classes

below,

transfer

agent

fees

for

are

paid

monthly

based

on

a

fee

accrued

daily

at

an

annualized

rate

of

average

daily

net

assets,

plus

out-of-pocket

expenses

as

follows:

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Funds

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

Annual

Charge

Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

N/A

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

N/A

0.05%

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

0.15%

N/A

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

N/A

N/A

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

N/A

Fund

Shares

California

Bond

Fund

.......................................................................................

$25.50

Government

Securities

Fund

..................................................................................

$25.50

Growth

and

Tax

Strategy

Fund

................................................................................

$23.00

New

York

Bond

Fund

.......................................................................................

$25.50

Virginia

Bond

Fund

........................................................................................

$25.50

Institutional

Shares

Class

A

Class

C

Class

R6

California

Bond

Fund

.....................................................

0.10%

0.10%

N/A

N/A

Government

Securities

Fund

................................................

0.10%

N/A

N/A

0.01%

Growth

and

Tax

Strategy

Fund

..............................................

0.10%

0.10%

0.10%

N/A

New

York

Bond

Fund

.....................................................

0.10%

N/A

N/A

N/A

Virginia

Bond

Fund

......................................................

0.10%

0.10%

N/A

N/A

Class

A

Class

C

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

N/A

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

N/A

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

of

Class

A,

and

Class

C. Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

August

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust

until

at

least

June

30,

2026. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

a

Fund

in

any

fiscal

year

exceed

the

expense

limit

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Performance

adjustments,

acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

August

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) are

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

August

31,

2025. For

the

six

months ended

August

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of August

31,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

August

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

6. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Amount

California

Bond

Fund

..................................................................................

$

Growth

and

Tax

Strategy

Fund

...........................................................................

In

effect

until

June

30,

2026

Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.54%

0.50%

0.80%

N/A

N/A

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.48%

0.39%

N/A

N/A

0.35%

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.61%

0.57%

0.86%

1.61%

N/A

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

0.61%

N/A

N/A

N/A

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.54%

0.50%

0.80%

N/A

N/A

Amount

Government

Securities

Fund

.............................................................................

$

Growth

and

Tax

Strategy

Fund

...........................................................................

Expires

2026

Expires

2027

Expires

2028

Expires

2029

Total

California

Bond

Fund

......................................

$

$

$

$

$

Growth

and

Tax

Strategy

Fund

...............................

New

York

Bond

Fund

......................................

Virginia

Bond

Fund

.......................................

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

![fixed income book risks table](epub568597835415552.jpg)

Credit

Risk

—

The

fixed-income

securities

in

the

Funds'

portfolio

are

subject

to

credit

risk,

which

is

the

possibility

that

an

issuer

of

a

fixed-

income

security

will

fail

to

make

timely

interest

and/or

principal

payments

on

its

securities

or

that

negative

market

perceptions

of

the

issuer's

ability

to

make

such

payments

will

cause

the

price

of

that

security

to

decline.

The

Funds

accept

some

credit

risk

as

a

recognized

means

to

enhance

an

investor's

return.

All

fixed-income

securities,

varying

from

the

highest

quality

to

the

very

speculative,

have

some

degree

of

credit

risk.

Debt

Securities

Risk

—

The

value

of

a

debt

security

or

other

income-producing

security

changes

in

response

to

various

factors,

including,

for

example,

market-related

factors

(such

as

changes

in

interest

rates

or

changes

in

the

risk

appetite

of

investors

generally)

and

changes

in

the

actual

or

perceived

ability

of

the

issuer

(or

of

issuers

generally)

to

meet

its

(or

their)

obligations.

Other

factors

that

may

affect

the

value

of

debt

securities

include,

among

others,

economic

conditions,

market

events

and public

health

crises

and

responses

by

governments

and

companies

to

such

developments.

These

and

other

events

may

affect

the

creditworthiness

of

the

issuer

of

a

debt

security

and

may

impair

an

issuer's

ability

to

timely

meet

its

debt

obligations

as

they

come

due.

Interest

Rate

Risk

—

The

Fund

is

subject

to

the

risk

that

the

market

value

of

the

bonds

in

its

portfolio

will

fluctuate

because

of

changes

in

interest

rates,

changes

in

the

supply

of

and

demand

for

tax-exempt

securities,

and

other

market

factors.

Bond

prices

generally

are

linked

to

the

prevailing

market

interest

rates.

In

general,

when

interest

rates

rise,

bond

prices

fall;

conversely,

when

interest

rates

fall,

bond

prices

rise.

The

price

volatility

of

a

bond

also

depends

on

its

duration.

Generally,

the

longer

the

duration

of

a

bond,

the

greater

is

its

sensitivity

to

interest

rates.

To

compensate

investors

for

this

higher

interest

rate

risk,

bonds

with

longer

durations

generally

offer

higher

yields

than

bonds

with

shorter

durations.

The

ability

of

an

issuer

of

a

debt

security

to

repay

principal

prior

to

a

security's

maturity

can

increase

the

security's

sensitivity

to

interest

rate

changes.

Decisions

by

the

U.S.

Federal

Reserve regarding

interest

rate

and

monetary

policy,

which

can

be

difficult

to

predict

and

sometimes

change

direction

suddenly

in

response

to

economic

and

market

events,

can

have

a

significant

effect

on

the

value

of

fixed-income

securities

as

well

as

the

overall

strength

of

the

U.S.

economy.

Precise

interest

rate

predictions

are

difficult

to

make,

and

interest

rates

may

change

unexpectedly

and

dramatically

in

response

to

extreme

changes

in

market

or

economic

conditions.

As

a

result,

the

value

of

fixed-income

securities

may

vary

widely

under

certain

market

conditions.

Liquidity Risk

— Market

developments

and

other

factors,

including

a

general

rise

in

interest

rates,

have

the

potential

to

cause

investors

to

move

out

of

fixed-income

securities

on

a

large

scale,

which

may

increase

redemptions

from

mutual

funds

that

hold

large

amounts

of

fixed-income

securities.

Such

a

move,

coupled

with

a

reduction

in

the

ability

or

willingness

of

dealers

and

other

institutional

investors

to

buy

or

hold

fixed-

income

securities,

may

result

in

decreased

liquidity

and

increased

volatility

in

the

fixed-income

markets.

Heavy

redemptions

of

fixed-income

mutual

funds

and

decreased

liquidity

from

fixed-income

securities

could

hurt

the

Fund's

performance.

In

addition,

significant

securities

market

disruptions,

including

economic,

financial

and

public

health

crises,

may

lead

to

dislocation

in

the

market

for

a

variety

of

fixed-income

securities

(including

municipal

obligations),

which

can

decrease

liquidity

and

sharply

reduce

returns.

Changes

in

government

or

central

bank

monetary

policy

may

have

a

substantial

and

immediate

impact

on

interest

rates,

which

could

result

in

losses

to

the

Fund.

Prepayment

and

Extension

Risk

— Mortgage-backed

securities

make

regularly

scheduled

payments

of

principal

along

with

interest

payments.

In

addition,

mortgagors

generally

have

the

option

of

paying

off

their

mortgages

without

penalty

at

any

time.

For

example,

when

a

mortgaged

property

is

sold,

the

old

mortgage

is

usually

prepaid.

Also,

when

interest

rates

fall,

the

mortgagor

may

refinance

the

mortgage

and

prepay

the

old

mortgage.

A

homeowner's

default

on

the

mortgage

also

may

cause

a

prepayment

of

the

mortgage.

This

unpredictability

of

the

mortgage's

cash

flow

is

called

prepayment

risk.

For

the

investor,

prepayment

risk

usually

means

that

principal

is

received

at

the

least

opportune

time.

For

example,

when

interest

rates

fall,

homeowners

may

find

it

advantageous

to

refinance

their

mortgages

and

prepay

principal.

In

this

case,

the

investor

is

forced

to

reinvest

the

principal

at

the

current

lower

rate.

On

the

other

hand,

when

interest

rates

rise,

homeowners

generally

will

not

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

refinance

their

mortgages

and

prepayments

will

fall.

This

causes

the

average

life

of

the

mortgage

to

extend

and

be

more

sensitive

to

interest

rates,

which

is

called

extension

risk.

In

addition,

the

amount

of

principal

the

investor

has

to

invest

in

these

higher

interest

rates

is

reduced.

State-Specific

Risk

— Funds,

along

with

their

state-specific

risks,

are

detailed

below:

California

Bond

Fund

—

Because

the

Fund

invests

in

California

tax-exempt

securities,

the

Fund

is

more

susceptible

to

adverse

economic,

political,

and

regulatory

changes

affecting

tax-exempt

securities

issuers

in

California,

such

as

changes

to

state

laws

and

policies,

economic

issues

that

affect

critical

industries,

large

employers,

or

weakened

real

estate

prices,

and

existing

debt

levels

and

state

budget

priorities.

In

addition,

other

economic

conditions,

such

as

inflation,

exacerbate

some

or

all

of

these

risks.

The

Fund's

performance

will

be

affected

by

the

fiscal

and

economic

health

of

California

and

its

municipalities

and

their

ability

to

issue

and

repay

debt.

The

Fund

is

more

vulnerable

to

unfavorable

developments

in

California

than

are

funds

that

invest

in

municipal

securities

of

multiple

states.

New

York

Bond

Fund — Because

the

Fund

invests

primarily

in

New

York

tax-exempt

securities,

the

Fund

is

more

susceptible

to

adverse

economic,

political,

and

regulatory

changes

affecting

tax-exempt

securities

issuers

in

New

York

to

pay

interest

or

repay

principal,

which

may

impact

the

Fund's

performance.

The

Fund

is

more

vulnerable

to

unfavorable

developments

in

New

York

than

are

funds

that

invest

in

municipal

securities

of

many

states.

While

New

York

State's

economy

is

broad,

it

does

have

concentrations

in

the

financial

services

industry

and

may

be

sensitive

to

economic

problems

affecting

that

industry.

Certain

issuers

of

New

York

municipal

bonds

have

experienced

serious

financial

difficulties

in

the

past,

and

reoccurrence

of

these

difficulties

may

impair

the

ability

of

certain

New

York

issuers

to

pay

principal

or

interest

on

their

obligations.

The

financial

health

of

New

York

City

affects

that

of

New

York

State;

when

New

York

City

experiences

financial

difficulty,

there

may

be

an

adverse

affect

on

New

York

municipal

bonds

held

by

the

Fund.

The

growth

rate

of

New

York

State

has

at

times

been

somewhat

slower

than

the

nation

overall.

The

economic

and

financial

condition

of

New

York

State

also

may

be

affected

by

various

financial,

social,

economic,

and

political

factors.

In

addition,

lingering

economic

affects

regarding

and

other

economic

conditions,

such

as

inflation,

exacerbate

some

or

all

of

these

risks.

Virginia

Bond

Fund — Because

the

Fund

invests

in

Virginia

tax-exempt

securities,

the

Fund

is

more

susceptible

to

adverse

economic,

political,

and

regulatory

changes

affecting

tax-exempt

securities

issuers

in

Virginia,

such

as

changes

to

state

laws

and

policies,

economic

issues

that

affect

critical

industries,

large

employers,

or

weakened

real

estate

prices,

and

existing

debt

levels

and

state

budget

priorities.

In

addition,

other

economic

conditions,

such

as

inflation,

exacerbate

some

or

all

of

these

risks.

The

Fund's

performance

will

be

affected

by

the

fiscal

and

economic

health

of

Virginia

and

its

municipalities

and

their

ability

to

issue

and

repay

debt.

The

Fund

is

more

vulnerable

to

unfavorable

developments

in

Virginia

than

are

funds

that

invest

in

municipal

securities

of

multiple

states.

7. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

August

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

average

borrowing

for

the

days

outstanding

and

average

interest

rate

for

each

Fund

during

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

August

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

Amount

Outstanding

at

August

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Government

Securities

Fund

.................................

$

—

$

800

5.43%

$

800

Growth

and

Tax

Strategy

Fund

...............................

—

900

5.45%

900

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

August

31,

2025. 8. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income, if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended February

28,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

9. #### Segment

#### Reporting:
The

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund's

financial

position

or

the

results

of

its

operations.

The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Borrower

or

Lender

Amount

Outstanding

at

August

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Government

Securities

Fund

........................

Borrower

$

—

$

1,031

4.87%

$

1,031

Growth

and

Tax

Strategy

Fund

......................

Borrower

—

1,884

4.86%

3,407

Declared

Paid

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Short-Term

Amount

Long-Term

Amount

Total

California

Bond

Fund

...................................................

$

(4,867)

$

(13,398)

$

(18,265)

Government

Securities

Fund

..............................................

(11,754)

(29,861)

(41,615)

Growth

and

Tax

Strategy

Fund

............................................

(1,705)

—

(1,705)

New

York

Bond

Fund

...................................................

(2,486)

(2,984)

(5,470)

Virginia

Bond

Fund

....................................................

(2,223)

(12,847)

(15,070)

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-MuniGov-1025

August

31,

2025

Semi-Annual:

Full

Financials

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*III*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *235-8396,* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
*Victory* 

*Emerging* 

*Markets* 

*Fund*

#### 2
*Victory* 

*Global* 

*Equity* 

*Income* 

*Fund*

#### 11
*Victory* 

*International* 

*Fund*

#### 16
*Victory* 

*Precious* 

*Metals* 

*and* 

*Minerals* 

*Fund*

#### 30
*Victory* 

*Sustainable* 

*World* 

*Fund*

#### 32
*Victory* 

*Target* 

*Managed* 

*Allocation* 

*Fund*

#### 43

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
*Statements* 

*of* 

*Assets* 

*and* 

*Liabilities*

#### 52
*Statements* 

*of* 

*Operations*

#### 54
*Statements* 

*of* 

*Changes* 

*in* 

*Net* 

*Assets*

#### 56
*Financial* 

*Highlights*

#### 60

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 73

#### Schedule

#### of

#### Portfolio

#### Investments
August

31,

2025

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(97.7%)

Belgium

(0.9%):

Materials

(0.9%):

Titan

SA

.............................................................

115,684

$

5,023

Brazil

(5.9%):

Consumer

Discretionary

(0.6%):

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

.........................

92,500

Vibra

Energia

SA

.......................................................

462,500

2,051

Vivara

Participacoes

SA

..................................................

124,700

667

3,198

Consumer

Staples

(0.1%):

M

Dias

Branco

SA

......................................................

79,000

Tres

Tentos

Agroindustrial

SA

..............................................

147,594

831

Energy

(1.2%):

Brava

Energia

(a) .......................................................

131,611

Petroleo

Brasileiro

SA

-

Petrobras

,

ADR

......................................

128,174

1,589

PRIO

SA

(a) ...........................................................

677,800

4,735

6,811

Financials

(1.8%):

Banco

Bradesco

SA

,

Preference

Shares

.......................................

1,277,000

3,964

Banco

do

Brasil

SA

.....................................................

625,190

2,467

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

,

Preference

Shares

.......................

170,900

BB

Seguridade

Participacoes

SA

............................................

156,200

946

Pagseguro

Digital

Ltd.

,

Class

A

.............................................

274,544

2,460

10,199

Health

Care

(0.9%):

Rede

D'Or

Sao

Luiz

SA

..................................................

714,802

5,189

Industrials

(0.4%):

Marcopolo

SA

,

Preference

Shares

...........................................

538,220

920

Motiva

Infraestrutura

de

Mobilidade

SA

.......................................

582,220

1,547

2,467

Materials

(0.3%):

Vale

SA

,

ADR

.........................................................

165,140

1,697

Utilities

(0.6%):

Equatorial

Energia

SA

...................................................

473,100

3,191

Neoenergia

SA

.........................................................

96,600

3,678

34,070

Chile

(0.9%):

Consumer

Staples

(0.8%):

Cencosud

SA

..........................................................

1,495,304

4,741

Real

Estate

(0.1%):

Cencosud

Shopping

SA

..................................................

175,374

5,096

China

(24.8%):

Communication

Services

(6.0%):

Kanzhun

Ltd.

,

ADR

.....................................................

144,670

3,411

Kuaishou

Technology

,

Class

W

.............................................

395,100

3,873

NetEase,

Inc.

..........................................................

76,100

2,087

Tencent

Holdings

Ltd.

...................................................

330,063

25,562

34,933

Consumer

Discretionary

(6.9%):

Degrees

International

Ltd.

.............................................

779,000

638

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

1,315,004

21,774

BYD

Co.

Ltd.

.........................................................

419,500

5,918

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

H

..................................

435,200

3,841

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Midea

Group

Co.

Ltd.

,

Class

A

.............................................

183,000

1,891

Pop

Mart

International

Group

Ltd.

...........................................

122,400

5,088

TravelSky

Technology

Ltd.

,

Class

H

.........................................

335,000

39,619

Consumer

Staples

(1.0%):

JD

Health

International,

Inc.

(a) .............................................

405,000

3,301

Tingyi

Cayman

Islands

Holding

Corp.

........................................

1,622,000

2,305

5,606

Financials

(6.3%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

6,246,000

4,224

Bank

of

China

Ltd.

,

Class

H

...............................................

8,719,000

4,786

China

Construction

Bank

Corp.

,

Class

H

......................................

9,350,000

9,049

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................................

572,000

3,555

FinVolution

Group

,

ADR

.................................................

42,923

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

3,384,000

8,179

Ping

An

Insurance

Group

Co.

of

China

Ltd.

....................................

870,500

6,338

36,485

Health

Care

(1.3%):

3SBio,

Inc.

(a) .........................................................

216,500

814

Shanghai

Conant

Optical

Co.

Ltd.

,

Class

H

....................................

163,500

1,012

Sinopharm

Group

Co.

Ltd.

,

Class

H

..........................................

921,999

2,222

WuXi

AppTec

Co.

Ltd.

,

Class

H

............................................

245,900

3,427

7,475

Industrials

(1.0%):

ANE

Cayman,

Inc.

......................................................

643,000

694

China

Communications

Services

Corp.

Ltd.

,

Class

H

..............................

702,000

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

............................

32,200

1,381

Weichai

Power

Co.

Ltd.

,

Class

H

............................................

1,628,000

3,422

5,916

Information

Technology

(1.0%):

GDS

Holdings

Ltd.

,

Class

A

(a) (b) ...........................................

157,300

682

Lenovo

Group

Ltd.

......................................................

1,296,000

1,860

Xiaomi

Corp.

,

Class

W

(a) .................................................

465,600

3,178

5,720

Materials

(1.3%):

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

.......................................

634,000

2,003

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

1,716,000

5,698

7,701

143,455

Greece

(1.3%):

Consumer

Discretionary

(0.4%):

JUMBO

SA

...........................................................

11,701

OPAP

SA

.............................................................

89,099

1,999

2,417

Financials

(0.9%):

National

Bank

of

Greece

SA

...............................................

357,068

4,944

7,361

Hong

Kong

(1.2%):

Communication

Services

(0.2%):

NetEase

Cloud

Music,

Inc.

(a) (b) ............................................

33,600

1,212

Consumer

Staples

(0.2%):

Want

Want

China

Holdings

Ltd.

............................................

1,258,000

875

Energy

(0.1%):

CGN

Mining

Co.

Ltd.

....................................................

1,395,000

Health

Care

(0.1%):

The

United

Laboratories

International

Holdings

Ltd.

..............................

390,000

769

Real

Estate

(0.1%):

China

Jinmao

Holdings

Group

Ltd.

..........................................

1,746,000

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Utilities

(0.5%):

China

Water

Affairs

Group

Ltd.

(b) ...........................................

532,000

Kunlun

Energy

Co.

Ltd.

..................................................

2,932,000

2,729

3,154

6,837

Hungary

(0.7%):

Communication

Services

(0.1%):

Magyar

Telekom

Telecommunications

PLC

....................................

148,830

846

Financials

(0.6%):

OTP

Bank

Nyrt

........................................................

37,064

3,236

4,082

India

(13.4%):

Communication

Services

(0.8%):

Bharti

Airtel

Ltd.

.......................................................

83,881

1,798

Indus

Towers

Ltd.

(a) ....................................................

650,726

2,500

Just

Dial

Ltd.

(a) ........................................................

35,775

4,626

Consumer

Discretionary

(1.3%):

ASK

Automotive

Ltd.

....................................................

139,301

763

Cartrade

Tech

Ltd.

(a) ....................................................

32,958

897

Ceat

Ltd.

.............................................................

10,385

Mahindra

&

Mahindra

Ltd.

................................................

89,814

3,259

MakeMyTrip

Ltd.

(a) .....................................................

16,258

1,605

Whirlpool

of

India

Ltd.

...................................................

25,024

7,263

Consumer

Staples

(0.4%):

Allied

Blenders

&

Distillers

Ltd.

............................................

75,103

Varun

Beverages

Ltd.

....................................................

389,142

2,151

2,581

Energy

(1.3%):

Mangalore

Refinery

&

Petrochemicals

Ltd.

....................................

249,277

Reliance

Industries

Ltd.

..................................................

449,644

6,925

7,270

Financials

(4.4%):

Angel

One

Ltd.

........................................................

12,706

Axis

Bank

Ltd.

........................................................

135,271

1,604

Bajaj

Finance

Ltd.

......................................................

103,116

1,027

City

Union

Bank

Ltd.

....................................................

191,288

ICICI

Bank

Ltd.

........................................................

534,640

8,472

ICICI

Bank

Ltd.

,

ADR

...................................................

120,109

3,812

LIC

Housing

Finance

Ltd.

.................................................

71,513

Nippon

Life

India

Asset

Management

Ltd.

.....................................

527,783

4,698

Nuvama

Wealth

Management

Ltd.

...........................................

5,774

Power

Finance

Corp.

Ltd.

.................................................

744,284

3,205

The

Karur

Vysya

Bank

Ltd.

................................................

310,462

754

25,185

Health

Care

(0.2%):

Jubilant

Pharmova

Ltd.

...................................................

33,665

Onesource

Specialty

Pharma

Ltd.

(a) .........................................

21,060

Strides

Pharma

Science

Ltd.

...............................................

46,698

1,300

Industrials

(0.7%):

eClerx

Services

Ltd.

.....................................................

9,644

GE

Vernova

T&D

India

Ltd.

...............................................

14,222

J

Kumar

Infraprojects

Ltd.

................................................

96,711

678

Kajaria

Ceramics

Ltd.

....................................................

37,037

509

Kalpataru

Projects

International

Ltd.

.........................................

38,361

544

Sagility

Ltd.

(a) .........................................................

1,431,242

712

Transport

Corp.

of

India

Ltd.

...............................................

33,361

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

VRL

Logistics

Ltd.

......................................................

177,346

531

4,315

Information

Technology

(1.2%):

Coforge

Ltd.

..........................................................

26,988

527

Infosys

Ltd.

...........................................................

187,495

3,145

Persistent

Systems

Ltd.

...................................................

46,846

2,815

Zensar

Technologies

Ltd.

.................................................

53,614

6,954

Materials

(1.6%):

Dhanuka

Agritech

Ltd.

...................................................

35,729

648

Hindalco

Industries

Ltd.

..................................................

574,443

4,591

MOIL

Ltd.

............................................................

184,445

692

National

Aluminium

Co.

Ltd.

..............................................

335,074

709

UPL

Ltd.

.............................................................

252,733

2,052

Welspun

Corp.

Ltd.

.....................................................

75,339

721

9,413

Real

Estate

(0.6%):

ITC

Hotels

Ltd.

(a) ......................................................

193,748

524

Oberoi

Realty

Ltd.

......................................................

142,030

2,596

Sunteck

Realty

Ltd.

.....................................................

86,948

3,495

Utilities

(0.9%):

Mahanagar

Gas

Ltd.

.....................................................

30,820

Power

Grid

Corp.

of

India

Ltd.

.............................................

1,351,531

4,224

VA

Tech

Wabag

Ltd.

.....................................................

28,950

5,140

77,542

Indonesia

(1.8%):

Communication

Services

(0.5%):

PT

Telkom

Indonesia

Persero

Tbk

,

ADR

(b) ....................................

154,818

3,002

Consumer

Staples

(0.1%):

PT

Japfa

Comfeed

Indonesia

Tbk

...........................................

2,903,300

Financials

(0.8%):

PT

Bank

Mandiri

Persero

Tbk

..............................................

6,816,480

1,954

PT

Bank

Rakyat

Indonesia

Persero

Tbk

.......................................

11,375,946

2,794

4,748

Health

Care

(0.1%):

PT

Kalbe

Farma

Tbk

....................................................

5,424,000

Materials

(0.1%):

Aneka

Tambang

Tbk

....................................................

4,340,100

805

Real

Estate

(0.1%):

PT

Ciputra

Development

Tbk

..............................................

8,693,300

535

Utilities

(0.1%):

PT

Perusahaan

Gas

Negara

Tbk

.............................................

4,085,000

10,203

Luxembourg

(0.3%):

Materials

(0.3%):

Ternium

SA

,

ADR

......................................................

44,337

1,470

Malaysia

(0.5%):

Consumer

Staples

(0.0%):(c)

Carlsberg

Brewery

Malaysia

Bhd

...........................................

73,600

Health

Care

(0.1%):

KPJ

Healthcare

Bhd

.....................................................

895,600

551

Industrials

(0.1%):

Zetrix

Ai

Bhd

..........................................................

2,589,300

527

Materials

(0.1%):

Malayan

Cement

Bhd

....................................................

585,700

812

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Real

Estate

(0.2%):

Eco

World

Development

Group

Bhd

.........................................

1,126,700

560

Matrix

Concepts

Holdings

Bhd

.............................................

1,144,900

915

3,087

Mexico

(4.5%):

Communication

Services

(0.4%):

America

Movil

SAB

de

CV

,

ADR

(b) .........................................

124,690

2,493

Consumer

Staples

(0.9%):

Arca

Continental

SAB

de

CV

..............................................

323,602

3,302

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

.................................

902,600

1,695

4,997

Energy

(0.7%):

Vista

Energy

SAB

de

CV

,

ADR

(a) ...........................................

108,168

4,216

Financials

(1.9%):

Gentera

SAB

de

CV

.....................................................

2,386,967

5,833

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.................................

549,403

5,025

10,858

Health

Care

(0.0%):(c)

Genomma

Lab

Internacional

SAB

de

CV

,

Class

B

................................

304,094

Materials

(0.5%):

Cemex

SAB

de

CV

,

ADR

.................................................

21,278

GCC

SAB

de

CV

.......................................................

79,901

745

Grupo

Mexico

SAB

de

CV

,

Class

B

..........................................

268,581

1,761

2,699

Real

Estate

(0.1%):

FIBRA

Macquarie

Mexico

................................................

248,446

26,042

Philippines

(0.2%):

Communication

Services

(0.0%):(c)

Converge

Information

and

Communications

Technology

Solutions,

Inc.

................

1,297,100

Financials

(0.1%):

Security

Bank

Corp.

.....................................................

294,860

Utilities

(0.1%):

Manila

Water

Co.,

Inc.

...................................................

691,700

508

1,213

Poland

(0.1%):

Financials

(0.1%):

Alior

Bank

SA

.........................................................

12,930

Russian

Federation

(0.0%):

Communication

Services

(0.0%):

Mobile

TeleSystems

PJSC

,

ADR

(a) (d) (e) ......................................

253,826

—

Energy

(0.0%):

Gazprom

PJSC

(a) (d) (e) ..................................................

1,087,480

—

Rosneft

Oil

Co.

PJSC

,

GDR

(a) (d) (e) .........................................

457,159

—

—

Financials

(0.0%):

Moscow

Exchange

MICEX-RTS

PJSC

(a) (d) (e) .................................

196,760

—

Sberbank

of

Russia

PJSC

(a) (d) (e) ...........................................

687,954

—

Sberbank

of

Russia

PJSC

,

ADR

(a) (d) (e) ......................................

329,652

—

—

—

Saudi

Arabia

(1.3%):

Communication

Services

(0.5%):

Etihad

Etisalat

Co.

......................................................

183,146

3,123

Consumer

Discretionary

(0.1%):

United

Electronics

Co.

...................................................

17,010

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Financials

(0.5%):

Saudi

Awwal

Bank

......................................................

376,417

3,021

Industrials

(0.1%):

Riyadh

Cables

Group

Co.

.................................................

17,165

590

Real

Estate

(0.1%):

Arabian

Centres

Co.

.....................................................

69,805

7,524

Singapore

(0.3%):

Communication

Services

(0.3%):

Sea

Ltd.

,

ADR

(a) .......................................................

10,458

1,951

South

Africa

(1.8%):

Energy

(0.1%):

Exxaro

Resources

Ltd.

...................................................

41,784

Financials

(1.1%):

Sanlam

Ltd.

...........................................................

562,714

2,902

Santam

Ltd.

...........................................................

20,861

518

Standard

Bank

Group

Ltd.

................................................

200,005

2,815

6,235

Health

Care

(0.2%):

Life

Healthcare

Group

Holdings

Ltd.

.........................................

1,476,598

1,139

Industrials

(0.2%):

Bidvest

Group

Ltd.

......................................................

110,092

1,480

Materials

(0.2%):

Kumba

Iron

Ore

Ltd.

....................................................

7,197

Pan

African

Resources

PLC

(b) .............................................

1,231,621

1,046

1,178

10,490

South

Korea

(12.3%):

Communication

Services

(0.1%):

Netmarble

Corp.

.......................................................

9,854

Consumer

Discretionary

(0.9%):

Hyundai

Mobis

Co.

Ltd.

..................................................

8,605

1,966

Kia

Corp.

............................................................

42,181

3,192

Silicon2

Co.

Ltd.

(a) .....................................................

10,900

5,508

Consumer

Staples

(0.1%):

Kolmar

Korea

Co.

Ltd.

(a) .................................................

7,302

Financials

(3.0%):

DB

Insurance

Co.

Ltd.

...................................................

57,880

5,474

Hana

Financial

Group,

Inc.

................................................

121,937

7,190

JB

Financial

Group

Co.

Ltd.

...............................................

33,110

559

KIWOOM

Securities

Co.

Ltd.

..............................................

5,017

739

Shinhan

Financial

Group

Co.

Ltd.

...........................................

67,775

3,177

17,139

Health

Care

(0.3%):

Classys,

Inc.

..........................................................

14,352

537

Hugel,

Inc.

(a) .........................................................

1,729

PharmaResearch

Co.

Ltd.

.................................................

1,744

849

1,777

Industrials

(2.8%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

13,364

8,477

HD

Hyundai

Electric

Co.

Ltd.

..............................................

1,150

Hyosung

Heavy

Industries

Corp.

............................................

2,106

1,868

Hyundai

Glovis

Co.

Ltd.

..................................................

4,439

587

Hyundai

Rotem

Co.

Ltd.

..................................................

8,680

1,198

Samsung

E&A

Co.

Ltd.

..................................................

173,527

3,620

16,153

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Information

Technology

(4.9%):

Douzone

Bizon

Co.

Ltd.

..................................................

10,875

620

IsuPetasys

Co.

Ltd.

......................................................

12,420

587

LEENO

Industrial,

Inc.

...................................................

11,836

PSK,

Inc.

.............................................................

14,997

Samsung

Electronics

Co.

Ltd.

..............................................

259,849

12,985

SK

Hynix,

Inc.

.........................................................

70,990

13,530

28,380

Materials

(0.2%):

Hyosung

TNC

Corp.

.....................................................

1,884

OCI

Holdings

Co.

Ltd.

...................................................

3,505

Poongsan

Corp.

........................................................

10,153

865

1,380

71,168

Taiwan

(21.3%):

Consumer

Discretionary

(0.8%):

Lion

Travel

Service

Co.

Ltd.

...............................................

88,000

Minth

Group

Ltd.

.......................................................

756,000

3,212

Tong

Yang

Industry

Co.

Ltd.

...............................................

285,000

941

4,611

Consumer

Staples

(0.0%):(c)

Charoen

Pokphand

Enterprise

..............................................

93,000

Financials

(0.6%):

CTBC

Financial

Holding

Co.

Ltd.

...........................................

2,647,000

3,551

Health

Care

(0.7%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

168,158

3,988

Industrials

(0.9%):

Airtac

International

Group

................................................

80,344

2,058

Bizlink

Holding,

Inc.

....................................................

48,500

1,688

China

Airlines

Ltd.

......................................................

539,000

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

.................................

227,000

1,004

5,123

Information

Technology

(18.2%):

Arcadyan

Technology

Corp.

...............................................

53,000

ASE

Technology

Holding

Co.

Ltd.

...........................................

557,000

2,705

ASE

Technology

Holding

Co.

Ltd.

,

ADR

......................................

310,549

3,078

ASMedia

Technology,

Inc.

................................................

8,000

Chenbro

Micom

Co.

Ltd.

.................................................

47,000

929

Chroma

ATE,

Inc.

......................................................

54,000

1,023

Delta

Electronics,

Inc.

...................................................

178,000

4,101

Elite

Material

Co.

Ltd.

...................................................

225,000

8,906

Ennoconn

Corp.

........................................................

38,000

Genius

Electronic

Optical

Co.

Ltd.

..........................................

32,000

Getac

Holdings

Corp.

....................................................

119,000

593

Gold

Circuit

Electronics

Ltd.

...............................................

43,000

705

Hon

Hai

Precision

Industry

Co.

Ltd.

.........................................

535,000

3,579

King

Slide

Works

Co.

Ltd.

................................................

10,000

980

King

Yuan

Electronics

Co.

Ltd.

.............................................

297,000

1,503

MediaTek,

Inc.

.........................................................

173,000

7,688

MPI

Corp.

............................................................

18,000

809

Novatek

Microelectronics

Corp.

............................................

93,000

1,318

Phison

Electronics

Corp.

..................................................

27,000

Quanta

Computer,

Inc.

...................................................

182,000

1,550

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

1,472,000

55,131

Taiwan

Union

Technology

Corp.

............................................

54,000

644

Tripod

Technology

Corp.

.................................................

91,000

952

Wiwynn

Corp.

.........................................................

51,000

4,895

Yageo

Corp.

...........................................................

418,816

1,897

105,121

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Materials

(0.1%):

Nan

Pao

Resins

Chemical

Co.

Ltd.

..........................................

40,000

530

123,328

Thailand

(0.9%):

Communication

Services

(0.5%):

Advanced

Info

Service

PCL,

NVDR

.........................................

341,200

3,103

Consumer

Discretionary

(0.1%):

Com7

PCL,

NVDR

.....................................................

603,200

Energy

(0.1%):

PTT

Exploration

&

Production

PCL

,

Class

F

...................................

276,100

951

Health

Care

(0.1%):

Bumrungrad

Hospital

PCL,

NVDR

..........................................

100,900

554

Utilities

(0.1%):

Gunkul

Engineering

PCL,

NVDR

...........................................

7,256,800

5,488

Turkey

(0.3%):

Consumer

Staples

(0.3%):

BIM

Birlesik

Magazalar

A/S

(b) .............................................

136,149

1,755

United

Arab

Emirates

(1.0%):

Industrials

(0.1%):

Air

Arabia

PJSC

........................................................

868,201

891

Real

Estate

(0.9%):

Emaar

Development

PJSC

................................................

1,255,577

5,037

5,928

United

Kingdom

(0.4%):

Consumer

Discretionary

(0.1%):

Pepco

Group

NV

.......................................................

74,032

Consumer

Staples

(0.3%):

Unilever

PLC

.........................................................

32,700

2,059

2,495

United

States

(0.6%):

Consumer

Discretionary

(0.2%):

SharkNinja,

Inc.

(a) ......................................................

8,939

1,046

Energy

(0.4%):

Schlumberger

NV

......................................................

65,048

2,396

3,442

Uruguay

(1.0%):

Consumer

Discretionary

(1.0%):

Arcos

Dorados

Holdings,

Inc.

,

Class

A

........................................

167,259

1,171

MercadoLibre,

Inc.

(a) ....................................................

1,839

4,548

5,719

Total

Common

Stocks

(Cost

$440,453)

565,137

Exchange-Traded

Funds

(0.6%)

United

States

(0.6%):

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

42,785

2,657

iShares

MSCI

Emerging

Markets

Small-Cap

ETF

................................

15,488

1,027

3,684

Total

Exchange-Traded

Funds

(Cost

$3,562)

3,684

Collateral

for

Securities

Loaned

(0.3%)^

United

States

(0.3%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(f) ........

440,938

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(f) ............

440,938

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(f) ................

440,938

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

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

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

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(f) .

440,938

Total

Collateral

for

Securities

Loaned

(Cost

$1,764)

1,764

Total

Investments

(Cost

$445,779)

—

98.6%

570,585

Other

assets

in

excess

of

liabilities

—

1.4%

7,667

NET

ASSETS

-

100.00%

$

578,252

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Amount

represents

less

than

0.05%

of

net

assets.

(d) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

August

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(e) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

August

31,

2025

(amounts

in

thousands):

(f) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. 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
August

31,

2025

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(99.5%)

Australia

(1.9%):

Consumer

Staples

(0.4%):

Coles

Group

Ltd.

.......................................................

17,307

$

Financials

(0.3%):

QBE

Insurance

Group

Ltd.

................................................

16,950

Industrials

(0.5%):

Computershare

Ltd.

.....................................................

12,619

Utilities

(0.7%):

Origin

Energy

Ltd.

......................................................

52,667

1,268

Bermuda

(0.3%):

Financials

(0.3%):

Everest

Group

Ltd.

......................................................

622

Canada

(6.4%):

Consumer

Discretionary

(0.6%):

Gildan

Activewear,

Inc.

..................................................

8,192

Energy

(1.9%):

Canadian

Natural

Resources

Ltd.

............................................

13,263

Cenovus

Energy,

Inc.

....................................................

6,566

Suncor

Energy,

Inc.

.....................................................

18,982

785

1,314

Financials

(2.4%):

Bank

of

Montreal

.......................................................

3,256

Canadian

Imperial

Bank

of

Commerce

........................................

12,344

954

Sun

Life

Financial,

Inc.

..................................................

4,577

1,615

Materials

(1.5%):

Kinross

Gold

Corp.

.....................................................

34,384

719

Nutrien

Ltd.

...........................................................

4,811

996

4,372

China

(1.1%):

Industrials

(1.1%):

Yangzijiang

Shipbuilding

Holdings

Ltd.

.......................................

327,800

743

France

(3.6%):

Health

Care

(0.3%):

Sanofi

SA

............................................................

1,923

Industrials

(2.1%):

Cie

de

Saint-Gobain

SA

..................................................

9,551

1,031

Eiffage

SA

............................................................

2,996

1,408

Utilities

(1.2%):

Engie

SA

.............................................................

39,867

825

2,424

Germany

(5.3%):

Communication

Services

(0.9%):

Deutsche

Telekom

AG

...................................................

17,129

627

Financials

(1.5%):

Allianz

SE,

Registered

Shares

..............................................

2,308

976

Industrials

(1.2%):

Deutsche

Post

AG

......................................................

8,611

GEA

Group

AG

........................................................

5,776

813

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Materials

(1.7%):

Heidelberg

Materials

AG

.................................................

4,978

1,177

3,593

Hong

Kong

(1.7%):

Consumer

Staples

(1.1%):

WH

Group

Ltd.

........................................................

683,000

734

Industrials

(0.6%):

Techtronic

Industries

Co.

Ltd.

..............................................

35,000

1,187

Ireland

(1.8%):

Financials

(0.5%):

Bank

of

Ireland

Group

PLC

...............................................

23,666

Information

Technology

(1.3%):

TE

Connectivity

PLC

....................................................

4,079

842

1,196

Italy

(1.0%):

Utilities

(1.0%):

Enel

SpA

.............................................................

71,857

663

Japan

(8.5%):

Consumer

Discretionary

(0.6%):

Isuzu

Motors

Ltd.

.......................................................

30,700

Financials

(2.8%):

SBI

Holdings,

Inc.

......................................................

13,700

644

Sompo

Holdings,

Inc.

....................................................

16,900

540

Tokio

Marine

Holdings,

Inc.

...............................................

16,600

712

1,896

Health

Care

(0.3%):

Shionogi

&

Co.

Ltd.

.....................................................

12,900

Industrials

(2.3%):

Fujikura

Ltd.

..........................................................

12,200

1,035

Komatsu

Ltd.

..........................................................

14,400

1,523

Materials

(1.4%):

Nitto

Denko

Corp.

......................................................

31,900

718

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

8,300

971

Utilities

(1.1%):

Tokyo

Gas

Co.

Ltd.

.....................................................

19,200

733

5,748

Netherlands

(2.2%):

Communication

Services

(1.4%):

Koninklijke

KPN

NV

....................................................

191,587

914

Consumer

Staples

(0.8%):

Koninklijke

Ahold

Delhaize

NV

............................................

13,863

556

1,470

Portugal

(0.8%):

Energy

(0.8%):

Galp

Energia

SGPS

SA

...................................................

28,116

546

Singapore

(0.8%):

Financials

(0.8%):

DBS

Group

Holdings

Ltd.

.................................................

5,500

Oversea-Chinese

Banking

Corp.

Ltd.

.........................................

24,100

531

Spain

(4.1%):

Financials

(2.9%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

64,010

1,165

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Banco

Santander

SA

.....................................................

84,517

807

1,972

Utilities

(1.2%):

Iberdrola

SA

..........................................................

44,513

839

2,811

Sweden

(0.3%):

Information

Technology

(0.3%):

Telefonaktiebolaget

LM

Ericsson,

Class

B

.....................................

25,381

Switzerland

(5.5%):

Consumer

Staples

(1.2%):

Coca-Cola

HBC

AG(a)

...................................................

16,258

822

Health

Care

(2.6%):

Novartis

AG,

Registered

Shares

.............................................

7,744

980

Roche

Holding

AG

......................................................

2,354

768

1,748

Information

Technology

(0.8%):

Logitech

International

SA,

Class

R

..........................................

5,368

554

Materials

(0.9%):

Glencore

PLC(a)

.......................................................

48,514

Holcim

AG(a)

.........................................................

5,357

641

3,765

United

Kingdom

(5.3%):

Consumer

Staples

(2.4%):

Imperial

Brands

PLC

....................................................

10,966

Reckitt

Benckiser

Group

PLC

..............................................

2,746

Tesco

PLC

............................................................

167,625

958

1,626

Energy

(0.9%):

Shell

PLC

............................................................

16,748

617

Shell

PLC-DRIP(a)

.....................................................

16,748

623

Financials

(1.4%):

HSBC

Holdings

PLC

....................................................

72,113

923

Industrials

(0.6%):

Intertek

Group

PLC

.....................................................

6,655

3,594

United

States

(48.9%):

Communication

Services

(0.4%):

Verizon

Communications,

Inc.

..............................................

6,817

Consumer

Discretionary

(2.1%):

Best

Buy

Co.,

Inc.

......................................................

6,114

Lowe's

Cos.,

Inc.

.......................................................

1,607

The

TJX

Cos.,

Inc.

......................................................

1,859

Williams-Sonoma,

Inc.

...................................................

1,656

1,431

Consumer

Staples

(4.9%):

Altria

Group,

Inc.

.......................................................

10,062

676

Colgate-Palmolive

Co.

...................................................

4,250

Kimberly-Clark

Corp.

....................................................

5,331

688

Philip

Morris

International,

Inc.

.............................................

4,706

787

Sysco

Corp.

...........................................................

4,313

Target

Corp.

..........................................................

1,848

The

Clorox

Co.

........................................................

2,483

3,326

Energy

(3.8%):

Devon

Energy

Corp.

.....................................................

12,350

EOG

Resources,

Inc.

....................................................

6,910

862

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Marathon

Petroleum

Corp.

................................................

2,630

Ovintiv,

Inc.

..........................................................

7,769

Valero

Energy

Corp.

.....................................................

3,017

2,567

Financials

(10.0%):

American

Express

Co.

...................................................

1,243

American

Financial

Group,

Inc.

.............................................

4,623

628

Ameriprise

Financial,

Inc.

.................................................

1,081

556

Capital

One

Financial

Corp.

...............................................

1,998

Cincinnati

Financial

Corp.

................................................

2,647

Fidelity

National

Financial,

Inc.

............................................

12,078

723

Interactive

Brokers

Group,

Inc.

.............................................

5,720

JPMorgan

Chase

&

Co.

..................................................

2,333

703

Synchrony

Financial

.....................................................

10,709

818

The

Goldman

Sachs

Group,

Inc.

............................................

826

616

The

PNC

Financial

Services

Group,

Inc.

......................................

1,978

The

Western

Union

Co.

...................................................

18,329

W.R.

Berkley

Corp.

.....................................................

7,257

520

6,762

Health

Care

(7.3%):

AbbVie,

Inc.

..........................................................

5,018

1,056

Bristol-Myers

Squibb

Co.

.................................................

12,738

601

Cardinal

Health,

Inc.

....................................................

2,041

Gilead

Sciences,

Inc.

....................................................

6,802

768

Johnson

&

Johnson

.....................................................

4,552

806

McKesson

Corp.

.......................................................

Merck

&

Co.,

Inc.

......................................................

4,545

The

Cigna

Group

.......................................................

1,318

UnitedHealth

Group,

Inc.

.................................................

1,075

4,976

Industrials

(4.7%):

Booz

Allen

Hamilton

Holding

Corp.

.........................................

1,341

C.H.

Robinson

Worldwide,

Inc.

.............................................

3,709

EMCOR

Group,

Inc.

....................................................

923

572

Expeditors

International

of

Washington,

Inc.

....................................

2,680

Lockheed

Martin

Corp.

...................................................

1,084

Masco

Corp.

..........................................................

7,025

516

Owens

Corning

........................................................

2,830

United

Parcel

Service,

Inc.,

Class

B

..........................................

2,372

3,160

Information

Technology

(10.8%):

Apple,

Inc.

...........................................................

6,337

1,471

Applied

Materials,

Inc.

...................................................

3,422

550

Cisco

Systems,

Inc.

.....................................................

18,436

1,274

Cognizant

Technology

Solutions

Corp.,

Class

A

.................................

7,076

511

HP,

Inc.

..............................................................

22,233

635

KLA

Corp.

...........................................................

795

693

Lam

Research

Corp.

.....................................................

4,926

NetApp,

Inc.

..........................................................

6,779

765

QUALCOMM,

Inc.

.....................................................

6,027

969

7,361

Materials

(4.5%):

CF

Industries

Holdings,

Inc.

...............................................

7,121

617

LyondellBasell

Industries

NV,

Class

A

........................................

5,336

Nucor

Corp.

...........................................................

3,060

Packaging

Corp.

of

America

...............................................

3,507

764

Reliance,

Inc.

..........................................................

1,400

Steel

Dynamics,

Inc.

.....................................................

3,775

3,045

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Utilities

(0.4%):

OGE

Energy

Corp.

......................................................

6,612

33,225

Total

Common

Stocks

(Cost

$54,728)

67,550

Total

Investments

(Cost

$54,728)

—

99.5%

67,550

Other

assets

in

excess

of

liabilities

—

0.5%

NET

ASSETS

-

100.00%

$

67,916

(a) Non-income

producing

security.

DRIP

—

Dividend

Reinvestment

Program

PLC

—

Public

Limited

Company

#### Schedule

#### of

#### Portfolio

#### Investments
August

31,

2025

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.0%)

Australia

(4.6%):

Consumer

Discretionary

(0.8%):

Aristocrat

Leisure

Ltd.

...................................................

457,939

$

21,709

Financials

(0.8%):

ANZ

Group

Holdings

Ltd.

................................................

177,949

3,909

Macquarie

Group

Ltd.

...................................................

95,131

13,949

QBE

Insurance

Group

Ltd.

................................................

131,720

1,861

19,719

Health

Care

(0.3%):

CSL

Ltd.

.............................................................

63,075

8,772

Industrials

(0.5%):

Brambles

Ltd.

.........................................................

404,753

6,858

Qantas

Airways

Ltd.

.....................................................

877,460

6,722

13,580

Materials

(1.5%):

BHP

Group

Ltd.

........................................................

977,858

27,250

Northern

Star

Resources

Ltd.

..............................................

424,949

5,302

Orica

Ltd.

............................................................

215,029

3,085

Rio

Tinto

Ltd.

.........................................................

31,659

2,391

38,028

Real

Estate

(0.7%):

Charter

Hall

Group

......................................................

136,300

2,085

Goodman

Group

.......................................................

75,440

1,688

Scentre

Group

.........................................................

5,768,697

15,372

19,145

120,953

Austria

(0.8%):

Financials

(0.8%):

BAWAG

Group

AG

.....................................................

112,768

14,579

Erste

Group

Bank

AG

....................................................

62,877

5,984

20,563

Information

Technology

(0.0%):(a)

ams-OSRAM

AG

(b) .....................................................

52,081

651

21,214

Belgium

(1.0%):

Communication

Services

(0.0%):(a)

Proximus

SADP

........................................................

126,740

1,099

Consumer

Staples

(0.2%):

Anheuser-Busch

InBev

SA

................................................

65,092

4,083

Financials

(0.1%):

Ageas

SA

............................................................

54,412

3,833

Information

Technology

(0.3%):

Melexis

NV

(c) .........................................................

92,854

7,351

Materials

(0.4%):

Solvay

SA

,

Class

A

.....................................................

232,605

7,639

Titan

SA

.............................................................

42,890

1,863

9,502

25,868

Brazil

(1.1%):

Communication

Services

(0.1%):

Telefonica

Brasil

SA

.....................................................

639,992

3,998

Consumer

Discretionary

(0.1%):

Lojas

Renner

SA

.......................................................

684,359

2,052

Consumer

Staples

(0.2%):

Ambev

SA

............................................................

1,293,802

2,947

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Natura

Cosmeticos

SA

(b) .................................................

959,484

1,595

4,542

Energy

(0.2%):

PRIO

SA

(b) ...........................................................

495,300

3,460

Raizen

SA

,

Preference

Shares

..............................................

2,790,100

602

Ultrapar

Participacoes

SA

.................................................

425,392

1,543

5,605

Financials

(0.3%):

Banco

Bradesco

SA

,

Preference

Shares

.......................................

585,100

1,816

Banco

Bradesco

SA

,

ADR

................................................

1,679,656

5,224

7,040

Health

Care

(0.1%):

Rede

D'Or

Sao

Luiz

SA

..................................................

228,074

1,656

Utilities

(0.1%):

Equatorial

Energia

SA

...................................................

617,700

4,167

29,060

Canada

(2.5%):

Consumer

Discretionary

(0.0%):(a)

Gildan

Activewear,

Inc.

..................................................

26,848

1,466

Energy

(0.4%):

Headwater

Exploration,

Inc.

...............................................

286,238

1,420

Suncor

Energy,

Inc.

.....................................................

43,971

1,818

Whitecap

Resources,

Inc.

(c) ...............................................

875,235

6,590

9,828

Financials

(0.6%):

Bank

of

Montreal

.......................................................

18,385

2,225

Brookfield

Corp.

.......................................................

25,848

1,699

Canadian

Imperial

Bank

of

Commerce

........................................

42,525

3,285

Fairfax

Financial

Holdings

Ltd.

.............................................

2,498

4,301

Royal

Bank

of

Canada

...................................................

22,793

3,313

14,823

Industrials

(0.4%):

Element

Fleet

Management

Corp.

...........................................

323,715

8,628

Finning

International,

Inc.

.................................................

48,290

2,002

10,630

Information

Technology

(0.4%):

Celestica,

Inc.

(b) .......................................................

47,114

9,178

Shopify,

Inc.

,

Class

A

(b) ..................................................

12,103

1,710

10,888

Materials

(0.6%):

Barrick

Mining

Corp.

....................................................

150,767

4,022

Dundee

Precious

Metals,

Inc.

..............................................

186,960

3,467

Lundin

Mining

Corp.

....................................................

535,569

6,197

Nutrien

Ltd.

...........................................................

32,674

1,883

15,569

Utilities

(0.1%):

Algonquin

Power

&

Utilities

Corp.

..........................................

510,336

2,958

66,162

Chile

(0.3%):

Consumer

Staples

(0.3%):

Cencosud

SA

..........................................................

2,140,785

6,787

China

(2.4%):

Communication

Services

(0.7%):

Baidu,

Inc.

,

Class

SW

(b) ..................................................

258,394

3,058

Kanzhun

Ltd.

,

ADR

.....................................................

178,180

4,209

Kuaishou

Technology

,

Class

W

.............................................

184,300

1,806

Tencent

Holdings

Ltd.

...................................................

108,900

8,434

17,507

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Consumer

Discretionary

(0.8%):

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

548,796

9,087

BYD

Co.

Ltd.

.........................................................

155,500

2,194

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

H

..................................

756,000

6,672

Pop

Mart

International

Group

Ltd.

...........................................

57,400

2,386

20,339

Consumer

Staples

(0.1%):

China

Mengniu

Dairy

Co.

Ltd.

.............................................

588,086

1,158

JD

Health

International,

Inc.

(b) .............................................

187,450

1,528

Tingyi

Cayman

Islands

Holding

Corp.

........................................

754,000

1,071

3,757

Financials

(0.4%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

2,839,000

1,920

Bank

of

China

Ltd.

,

Class

H

...............................................

4,009,000

2,201

China

Construction

Bank

Corp.

,

Class

H

......................................

2,320,000

2,245

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

1,548,000

3,741

10,107

Health

Care

(0.2%):

3SBio,

Inc.

(b) .........................................................

941,000

3,540

WuXi

AppTec

Co.

Ltd.

,

Class

H

............................................

113,800

1,586

5,126

Industrials

(0.1%):

Weichai

Power

Co.

Ltd.

,

Class

H

............................................

759,000

1,596

Information

Technology

(0.0%):(a)

Xiaomi

Corp.

,

Class

W

(b) .................................................

215,400

1,470

Materials

(0.1%):

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

808,000

2,683

62,585

Denmark

(1.6%):

Consumer

Discretionary

(0.7%):

Pandora

A/S

..........................................................

127,211

17,589

Financials

(0.2%):

Jyske

Bank

A/S

,

Registered

Shares

..........................................

46,696

5,014

Health

Care

(0.7%):

Novo

Nordisk

A/S

,

Class

B

................................................

334,020

18,878

41,481

Finland

(0.8%):

Financials

(0.7%):

Nordea

Bank

Abp

.......................................................

1,092,230

16,666

Information

Technology

(0.1%):

Nokia

Oyj

............................................................

814,030

3,504

20,170

France

(8.5%):

Communication

Services

(0.5%):

Orange

SA

............................................................

536,078

8,737

Publicis

Groupe

SA

.....................................................

57,357

5,296

14,033

Consumer

Discretionary

(0.7%):

FDJ

UNITED

.........................................................

74,983

2,413

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

20,040

11,831

Renault

SA

...........................................................

50,912

2,004

Valeo

SE

.............................................................

127,227

1,544

17,792

Consumer

Staples

(1.0%):

Carrefour

SA

..........................................................

200,639

2,905

L'Oreal

SA

...........................................................

49,705

23,204

26,109

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Energy

(0.8%):

Gaztransport

Et

Technigaz

SA

..............................................

38,534

7,191

Technip

Energies

NV

....................................................

147,315

6,808

TotalEnergies

SE

.......................................................

104,253

6,545

20,544

Financials

(0.9%):

AXA

SA

.............................................................

129,704

6,041

BNP

Paribas

SA

........................................................

100,960

9,072

Societe

Generale

SA

.....................................................

154,821

9,553

24,666

Health

Care

(0.4%):

BioMerieux

...........................................................

16,501

2,294

Ipsen

SA

.............................................................

13,132

1,785

Sanofi

SA

............................................................

58,068

5,761

9,840

Industrials

(2.8%):

Cie

de

Saint-Gobain

SA

..................................................

56,958

6,149

Eiffage

SA

............................................................

117,182

14,745

Rexel

SA

.............................................................

512,315

16,585

Safran

SA

............................................................

84,388

28,042

Schneider

Electric

SE

....................................................

19,668

4,832

SPIE

SA

.............................................................

35,922

1,991

72,344

Information

Technology

(0.2%):

Capgemini

SE

.........................................................

46,305

6,585

Materials

(0.6%):

Arkema

SA

...........................................................

209,897

14,891

Real

Estate

(0.2%):

Klepierre

SA

..........................................................

152,946

5,971

Utilities

(0.4%):

Engie

SA

.............................................................

361,977

7,490

Veolia

Environnement

SA

.................................................

65,646

2,168

9,658

222,433

Germany

(7.7%):

Communication

Services

(0.3%):

CTS

Eventim

AG

&

Co.

KGaA

.............................................

97,001

9,092

Consumer

Discretionary

(0.9%):

Continental

AG

........................................................

28,648

2,512

Mercedes-Benz

Group

AG

................................................

24,675

1,544

Volkswagen

AG

,

Preference

Shares

..........................................

159,859

18,626

Zalando

SE

(b) .........................................................

60,429

1,684

24,366

Consumer

Staples

(0.2%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

....................................

50,359

4,250

Financials

(1.7%):

Allianz

SE

,

Registered

Shares

..............................................

93,924

39,706

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Class

R

...............

5,530

3,527

43,233

Health

Care

(0.3%):

Fresenius

Medical

Care

AG

...............................................

28,368

1,462

Fresenius

SE

&

Co.

KGaA

................................................

95,762

5,207

6,669

Industrials

(2.0%):

Daimler

Truck

Holding

AG

................................................

91,418

4,300

Siemens

AG

,

Registered

Shares

.............................................

159,637

44,248

Siemens

Energy

AG

(b) ...................................................

22,866

2,432

50,980

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Information

Technology

(1.4%):

SAP

SE

..............................................................

132,094

35,952

Materials

(0.4%):

BASF

SE

............................................................

80,544

4,278

Evonik

Industries

AG

....................................................

355,564

6,861

11,139

Utilities

(0.5%):

E.ON

SE

.............................................................

125,707

2,241

RWE

AG

.............................................................

297,133

11,899

14,140

199,821

Greece

(0.3%):

Financials

(0.3%):

National

Bank

of

Greece

SA

...............................................

605,288

8,382

Hong

Kong

(2.5%):

Communication

Services

(0.1%):

NetEase

Cloud

Music,

Inc.

(b) ..............................................

87,150

3,143

Consumer

Discretionary

(0.1%):

Galaxy

Entertainment

Group

Ltd.

...........................................

355,000

1,882

Consumer

Staples

(0.1%):

WH

Group

Ltd.

........................................................

1,948,862

2,094

Financials

(1.4%):

AIA

Group

Ltd.

........................................................

2,562,600

24,357

BOC

Hong

Kong

Holdings

Ltd.

............................................

567,500

2,577

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

36,800

2,156

Prudential

PLC

........................................................

477,389

6,366

35,456

Industrials

(0.1%):

CK

Hutchison

Holdings

Ltd.

...............................................

399,964

2,646

Real

Estate

(0.6%):

CK

Asset

Holdings

Ltd.

..................................................

3,417,259

16,170

Utilities

(0.1%):

Kunlun

Energy

Co.

Ltd.

..................................................

4,298,000

4,001

65,392

India

(1.4%):

Consumer

Discretionary

(0.1%):

Mahindra

&

Mahindra

Ltd.

................................................

41,186

1,494

Consumer

Staples

(0.0%):(a)

Varun

Beverages

Ltd.

....................................................

181,143

1,001

Energy

(0.1%):

Reliance

Industries

Ltd.

..................................................

209,655

3,229

Financials

(0.6%):

Canara

Bank

..........................................................

1,052,410

1,239

ICICI

Bank

Ltd.

........................................................

220,557

3,495

Nippon

Life

India

Asset

Management

Ltd.

.....................................

505,930

4,504

Power

Finance

Corp.

Ltd.

.................................................

1,203,944

5,185

14,423

Information

Technology

(0.2%):

Coforge

Ltd.

..........................................................

137,560

2,688

Infosys

Ltd.

...........................................................

87,895

1,474

Persistent

Systems

Ltd.

...................................................

21,785

1,309

5,471

Materials

(0.2%):

Hindalco

Industries

Ltd.

..................................................

267,619

2,139

National

Aluminium

Co.

Ltd.

..............................................

1,086,229

2,297

4,436

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Real

Estate

(0.1%):

Oberoi

Realty

Ltd.

......................................................

188,753

3,450

Utilities

(0.1%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

633,489

1,980

35,484

Indonesia

(0.1%):

Financials

(0.1%):

PT

Bank

Negara

Indonesia

Persero

Tbk

.......................................

6,964,715

1,850

Ireland

(1.2%):

Financials

(0.6%):

AIB

Group

PLC

........................................................

502,420

4,082

Bank

of

Ireland

Group

PLC

...............................................

705,358

10,432

14,514

Industrials

(0.3%):

AerCap

Holdings

NV

....................................................

59,274

7,320

Materials

(0.3%):

James

Hardie

Industries

PLC

(b) ............................................

430,395

8,739

30,573

Italy

(2.9%):

Consumer

Discretionary

(0.4%):

Ferrari

NV

............................................................

4,454

2,120

Lottomatica

Group

SpA

..................................................

102,823

2,796

PRADA

SpA

..........................................................

720,300

4,247

9,163

Energy

(0.2%):

Eni

SpA

.............................................................

359,727

6,430

Financials

(1.4%):

Banca

Mediolanum

SpA

..................................................

97,209

1,966

Banco

BPM

SpA

.......................................................

1,146,411

15,726

BPER

Banca

SPA

.......................................................

833,673

8,659

UniCredit

SpA

.........................................................

132,843

10,274

36,625

Health

Care

(0.2%):

Recordati

Industria

Chimica

e

Farmaceutica

SpA

................................

80,964

5,005

Information

Technology

(0.1%):

Reply

SpA

............................................................

22,459

3,236

Utilities

(0.6%):

Enel

SpA

.............................................................

1,629,542

15,036

75,495

Japan

(19.3%):

Communication

Services

(1.4%):

Capcom

Co.

Ltd.

.......................................................

405,200

10,935

Dentsu

Group,

Inc.

......................................................

120,710

2,384

Hakuhodo

DY

Holdings,

Inc.

..............................................

139,310

1,117

Kakaku.com,

Inc.

.......................................................

687,800

12,788

Konami

Group

Corp.

....................................................

48,500

7,316

Nippon

Television

Holdings,

Inc.

............................................

66,145

1,732

36,272

Consumer

Discretionary

(3.1%):

Asics

Corp.

...........................................................

369,600

9,937

Honda

Motor

Co.

Ltd.

(c) .................................................

260,348

2,886

Isuzu

Motors

Ltd.

.......................................................

28,352

Koito

Manufacturing

Co.

Ltd.

..............................................

182,350

2,594

Nikon

Corp.

(c) .........................................................

93,960

1,055

Nissan

Motor

Co.

Ltd.

(b) (c) ...............................................

654,412

1,468

Rinnai

Corp.

..........................................................

62,496

1,549

Sega

Sammy

Holdings,

Inc.

...............................................

53,410

1,111

Sony

Group

Corp.

......................................................

182,600

4,991

Stanley

Electric

Co.

Ltd.

..................................................

63,191

1,280

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Subaru

Corp.

..........................................................

131,021

2,570

Sumitomo

Electric

Industries

Ltd.

...........................................

299,500

8,390

Sumitomo

Rubber

Industries

Ltd.

...........................................

102,031

1,192

Suzuki

Motor

Corp.

.....................................................

135,900

1,799

Toyota

Motor

Corp.

.....................................................

1,630,100

31,566

ZOZO,

Inc.

...........................................................

968,500

9,000

81,759

Consumer

Staples

(0.8%):

Asahi

Group

Holdings

Ltd.

................................................

329,500

4,141

Kirin

Holdings

Co.

Ltd.

..................................................

65,727

955

MatsukiyoCocokara

&

Co.

................................................

241,800

4,995

Toyo

Suisan

Kaisha

Ltd.

..................................................

144,000

9,906

Tsuruha

Holdings,

Inc.

...................................................

132,155

2,039

22,036

Financials

(3.4%):

Dai-ichi

Life

Holdings,

Inc.

...............................................

130,686

1,073

Japan

Post

Insurance

Co.

Ltd.

..............................................

137,680

3,855

Mizuho

Financial

Group,

Inc.

..............................................

885,450

29,133

ORIX

Corp.

...........................................................

169,000

4,365

Resona

Holdings,

Inc.

....................................................

475,262

4,767

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

196,940

5,364

Sumitomo

Mitsui

Trust

Group,

Inc.

..........................................

171,470

4,880

T&D

Holdings,

Inc.

.....................................................

254,985

6,602

The

Chiba

Bank

Ltd.

(c) ..................................................

364,560

3,730

Tokio

Marine

Holdings,

Inc.

...............................................

578,500

24,813

88,582

Health

Care

(1.6%):

Alfresa

Holdings

Corp.

...................................................

77,259

1,163

Eisai

Co.

Ltd.

..........................................................

46,767

1,430

Hoya

Corp.

...........................................................

139,400

18,002

Ono

Pharmaceutical

Co.

Ltd.

(c) ............................................

59,124

666

Otsuka

Holdings

Co.

Ltd.

.................................................

49,100

2,577

Shionogi

&

Co.

Ltd.

.....................................................

930,746

16,101

Takeda

Pharmaceutical

Co.

Ltd.

............................................

77,753

2,341

42,280

Industrials

(4.9%):

Amada

Co.

Ltd.

........................................................

91,170

1,159

Central

Japan

Railway

Co.

................................................

215,900

5,743

Fuji

Electric

Co.

Ltd.

....................................................

317,200

19,977

Fujikura

Ltd.

..........................................................

123,100

10,445

Hino

Motors

Ltd.

(b) (c) ...................................................

191,703

Hitachi

Ltd.

...........................................................

58,300

1,571

ITOCHU

Corp.

........................................................

76,100

4,299

Japan

Airlines

Co.

Ltd.

...................................................

77,341

1,645

JGC

Holdings

Corp.

.....................................................

128,622

1,225

Komatsu

Ltd.

..........................................................

65,900

2,231

Kubota

Corp.

..........................................................

291,000

3,365

MISUMI

Group,

Inc.

....................................................

418,700

6,351

Mitsubishi

Heavy

Industries

Ltd.

............................................

936,200

23,625

Nippon

Yusen

KK

......................................................

314,000

11,320

Obayashi

Corp.

........................................................

367,000

5,954

Persol

Holdings

Co.

Ltd.

..................................................

965,090

1,800

Sanwa

Holdings

Corp.

...................................................

683,700

22,014

Sumitomo

Heavy

Industries

Ltd.

............................................

55,152

1,219

THK

Co.

Ltd.

.........................................................

42,365

1,139

Yamato

Holdings

Co.

Ltd.

(c) ...............................................

143,730

2,425

128,004

Information

Technology

(2.8%):

Alps

Alpine

Co.

Ltd.

....................................................

65,701

802

Disco

Corp.

...........................................................

62,100

16,992

Fujitsu

Ltd.

...........................................................

711,200

17,116

Horiba

Ltd.

...........................................................

17,120

1,271

Ibiden

Co.

Ltd.

.........................................................

47,700

2,291

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

NEC

Corp.

...........................................................

299,100

9,109

Oracle

Corp.

..........................................................

110,700

11,459

Rohm

Co.

Ltd.

.........................................................

226,740

3,319

SCREEN

Holdings

Co.

Ltd.

...............................................

27,800

2,102

Tokyo

Seimitsu

Co.

Ltd.

..................................................

40,600

2,269

Yokogawa

Electric

Corp.

.................................................

204,800

5,979

72,709

Materials

(0.3%):

Mitsubishi

Gas

Chemical

Co.,

Inc.

(c) .........................................

96,680

1,744

Taiheiyo

Cement

Corp.

...................................................

33,017

893

Tosoh

Corp.

...........................................................

293,900

4,634

7,271

Real

Estate

(0.9%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

167,100

5,905

Mitsubishi

Estate

Co.

Ltd.

.................................................

216,968

4,622

Sumitomo

Realty

&

Development

Co.

Ltd.

....................................

317,000

13,024

23,551

Utilities

(0.1%):

Tohoku

Electric

Power

Co.,

Inc.

............................................

242,000

1,859

504,323

Luxembourg

(0.1%):

Communication

Services

(0.0%):(a)

RTL

Group

SA

.........................................................

27,549

1,135

Materials

(0.1%):

ArcelorMittal

SA

.......................................................

52,022

1,733

2,868

Macau

(0.1%):

Consumer

Discretionary

(0.1%):

MGM

China

Holdings

Ltd.

................................................

1,565,600

3,216

Mexico

(0.5%):

Communication

Services

(0.1%):

America

Movil

SAB

de

CV

,

ADR

...........................................

189,906

3,796

Consumer

Staples

(0.1%):

Arca

Continental

SAB

de

CV

..............................................

151,682

1,547

Energy

(0.2%):

Vista

Energy

SAB

de

CV

,

ADR

(b) ...........................................

109,330

4,262

Financials

(0.1%):

Gentera

SAB

de

CV

.....................................................

1,018,379

2,488

Materials

(0.0%):(a)

Fresnillo

PLC

.........................................................

57,819

1,401

13,494

Netherlands

(5.1%):

Communication

Services

(0.6%):

Koninklijke

KPN

NV

....................................................

2,867,451

13,683

VEON

Ltd.

,

ADR

(b) ....................................................

14,257

834

14,517

Consumer

Discretionary

(0.1%):

Prosus

NV

(b) ..........................................................

63,956

3,956

Consumer

Staples

(0.2%):

JDE

Peet's

NV

.........................................................

47,612

1,743

Koninklijke

Ahold

Delhaize

NV

............................................

62,665

2,511

4,254

Financials

(2.3%):

ABN

AMRO

Bank

NV

,

Class

CV

...........................................

192,223

5,544

Euronext

NV

..........................................................

44,395

7,328

ING

Groep

NV

........................................................

1,438,357

34,337

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

NN

Group

NV

.........................................................

174,190

11,989

59,198

Health

Care

(0.3%):

Argenx

SE

(b) ..........................................................

3,282

2,337

Koninklijke

Philips

NV

..................................................

194,448

5,370

7,707

Industrials

(0.6%):

Randstad

NV

..........................................................

58,388

2,762

Wolters

Kluwer

NV

.....................................................

98,075

12,354

15,116

Information

Technology

(1.0%):

ASM

International

NV

...................................................

22,479

10,793

ASML

Holding

NV

.....................................................

18,213

13,523

BE

Semiconductor

Industries

NV

...........................................

22,264

2,999

27,315

132,063

New

Zealand

(0.3%):

Health

Care

(0.3%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

414,214

8,933

Norway

(0.7%):

Energy

(0.0%):(a)

Equinor

ASA

..........................................................

45,487

1,123

Industrials

(0.5%):

Kongsberg

Gruppen

ASA

.................................................

442,357

13,217

Materials

(0.2%):

Norsk

Hydro

ASA

......................................................

804,590

5,217

19,557

Portugal

(0.2%):

Energy

(0.2%):

Galp

Energia

SGPS

SA

...................................................

258,913

5,032

Russian

Federation

(0.0%):(a)

Communication

Services

(0.0%):

Mobile

TeleSystems

PJSC

,

ADR

(b) (d) (e) ......................................

177,615

—

Energy

(0.0%):

Gazprom

PJSC

,

ADR

(b) (d) (e) ..............................................

153,287

—

LUKOIL

PJSC

,

ADR

(b) (d) (e) ..............................................

34,917

—

—

Financials

(0.0%):(a)

Sberbank

of

Russia

PJSC

(b) (d) (e) ...........................................

564,350

—

Sberbank

of

Russia

PJSC

,

ADR

(b) (d) (e) ......................................

505,824

—

(f) —

(f) —

(f) Saudi

Arabia

(0.1%):

Communication

Services

(0.1%):

Etihad

Etisalat

Co.

......................................................

85,057

1,451

Financials

(0.0%):(a)

Saudi

Awwal

Bank

......................................................

173,688

1,394

2,845

Singapore

(1.2%):

Communication

Services

(0.1%):

Sea

Ltd.

,

ADR

(b) .......................................................

18,712

3,491

Financials

(0.7%):

DBS

Group

Holdings

Ltd.

.................................................

76,130

2,997

Singapore

Exchange

Ltd.

.................................................

1,060,700

13,697

16,694

Industrials

(0.3%):

Singapore

Technologies

Engineering

Ltd.

......................................

1,394,000

8,344

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Information

Technology

(0.1%):

ASMPT

Ltd.

..........................................................

199,000

1,804

30,333

South

Africa

(0.3%):

Communication

Services

(0.1%):

MTN

Group

Ltd.

.......................................................

391,411

3,327

Financials

(0.2%):

Old

Mutual

Ltd.

........................................................

2,754,760

2,169

Sanlam

Ltd.

...........................................................

266,667

1,375

3,544

Materials

(0.0%):(a)

Valterra

Platinum

Ltd.

...................................................

6,820

7,181

South

Korea

(1.9%):

Communication

Services

(0.2%):

KT

Corp.

.............................................................

81,753

3,180

SK

Telecom

Co.

Ltd.

....................................................

73,602

2,872

6,052

Consumer

Discretionary

(0.2%):

Coway

Co.

Ltd.

........................................................

12,585

940

Hankook

Tire

&

Technology

Co.

Ltd.

........................................

26,453

763

Hyundai

Mobis

Co.

Ltd.

..................................................

15,526

3,546

Kia

Corp.

............................................................

19,345

1,464

6,713

Financials

(0.6%):

DB

Insurance

Co.

Ltd.

...................................................

24,555

2,322

Hana

Financial

Group,

Inc.

................................................

58,319

3,439

KB

Financial

Group,

Inc.

.................................................

44,124

3,447

Shinhan

Financial

Group

Co.

Ltd.

...........................................

117,270

5,497

14,705

Industrials

(0.7%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

5,979

3,793

HD

Hyundai

Electric

Co.

Ltd.

..............................................

9,788

3,433

Hyundai

Rotem

Co.

Ltd.

..................................................

41,942

5,787

Samsung

E&A

Co.

Ltd.

..................................................

221,623

4,623

17,636

Information

Technology

(0.2%):

Samsung

Electronics

Co.

Ltd.

..............................................

41,521

2,075

SK

Hynix,

Inc.

.........................................................

17,807

3,394

5,469

50,575

Spain

(2.9%):

Energy

(0.1%):

Repsol

SA

............................................................

133,536

2,189

Financials

(1.9%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

1,866,672

33,969

Banco

Santander

SA

.....................................................

701,099

6,695

Bankinter

SA

..........................................................

565,055

8,432

49,096

Industrials

(0.7%):

Aena

SME

SA

.........................................................

634,107

18,378

Real

Estate

(0.1%):

Merlin

Properties

Socimi

SA

...............................................

212,300

3,165

Utilities

(0.1%):

Iberdrola

SA

..........................................................

164,467

3,100

75,928

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Sweden

(1.8%):

Communication

Services

(0.3%):

Tele2

AB

,

B

Shares

.....................................................

382,374

6,736

Consumer

Staples

(0.2%):

Essity

AB

,

Class

B

......................................................

222,225

6,010

Financials

(0.2%):

Avanza

Bank

Holding

AB

.................................................

87,170

3,295

Swedbank

AB

,

Class

A

...................................................

75,685

2,131

5,426

Industrials

(1.0%):

Atlas

Copco

AB

,

Class

B

.................................................

1,292,699

18,387

SKF

AB

,

B

Shares

(c) ....................................................

157,830

4,053

Volvo

AB

,

Class

B

......................................................

77,353

2,381

24,821

Information

Technology

(0.1%):

Telefonaktiebolaget

LM

Ericsson

,

Class

B

.....................................

394,524

3,124

46,117

Switzerland

(7.9%):

Consumer

Discretionary

(0.1%):

The

Swatch

Group

AG

,

Class

BR

...........................................

14,468

2,616

Consumer

Staples

(2.0%):

Coca-Cola

HBC

AG

(b) ...................................................

476,654

24,108

Nestle

SA

,

Registered

Shares

..............................................

287,963

27,169

51,277

Financials

(1.4%):

Partners

Group

Holding

AG

...............................................

6,654

9,140

UBS

Group

AG

........................................................

565,424

22,909

Zurich

Insurance

Group

AG

...............................................

5,924

4,330

36,379

Health

Care

(3.4%):

Novartis

AG

,

Registered

Shares

.............................................

355,395

44,992

Roche

Holding

AG

......................................................

113,048

36,869

Sandoz

Group

AG

......................................................

111,938

7,025

88,886

Industrials

(0.5%):

ABB

Ltd.

,

Registered

Shares

...............................................

63,634

4,271

Adecco

Group

AG

......................................................

65,573

2,101

Sulzer

AG

,

Registered

Shares

..............................................

27,594

5,172

11,544

Information

Technology

(0.4%):

Logitech

International

SA

,

Class

R

..........................................

106,216

10,970

Materials

(0.1%):

Holcim

AG

(b) .........................................................

40,417

3,388

205,060

Taiwan

(1.8%):

Consumer

Discretionary

(0.1%):

Minth

Group

Ltd.

.......................................................

850,000

3,611

Financials

(0.1%):

CTBC

Financial

Holding

Co.

Ltd.

...........................................

1,241,000

1,665

Health

Care

(0.1%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

72,381

1,716

Information

Technology

(1.5%):

ASMedia

Technology,

Inc.

................................................

49,000

2,614

Delta

Electronics,

Inc.

...................................................

83,000

1,912

Elite

Material

Co.

Ltd.

...................................................

298,000

11,796

Hon

Hai

Precision

Industry

Co.

Ltd.

.........................................

252,000

1,664

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

427,000

15,992

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Wiwynn

Corp.

.........................................................

64,000

6,143

40,121

47,113

Thailand

(0.3%):

Communication

Services

(0.0%):(a)

Advanced

Info

Service

PCL,

NVDR

.........................................

161,300

1,467

Financials

(0.2%):

Kasikornbank

PCL

......................................................

942,408

4,902

Health

Care

(0.1%):

Bumrungrad

Hospital

PCL,

NVDR

..........................................

462,400

2,540

8,909

Turkey

(0.0%):(a)

Consumer

Staples

(0.0%):(a)

Coca-Cola

Icecek

AS

....................................................

214,946

United

Arab

Emirates

(0.2%):

Real

Estate

(0.2%):

Emaar

Development

PJSC

................................................

1,455,604

5,839

United

Kingdom

(13.4%):

Communication

Services

(0.9%):

Auto

Trader

Group

PLC

..................................................

1,182,332

12,838

BT

Group

PLC

........................................................

1,654,975

4,845

Informa

PLC

..........................................................

172,977

2,037

WPP

PLC

............................................................

433,227

2,297

22,017

Consumer

Discretionary

(0.9%):

Birkenstock

Holding

PLC

(b) ...............................................

34,726

1,810

Burberry

Group

PLC

(b) ..................................................

138,367

2,402

Inchcape

PLC

.........................................................

235,051

2,120

Kingfisher

PLC

........................................................

645,591

2,248

Next

PLC

............................................................

84,812

13,704

22,284

Consumer

Staples

(2.3%):

British

American

Tobacco

PLC

.............................................

207,733

11,795

Imperial

Brands

PLC

....................................................

565,077

23,861

J

Sainsbury

PLC

.......................................................

354,286

1,434

Reckitt

Benckiser

Group

PLC

..............................................

64,748

4,840

Tate

&

Lyle

PLC

.......................................................

240,646

1,730

Unilever

PLC

.........................................................

272,180

17,168

60,828

Energy

(2.2%):

BP

PLC

..............................................................

2,442,907

14,288

Harbour

Energy

PLC

....................................................

588,368

1,815

Shell

PLC

............................................................

1,113,175

40,981

Shell

PLC-DRIP

(b) .....................................................

1,129,384

57,488

Financials

(3.5%):

3i

Group

PLC

.........................................................

74,576

4,051

Barclays

PLC

.........................................................

6,660,671

32,450

HSBC

Holdings

PLC

....................................................

2,800,338

35,843

ICG

PLC

.............................................................

90,121

2,657

Standard

Chartered

PLC

..................................................

796,362

14,920

89,921

Health

Care

(0.8%):

AstraZeneca

PLC

.......................................................

37,939

6,047

GSK

PLC

............................................................

427,420

8,445

Hikma

Pharmaceuticals

PLC

...............................................

233,068

5,630

20,122

Industrials

(0.7%):

Babcock

International

Group

PLC

...........................................

50,740

696

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

easyJet

PLC

...........................................................

1,134,418

7,522

IMI

PLC

.............................................................

122,301

3,758

RELX

PLC

...........................................................

32,187

1,503

Rolls-Royce

Holdings

PLC

................................................

373,525

5,386

18,865

Information

Technology

(0.1%):

Softcat

PLC

...........................................................

167,536

3,647

Materials

(1.1%):

Anglo

American

PLC

....................................................

58,516

1,802

Endeavour

Mining

PLC

..................................................

168,872

5,872

Mondi

PLC

...........................................................

177,394

2,497

Rio

Tinto

PLC

.........................................................

301,194

18,825

28,996

Real

Estate

(0.3%):

Land

Securities

Group

PLC

...............................................

281,787

2,112

LondonMetric

Property

PLC

...............................................

628,758

1,566

The

British

Land

Co.

PLC

................................................

860,854

3,908

7,586

Utilities

(0.6%):

Centrica

PLC

..........................................................

5,859,966

12,741

Drax

Group

PLC

.......................................................

248,936

2,186

National

Grid

PLC

......................................................

122,741

1,724

16,651

348,405

United

States

(0.2%):

Health

Care

(0.1%):

Amrize

Ltd.

(b) .........................................................

43,352

2,262

Industrials

(0.1%):

DCC

PLC

............................................................

36,316

2,309

4,571

Total

Common

Stocks

(Cost

$1,711,698)

2,556,330

Exchange-Traded

Funds

(0.3%)

United

States

(0.3%):

iShares

Core

MSCI

EAFE

ETF

.............................................

66,309

5,670

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

39,022

2,423

Vanguard

FTSE

All-World

ex-US

Small-Cap

ETF

...............................

2,280

8,413

Total

Exchange-Traded

Funds

(Cost

$8,253)

8,413

Collateral

for

Securities

Loaned

(0.6%)^

United

States

(0.6%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(g) ........

3,826,368

3,826

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(g) ............

3,826,368

3,827

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(g) ...............

3,826,368

3,826

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(g) .

3,826,368

3,826

Total

Collateral

for

Securities

Loaned

(Cost

$15,305)

15,305

Total

Investments

(Cost

$1,735,256)

—

98.9%

2,580,048

Other

assets

in

excess

of

liabilities

—

1.1%

28,411

NET

ASSETS

-

100.00%

$

2,608,459

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Amount

represents

less

than

0.05%

of

net

assets.

(b) Non-income

producing

security.

(c) All

or

a

portion

of

this

security

is

on

loan.

(d) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

August

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

Victory

Portfolios

III

#### Victory

#### International

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

,

ADR

.........................................

1/21/2016

$

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

(e) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

August

31,

2025

(amounts

in

thousands):

(f) Rounds

to

less

than

$1

thousand.

(g) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. ADR

—

American

Depositary

Receipt

DRIP

—

Dividend

Reinvestment

Program

ETF

—

Exchange-Traded

Fund

NVDR

—

Non-Voting

Depository

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

#### Schedule

#### of

#### Portfolio

#### Investments
August

31,

2025

Victory

Portfolios

III

#### Victory

#### Precious

#### Metals

#### and

#### Minerals

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.2%)

Australia

(10.7%):

Materials

(10.7%):

Capricorn

Metals

Ltd.

(a) ..................................................

243,654

$

1,650

Evolution

Mining

Ltd.

...................................................

3,186,387

18,276

Gold

Road

Resources

Ltd.

................................................

2,057,598

4,534

Northern

Star

Resources

Ltd.

..............................................

1,797,111

22,422

Perseus

Mining

Ltd.

.....................................................

7,115,122

17,828

Ramelius

Resources

Ltd.

.................................................

6,173,742

12,972

Regis

Resources

Ltd.

....................................................

2,528,685

7,615

West

African

Resources

Ltd.

(a) .............................................

2,444,634

4,863

Westgold

Resources

Ltd.

..................................................

1,065,782

2,414

92,574

Canada

(52.2%):

Materials

(52.2%):

Agnico

Eagle

Mines

Ltd.

.................................................

779,327

112,376

Alamos

Gold,

Inc.

......................................................

447,917

13,648

B2Gold

Corp.

.........................................................

4,609,846

19,034

Barrick

Mining

Corp.

....................................................

1,618,357

43,097

Dundee

Precious

Metals,

Inc.

..............................................

1,902,950

35,282

Franco-Nevada

Corp.

....................................................

60,434

11,391

IAMGOLD

Corp.

(a) .....................................................

2,130,244

19,833

K92

Mining,

Inc.

(a) .....................................................

252,542

2,849

Kinross

Gold

Corp.

.....................................................

2,984,793

62,382

Lundin

Gold,

Inc.

.......................................................

516,120

31,741

Nautilus

Minerals,

Inc.

(a) (b) ...............................................

5,757,622

—

(c) New

Gold,

Inc.

(a) ......................................................

1,508,845

8,900

OceanaGold

Corp.

......................................................

853,130

15,594

OR

Royalties,

Inc.

......................................................

150,150

4,825

Orla

Mining

Ltd.

(a) .....................................................

316,166

3,497

Torex

Gold

Resources,

Inc.

(a) ..............................................

1,007,325

33,604

Wesdome

Gold

Mines

Ltd.

(a) ..............................................

456,514

6,060

Wheaton

Precious

Metals

Corp.

.............................................

341,473

34,297

458,410

China

(4.4%):

Materials

(4.4%):

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

11,710,000

38,426

Peru

(0.2%):

Materials

(0.2%):

Hochschild

Mining

PLC

..................................................

415,281

1,577

Russian

Federation

(0.0%):(d)

Materials

(0.0%):(d)

Polyus

PJSC

(a) (b) (e) ....................................................

620,880

—

(c) South

Africa

(11.4%):

Materials

(11.4%):

Gold

Fields

Ltd.

,

ADR

...................................................

2,139,741

71,639

Harmony

Gold

Mining

Co.

Ltd.

.............................................

1,901,584

25,361

Pan

African

Resources

PLC

(f) ..............................................

2,754,340

2,335

99,335

United

Kingdom

(7.2%):

Materials

(7.2%):

Anglogold

Ashanti

PLC

(Johannesburg

Stock

Exchange)

...........................

858,680

47,968

Endeavour

Mining

PLC

..................................................

416,483

14,482

62,450

United

States

(12.1%):

Materials

(12.1%):

Newmont

Corp.

........................................................

827,901

61,596

Victory

Portfolios

III

#### Victory

#### Precious

#### Metals

#### and

#### Minerals

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Polyus

PJSC

...............................................

7/11/2019

$

6,442

Royal

Gold,

Inc.

........................................................

248,429

44,613

106,209

Total

Common

Stocks

(Cost

$312,180)

858,981

Exchange-Traded

Funds

(1.5%)

United

States

(1.5%):

iShares

MSCI

Global

Gold

Miners

ETF

.......................................

88,799

4,787

VanEck

Gold

Miners

ETF

.................................................

138,773

8,767

13,554

Total

Exchange-Traded

Funds

(Cost

$10,435)

13,554

Collateral

for

Securities

Loaned

(0.0%)^(d)

United

States

(0.0%):(d)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(g) ........

29,260

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(g) ............

29,260

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(g) ...............

29,260

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(g) .

29,260

Total

Collateral

for

Securities

Loaned

(Cost

$117)

Total

Investments

(Cost

$322,732)

—

99.7%

872,652

Other

assets

in

excess

of

liabilities

—

0.3%

2,271

NET

ASSETS

-

100.00%

$

874,923

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

August

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(c) Rounds

to

less

than

$1

thousand.

(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

August

31,

2025

(amounts

in

thousands):

(f) All

or

a

portion

of

this

security

is

on

loan.

(g) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

#### Schedule

#### of

#### Portfolio

#### Investments
August

31,

2025

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.3%)

Australia

(1.2%):

Consumer

Discretionary

(0.6%):

Aristocrat

Leisure

Ltd.

...................................................

191,336

$

9,071

Financials

(0.1%):

ANZ

Group

Holdings

Ltd.

................................................

52,804

1,160

QBE

Insurance

Group

Ltd.

................................................

33,754

1,637

Health

Care

(0.3%):

CSL

Ltd.

.............................................................

28,676

3,988

Industrials

(0.1%):

Brambles

Ltd.

.........................................................

36,043

610

Qantas

Airways

Ltd.

.....................................................

88,863

681

1,291

Materials

(0.1%):

Northern

Star

Resources

Ltd.

..............................................

53,125

663

Rio

Tinto

Ltd.

.........................................................

8,373

632

1,295

Real

Estate

(0.0%):(a)

Charter

Hall

Group

......................................................

34,216

523

Goodman

Group

.......................................................

20,855

990

18,272

Austria

(0.7%):

Financials

(0.7%):

BAWAG

Group

AG

.....................................................

74,625

9,648

Belgium

(0.6%):

Consumer

Staples

(0.2%):

Anheuser-Busch

InBev

SA

................................................

17,154

1,076

Anheuser-Busch

InBev

SA

,

ADR

(b) .........................................

41,138

2,578

3,654

Information

Technology

(0.4%):

Melexis

NV

(b) .........................................................

72,735

5,758

9,412

Bermuda

(0.2%):

Financials

(0.2%):

Everest

Group

Ltd.

......................................................

9,100

3,111

Canada

(2.5%):

Consumer

Staples

(0.4%):

George

Weston

Ltd.

.....................................................

103,509

6,666

Financials

(0.3%):

Fairfax

Financial

Holdings

Ltd.

.............................................

2,400

4,132

Information

Technology

(0.5%):

Constellation

Software,

Inc.

...............................................

2,166

7,177

Materials

(1.0%):

Agnico

Eagle

Mines

Ltd.

.................................................

78,171

11,272

Barrick

Mining

Corp.

....................................................

75,118

2,000

Teck

Resources

Ltd.

,

Class

B

..............................................

23,545

805

14,077

Utilities

(0.3%):

Atco

Ltd.

,

Class

I

.......................................................

111,476

4,083

36,135

China

(2.1%):

Communication

Services

(0.9%):

Tencent

Holdings

Ltd.

...................................................

159,783

12,375

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Consumer

Discretionary

(0.2%):

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

190,676

3,157

Consumer

Staples

(0.4%):

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.

,

Class

A

..............................

955,628

5,558

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

..........................................

118,000

767

6,325

Financials

(0.6%):

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

.............................

10,771,370

8,013

Ping

An

Insurance

Group

Co.

of

China

Ltd.

....................................

133,500

972

8,985

30,842

Denmark

(0.6%):

Consumer

Discretionary

(0.4%):

Pandora

A/S

..........................................................

38,831

5,369

Financials

(0.1%):

Danske

Bank

A/S

.......................................................

26,362

1,085

Health

Care

(0.1%):

Novo

Nordisk

A/S

,

Class

B

................................................

18,638

1,053

Novo

Nordisk

A/S

,

ADR

(b) ...............................................

23,811

1,345

2,398

8,852

France

(2.4%):

Communication

Services

(0.1%):

Orange

SA

............................................................

44,328

723

Publicis

Groupe

SA

.....................................................

6,134

566

1,289

Consumer

Discretionary

(0.2%):

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

4,280

2,527

Energy

(0.4%):

Gaztransport

Et

Technigaz

SA

..............................................

32,975

6,154

Technip

Energies

NV

....................................................

15,636

722

6,876

Financials

(0.4%):

AXA

SA

.............................................................

19,944

929

BNP

Paribas

SA

........................................................

20,664

1,856

Edenred

SE

...........................................................

96,214

2,783

5,568

Health

Care

(0.2%):

BioMerieux

...........................................................

4,358

606

Ipsen

SA

.............................................................

3,297

Sanofi

SA

............................................................

14,158

1,405

2,459

Industrials

(1.0%):

Cie

de

Saint-Gobain

SA

..................................................

5,446

588

Eiffage

SA

............................................................

30,835

3,880

Rexel

SA

.............................................................

264,214

8,553

Schneider

Electric

SE

....................................................

5,202

1,278

SPIE

SA

.............................................................

9,617

533

14,832

Information

Technology

(0.0%):(a)

Capgemini

SE

.........................................................

3,205

Materials

(0.0%):(a)

Arkema

SA

...........................................................

5,313

Real

Estate

(0.0%):(a)

Klepierre

SA

..........................................................

10,776

Utilities

(0.1%):

Engie

SA

.............................................................

23,680

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Veolia

Environnement

SA

.................................................

16,841

556

1,046

35,851

Germany

(1.4%):

Consumer

Staples

(0.1%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

....................................

7,650

646

Financials

(0.1%):

Allianz

SE

,

Registered

Shares

..............................................

1,619

685

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Class

R

...............

1,460

931

1,616

Health

Care

(0.0%):(a)

Fresenius

Medical

Care

AG

...............................................

7,519

Industrials

(1.0%):

Brenntag

SE

..........................................................

14,964

926

Hensoldt

AG

..........................................................

39,973

4,143

Siemens

AG

,

Registered

Shares

.............................................

31,092

8,618

Siemens

Energy

AG

(c) ...................................................

5,904

628

14,315

Information

Technology

(0.1%):

SAP

SE

..............................................................

4,129

1,124

Materials

(0.1%):

Evonik

Industries

AG

....................................................

31,449

607

thyssenkrupp

AG

.......................................................

108,472

1,148

1,755

Utilities

(0.0%):(a)

E.ON

SE

.............................................................

33,732

601

20,444

Hong

Kong

(0.1%):

Consumer

Discretionary

(0.0%):(a)

Galaxy

Entertainment

Group

Ltd.

...........................................

93,000

Financials

(0.1%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

148,000

672

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

9,900

580

1,252

1,745

Indonesia

(0.4%):

Communication

Services

(0.4%):

PT

Telkom

Indonesia

Persero

Tbk

...........................................

30,557,738

5,847

Ireland

(1.4%):

Financials

(0.2%):

Bank

of

Ireland

Group

PLC

...............................................

179,183

2,650

Health

Care

(0.3%):

Medtronic

PLC

........................................................

47,199

4,380

Industrials

(0.9%):

AerCap

Holdings

NV

....................................................

7,083

875

Eaton

Corp.

PLC

.......................................................

35,341

12,339

13,214

20,244

Israel

(0.2%):

Health

Care

(0.2%):

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(c) ...................................

174,800

3,213

Italy

(1.1%):

Consumer

Discretionary

(0.1%):

Ferrari

NV

............................................................

1,194

568

PRADA

SpA

..........................................................

115,600

682

1,250

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Financials

(0.5%):

Banca

Mediolanum

SpA

..................................................

26,014

526

FinecoBank

Banca

Fineco

SpA

.............................................

244,634

5,370

Nexi

SpA

............................................................

161,667

1,026

6,922

Health

Care

(0.0%):(a)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

................................

8,953

553

Information

Technology

(0.0%):(a)

Reply

SpA

............................................................

2,798

Materials

(0.1%):

Buzzi

SpA

............................................................

22,681

1,152

Utilities

(0.4%):

Enel

SpA

.............................................................

643,835

5,941

16,221

Japan

(6.6%):

Communication

Services

(0.8%):

Kakaku.com,

Inc.

.......................................................

334,891

6,226

Konami

Group

Corp.

....................................................

7,600

1,147

Nintendo

Co.

Ltd.

......................................................

58,000

5,173

12,546

Consumer

Discretionary

(1.1%):

Asics

Corp.

...........................................................

25,700

691

Bridgestone

Corp.

......................................................

26,700

1,206

Sony

Group

Corp.

......................................................

223,600

6,112

Subaru

Corp.

..........................................................

65,200

1,279

Sumitomo

Electric

Industries

Ltd.

...........................................

29,100

815

Suzuki

Motor

Corp.

.....................................................

36,500

Toyota

Motor

Corp.

.....................................................

50,800

984

ZOZO,

Inc.

...........................................................

440,400

4,093

15,663

Consumer

Staples

(0.6%):

Asahi

Group

Holdings

Ltd.

................................................

104,200

1,310

MatsukiyoCocokara

&

Co.

................................................

31,700

655

Toyo

Suisan

Kaisha

Ltd.

..................................................

98,649

6,786

8,751

Financials

(1.1%):

Mizuho

Financial

Group,

Inc.

..............................................

331,411

10,904

ORIX

Corp.

...........................................................

20,374

526

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

141,725

3,861

Tokio

Marine

Holdings,

Inc.

...............................................

19,800

849

16,140

Health

Care

(1.0%):

Hoya

Corp.

...........................................................

78,002

10,073

Olympus

Corp.

........................................................

264,700

3,068

Otsuka

Holdings

Co.

Ltd.

.................................................

13,200

693

Shionogi

&

Co.

Ltd.

.....................................................

37,700

652

14,486

Industrials

(1.0%):

Central

Japan

Railway

Co.

................................................

26,700

710

Fuji

Electric

Co.

Ltd.

....................................................

116,100

7,312

Fujikura

Ltd.

..........................................................

11,400

967

Hitachi

Ltd.

...........................................................

16,900

ITOCHU

Corp.

........................................................

20,409

1,153

Komatsu

Ltd.

..........................................................

16,900

572

Mitsubishi

Electric

Corp.

.................................................

65,900

1,574

Mitsui

&

Co.

Ltd.

.......................................................

53,400

1,230

Obayashi

Corp.

........................................................

32,000

519

14,492

Information

Technology

(1.0%):

Disco

Corp.

...........................................................

15,600

4,269

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

FUJIFILM

Holdings

Corp.

................................................

22,700

538

Ibiden

Co.

Ltd.

.........................................................

12,600

605

NEC

Corp.

...........................................................

50,300

1,532

Oracle

Corp.

..........................................................

66,500

6,884

SCREEN

Holdings

Co.

Ltd.

...............................................

7,400

559

Yokogawa

Electric

Corp.

.................................................

22,000

642

15,029

Materials

(0.0%):(a)

Tosoh

Corp.

...........................................................

28,382

Real

Estate

(0.0%):(a)

Daiwa

House

Industry

Co.

Ltd.

.............................................

13,300

98,024

Luxembourg

(0.0%):(a)

Materials

(0.0%):(a)

ArcelorMittal

SA

.......................................................

13,774

Macau

(0.1%):

Consumer

Discretionary

(0.1%):

Sands

China

Ltd.

.......................................................

368,000

969

Netherlands

(1.2%):

Consumer

Discretionary

(0.1%):

Prosus

NV

(c) ..........................................................

17,026

1,053

Consumer

Staples

(0.1%):

JDE

Peet's

NV

.........................................................

12,792

Koninklijke

Ahold

Delhaize

NV

............................................

15,842

635

1,103

Financials

(0.4%):

ABN

AMRO

Bank

NV

,

Class

CV

...........................................

55,358

1,596

Euronext

NV

..........................................................

23,554

3,888

NN

Group

NV

.........................................................

8,117

559

6,043

Health

Care

(0.0%):(a)

Argenx

SE

(c) ..........................................................

866

617

Information

Technology

(0.6%):

ASM

International

NV

...................................................

8,749

4,201

ASML

Holding

NV

.....................................................

5,449

4,046

8,247

17,063

New

Zealand

(0.3%):

Health

Care

(0.3%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

204,695

4,415

Norway

(0.4%):

Energy

(0.0%):(a)

Equinor

ASA

..........................................................

12,278

Industrials

(0.4%):

Kongsberg

Gruppen

ASA

.................................................

175,098

5,232

Materials

(0.0%):(a)

Norsk

Hydro

ASA

......................................................

80,262

520

6,055

Portugal

(0.0%):(a)

Energy

(0.0%):(a)

Galp

Energia

SGPS

SA

...................................................

29,279

569

Russian

Federation

(0.0%):

Energy

(0.0%):

Gazprom

PJSC

(c) (d) (e) ..................................................

303,950

—

Rosneft

Oil

Co.

PJSC

,

GDR

(c) (d) (e) .........................................

124,892

—

—

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Financials

(0.0%):

Sberbank

of

Russia

PJSC

,

ADR

(c) (d) (e) ......................................

91,313

—

—

Singapore

(0.9%):

Communication

Services

(0.1%):

Sea

Ltd.

,

ADR

(c) .......................................................

5,020

936

Financials

(0.8%):

DBS

Group

Holdings

Ltd.

.................................................

21,695

854

Singapore

Exchange

Ltd.

.................................................

807,727

10,430

11,284

Industrials

(0.0%):(a)

Singapore

Technologies

Engineering

Ltd.

......................................

91,500

548

12,768

South

Africa

(0.4%):

Consumer

Discretionary

(0.4%):

Mr

Price

Group

Ltd.

.....................................................

450,565

5,306

South

Korea

(1.0%):

Financials

(0.3%):

Hana

Financial

Group,

Inc.

................................................

35,754

2,109

KB

Financial

Group,

Inc.

.................................................

33,973

2,654

4,763

Information

Technology

(0.7%):

Samsung

Electronics

Co.

Ltd.

..............................................

199,296

9,959

14,722

Spain

(1.7%):

Consumer

Discretionary

(0.2%):

Amadeus

IT

Group

SA

...................................................

40,718

3,415

Energy

(0.0%):(a)

Repsol

SA

............................................................

36,025

591

Financials

(1.0%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

637,264

11,597

Banco

Santander

SA

.....................................................

183,966

1,757

Bankinter

SA

..........................................................

46,519

694

14,048

Industrials

(0.4%):

Aena

SME

SA

.........................................................

230,049

6,667

Utilities

(0.1%):

Iberdrola

SA

..........................................................

43,150

813

25,534

Sweden

(0.6%):

Communication

Services

(0.1%):

Tele2

AB

,

B

Shares

.....................................................

44,575

785

Consumer

Staples

(0.1%):

Essity

AB

,

Class

B

......................................................

21,453

580

Financials

(0.0%):(a)

Swedbank

AB

,

Class

A

...................................................

18,483

520

Industrials

(0.4%):

Atlas

Copco

AB

,

Class

B

.................................................

410,280

5,836

Volvo

AB

,

Class

B

......................................................

19,527

601

6,437

8,322

Switzerland

(3.6%):

Consumer

Staples

(0.7%):

Coca-Cola

HBC

AG

(c) ...................................................

16,187

819

Nestle

SA

,

Registered

Shares

..............................................

99,299

9,368

10,187

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Financials

(1.1%):

Chubb

Ltd.

...........................................................

27,691

7,617

Partners

Group

Holding

AG

...............................................

4,526

6,217

UBS

Group

AG

........................................................

41,323

1,674

Zurich

Insurance

Group

AG

...............................................

1,550

1,133

16,641

Health

Care

(1.3%):

Lonza

Group

AG

,

Registered

Shares

(c) .......................................

6,262

4,445

Novartis

AG

,

Registered

Shares

.............................................

17,507

2,216

Roche

Holding

AG

......................................................

36,886

12,030

Sandoz

Group

AG

......................................................

9,397

590

19,281

Industrials

(0.1%):

ABB

Ltd.

,

Registered

Shares

...............................................

17,773

1,193

Sulzer

AG

,

Registered

Shares

..............................................

2,171

1,600

Information

Technology

(0.3%):

Logitech

International

SA

,

Class

R

..........................................

38,140

3,939

Materials

(0.1%):

Holcim

AG

(c) .........................................................

24,043

2,016

53,664

Taiwan

(2.6%):

Financials

(0.6%):

Cathay

Financial

Holding

Co.

Ltd.

...........................................

4,419,000

8,849

Information

Technology

(2.0%):

ASE

Technology

Holding

Co.

Ltd.

...........................................

657,000

3,191

Lite-On

Technology

Corp.

................................................

1,141,000

4,827

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

585,000

21,910

29,928

38,777

United

Kingdom

(3.6%):

Communication

Services

(0.0%):(a)

Informa

PLC

..........................................................

46,060

542

Consumer

Discretionary

(0.7%):

Birkenstock

Holding

PLC

(c) ...............................................

9,111

Next

PLC

............................................................

50,706

8,193

Persimmon

PLC

........................................................

146,416

2,103

10,771

Consumer

Staples

(0.7%):

Imperial

Brands

PLC

....................................................

206,937

8,738

Unilever

PLC

.........................................................

17,110

1,079

9,817

Energy

(0.2%):

Harbour

Energy

PLC

....................................................

157,706

Shell

PLC

............................................................

18,930

697

Shell

PLC

,

ADR

.......................................................

30,464

2,251

Shell

PLC-DRIP

(c) .....................................................

18,930

3,441

Financials

(1.0%):

3i

Group

PLC

.........................................................

19,963

1,085

Barclays

PLC

.........................................................

163,200

795

HSBC

Holdings

PLC

....................................................

742,693

9,506

Standard

Chartered

PLC

..................................................

142,575

2,671

14,057

Health

Care

(0.2%):

AstraZeneca

PLC

.......................................................

10,208

1,627

GSK

PLC

............................................................

71,288

1,409

Hikma

Pharmaceuticals

PLC

...............................................

19,210

3,500

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Industrials

(0.2%):

easyJet

PLC

...........................................................

58,162

RELX

PLC

...........................................................

25,214

1,178

Rolls-Royce

Holdings

PLC

................................................

97,065

1,399

2,963

Information

Technology

(0.0%):(a)

Softcat

PLC

...........................................................

17,657

Materials

(0.5%):

Rio

Tinto

PLC

.........................................................

103,989

6,500

Real

Estate

(0.0%):(a)

LondonMetric

Property

PLC

...............................................

168,263

Utilities

(0.1%):

Drax

Group

PLC

.......................................................

59,816

525

National

Grid

PLC

......................................................

32,442

981

53,375

United

States

(60.4%):

Communication

Services

(5.8%):

Alphabet,

Inc.

,

Class

A

...................................................

14,700

3,130

Alphabet,

Inc.

,

Class

C

...................................................

188,514

40,253

Meta

Platforms,

Inc.

,

Class

A

..............................................

36,643

27,068

Netflix,

Inc.

(c) .........................................................

10,991

13,280

Take-Two

Interactive

Software,

Inc.

(c) ........................................

6,000

1,400

85,131

Consumer

Discretionary

(6.0%):

Amazon.com,

Inc.

(c) ....................................................

153,418

35,133

Booking

Holdings,

Inc.

...................................................

1,961

10,980

eBay,

Inc.

............................................................

12,503

1,133

Hilton

Worldwide

Holdings,

Inc.

............................................

7,968

2,199

Mattel,

Inc.

(c) .........................................................

119,400

2,185

McDonald's

Corp.

......................................................

40,927

12,832

PulteGroup,

Inc.

........................................................

71,881

9,490

Tesla,

Inc.

(c) ..........................................................

24,078

8,039

The

TJX

Cos.,

Inc.

......................................................

28,754

3,928

Toll

Brothers,

Inc.

......................................................

17,000

2,363

88,282

Consumer

Staples

(2.4%):

BJ's

Wholesale

Club

Holdings,

Inc.

(c) ........................................

35,057

3,424

Colgate-Palmolive

Co.

...................................................

142,104

11,947

Keurig

Dr.

Pepper,

Inc.

...................................................

97,615

2,840

Mondelez

International,

Inc.

,

Class

A

.........................................

32,600

2,003

PepsiCo,

Inc.

..........................................................

65,276

9,703

The

J.M.

Smucker

Co.

...................................................

11,342

1,253

The

Procter

&

Gamble

Co.

................................................

11,800

1,853

U.S.

Foods

Holding

Corp.

(c) ...............................................

30,100

2,336

35,359

Energy

(2.8%):

APA

Corp.

............................................................

284,803

6,613

Baker

Hughes

Co.

......................................................

46,576

2,115

ConocoPhillips

Co.

.....................................................

43,699

4,325

Enterprise

Products

Partners

LP

.............................................

89,400

2,873

Expand

Energy

Corp.

....................................................

23,607

2,285

Exxon

Mobil

Corp.

.....................................................

165,905

18,961

HF

Sinclair

Corp.

.......................................................

23,061

1,173

Ovintiv,

Inc.

..........................................................

27,731

1,168

Valero

Energy

Corp.

.....................................................

11,400

1,733

41,246

Financials

(10.1%):

Bank

of

America

Corp.

...................................................

289,688

14,699

Cboe

Global

Markets,

Inc.

................................................

10,800

2,548

Citigroup,

Inc.

.........................................................

54,200

5,234

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Citizens

Financial

Group,

Inc.

..............................................

27,108

1,417

Intercontinental

Exchange,

Inc.

.............................................

24,366

4,303

Jackson

Financial,

Inc.

,

Class

A

.............................................

51,210

5,060

JPMorgan

Chase

&

Co.

..................................................

65,627

19,781

KeyCorp

.............................................................

255,800

4,952

Mastercard,

Inc.

,

Class

A

.................................................

44,764

26,648

PayPal

Holdings,

Inc.

(c) ..................................................

65,190

4,576

Regions

Financial

Corp.

..................................................

86,140

2,359

S&P

Global,

Inc.

.......................................................

23,980

13,152

State

Street

Corp.

.......................................................

19,134

2,200

Synchrony

Financial

.....................................................

83,021

6,338

The

PNC

Financial

Services

Group,

Inc.

......................................

50,143

10,402

The

Progressive

Corp.

...................................................

25,752

6,362

U.S.

Bancorp

..........................................................

52,672

2,572

Unum

Group

..........................................................

197,657

13,808

Wells

Fargo

&

Co.

......................................................

33,986

2,793

149,204

Health

Care

(6.6%):

AbbVie,

Inc.

..........................................................

19,417

4,085

Align

Technology,

Inc.

(c) .................................................

14,800

2,101

Amgen,

Inc.

...........................................................

25,715

7,399

Amrize

Ltd.

(c) .........................................................

11,472

599

Cardinal

Health,

Inc.

....................................................

32,348

4,813

CVS

Health

Corp.

......................................................

28,500

2,085

Dexcom,

Inc.

(c) ........................................................

50,360

3,794

Doximity,

Inc.

,

Class

A

(c) .................................................

100,819

6,850

Elevance

Health,

Inc.

....................................................

4,177

1,331

Eli

Lilly

&

Co.

.........................................................

19,541

14,315

GE

HealthCare

Technologies,

Inc.

...........................................

17,000

1,253

Gilead

Sciences,

Inc.

....................................................

74,981

8,471

IDEXX

Laboratories,

Inc.

(c) ...............................................

15,585

10,085

Johnson

&

Johnson

.....................................................

101,431

17,971

McKesson

Corp.

.......................................................

2,400

1,648

Merck

&

Co.,

Inc.

......................................................

15,400

1,295

Pfizer,

Inc.

............................................................

59,589

1,475

The

Cigna

Group

.......................................................

12,600

3,791

Vertex

Pharmaceuticals,

Inc.

(c) .............................................

6,525

2,551

Zimmer

Biomet

Holdings,

Inc.

.............................................

14,203

1,507

97,419

Industrials

(5.2%):

CACI

International,

Inc.

,

Class

A

(c) .........................................

6,400

3,070

Caterpillar,

Inc.

........................................................

27,582

11,558

Curtiss-Wright

Corp.

....................................................

17,282

8,263

Delta

Air

Lines,

Inc.

.....................................................

113,957

7,040

EMCOR

Group,

Inc.

....................................................

3,389

2,101

FedEx

Corp.

..........................................................

8,700

2,010

Generac

Holdings,

Inc.

(c) .................................................

11,195

2,074

General

Dynamics

Corp.

..................................................

5,300

1,720

Honeywell

International,

Inc.

..............................................

11,900

2,612

Johnson

Controls

International

PLC

..........................................

16,100

1,721

Leidos

Holdings,

Inc.

....................................................

11,500

2,081

Lennox

International,

Inc.

.................................................

11,386

6,352

Regal

Rexnord

Corp.

....................................................

7,644

1,142

Rockwell

Automation,

Inc.

................................................

13,973

4,799

RTX

Corp.

............................................................

12,800

2,030

SS&C

Technologies

Holdings,

Inc.

..........................................

40,700

3,609

Uber

Technologies,

Inc.

(c) ................................................

61,600

5,775

United

Rentals,

Inc.

.....................................................

1,366

1,306

Vertiv

Holdings

Co.

,

Class

A

...............................................

60,755

7,749

77,012

Information

Technology

(16.8%):

Adobe,

Inc.

(c) .........................................................

30,452

10,862

Advanced

Micro

Devices,

Inc.

(c) ............................................

32,911

5,352

Amphenol

Corp.

,

Class

A

.................................................

8,800

958

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Analog

Devices,

Inc.

....................................................

8,100

2,036

Apple,

Inc.

...........................................................

212,008

49,216

Applied

Materials,

Inc.

...................................................

8,900

1,431

Autodesk,

Inc.

(c) .......................................................

6,148

1,935

Broadcom,

Inc.

........................................................

26,087

7,758

CDW

Corp.

...........................................................

7,424

1,223

Cisco

Systems,

Inc.

.....................................................

218,180

15,074

Corpay,

Inc.

(c) .........................................................

5,600

1,824

Fortinet,

Inc.

(c) ........................................................

109,150

8,598

International

Business

Machines

Corp.

........................................

16,571

4,035

Microsoft

Corp.

........................................................

109,389

55,426

NetApp,

Inc.

..........................................................

9,193

1,037

NVIDIA

Corp.

.........................................................

360,007

62,706

QUALCOMM,

Inc.

.....................................................

9,839

1,581

Salesforce,

Inc.

........................................................

21,018

5,386

Texas

Instruments,

Inc.

...................................................

47,710

9,660

Zebra

Technologies

Corp.

(c) ...............................................

6,900

2,188

248,286

Materials

(1.3%):

Alcoa

Corp.

...........................................................

174,428

5,615

CRH

PLC

............................................................

19,760

2,227

Freeport-McMoRan,

Inc.

.................................................

118,020

5,240

Newmont

Corp.

........................................................

30,196

2,247

PPG

Industries,

Inc.

.....................................................

17,200

1,913

Sealed

Air

Corp.

.......................................................

52,900

1,718

18,960

Real

Estate

(1.4%):

Camden

Property

Trust

...................................................

20,900

2,340

Equity

LifeStyle

Properties,

Inc.

............................................

35,800

2,158

Prologis,

Inc.

..........................................................

61,640

7,014

Simon

Property

Group,

Inc.

...............................................

48,606

8,781

20,293

Utilities

(2.0%):

American

Electric

Power

Co.,

Inc.

...........................................

39,220

4,354

Constellation

Energy

Corp.

................................................

18,631

5,738

Edison

International

.....................................................

81,329

4,565

Eversource

Energy

......................................................

39,934

2,559

Exelon

Corp.

..........................................................

123,179

5,380

FirstEnergy

Corp.

.......................................................

53,284

2,324

Vistra

Corp.

...........................................................

22,378

4,232

29,152

890,344

Total

Common

Stocks

(Cost

$962,078)

1,450,203

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

,

expiring

3/31/40

(c) (d) ..............................

5,434

—

Total

Warrants

(Cost

$–)

—

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

Core

MSCI

EAFE

ETF

.............................................

9,070

776

Total

Exchange-Traded

Funds

(Cost

$749)

776

Collateral

for

Securities

Loaned

(0.3%)^

United

States

(0.3%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.16

%

(f) ........

1,006,987

1,007

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.22

%

(f) ............

1,006,987

1,007

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.20

%

(f) ................

1,006,987

1,007

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

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

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.19

%

(f) .

1,006,987

1,007

Total

Collateral

for

Securities

Loaned

(Cost

$4,028)

4,028

Total

Investments

(Cost

$966,855)

—

98.7%

1,455,007

Other

assets

in

excess

of

liabilities

—

1.3%

19,576

NET

ASSETS

-

100.00%

$

1,474,583

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Amount

represents

less

than

0.05%

of

net

assets.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Non-income

producing

security.

(d) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

August

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(e) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

August

31,

2025

(amounts

in

thousands):

(f) Rate

disclosed

is

the

daily

yield

on

August

31,

2025. ADR

—

American

Depositary

Receipt

DRIP

—

Dividend

Reinvestment

Program

ETF

—

Exchange-Traded

Fund

GDR

—

Global

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

#### Schedule

#### of

#### Portfolio

#### Investments
August

31,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(88.8%)

Australia

(1.2%):

Energy

(0.2%):

Santos

Ltd.

...........................................................

105,168

$

551

Woodside

Energy

Group

Ltd.

..............................................

27,406

1,023

Financials

(0.6%):

ANZ

Group

Holdings

Ltd.

................................................

34,874

766

Commonwealth

Bank

of

Australia

...........................................

6,151

683

Westpac

Banking

Corp.

..................................................

29,214

736

2,185

Real

Estate

(0.4%):

Scentre

Group

.........................................................

213,088

568

Vicinity

Ltd.

..........................................................

431,059

730

1,298

4,506

Brazil

(0.3%):

Financials

(0.3%):

NU

Holdings

Ltd.,

Class

A(a)

..............................................

33,219

StoneCo

Ltd.,

Class

A(a)

.................................................

20,113

XP,

Inc.,

Class

A

.......................................................

21,282

1,209

Canada

(9.6%):

Communication

Services

(0.1%):

Rogers

Communications,

Inc.,

Class

B

........................................

13,807

Consumer

Discretionary

(0.6%):

Dollarama,

Inc.

........................................................

7,649

1,043

Magna

International,

Inc.

.................................................

9,271

Restaurant

Brands

International,

Inc.

.........................................

9,163

580

2,049

Consumer

Staples

(0.7%):

Alimentation

Couche-Tard,

Inc.

.............................................

14,627

741

George

Weston

Ltd.

.....................................................

7,482

Loblaw

Cos.

Ltd.

.......................................................

16,644

680

Metro,

Inc.

...........................................................

10,376

744

2,647

Energy

(2.3%):

ARC

Resources

Ltd.

.....................................................

30,556

588

Cameco

Corp.

.........................................................

7,880

610

Canadian

Natural

Resources

Ltd.

............................................

45,201

1,432

Cenovus

Energy,

Inc.

....................................................

36,260

603

Enbridge,

Inc.

.........................................................

31,206

1,510

Imperial

Oil

Ltd.

.......................................................

7,805

708

Keyera

Corp.

..........................................................

16,351

527

Pembina

Pipeline

Corp.

..................................................

17,574

664

Suncor

Energy,

Inc.

.....................................................

30,137

1,246

Tourmaline

Oil

Corp.

....................................................

16,963

720

8,608

Financials

(3.4%):

Bank

of

Montreal

.......................................................

11,300

1,368

Brookfield

Corp.

.......................................................

20,303

1,335

Canadian

Imperial

Bank

of

Commerce

........................................

13,462

1,040

Fairfax

Financial

Holdings

Ltd.

.............................................

801

iA

Financial

Corp.,

Inc.

...................................................

6,496

699

Intact

Financial

Corp.

....................................................

3,480

697

Manulife

Financial

Corp.

.................................................

37,572

1,156

National

Bank

of

Canada

.................................................

8,056

847

Power

Corp.

of

Canada

...................................................

17,222

729

Sun

Life

Financial,

Inc.

..................................................

14,620

854

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

The

Bank

of

Nova

Scotia

.................................................

14,407

900

The

Toronto-Dominion

Bank

...............................................

24,369

1,830

TMX

Group

Ltd.

.......................................................

15,651

625

12,881

Industrials

(1.3%):

Canadian

National

Railway

Co.

.............................................

9,395

910

Canadian

Pacific

Kansas

City

Ltd.

...........................................

15,337

1,168

GFL

Environmental,

Inc.

.................................................

8,950

Stantec,

Inc.

...........................................................

5,552

604

Thomson

Reuters

Corp.

..................................................

4,911

872

WSP

Global,

Inc.

.......................................................

4,872

992

4,994

Information

Technology

(0.9%):

CGI,

Inc.

.............................................................

5,472

531

Constellation

Software,

Inc.

...............................................

1,206

Shopify,

Inc.,

Class

A(a)

..................................................

14,360

2,029

3,766

Materials

(0.3%):

Nutrien

Ltd.

...........................................................

11,445

660

Teck

Resources

Ltd.,

Class

B

..............................................

10,338

1,014

36,454

Denmark

(0.2%):

Health

Care

(0.2%):

Genmab

A/S(a)

........................................................

3,603

899

France

(4.3%):

Consumer

Discretionary

(0.5%):

Hermes

International

SCA

................................................

945

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

2,211

1,305

2,250

Consumer

Staples

(0.5%):

Danone

SA

...........................................................

17,266

1,441

Pernod

Ricard

SA

.......................................................

4,042

1,901

Energy

(0.3%):

TotalEnergies

SE

.......................................................

16,138

1,013

Financials

(0.5%):

AXA

SA

.............................................................

15,891

740

BNP

Paribas

SA

........................................................

14,928

1,341

2,081

Health

Care

(0.6%):

EssilorLuxottica

SA

.....................................................

3,463

1,056

Sanofi

SA

............................................................

11,036

1,095

2,151

Industrials

(1.3%):

Airbus

SE

............................................................

4,524

946

Cie

de

Saint-Gobain

SA

..................................................

5,673

612

Safran

SA

............................................................

2,593

862

Schneider

Electric

SE

....................................................

5,804

1,426

Vinci

SA

.............................................................

8,761

1,188

5,034

Real

Estate

(0.4%):

Covivio

SA

...........................................................

7,367

Gecina

SA

............................................................

4,894

Unibail-Rodamco-Westfield

...............................................

6,916

719

1,682

Utilities

(0.2%):

Veolia

Environnement

SA

.................................................

23,694

782

16,894

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Germany

(4.1%):

Communication

Services

(0.2%):

Deutsche

Telekom

AG

...................................................

26,905

984

Consumer

Discretionary

(0.4%):

Bayerische

Motoren

Werke

AG

.............................................

7,542

789

Mercedes-Benz

Group

AG

................................................

14,166

886

1,675

Consumer

Staples

(0.2%):

Henkel

AG

&

Co.

KGaA

.................................................

11,602

892

Financials

(1.0%):

Allianz

SE,

Registered

Shares

..............................................

4,431

1,873

Deutsche

Boerse

AG

....................................................

2,614

769

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

...............

1,718

1,096

3,738

Industrials

(1.1%):

Deutsche

Post

AG

......................................................

21,877

997

Siemens

AG,

Registered

Shares

.............................................

7,818

2,167

Siemens

Energy

AG(a)

...................................................

7,353

782

3,946

Information

Technology

(0.8%):

Infineon

Technologies

AG

.................................................

19,303

790

SAP

SE

..............................................................

8,484

2,309

3,099

Materials

(0.1%):

BASF

SE

............................................................

9,220

Real

Estate

(0.1%):

Vonovia

SE

...........................................................

16,642

539

Utilities

(0.2%):

E.ON

SE

.............................................................

34,369

613

15,976

Hong

Kong

(1.1%):

Consumer

Staples

(0.1%):

WH

Group

Ltd.

........................................................

454,500

Financials

(0.6%):

AIA

Group

Ltd.

........................................................

47,400

BOC

Hong

Kong

Holdings

Ltd.

............................................

183,000

831

Hang

Seng

Bank

Ltd.

....................................................

52,400

751

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

8,800

516

2,548

Industrials

(0.1%):

CK

Hutchison

Holdings

Ltd.

...............................................

79,000

523

Real

Estate

(0.3%):

CK

Asset

Holdings

Ltd.

..................................................

112,500

532

Sun

Hung

Kai

Properties

Ltd.

..............................................

48,500

573

1,105

4,664

India

(0.1%):

Industrials

(0.1%):

WNS

Holdings

Ltd.(a)

...................................................

4,885

Ireland

(0.8%):

Industrials

(0.6%):

Eaton

Corp.

PLC

.......................................................

1,188

Experian

PLC

.........................................................

20,046

1,039

Trane

Technologies

PLC

..................................................

1,555

646

2,100

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Information

Technology

(0.2%):

Accenture

PLC,

Class

A

..................................................

2,519

655

2,755

Italy

(1.2%):

Consumer

Discretionary

(0.2%):

Ferrari

NV

............................................................

1,723

820

Financials

(0.8%):

FinecoBank

Banca

Fineco

SpA

.............................................

32,109

705

Intesa

Sanpaolo

SpA

.....................................................

213,190

1,342

UniCredit

SpA

.........................................................

13,362

1,033

3,080

Utilities

(0.2%):

Enel

SpA

.............................................................

86,315

796

4,696

Japan

(5.3%):

Communication

Services

(0.2%):

Nintendo

Co.

Ltd.

......................................................

7,100

633

Consumer

Discretionary

(0.8%):

Denso

Corp.

..........................................................

59,700

856

Sony

Group

Corp.

......................................................

46,300

1,266

Toyota

Motor

Corp.

.....................................................

62,100

1,203

3,325

Consumer

Staples

(0.3%):

Japan

Tobacco,

Inc.

.....................................................

39,200

1,246

Financials

(1.4%):

Mitsubishi

UFJ

Financial

Group,

Inc.

.........................................

95,300

1,451

Mizuho

Financial

Group,

Inc.

..............................................

25,500

839

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

37,200

1,013

Sumitomo

Mitsui

Trust

Group,

Inc.

..........................................

44,100

1,255

Tokio

Marine

Holdings,

Inc.

...............................................

18,200

781

5,339

Health

Care

(0.6%):

Hoya

Corp.

...........................................................

5,700

736

Takeda

Pharmaceutical

Co.

Ltd.

............................................

50,600

1,523

2,259

Industrials

(1.2%):

Hitachi

Ltd.

...........................................................

33,500

903

ITOCHU

Corp.

........................................................

20,200

1,141

Mitsubishi

Corp.

.......................................................

59,200

1,337

Mitsubishi

Heavy

Industries

Ltd.

............................................

21,800

550

Recruit

Holdings

Co.

Ltd.

.................................................

10,100

578

4,509

Information

Technology

(0.4%):

Canon,

Inc.

...........................................................

28,600

837

Fujitsu

Ltd.

...........................................................

13,500

Keyence

Corp.

.........................................................

900

1,505

Utilities

(0.4%):

Chubu

Electric

Power

Co.,

Inc.

.............................................

101,300

1,395

20,211

Netherlands

(1.7%):

Communication

Services

(0.1%):

Universal

Music

Group

NV

................................................

17,470

Consumer

Discretionary

(0.3%):

Prosus

NV(a)

..........................................................

16,100

996

Financials

(0.5%):

Adyen

NV(a)

..........................................................

653

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

ING

Groep

NV

........................................................

51,974

1,241

1,894

Information

Technology

(0.8%):

ASM

International

NV

...................................................

1,604

770

ASML

Holding

NV

.....................................................

3,040

2,257

3,027

6,411

Singapore

(0.5%):

Communication

Services

(0.1%):

Sea

Ltd.,

ADR(a)

.......................................................

2,687

501

Consumer

Discretionary

(0.2%):

Genting

Singapore

Ltd.

...................................................

1,220,700

685

Financials

(0.2%):

DBS

Group

Holdings

Ltd.

.................................................

17,300

681

1,867

Spain

(1.4%):

Consumer

Discretionary

(0.2%):

Industria

de

Diseno

Textil

SA

..............................................

13,063

646

Financials

(0.8%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

66,541

1,211

Banco

Santander

SA

.....................................................

213,841

2,042

3,253

Utilities

(0.4%):

Iberdrola

SA

..........................................................

73,001

1,376

5,275

Sweden

(1.7%):

Communication

Services

(0.2%):

Spotify

Technology

SA(a)

.................................................

923

629

Consumer

Staples

(0.2%):

Essity

AB,

Class

B

......................................................

30,579

827

Financials

(0.2%):

L

E

Lundbergforetagen

AB,

Class

B

.........................................

18,269

925

Industrials

(1.1%):

Assa

Abloy

AB,

Class

B

..................................................

17,913

633

Atlas

Copco

AB,

Class

B

.................................................

62,462

888

Epiroc

AB,

Class

B

.....................................................

32,443

604

Lifco

AB,

Class

B

......................................................

25,430

904

Sandvik

AB

...........................................................

46,427

1,174

4,203

6,584

Switzerland

(4.2%):

Consumer

Discretionary

(0.3%):

Cie

Financiere

Richemont

SA,

Registered

Shares

................................

6,854

1,200

Consumer

Staples

(0.4%):

Nestle

SA,

Registered

Shares

..............................................

14,905

1,406

Financials

(1.0%):

Partners

Group

Holding

AG

...............................................

567

779

Swiss

Re

AG

..........................................................

4,865

882

UBS

Group

AG

........................................................

28,226

1,144

Zurich

Insurance

Group

AG

...............................................

1,669

1,220

4,025

Health

Care

(1.3%):

Novartis

AG,

Registered

Shares

.............................................

21,948

2,779

Roche

Holding

AG,

Class

BR

..............................................

1,711

588

Roche

Holding

AG

......................................................

4,189

1,366

4,733

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Industrials

(0.5%):

ABB

Ltd.,

Registered

Shares

...............................................

17,494

1,174

Geberit

AG,

Registered

Shares

.............................................

918

673

1,847

Information

Technology

(0.1%):

STMicroelectronics

NV

..................................................

15,357

Materials

(0.6%):

Holcim

AG(a)

.........................................................

11,554

969

Sika

AG,

Registered

Shares

................................................

4,839

1,123

2,092

15,721

United

Kingdom

(4.3%):

Communication

Services

(0.2%):

Vodafone

Group

PLC

....................................................

588,695

705

Consumer

Discretionary

(0.1%):

Next

PLC

............................................................

3,535

571

Consumer

Staples

(0.9%):

British

American

Tobacco

PLC

.............................................

15,389

874

Diageo

PLC

...........................................................

36,813

1,021

Unilever

PLC

.........................................................

22,280

1,405

3,300

Energy

(0.2%):

Shell

PLC

............................................................

22,359

823

Shell

PLC-DRIP(a)

.....................................................

22,359

831

Financials

(1.2%):

Barclays

PLC

.........................................................

234,518

1,143

HSBC

Holdings

PLC

....................................................

164,925

2,111

Lloyds

Banking

Group

PLC

...............................................

764,803

820

London

Stock

Exchange

Group

PLC

.........................................

4,761

590

4,664

Health

Care

(0.7%):

AstraZeneca

PLC

.......................................................

12,398

1,976

GSK

PLC

............................................................

46,732

923

2,899

Industrials

(0.6%):

BAE

Systems

PLC

......................................................

52,291

1,239

Rolls-Royce

Holdings

PLC

................................................

91,739

1,323

2,562

Real

Estate

(0.1%):

Segro

PLC

............................................................

53,769

Utilities

(0.3%):

United

Utilities

Group

PLC

................................................

73,862

1,147

17,135

United

States

(46.8%):

Communication

Services

(5.4%):

Alphabet,

Inc.,

Class

C

...................................................

18,600

3,972

Alphabet,

Inc.,

Class

A

...................................................

20,912

4,452

AT&T,

Inc.

...........................................................

34,789

1,019

Meta

Platforms,

Inc.,

Class

A

..............................................

9,038

6,676

Netflix,

Inc.(a)

.........................................................

2,116

2,557

Take-Two

Interactive

Software,

Inc.(a)

........................................

2,739

639

The

Walt

Disney

Co.

....................................................

7,211

854

Verizon

Communications,

Inc.

..............................................

9,150

20,574

Consumer

Discretionary

(6.2%):

Amazon.com,

Inc.(a)

....................................................

38,797

8,885

Booking

Holdings,

Inc.

...................................................

980

Chipotle

Mexican

Grill,

Inc.(a)

.............................................

15,528

654

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Coupang,

Inc.(a)

.......................................................

12,972

DoorDash,

Inc.,

Class

A(a)

................................................

3,428

841

Expedia

Group,

Inc.

.....................................................

2,455

527

Ford

Motor

Co.

........................................................

48,917

576

Hilton

Worldwide

Holdings,

Inc.

............................................

4,834

1,334

Marriott

International,

Inc.,

Class

A

..........................................

3,637

974

NIKE,

Inc.,

Class

B

.....................................................

6,837

529

O'Reilly

Automotive,

Inc.(a)

...............................................

5,700

591

Ross

Stores,

Inc.

.......................................................

4,504

663

Royal

Caribbean

Cruises

Ltd.

..............................................

2,456

892

Tesla,

Inc.(a)

..........................................................

10,908

3,642

The

Home

Depot,

Inc.

...................................................

2,466

1,003

The

TJX

Cos.,

Inc.

......................................................

6,723

918

23,380

Consumer

Staples

(1.6%):

Costco

Wholesale

Corp.

..................................................

782

738

Keurig

Dr.

Pepper,

Inc.

...................................................

28,319

824

PepsiCo,

Inc.

..........................................................

6,221

925

Philip

Morris

International,

Inc.

.............................................

4,696

785

The

Coca-Cola

Co.

......................................................

14,913

1,029

The

Kroger

Co.

........................................................

7,941

539

Walmart,

Inc.

..........................................................

13,219

1,282

6,122

Energy

(0.3%):

Exxon

Mobil

Corp.

.....................................................

5,367

613

The

Williams

Cos.,

Inc.

..................................................

6,820

1,008

Financials

(4.8%):

Ameriprise

Financial,

Inc.

.................................................

2,034

1,047

Bank

of

America

Corp.

...................................................

21,818

1,107

Blackrock,

Inc.

........................................................

1,016

1,145

Brookfield

Asset

Management

Ltd.,

Class

A

....................................

9,751

587

Brown

&

Brown,

Inc.

....................................................

6,226

604

Equitable

Holdings,

Inc.

..................................................

14,724

784

Fiserv,

Inc.(a)

..........................................................

7,074

977

Intercontinental

Exchange,

Inc.

.............................................

3,589

634

Mastercard,

Inc.,

Class

A

.................................................

4,744

2,824

Moody's

Corp.

.........................................................

2,056

1,048

MSCI,

Inc.

...........................................................

735

S&P

Global,

Inc.

.......................................................

2,067

1,134

The

Charles

Schwab

Corp.

................................................

10,636

1,019

The

Goldman

Sachs

Group,

Inc.

............................................

1,489

1,110

The

Progressive

Corp.

...................................................

2,963

732

Visa,

Inc.,

Class

A

......................................................

4,022

1,415

Wells

Fargo

&

Co.

......................................................

14,657

1,204

17,788

Health

Care

(3.8%):

AbbVie,

Inc.

..........................................................

7,079

1,489

Amgen,

Inc.

...........................................................

2,725

784

Bristol-Myers

Squibb

Co.

.................................................

13,278

626

Danaher

Corp.

.........................................................

2,493

513

Elevance

Health,

Inc.

....................................................

1,276

Eli

Lilly

&

Co.

.........................................................

3,955

2,897

Gilead

Sciences,

Inc.

....................................................

4,749

537

Intuitive

Surgical,

Inc.(a)

.................................................

2,609

1,235

Johnson

&

Johnson

.....................................................

3,657

648

Merck

&

Co.,

Inc.

......................................................

10,679

898

Pfizer,

Inc.

............................................................

34,963

866

Stryker

Corp.

..........................................................

1,070

Thermo

Fisher

Scientific,

Inc.

..............................................

1,322

651

UnitedHealth

Group,

Inc.

.................................................

2,112

654

Veeva

Systems,

Inc.,

Class

A(a)

.............................................

3,163

852

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

1,262

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Zoetis,

Inc.

...........................................................

4,480

701

14,671

Industrials

(2.9%):

3M

Co.

..............................................................

3,392

528

Broadridge

Financial

Solutions,

Inc.

.........................................

2,338

598

Cintas

Corp.

..........................................................

2,400

504

Copart,

Inc.(a)

.........................................................

14,093

688

Cummins,

Inc.

.........................................................

2,214

882

GE

Vernova,

Inc.

.......................................................

1,380

846

General

Electric

Co.

.....................................................

4,689

1,290

Honeywell

International,

Inc.

..............................................

2,880

632

Parker-Hannifin

Corp.

...................................................

1,181

897

Quanta

Services,

Inc.

....................................................

1,956

739

RB

Global,

Inc.

........................................................

6,262

717

RTX

Corp.

............................................................

9,184

1,457

TransDigm

Group,

Inc.

...................................................

Uber

Technologies,

Inc.(a)

................................................

11,927

1,118

11,352

Information

Technology

(20.2%):

Adobe,

Inc.(a)

.........................................................

2,903

1,036

Amphenol

Corp.,

Class

A

.................................................

11,692

1,273

Apple,

Inc.

...........................................................

67,868

15,755

Applied

Materials,

Inc.

...................................................

5,098

820

AppLovin

Corp.,

Class

A(a)

...............................................

839

Arista

Networks,

Inc.(a)

..................................................

7,243

989

Autodesk,

Inc.(a)

.......................................................

3,190

1,004

Broadcom,

Inc.

........................................................

20,511

6,100

Cadence

Design

Systems,

Inc.(a)

............................................

2,150

753

Corpay,

Inc.(a)

.........................................................

1,723

561

Crowdstrike

Holdings,

Inc.,

Class

A(a)

.......................................

1,219

516

Dynatrace,

Inc.(a)

......................................................

10,068

509

Fortinet,

Inc.(a)

........................................................

5,889

HubSpot,

Inc.(a)

.......................................................

897

Intuit,

Inc.

............................................................

1,555

1,037

Keysight

Technologies,

Inc.(a)

.............................................

3,023

KLA

Corp.

...........................................................

1,049

915

Lam

Research

Corp.

.....................................................

12,157

1,218

Microsoft

Corp.

........................................................

32,223

16,327

NVIDIA

Corp.

.........................................................

101,992

17,765

Oracle

Corp.

..........................................................

6,248

1,413

Palantir

Technologies,

Inc.,

Class

A(a)

........................................

4,879

765

Palo

Alto

Networks,

Inc.(a)

................................................

5,154

982

QUALCOMM,

Inc.

.....................................................

5,970

960

Salesforce,

Inc.

........................................................

3,713

951

ServiceNow,

Inc.(a)

.....................................................

1,271

1,166

Snowflake,

Inc.,

Class

A(a)

................................................

3,356

801

Synopsys,

Inc.(a)

.......................................................

1,083

654

Workday,

Inc.,

Class

A(a)

.................................................

2,340

540

Zscaler,

Inc.(a)

.........................................................

1,660

77,063

Materials

(0.7%):

Linde

PLC

............................................................

1,571

751

Southern

Copper

Corp.

...................................................

5,153

The

Sherwin-Williams

Co.

................................................

2,039

746

Vulcan

Materials

Co.

....................................................

3,007

875

2,867

Real

Estate

(0.5%):

CBRE

Group,

Inc.,

Class

A(a)

..............................................

2,788

Extra

Space

Storage,

Inc.

.................................................

5,437

781

Prologis,

Inc.

..........................................................

5,967

679

1,912

Utilities

(0.4%):

NextEra

Energy,

Inc.

....................................................

11,948

861

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Public

Service

Enterprise

Group,

Inc.

.........................................

6,665

549

Vistra

Corp.

...........................................................

2,637

1,909

178,646

Total

Common

Stocks

(Cost

$268,191)

340,272

Exchange-Traded

Funds

(7.2%)

United

States

(7.2%):

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

192,761

11,968

VanEck

Gold

Miners

ETF

.................................................

250,211

15,806

27,774

Total

Exchange-Traded

Funds

(Cost

$20,925)

27,774

Total

Investments

(Cost

$289,116)

—

96.0%

368,046

Other

assets

in

excess

of

liabilities

—

4.0%

15,371

NET

ASSETS

-

100.00%

$

383,417

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

DRIP

—

Dividend

Reinvestment

Program

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

*(Amounts* 

*i*

*n* 

*thousands)*

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

MSCI

Emerging

Markets

Index

Futures

..........................

9/19/25

$

22,722

$

22,325

$

(397) E-Mini

S&P

500

Futures

..............

9/19/25

13,689

13,916

Euro

Stoxx

Futures

Sep 25

..........

9/19/25

21,390

21,452

Topix

Index

Futures

Sep 25

............

9/11/25

29,602

32,619

3,017

$

2,909

Futures

Contracts

Sold

*(Amounts* 

*in* 

*thousands)*

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

Russell

2000

Index

Futures

......

9/19/25

$

19,631

$

21,921

$

(2,290)

Ftse

Index

Futures

Sep 25

..........

9/19/25

27,697

28,653

(956) Hang

Seng

Index

Futures

Sep 25

........

9/29/25

7,052

6,901

Spi

Futures

Sep 25

...............

9/18/25

20,190

20,612

(422) $

(3,517)

Total

unrealized

appreciation

$

3,457

Total

unrealized

depreciation

(4,065)

Total

net

unrealized

appreciation

(depreciation)

$

(608) #### Statements

#### of

#### Assets

#### and

#### Liabilities
August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

*(Amounts* 

*in* 

*Thousands,* 

*Except* 

*Per* 

*Share* 

*Amounts)*

(Unaudited)

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Assets:

Investments,

at

value

(Cost

$445,779,

$54,728

and

$1,735,256)

$

570,585

(a) $

67,550

$

2,580,048

(b) Foreign

currency,

at

value

(Cost

$187,

$—

and

$2,821)

—

2,959

Cash

9,174

23,592

Unrealized

appreciation

on

foreign

currency

spot

contracts

—

(c) —

—

(c) Receivables:

Dividends,

interest,

and

securities

lending

income

1,142

4,177

Capital

shares

issued

832

Investments

sold

7,047

—

16,158

From

Adviser

Reclaims

13,049

Prepaid

expenses

Total

Assets

588,351

68,002

2,640,863

Liabilities:

Payables:

Collateral

received

on

loaned

securities

1,764

—

15,305

Investments

purchased

7,192

—

(c) 12,768

Capital

shares

redeemed

—

784

Accrued

foreign

capital

gains

taxes

—

1,084

Accrued

expenses

and

other

payables:

Investment

advisory

fees

510

1,671

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(c) —

(c) 2

Trustees'

fees

12b-1

fees

—

(c) —

—

Other

accrued

expenses

Total

Liabilities

10,099

32,404

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

414,764

48,560

1,643,616

Total

accumulated

earnings

(loss)

163,488

19,356

964,843

Net

Assets

$

578,252

$

67,916

$

2,608,459

Net

Assets:

Fund

Shares

$

262,111

$

67,916

$

1,355,143

Institutional

Shares

316,141

—

1,243,713

Class

R6

—

—

9,603

Total

$

578,252

$

67,916

$

2,608,459

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Fund

Shares

10,806

5,495

42,327

Institutional

Shares

13,058

—

39,001

Class

R6

—

—

Total

23,864

5,495

81,625

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

.26

$

.36

$

.02

Institutional

Shares

.21

—

.89

Class

R6

—

—

.42

(a) Includes

$7,422

thousand

of

securities

on

loan.

(b) Includes

$14,420

thousand

of

securities

on

loan.

(c) Rounds

to

less

than

$1

thousand.

(d) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

#### Statements

#### of

#### Assets

#### and

#### Liabilities
August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

*(Amounts* 

*in* 

*Thousands,* 

*Except* 

*Per* 

*Share* 

*Amounts)*

(Unaudited)

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

Assets:

Investments,

at

value

(Cost

$322,732,

$966,855

and

$289,116)

$

872,652

(a) $

1,455,007

(b) $

368,046

Foreign

currency,

at

value

(Cost

$264,

$2,891

and

$24)

2,956

Cash

2,808

16,453

6,104

Deposit

with

broker

for

futures

contracts

—

—

19,232

Unrealized

appreciation

on

foreign

currency

spot

contracts

—

(c) —

—

Receivables:

Dividends,

interest,

and

securities

lending

income

1,037

1,727

Capital

shares

issued

—

Investments

sold

—

1,517

—

From

Adviser

Variation

margin

on

open

futures

contracts

—

—

Reclaims

—

2,954

Prepaid

expenses

Total

Assets

877,162

1,480,695

394,315

Liabilities:

Payables:

Collateral

received

on

loaned

securities

4,028

—

Investments

purchased

505

—

Capital

shares

redeemed

836

3,975

Variation

margin

on

open

futures

contracts

—

—

704

Accrued

foreign

capital

gains

taxes

—

—

5,965

Accrued

expenses

and

other

payables:

Investment

advisory

fees

537

933

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(c) Trustees'

fees

12b-1

fees

—

Other

accrued

expenses

Total

Liabilities

2,239

6,112

10,898

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

1,078,701

845,906

307,269

Total

accumulated

earnings

(loss)

(203,778)

628,677

76,148

Net

Assets

$

874,923

$

1,474,583

$

383,417

Net

Assets:

Fund

Shares

$

784,930

$

1,462,288

$

383,417

Institutional

Shares

39,636

6,954

—

Class

A

50,357

5,341

—

Total

$

874,923

$

1,474,583

$

383,417

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

22,422

44,455

33,803

Institutional

Shares

1,106

—

Class

A

1,462

—

Total

24,990

44,828

33,803

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

.01

$

.89

$

.34

Institutional

Shares

.83

.01

—

Class

A

.45

.93

—

Maximum

Sales

Charge

—

Class

A

.75

%

.75

%

—

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.55

$

.94

$

—

(a) Includes

$113

thousand

of

securities

on

loan.

(b) Includes

$3,892

thousand

of

securities

on

loan.

(c) Rounds

to

less

than

$1

thousand.

(d) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

#### Statements

#### of

#### Operations
For

the

Six

Months

Ended

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

*(Amounts* 

*in* 

*Thousands)*

(Unaudited)

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Investment

Income:

Dividends

$

11,148

$

1,370

$

60,779

Interest

Securities

lending

(net

of

fees)

—(a)

Foreign

tax

withholding

(1,344)

(87) (6,744)

Total

Income

10,017

1,288

54,616

Expenses:

Investment

advisory

fees

2,802

9,590

Administration

fees

—

Fund

Shares

970

Administration

fees

—

Institutional

Shares

—

617

Administration

fees

—

Class

R6

—

—

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

600

Transfer

agent

fees

—

Institutional

Shares

—

643

Transfer

agent

fees

—

Class

R6

—

—

Trustees'

fees

Compliance

fees

—(a)

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

Total

Expenses

3,918

13,189

Expenses

waived/reimbursed

by

Adviser

(79) (20) (91) Net

Expenses

3,839

13,098

Net

Investment

Income

(Loss)

6,178

963

41,518

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

41,290

994

115,544

Foreign

taxes

on

realized

gains

(729) —

(75) Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

43,782

5,215

228,393

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—

(798) Net

realized/unrealized

gains

(losses)

on

investments

84,468

6,209

343,064

Change

in

net

assets

resulting

from

operations

$

90,646

$

7,172

$

384,582

(a) Rounds

to

less

than

$1

thousand.

#### Statements

#### of

#### Operations
For

the

Six

Months

Ended

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

*(Amounts* 

*in* 

*Thousands)*

(Unaudited)

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

Investment

Income:

Dividends

$

6,854

$

17,888

$

4,800

Interest

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(539) (1,444)

(411) Total

Income

6,384

16,774

4,664

Expenses:

Investment

advisory

fees

2,790

5,258

1,092

Administration

fees

—

Fund

Shares

1,043

Administration

fees

—

Institutional

Shares

—

Administration

fees

—

Class

A

—

Sub-Administration

fees

12b-1

fees

—

Class

A

—

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

554

Transfer

agent

fees

—

Institutional

Shares

—

Transfer

agent

fees

—

Class

A

—

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

—(a)

Interfund

lending

fees

—

—

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

4,007

7,193

1,438

Less

fees

paid

indirectly

—

—(a)

—

Expenses

waived/reimbursed

by

Adviser

(8) (16) (19) Net

Expenses

3,999

7,177

1,419

Net

Investment

Income

(Loss)

2,385

9,597

3,245

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

43,205

97,492

27,826

Foreign

taxes

on

realized

gains

—

(282) —

Net

realized

gains

(losses)

from

futures

contracts

—

—

(6,588)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

280,329

27,133

(4,887)

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

—

—

(3,425)

Net

realized/unrealized

gains

(losses)

on

investments

323,534

124,474

12,938

Change

in

net

assets

resulting

from

operations

$

325,919

$

134,071

$

16,183

(a) Rounds

to

less

than

$1

thousand.

*(Amounts* 

*in* 

*Thousands)*

Victory

Portfolios

III

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

6,178

$

10,139

$

963

$

1,023

$

41,518

$

52,080

Net

realized

gains

(losses)

40,561

44,954

994

13,332

115,469

147,159

Net

change

in

unrealized

appreciation/depreciation

43,907

(25,505)

5,215

(5,814)

227,595

28,830

Change

in

net

assets

resulting

from

operations

90,646

29,588

7,172

8,541

384,582

228,069

Distributions

to

Shareholders:

Fund

Shares

—

(7,247)

(849) (12,804)

—

(60,606)

Institutional

Shares

—

(9,008)

—

—

—

(67,409)

Class

A

—

—

—

—

—

—(a)

Class

R6

—

—

—

—

—

(210) Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(16,255)

(849) (12,804)

—

(128,225)

Change

in

net

assets

resulting

from

capital

transactions

(12,810)

(32,887)

(2,104)

6,794

(191,705)

(224,063)

Change

in

net

assets

77,836

(19,554)

4,219

2,531

192,877

(124,219)

Net

Assets:

Beginning

of

period

500,416

519,970

63,697

61,166

2,415,582

2,539,801

End

of

period

$

578,252

$

500,416

$

67,916

$

63,697

$

2,608,459

$

2,415,582

(a) Class

A

activity

is

for

the

period

March

1,

2024,

to

March

28,

2024

(date

of

termination).

*(Amounts* 

*in* 

*Thousands)*

Victory

Portfolios

III

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

6,250

$

12,672

$

3,380

$

3,981

$

33,955

$

50,853

Distributions

reinvested

—

7,144

843

12,737

—

59,450

Cost

of

shares

redeemed

(18,655)

(37,393)

(6,327)

(9,924)

(81,358)

(182,641)

Total

Fund

Shares

$

(12,405)

$

(17,577)

$

(2,104)

$

6,794

$

(47,403)

$

(72,338)

Institutional

Shares

Proceeds

from

shares

issued

$

25,268

$

21,094

$

—

$

—

$

24,429

$

108,519

Distributions

reinvested

—

9,000

—

—

—

67,341

Cost

of

shares

redeemed

(25,673)

(45,404)

—

—

(169,822)

(330,610)

Total

Institutional

Shares

$

(405) $

(15,310)

$

—

$

—

$

(145,393)

$

(154,750)

Class

A

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

—

$

—(a)(b)

Distributions

reinvested

—

—

—

—

—

—

(b) Cost

of

shares

redeemed

—

—

—

—

—

(556)(b)

Total

Class

A

$

—

$

—

$

—

$

—

$

—

$

(556) Class

R6

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

1,917

$

4,244

Distributions

reinvested

—

—

—

—

—

Cost

of

shares

redeemed

—

—

—

—

(826) (873) Total

Class

R6

$

—

$

—

$

—

$

—

$

1,091

$

3,581

Change

in

net

assets

resulting

from

capital

transactions

$

(12,810)

$

(32,887)

$

(2,104)

$

6,794

$

(191,705)

$

(224,063)

Share

Transactions:

Fund

Shares

Issued

601

1,141

1,835

Reinvested

—

1,158

—

2,273

Redeemed

(836) (1,773)

(554) (809) (2,748)

(6,601)

Total

Fund

Shares

(556) (816) (181) 671

(1,607)

(2,493)

Institutional

Shares

Issued

1,173

1,013

—

—

898

3,959

Reinvested

—

—

—

—

2,587

Redeemed

(1,109)

(2,139)

—

—

(5,728)

(12,009)

Total

Institutional

Shares

(676) —

—

(4,830)

(5,463)

Class

A

Issued

—

—

—

—

—

—(b)(c)

Reinvested

—

—

—

—

—

—(b)

Redeemed

—

—

—

—

—

(20)(b)

Total

Class

A

—

—

—

—

—

(20) Class

R6

Issued

—

—

—

—

Reinvested

—

—

—

—

—

Redeemed

—

—

—

—

(27) (32) Total

Class

R6

—

—

—

—

Change

in

Shares

(492) (1,492)

(181) 671

(6,401)

(7,839)

(a) Rounds

to

less

than

$1

thousand.

(b) Class

A

activity

is

for

the

period

March

1,

2024,

to

March

28,

2024

(date

of

termination).

(c) Rounds

to

less

than

thousand

shares.

*(Amounts* 

*in* 

*Thousands)*

Victory

Portfolios

III

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

2,385

$

2,729

$

9,597

$

11,948

$

3,245

$

4,929

Net

realized

gains

(losses)

43,205

(3,838)

97,210

110,834

21,238

35,222

Net

change

in

unrealized

appreciation/depreciation

280,329

216,752

27,264

54,281

(8,300)

9,563

Change

in

net

assets

resulting

from

operations

325,919

215,643

134,071

177,063

16,183

49,714

Distributions

to

Shareholders:

Fund

Shares

—

—

—

(88,532)

—

(7,680)

Institutional

Shares

—

—

—

(398) —

—

Class

A

—

—

—

(300) —

—

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

—

—

(89,230)

—

(7,680)

Change

in

net

assets

resulting

from

capital

transactions

(24,495)

(60,661)

(58,089)

(32,989)

(111,814)

(56,052)

Change

in

net

assets

301,424

154,982

75,982

54,844

(95,631)

(14,018)

Net

Assets:

Beginning

of

period

573,499

418,517

1,398,601

1,343,757

479,048

493,066

End

of

period

$

874,923

$

573,499

$

1,474,583

$

1,398,601

$

383,417

$

479,048

*(Amounts* 

*in* 

*Thousands)*

Victory

Portfolios

III

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

89,072

$

39,885

$

26,972

$

58,105

$

—

$

—

Distributions

reinvested

—

—

—

87,299

—

7,680

Cost

of

shares

redeemed

(118,758)

(97,851)

(84,828)

(180,331)

(111,814)

(63,732)

Total

Fund

Shares

$

(29,686)

$

(57,966)

$

(57,856)

$

(34,927)

$

(111,814)

$

(56,052)

Institutional

Shares

Proceeds

from

shares

issued

$

1,520

$

2,984

$

1,585

$

3,896

$

—

$

—

Distributions

reinvested

—

—

—

—

—

Cost

of

shares

redeemed

(2,873)

(4,983)

(1,617)

(2,787)

—

—

Total

Institutional

Shares

$

(1,353)

$

(1,999)

$

(32) $

1,498

$

—

$

—

Class

A

Proceeds

from

shares

issued

$

12,673

$

8,748

$

$

790

$

—

$

—

Distributions

reinvested

—

—

—

—

—

Cost

of

shares

redeemed

(6,129)

(9,444)

(346) (584) —

—

Total

Class

A

$

6,544

$

(696) $

(201) $

$

—

$

—

Change

in

net

assets

resulting

from

capital

transactions

$

(24,495)

$

(60,661)

$

(58,089)

$

(32,989)

$

(111,814)

$

(56,052)

Share

Transactions:

Fund

Shares

Issued

3,281

2,008

898

1,917

—

—

Reinvested

—

—

—

2,858

—

723

Redeemed

(4,249)

(4,945)

(2,813)

(5,955)

(10,148)

(5,978)

Total

Fund

Shares

(968) (2,937)

(1,915)

(1,180)

(10,148)

(5,255)

Institutional

Shares

Issued

—

—

Reinvested

—

—

—

—

—

Redeemed

(100) (246) (53) (92) —

—

Total

Institutional

Shares

(48) (100) (1) 48

—

—

Class

A

Issued

—

—

Reinvested

—

—

—

—

—

Redeemed

(218) (472) (12) (19) —

—

Total

Class

A

(39) (7) 15

—

—

Change

in

Shares

(792) (3,076)

(1,923)

(1,117)

(10,148)

(5,255)

Victory

Portfolios

III

#### Financial

#### Highlights
*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Emerging

Markets

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$20.58

$20.15

$17.82

$20.00

$24.66

$16.16

$17.14

Investment

Activities:

Net

investment

income

(loss)(b)

0.24 0.39 0.30 0.34 0.30 0.16 0.25 Net

realized

and

unrealized

gains

(losses)

3.44 0.68 2.39 (2.22)

(4.81)

8.57 (1.17)

Total

from

Investment

Activities

3.68 1.07 2.69 (1.88)

(4.51)

8.73 (0.92)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.64)

(0.36)

(0.30)

(0.15)

(0.23)

(0.06)

Total

Distributions

—

(0.64)

(0.36)

(0.30)

(0.15)

(0.23)

(0.06)

Net

Asset

Value,

End

of

Period

$24.26

$20.58

$20.15

$17.82

$20.00

$24.66

$16.16

Total

Return(c)(d)

17.88%

5.40%

15.18%

(9.36)%

(18.33)%

54.25%

(5.41)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

1.50%

1.52%

1.52%

1.48%

1.47%

1.45%

1.48%

Net

Investment

Income

(Loss)(e)

2.14%

1.83%

1.57%

2.53%

1.35%

0.77%

1.44%

Gross

Expenses(e)(f)

1.51%

1.56%

1.59%

1.57%

1.47%

1.47%

1.54%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$262,111

$233,793

$245,320

$234,472

$276,456

$372,624

$281,937

Portfolio

Turnover(c)(h)

67%

74%

62%

45%

54%

73%(i)

124%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(i) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Emerging

Markets

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$20.52

$20.09

$17.77

$19.97

$24.62

$16.14

$17.10

Investment

Activities:

Net

investment

income

(loss)(b)

0.26 0.42 0.34 0.35 0.35 0.20 0.29 Net

realized

and

unrealized

gains

(losses)

3.43 0.69 2.38 (2.21)

(4.80)

8.55 (1.17)

Total

from

Investment

Activities

3.69 1.11 2.72 (1.86)

(4.45)

8.75 (0.88)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.68)

(0.40)

(0.34)

(0.20)

(0.27)

(0.08)

Total

Distributions

—

(0.68)

(0.40)

(0.34)

(0.20)

(0.27)

(0.08)

Net

Asset

Value,

End

of

Period

$24.21

$20.52

$20.09

$17.77

$19.97

$24.62

$16.14

Total

Return(c)(d)

17.98%

5.61%

15.38%

(9.26)%

(18.15)%

54.46%

(5.17)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

1.31%

1.34%

1.32%

1.30%

1.28%

1.26%

1.29%

Net

Investment

Income

(Loss)(e)

2.34%

2.01%

1.82%

2.60%

1.59%

0.96%

1.67%

Gross

Expenses(e)(f)

1.36%

1.40%

1.38%

1.37%

1.31%

1.29%

1.33%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$316,141

$266,623

$274,650

$375,826

$398,909

$400,408

$327,156

Portfolio

Turnover(c)(h)

67%

74%

62%

45%

54%

73%(i)

124%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(i) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Global

Equity

Income

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$11.22

$12.22

$10.59

$12.35

$12.03

$8.42

$10.51

Investment

Activities:

Net

investment

income

(loss)(b)

0.17 0.20 0.22 0.19 0.21 0.17 0.24 Net

realized

and

unrealized

gains

(losses)

1.12 1.48 1.77 (1.04)

1.27 3.61 (1.57)

Total

from

Investment

Activities

1.29 1.68 1.99 (0.85)

1.48 3.78 (1.33)

Distributions

to

Shareholders

from:

Net

investment

income

(0.15)

(0.24)

(0.25)

(0.19)

(0.23)

(0.17)

(0.22)

Net

realized

gains

—

(2.44)

(0.11)

(0.72)

(0.93)

—

(0.54)

Total

Distributions

(0.15)

(2.68)

(0.36)

(0.91)

(1.16)

(0.17)

(0.76)

Net

Asset

Value,

End

of

Period

$12.36

$11.22

$12.22

$10.59

$12.35

$12.03

$8.42

Total

Return(c)(d)

11.63%

14.63%

19.11%

(6.86)%

12.28%

45.23%

(14.02)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

1.01%

1.03%

1.02%

1.05%

1.04%

1.03%

1.00%

Net

Investment

Income

(Loss)(e)

2.99%

1.64%

1.97%

1.84%

1.63%

1.65%

2.30%

Gross

Expenses(e)(f)

1.07%

1.18%

1.19%

1.26%

1.15%

1.18%

1.14%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$67,916

$63,697

$61,166

$56,391

$64,374

$69,690

$60,491

Portfolio

Turnover(c)

15%

83%

43%

28%

31%

46%(h)

109%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition

or

asset

allocation

shift.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

International

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$27.50

$26.55

$23.70

$24.21

$29.46

$21.53

$28.70

Investment

Activities:

Net

investment

income

(loss)(b)

0.48 0.56 0.49(c)

0.26(d)

0.59 0.49 0.44 Net

realized

and

unrealized

gains

(losses)

4.04 1.80 2.85 (0.11)

(3.43)

7.94 (1.12)

Total

from

Investment

Activities

4.52 2.36 3.34 0.15 (2.84)

8.43 (0.68)

Distributions

to

Shareholders

from:

Net

investment

income

—

(1.15)

(0.49)

(0.34)

(0.51)

(0.50)

(0.73)

Net

realized

gains

—

(0.26)

—

(0.32)

(1.90)

—

(5.76)

Total

Distributions

—

(1.41)

(0.49)

(0.66)

(2.41)

(0.50)

(6.49)

Net

Asset

Value,

End

of

Period

$32.02

$27.50

$26.55

$23.70

$24.21

$29.46

$21.53

Total

Return(e)(f)

16.44%

9.19%

14.14%(c)

0.73%(d)

(10.51)%

39.52%

(6.13)%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)(i)

1.07%

1.06%

1.08%

1.02%

1.02%

1.01%

1.06%(j)

Net

Investment

Income

(Loss)(g)

3.23%

2.02%

1.99%(c)

1.53%(d)

2.12%

1.94%

1.68%

Gross

Expenses(g)(h)

1.07%

1.06%

1.09%

1.04%

1.02%

1.03%

1.07%(j)

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,355,143

$1,208,181

$1,232,525

$1,205,144

$1,301,727

$1,608,436

$1,391,279

Portfolio

Turnover(e)(k)

22%

42%

34%

29%

34%

67%(l)

119%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Includes

net

investment

income

received

on

EU

Reclaims

during

the

year

ended

February

29,

2024. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.02,

0.07%,

and

0.07%,

respectively.

(d) Includes

net

investment

income

received

on

EU

Reclaims

during

the

nine

months

ended

February

28,

2023. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.07,

0.42%,

and

0.29%,

respectively.

(e) Not

annualized

for

periods

less

than

one

year.

(f) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(j) Reflects

total

annual

operating

expenses

for

reductions

of

expenses

paid

indirectly

for

the

May

fiscal

years

ended

2020. Expenses

paid

indirectly

decreased

the

expense

ratio

by

less

than

0.01%.

(k) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(l) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

International

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$27.38

$26.44

$23.61

$24.13

$29.36

$21.46

$28.61

Investment

Activities:

Net

investment

income

(loss)(b)

0.50 0.57 0.50(c)

0.26(d)

0.61 0.51 0.47 Net

realized

and

unrealized

gains

(losses)

4.01 1.80 2.83 (0.10)

(3.41)

7.91 (1.12)

Total

from

Investment

Activities

4.51 2.37 3.33 0.16 (2.80)

8.42 (0.65)

Distributions

to

Shareholders

from:

Net

investment

income

—

(1.17)

(0.50)

(0.36)

(0.53)

(0.52)

(0.74)

Net

realized

gains

—

(0.26)

—

(0.32)

(1.90)

—

(5.76)

Total

Distributions

—

(1.43)

(0.50)

(0.68)

(2.43)

(0.52)

(6.50)

Net

Asset

Value,

End

of

Period

$31.89

$27.38

$26.44

$23.61

$24.13

$29.36

$21.46

Total

Return(e)(f)

16.47%

9.27%

14.19%(c)

0.78%(d)

(10.43)%

39.61%

(6.05)%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)(i)

1.00%

1.00%

1.01%

0.95%

0.94%

0.94%

0.99%(j)

Net

Investment

Income

(Loss)(g)

3.32%

2.06%

2.05%(c)

1.58%(d)

2.20%

2.00%

1.77%

Gross

Expenses(g)(h)

1.01%

1.01%

1.02%

0.97%

0.95%

0.95%

0.99%(j)

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,243,713

$1,200,150

$1,303,421

$1,260,267

$1,278,976

$1,644,340

$1,431,107

Portfolio

Turnover(e)(k)

22%

42%

34%

29%

34%

67%(l)

119%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Includes

net

investment

income

received

on

EU

Reclaims

during

the

year

ended

February

29,

2024. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.02,

0.07%,

and

0.07%,

respectively.

(d) Includes

net

investment

income

received

on

EU

Reclaims

during

the

nine

months

ended

February

28,

2023. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.07,

0.42%,

and

0.29%,

respectively.

(e) Not

annualized

for

periods

less

than

one

year.

(f) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(j) Reflects

total

annual

operating

expenses

for

reductions

of

expenses

paid

indirectly

for

the

May

fiscal

years

ended

2020. Expenses

paid

indirectly

decreased

the

expense

ratio

by

less

than

0.01%.

(k) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(l) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

International

Fund

Class

R6

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$27.82

$26.84

$23.95

$24.53

$29.65

$21.52

$28.66

Investment

Activities:

Net

investment

income

(loss)(b)

0.50 0.55 0.43(c)

0.33(d)

0.80 0.49 0.49 Net

realized

and

unrealized

gains

(losses)

4.10 1.90 3.00 (0.11)

(3.36)

8.19 (1.12)

Total

from

Investment

Activities

4.60 2.45 3.43 0.22 (2.56)

8.68 (0.63)

Distributions

to

Shareholders

from:

Net

investment

income

—

(1.21)

(0.54)

(0.48)

(0.66)

(0.55)

(0.75)

Net

realized

gains

—

(0.26)

—

(0.32)

(1.90)

—

(5.76)

Total

Distributions

—

(1.47)

(0.54)

(0.80)

(2.56)

(0.55)

(6.51)

Net

Asset

Value,

End

of

Period

$32.42

$27.82

$26.84

$23.95

$24.53

$29.65

$21.52

Total

Return(e)(f)

16.53%

9.44%

14.39%(c)

1.01%(d)

(9.53)%

40.78%

(5.95)%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)(i)

0.86%

0.85%

0.87%

0.61%

0.31%

0.80%

0.85%(j)

Net

Investment

Income

(Loss)(g)

3.31%

1.93%

1.70%(c)

1.92%(d)

2.87%

1.95%

1.83%

Gross

Expenses(g)(h)

1.07%

1.37%

2.40%

9.88%

3.83%

1.22%

1.18%(j)

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$9,603

$7,251

$3,318

$232

$227

$28

$3,365

Portfolio

Turnover(e)(k)

22%

42%

34%

29%

34%

67%(l)

119%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Includes

net

investment

income

received

on

EU

Reclaims

during

the

year

ended

February

29,

2024. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.02,

0.07%,

and

0.07%,

respectively.

(d) Includes

net

investment

income

received

on

EU

Reclaims

during

the

nine

months

ended

February

28,

2023. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.07,

0.42%,

and

0.29%,

respectively.

(e) Not

annualized

for

periods

less

than

one

year.

(f) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(j) Reflects

total

annual

operating

expenses

for

reductions

of

expenses

paid

indirectly

for

the

May

fiscal

years

ended

2020. Expenses

paid

indirectly

decreased

the

expense

ratio

by

less

than

0.01%.

(k) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(l) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.24

$14.50

$15.64

$18.14

$22.57

$19.34

$12.16

Investment

Activities:

Net

investment

income

(loss)(b)

0.10 0.10 0.19 0.15 0.19 0.09 (0.04)

Net

realized

and

unrealized

gains

(losses)

12.67 7.64 (0.91)

(2.50)

(4.46)

3.15 7.22 Total

from

Investment

Activities

12.77 7.74 (0.72)

(2.35)

(4.27)

3.24 7.18 Distributions

to

Shareholders

from:

Net

investment

income

—

—

(0.42)

(0.15)

(0.16)

(0.01)

—

Total

Distributions

—

—

(0.42)

(0.15)

(0.16)

(0.01)

—

Net

Asset

Value,

End

of

Period

$35.01

$22.24

$14.50

$15.64

$18.14

$22.57

$19.34

Total

Return(c)(d)

57.42%

53.38%

(5.03)%

(12.97)%

(18.93)%

16.69%

59.13%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

1.08%

1.14%

1.18%

1.19%

1.12%

1.12%

1.19%

Net

Investment

Income

(Loss)(e)

0.66%

0.51%

1.11%

1.31%

0.97%

0.41%

(0.25)%

Gross

Expenses(e)(f)

1.08%

1.14%

1.18%

1.19%

1.12%

1.12%

1.19%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$784,930

$520,123

$381,656

$439,330

$533,574

$697,969

$660,770

Portfolio

Turnover(c)(h)

15%

1%

9%

4%

8%

7%

47%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.75

$14.82

$15.97

$18.53

$23.06

$19.76

$12.40

Investment

Activities:

Net

investment

income

(loss)(b)

0.11 0.13 0.21 0.17 0.22 0.12 (0.01)

Net

realized

and

unrealized

gains

(losses)

12.97 7.80 (0.91)

(2.54)

(4.56)

3.22 7.37 Total

from

Investment

Activities

13.08 7.93 (0.70)

(2.37)

(4.34)

3.34 7.36 Distributions

to

Shareholders

from:

Net

investment

income

—

—

(0.45)

(0.19)

(0.19)

(0.04)

—

Total

Distributions

—

—

(0.45)

(0.19)

(0.19)

(0.04)

—

Net

Asset

Value,

End

of

Period

$35.83

$22.75

$14.82

$15.97

$18.53

$23.06

$19.76

Total

Return(c)(d)

57.49%

53.51%

(4.83)%

(12.85)%

(18.84)%

16.90%

59.35%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

1.02%

1.01%

1.00%

0.98%

0.98%

0.99%

1.00%

Net

Investment

Income

(Loss)(e)

0.73%

0.64%

1.22%

1.44%

1.13%

0.55%

(0.05)%

Gross

Expenses(e)(f)

1.06%

1.10%

1.09%

1.12%

1.05%

1.05%

1.06%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$39,636

$26,256

$18,580

$19,681

$20,602

$26,338

$21,855

Portfolio

Turnover(c)(h)

15%

1%

9%

4%

8%

7%

47%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Class

A

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$21.91

$14.31

$15.44

$17.91

$22.29

$19.13

$12.04

Investment

Activities:

Net

investment

income

(loss)(b)

0.05 0.06 0.16 0.13 0.14 0.04 (0.05)

Net

realized

and

unrealized

gains

(losses)

12.49 7.54 (0.90)

(2.47)

(4.39)

3.12 7.14 Total

from

Investment

Activities

12.54 7.60 (0.74)

(2.34)

(4.25)

3.16 7.09 Distributions

to

Shareholders

from:

Net

investment

income

—

—

(0.39)

(0.13)

(0.13)

—

—

Total

Distributions

—

—

(0.39)

(0.13)

(0.13)

—

—

Net

Asset

Value,

End

of

Period

$34.45

$21.91

$14.31

$15.44

$17.91

$22.29

$19.13

Total

Return(c)(d)

57.23%

53.11%

(5.20)%

(13.08)%

(19.08)%

16.52%

58.89%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

1.35%

1.34%

1.34%

1.31%

1.31%

1.31%

1.27%

Net

Investment

Income

(Loss)(e)

0.33%

0.29%

0.95%

1.17%

0.74%

0.21%

(0.32)%

Gross

Expenses(e)(f)

1.36%

1.40%

1.41%

1.40%

1.34%

1.34%

1.27%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$50,357

$27,120

$18,281

$23,124

$28,203

$26,282

$28,653

Portfolio

Turnover(c)(h)

15%

1%

9%

4%

8%

7%

47%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sustainable

World

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$29.92

$28.07

$22.59

$23.70

$31.03

$23.38

$30.71

Investment

Activities:

Net

investment

income

(loss)(b)

0.21 0.27 0.23 0.16 0.25 0.23 0.27 Net

realized

and

unrealized

gains

(losses)

2.76 3.55 5.52 (0.65)

(2.36)

8.74 2.87 Total

from

Investment

Activities

2.97 3.82 5.75 (0.49)

(2.11)

8.97 3.14 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.54)

(0.27)

(0.09)

(0.27)

(0.18)

(0.32)

Net

realized

gains

—

(1.43)

—

(0.53)

(4.95)

(1.14)

(10.15)

Total

Distributions

—

(1.97)

(0.27)

(0.62)

(5.22)

(1.32)

(10.47)

Net

Asset

Value,

End

of

Period

$32.89

$29.92

$28.07

$22.59

$23.70

$31.03

$23.38

Total

Return(c)(d)

9.93%

13.54%

25.55%

(2.01)%

(8.90)%

39.07%

7.81%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

1.02%

1.07%

1.08%

1.09%

1.05%

1.05%

1.07%

Net

Investment

Income

(Loss)(e)

1.37%

0.85%

0.93%

0.95%

0.87%

0.86%

0.98%

Gross

Expenses(e)(f)

1.02%

1.07%

1.08%

1.09%

1.05%

1.05%

1.07%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,462,288

$1,387,165

$1,334,778

$1,163,680

$1,272,993

$1,507,963

$1,228,986

Portfolio

Turnover(c)(h)

37%

32%

32%

23%

37%(i)

88%

103%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(i) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

subadvisor

termination.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sustainable

World

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$30.02

$28.17

$22.66

$23.78

$31.10

$23.42

$30.74

Investment

Activities:

Net

investment

income

(loss)(b)

0.21 0.26 0.25 0.17 0.31 0.24 0.29 Net

realized

and

unrealized

gains

(losses)

2.78 3.58 5.55 (0.65)

(2.41)

8.77 2.86 Total

from

Investment

Activities

2.99 3.84 5.80 (0.48)

(2.10)

9.01 3.15 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.56)

(0.29)

(0.11)

(0.27)

(0.19)

(0.32)

Net

realized

gains

—

(1.43)

—

(0.53)

(4.95)

(1.14)

(10.15)

Total

Distributions

—

(1.99)

(0.29)

(0.64)

(5.22)

(1.33)

(10.47)

Net

Asset

Value,

End

of

Period

$33.01

$30.02

$28.17

$22.66

$23.78

$31.10

$23.42

Total

Return(c)(d)

9.96%

13.57%

25.67%

(1.96)%

(8.87)%

39.17%

7.85%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

1.00%

1.02%

1.02%(h)

1.00%

1.00%

0.99%

1.00%

Net

Investment

Income

(Loss)(e)

1.39%

0.85%

1.02%

1.01%

1.10%

0.87%

1.00%

Gross

Expenses(e)(f)

1.28%

1.44%

1.66%

1.49%

1.29%

1.27%

1.13%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$6,954

$6,357

$4,631

$4,140

$5,301

$2,660

$6,143

Portfolio

Turnover(c)(i)

37%

32%

32%

23%

37%(j)

88%

103%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Includes

fees

associated

with

the

Fund's

closing

agreement

on

EU

reclaims.

If

these

fees

had

not

been

included,

the

net

expense

ratio

would

have

been

(0.01)%

lower.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

subadvisor

termination.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sustainable

World

Fund

Class

A

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$30.00

$28.15

$22.66

$23.77

$31.06

$23.40

$30.77

Investment

Activities:

Net

investment

income

(loss)(b)

0.16 0.17 0.16 0.11 0.19 0.15 0.19 Net

realized

and

unrealized

gains

(losses)

2.77 3.57 5.54 (0.65)

(2.40)

8.76 2.86 Total

from

Investment

Activities

2.93 3.74 5.70 (0.54)

(2.21)

8.91 3.05 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.46)

(0.21)

(0.04)

(0.13)

(0.11)

(0.27)

Net

realized

gains

—

(1.43)

—

(0.53)

(4.95)

(1.14)

(10.15)

Total

Distributions

—

(1.89)

(0.21)

(0.57)

(5.08)

(1.25)

(10.42)

Net

Asset

Value,

End

of

Period

$32.93

$30.00

$28.15

$22.66

$23.77

$31.06

$23.40

Total

Return(c)(d)

9.77%

13.21%

25.22%

(2.19)%

(9.18)%

38.73%

7.49%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

1.35%

1.37%

1.36%

1.35%

1.32%

1.32%

1.35%

Net

Investment

Income

(Loss)(e)

1.04%

0.54%

0.66%

0.68%

0.67%

0.53%

0.68%

Gross

Expenses(e)(f)

1.64%

1.77%

1.90%

1.83%

1.68%

1.62%

1.43%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,341

$5,079

$4,348

$4,336

$4,176

$2,890

$6,425

Portfolio

Turnover(c)(h)

37%

32%

32%

23%

37%(i)

88%

103%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(i) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

subadvisor

termination.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Target

Managed

Allocation

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.90

$10.02

$8.64

$10.76

$12.23

$8.98

$10.26

Investment

Activities:

Net

investment

income

(loss)(b)

0.08 0.11 0.13 0.14 0.13 0.11 0.20 Net

realized

and

unrealized

gains

(losses)

0.36 0.94 1.38 (1.88)

1.44 3.84 (0.96)

Total

from

Investment

Activities

0.44 1.05 1.51 (1.74)

1.57 3.95 (0.76)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.17)

(0.13)

(0.01)

(0.13)

(0.09)

(0.22)

Net

realized

gains

—

—

—

(0.37)

(2.91)

(0.61)

(0.30)

Total

Distributions

—

(0.17)

(0.13)

(0.38)

(3.04)

(0.70)

(0.52)

Net

Asset

Value,

End

of

Period

$11.34

$10.90

$10.02

$8.64

$10.76

$12.23

$8.98

Total

Return(c)(d)

4.04%

10.52%

17.62%

(16.21)%

12.85%

44.39%

(8.20)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.65%

0.65%

0.65%

0.69%

0.65%

0.64%

0.64%

Net

Investment

Income

(Loss)(e)

1.49%

1.00%

1.48%

1.62%

1.06%

0.96%

1.88%

Gross

Expenses(e)(f)

0.66%

0.66%

0.65%

0.69%

0.65%

0.64%

0.64%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$383,417

$479,048

$493,066

$436,212

$520,361

$529,613

$446,616

Portfolio

Turnover(c)

91%

182%

148%(g)

314%(h)

152%(i)

202%(i)

298%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

investment

strategy

change.

(h) Reflects

increased

trading

activity

due

to

an

investment

strategy

change

that

was

effective

December

23,

2022. (i) Reflects

overall

decrease

in

purchases

and

sales

of

securities.

#### Notes

#### to

#### Financial

#### Statements
August

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following six funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act,

with

the

exception

of

the

Precious

Metals

and

Minerals

Fund

which

is

classified

as

non-diversified.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. #### Investment

#### Valuation:
The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

Emerging

Markets

Fund

Emerging

Markets

Fund

Fund

Shares

and

Institutional

Shares

Victory

Global

Equity

Income

Fund

Global

Equity

Income

Fund

Fund

Shares

Victory

International

Fund

International

Fund

Fund

Shares,

Institutional

Shares,

and

Class

R6

Victory

Precious

Metals

and

Minerals

Fund

Precious

Metals

and

Minerals

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Sustainable

World

Fund

Sustainable

World

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Target

Managed

Allocation

Fund

Target

Managed

Allocation

Fund

Fund

Shares

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Funds'

NAV to

be

more

reliable

than

it

otherwise

would

be.

In

accordance

with

procedures

adopted

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

the

exchange

on

which

they

are

traded

closes

and

the

time

the

Funds'

NAV is

calculated.

The Funds use

a

systematic

valuation

model,

provided

daily

by

an

independent

third

party

to

fair

value

their

international

equity

securities.

These

valuations

are categorized

as

Level

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

August

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

Level

Level

Level

Total

Emerging

Markets

Fund

Common

Stocks

...............................................

$

96,631

$

468,506

$

—(a)

$

565,137

Exchange-Traded

Funds

.........................................

3,684

—

—

3,684

Collateral

for

Securities

Loaned

...................................

1,764

—

—

1,764

Total

.......................................................

$

102,079

$

468,506

$

—(a)

$

570,585

Global

Equity

Income

Fund

Common

Stocks

...............................................

38,652

28,898

—

67,550

Total

.......................................................

$

38,652

$

28,898

$

—

$

67,550

International

Fund

Common

Stocks

...............................................

141,565

2,414,765

—(b)

2,556,330

Exchange-Traded

Funds

.........................................

8,413

—

—

8,413

Collateral

for

Securities

Loaned

...................................

15,305

—

—

15,305

Total

.......................................................

$

165,283

$

2,414,765

$

—(b)

$

2,580,048

Precious

Metals

and

Minerals

Fund

Common

Stocks

...............................................

854,118

4,863

—(b)

858,981

Exchange-Traded

Funds

.........................................

13,554

—

—

13,554

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

867,789

$

4,863

$

—(b)

$

872,652

Sustainable

World

Fund

Common

Stocks

...............................................

963,371

486,832

—(a)

1,450,203

Warrants

....................................................

—

—

—(a)

—(a)

Exchange-Traded

Funds

.........................................

776

—

—

776

Collateral

for

Securities

Loaned

...................................

4,028

—

—

4,028

Total

.......................................................

$

968,175

$

486,832

$

—(a)

$

1,455,007

Target

Managed

Allocation

Fund

Common

Stocks

...............................................

220,458

119,814

—

340,272

Exchange-Traded

Funds

.........................................

27,774

—

—

27,774

Total

.......................................................

$

248,232

$

119,814

$

—

$

368,046

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

3,457

—

—

3,457

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

As

of August

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. #### Real

#### Estate

#### Investment

#### Trusts

#### ("REITs"):
The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

#### Investment

#### Companies:
Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

temporarily

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

#### Derivative

#### Instruments:
Futures

Contracts:

The

Funds

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Funds

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Funds

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs and

a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian,

which is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Funds

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Funds

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Funds

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Funds'

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Funds'

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Funds

are

not

subject

to

master

netting

agreements

for

futures

contracts. During

the

six

months

ended August

31,

2025,

the Funds entered

into

futures

contracts

primarily

for

the

strategy

of

hedging

or

other

purposes,

including

but

not

limited

to,

providing

liquidity

and

equitizing

cash.

Level

Level

Level

Total

Target

Managed

Allocation

Fund,

continued

Liabilities:

Futures

Contracts

..............................................

(4,065)

—

—

(4,065)

Total

.......................................................

$

(608) $

—

$

—

$

(608) (a) Zero

market

value

securities.

(b) Rounds

to

less

than

$1

thousand.

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

#### Summary

#### of

#### Derivative

#### Instruments:
The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

August

31,

2025

(amounts

in

thousands):

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

August

31,

2025 (amounts

in

thousands):

All

open

derivative

positions

at

period

end

are

reflected

on

each

respective

Fund's

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund's

net

assets

at

period end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

#### Investment

#### Transactions

#### and

#### Related

#### Income:
Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

#### Securities

#### Lending:
The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

August

31,

2025

(amounts

in

thousands):

Assets

Liabilities

Variation

Margin

Receivable

on

Open

Futures

Contracts\*

Variation

Margin

Payable

on

Open

Futures

Contracts\*

Equity

Risk

Exposure:

3,457,000

(4,065,000)

Target

Managed

Allocation

Fund

...........................................................

$

3,457

$

4,065

\*

Includes

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedules

of

Portfolio

Investments.

Only

current

day's

variation

margin

for

futures

contracts

is

reported

within

the

Statements

of

Assets

and

Liabilities.

Net

Realized

Gains

(Losses)

from

Futures

Contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Futures

Contracts

Equity

Risk

Exposure:

(6,588,000)

(3,425,000)

Target

Managed

Allocation

Fund

.......................................................

$

(6,588)

$

(3,425)

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

#### Foreign

#### Currency

#### Translations:
The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Fund

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Funds

do

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statements

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statements

of

Operations.

The

Emerging

Markets

Fund,

International

Fund,

and

Sustainable

World

Fund

filed

for

additional

European

Union

("EU")

reclaims

related

to

prior

years.

These

EU

reclaims

are

recorded

when

the

amount

is

known

and

there

are

no

significant

uncertainties

on

collectability. For

the six

months ended

August

31,

2025,

none

of

the

funds

have

received

any

EU

reclaim

proceeds.

#### Foreign

#### Taxes:
The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

#### Federal

#### Income

#### Taxes:
Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

February

or

February

for

leap

years.

For

the

six

months

ended

August

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

#### Allocations:
Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

#### Cross-Trade

#### Transactions:
Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Funds

may

engage

in

cross-trades,

which

are

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Adviser

and

any

applicable

sub-adviser

under

specified

conditions

outlined

in

the

valuation

policies

and

procedures

adopted

by

the

Board.

In

addition,

as

defined

under

the

valuation

policies

and

procedures,

each

transaction

must

be

effected

at

the

independent

current

market

price.

For

the six

months

ended

August

31,

2025,

the

Fund

below

engaged

in

the

following

securities

transactions

with

affiliated

funds,

which

resulted

in

the

following

net

realized

gains

(losses):

#### Fees

#### Paid

#### Indirectly:
Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Emerging

Markets

Fund

............................................

$

7,422

$

6,094

$

1,764

International

Fund

................................................

14,420

—

15,305

Precious

Metals

and

Minerals

Fund

....................................

—

Sustainable

World

Fund

............................................

3,892

—

4,028

Purchases

Sales

Net

Realized

Gains

(Losses)

International

Fund

..........................................................

$

$

–

$

–

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Affiliated

#### Fund

#### Ownership:
The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund's

net

assets.

The

affiliated

fund-of-funds'

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

August

31,

2025,

certain

affiliated fund-of-funds

owned

total

outstanding

shares

of

the

Funds

as

follows:

\*

Rounds

to

0.00%

Excluding

U.S.

Government

Securities

Purchases

Sales

Emerging

Markets

Fund

.....................................................................

$

356,653

$

360,484

Global

Equity

Income

Fund

..................................................................

9,856

11,977

International

Fund

.........................................................................

554,396

711,468

Precious

Metals

and

Minerals

Fund

.............................................................

107,931

131,311

Sustainable

World

Fund

.....................................................................

509,272

556,841

Target

Managed

Allocation

Fund

...............................................................

376,189

490,509

Emerging

Markets

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0\*

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.1 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.8 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.8 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.8 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1 International

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3 Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.7 Precious

Metals

and

Minerals

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2 Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2 Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.2 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.7 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1 Target

Managed

Allocation

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0\*

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.3 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.9 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

40.1 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

30.4 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.4 #### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:

#### Investment

#### Advisory

#### Fees:
Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment.

\*

Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

The

performance

adjustment

for

each

share

class

is

accrued

daily

and

calculated

monthly

by

comparing

the

respective

class' performance

to

the

Lipper

Index

listed

in

the

table

below.

\*

Target

Managed

Allocation

Fund

is

excluded

from

the

performance

adjustment.

Each

Index

tracks

the

total

return

performance

of

the

largest

funds

within

the

respective

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the

average

annual

performance

of the relevant

share

class

of

the

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point

.

Each

class'

annual

performance

adjustment

rate

is

multiplied

by

the

average

daily

net

assets

of the

respective class over

the

entire

performance

period,

which

is

then

multiplied

by

a

fraction,

the

numerator

of

which

is

the

number

of

days

in

the

month

and

the

denominator

of

which

is

(366

in

leap

years).

The

resulting

amount

is

then

added

to

(in

the

case

of

overperformance),

or

subtracted

from

(in

the

case

of

underperformance)

the

base

fee.

Under

the

performance

fee

arrangement, each

class

pays

a

positive

performance

fee

adjustment

for

a

performance

period

whenever

each Funds'

class outperforms

the respective

Index

in

the table

above, over

that

period,

even

if

the class

has

overall

negative

returns

during

the

performance

period.

The

performance

adjustment

rate,

if

any, included

in

the

investment

advisory

fee

may

differ

from

the

maximum

over/under

Annual

Adjustment

Rate

due

to

differences

in

average

net

assets

for

the

reporting

period

and

rolling

month

performance

periods.

For

the

six

months ended August

31,

2025,

performance adjustments were

(amounts

in

thousands):

Base

Rate

Emerging

Markets

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

Global

Equity

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Precious

Metals

and

Minerals

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Sustainable

World

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Target

Managed

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Comparative

Index

Emerging

Markets

Fund

................................................

Lipper

Emerging

Markets

Fund

Global

Equity

Income

Fund

.............................................

Lipper

Global

Equity

Income

Funds

International

Fund

....................................................

Lipper

International

Funds

Precious

Metals

and

Minerals

Fund

........................................

Lipper

Precious

Metals

Equity

Funds

Sustainable

World

Fund

................................................

Lipper

Global

Funds

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

700

+/-

+/-

701

and

greater

+/-

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

VCM

entered

into

an

Investment

Subadvisory

Agreement

with

Lazard

Asset

Management

LLC

("Lazard"),

under

which

Lazard

directs

the

investment

and

reinvestment

of

a

portion

of

the

Emerging

Markets

Fund's

assets

(as

allocated

from

time

to

time

by

VCM).

This

arrangement

provides

for

monthly

fees

that

are

paid

by

VCM

(not

the

Fund)

to

the

subadviser.

VCM

entered

into

an

Investment

Subadvisory

Agreement

with

Wellington

Management

Company

LLP

("Wellington

Management").

Wellington

Management

directs

the

investment

and

reinvestment

of

a

portion

of

the

International

Fund's

assets

(as

allocated

from

time

to

time

by

VCM).

This

arrangement

provides

for

monthly

fees

that

are

paid

by

VCM

(not

the

Fund)

to

the

subadviser.

#### Administration

#### and

#### Servicing

#### Fees:
VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate,

which

is

based

on

the

Funds' average

daily

net

assets as

follows:

Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

#### Transfer

#### Agency

#### Fees:
Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser, provides

transfer

agent

services

to

the

Fund

Shares based

on

an

annual

charge

of

$23

per

shareholder

account

plus

out-of-pocket

expenses,

except

for

the

Target

Managed

Allocation

Fund

which

pays

a

monthly

fee,

accrued

daily

at

an

annualized

rate

of

0.05%

of

average

daily

net

assets,

plus

out

of

pocket

expenses. VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

Fund

Shares

Institutional

Shares

Class

A

Class

R6

Emerging

Markets

Fund

.................................................

$

N/A

N/A

as

annual

%

rate

.....................................................

0.02%

0.02%

N/A

N/A

Global

Equity

Income

Fund

..............................................

$

N/A

N/A

N/A

as

annual

%

rate

.....................................................

0.01%

N/A

N/A

N/A

International

Fund

.....................................................

$

N/A

—(a)

as

annual

%

rate

.....................................................

0.01%

0.01%

N/A

—(b)

Precious

Metals

and

Minerals

Fund

.........................................

$

N/A

as

annual

%

rate

.....................................................

0.01%

0.01%

0.01%

N/A

Sustainable

World

Fund

.................................................

$

N/A(c)

N/A(d)

N/A(e)

N/A

as

annual

%

rate

.....................................................

N/A

N/A

N/A

N/A

(a) Rounds

to

less

than

0.01%.

(b) Rounds

to

less

than

$1

thousand.

(c) There

was

no

performance

adjustment

for

Fund

Shares.

(d) There

was

no

performance

adjustment

for

Institutional

Shares.

(e) There

was

no

performance

adjustment

for

Class

A. Annual

Charge

Fund

Shares

Institutional

Shares

Class

A

Class

R6

Emerging

Markets

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

N/A

Global

Equity

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

N/A

N/A

N/A

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

0.05%

Precious

Metals

and

Minerals

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

Sustainable

World

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

Target

Managed

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.05%

N/A

N/A

N/A

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

For

the

classes

below,

transfer

agent

fees

are

paid

monthly

based

on

a

fee

accrued

daily

at

an

annualized

rate

of

average

daily

net

assets,

plus

out-of-pocket

expenses

as

follows:

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Funds

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

#### Distributor/Underwriting

#### Services:
Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

of

Class

A. Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

August

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Rounds

to

less

than

$1

thousand.

#### Other

#### Fees:
Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust

until

at

least

June

30,

2026. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

a

Fund

in

any

fiscal

year

exceed

the

expense

limit

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Performance

adjustments,

acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

August

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) are

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

Institutional

Shares

Class

A

Class

R6

Emerging

Markets

Fund

..............................................................

0.10%

N/A

N/A

International

Fund

..................................................................

0.10%

N/A

0.01%

Precious

Metals

and

Minerals

Fund

......................................................

0.10%

0.10%

N/A

Sustainable

World

Fund

..............................................................

0.10%

0.10%

N/A

Class

A

Precious

Metals

and

Minerals

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Sustainable

World

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Amount

Precious

Metals

and

Minerals

Fund

........................................................................

$

—(a)

In

effect

until

June

30,

2026

Fund

Shares

Institutional

Shares

Class

A

Class

R6

Emerging

Markets

Fund

...................................................

1.48%

1.29%

N/A

N/A

Global

Equity

Income

Fund

................................................

1.00%

N/A

N/A

N/A

International

Fund

.......................................................

1.06%

0.99%

N/A

0.85%

Precious

Metals

and

Minerals

Fund

...........................................

1.27%

1.00%

1.34%

N/A

Sustainable

World

Fund

...................................................

1.09%

1.00%

1.35%

N/A

Target

Managed

Allocation

Fund

.............................................

0.65%

N/A

N/A

N/A

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

![international global book risks table](epub568705209597952.jpg)

As

of

August

31,

2025,

the

Funds

had

no

amounts

available

to

be

repaid

to

the

Adviser.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

as

a

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

August

31,

2025. For

the

six

months ended

August

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of August

31,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

August

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

6. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

#### Equity

#### Securities

#### Risk
—

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

#### General

#### Market

#### Risk
—

Overall

market

risks

may

affect

the

value

of

the

Funds.

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

#### Foreign

#### Securities

#### Risk
— Foreign

markets

can

be

more

volatile

than

the

U.S.

market

due

to

increased

risks

of

adverse

issuer,

political,

regulatory,

market,

or

economic

developments

and

can

perform

differently

from

the

U.S.

market.

Global

markets,

or

those

in

a

particular

region,

Amount

Emerging

Markets

Fund

................................................................................

$

International

Fund

....................................................................................

Precious

Metals

and

Minerals

Fund

........................................................................

Expires

2026

Expires

2027

Expires

2028

Expires

2029

Total

Emerging

Markets

Fund

....................................

$

$

$

$

$

997

Global

Equity

Income

Fund

.................................

International

Fund

........................................

759

Precious

Metals

and

Minerals

Fund

............................

Sustainable

World

Fund

....................................

Target

Managed

Allocation

Fund

..............................

—

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

may

all

react

in

similar

fashion

to

important

political,

economic,

or

other

developments.

Events

and

evolving

conditions

in

certain

economies

or

markets,

including

with

respect

to

tariffs

or

sanctions,

may

alter

the

risks

associated

with

investments

tied

to

countries

or

regions

that

historically

were

perceived

as

comparatively

stable

and

make

such

investments

riskier

and

more

volatile.

#### Portfolio

#### Reallocation

#### Risk
— The

frequent

changes

in

the

allocation

of

the

Fund's

portfolio

holdings

will

result

in

higher

portfolio

turnover.

In

purchasing

and

selling

securities

in

order

to

reallocate

the

portfolio,

the

Fund

will

pay

more

brokerage

commissions

than

it

would

without

a

reallocation

policy.

In

addition,

the

Fund

may

have

a

higher

proportion

of

capital

gains

and

a

potentially

lower

return

than

a

fund

that

does

not

reallocate

from

time

to

time.

#### Emerging

#### Markets

#### Risk
—

Foreign

securities

risk

can

be

particularly

heightened

because

investments

in

emerging

market

countries

generally

are

more

volatile

than

investments

in

developed

markets.

Emerging

market

countries

are

less

economically

diverse

and

mature

than

more

developed

countries

and

tend

to

be

politically

less

stable.

The

governments

of

emerging

market

countries

may

be

more

likely

to

impose

capital

controls,

nationalize

a

company

or

industry,

place

restrictions

on

foreign

ownership

and

on

withdrawing

sale

proceeds

of

securities

from

the

country,

intervene

in

the

financial

markets,

and/or

impose

burdensome

taxes

that

could

adversely

affect

security

prices.

In

addition,

the

economies

of

emerging

market

countries

may

be

dependent

on

relatively

few

industries

that

are

more

susceptible

to

local

and

global

changes.

Emerging

market

countries

may

also

have

less

developed

legal

and

accounting

systems,

and

their

legal

systems

may

deal

with

issuer

bankruptcies

and

defaults

differently

than

U.S.

law

would.

#### Natural

#### Resources

#### and

#### Precious

#### Metals

#### Risk
—

Because

of

commodity

price

volatility

and

the

increased

impact

such

volatility

has

on

the

profitability

of

precious

metals

and

minerals

and

natural

resources

industries,

there

are

additional

risks

involved

in

investing

in

the

securities

of

companies

in

these

industries.

The

natural

resources

and

precious

metals

and

minerals

industries

can

be

significantly

affected

by

global

economic,

financial,

and

political

developments.

Investments

related

to

natural

resources

and

precious

metals

and

minerals

may

fluctuate

in

price

significantly

over

short

periods

of

time.

However,

because

the

market

action

of

such

securities

has

tended

to

move

independently

of

the

broader

financial

markets,

the

addition

of

these

securities

to

a

portfolio

may

reduce

overall

fluctuations

in

portfolio

value.

7. #### Borrowing

#### and

#### Interfund

#### Lending:

#### Line

#### of

#### Credit:
The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

August

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

average

borrowing

for

the

days

outstanding

and

average

interest

rate

for

each

Fund

during

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

August

31,

2025. #### Interfund

#### Lending:
The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

Amount

Outstanding

at

August

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Emerging

Markets

Fund

....................................

$

—

$

39,556

5.43%

$

69,200

International

Fund

........................................

—

1,126

5.79%

3,400

Sustainable

World

Fund

....................................

—

4,033

5.42%

10,500

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

August

31,

2025

Victory

Portfolios

III

(Unaudited)

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

August

31,

2025. 8. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended February

28,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

9. #### Segment

#### Reporting:
The

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund's

financial

position

or

the

results

of

its

operations.

The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Borrower

or

Lender

Amount

Outstanding

at

August

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Emerging

Markets

Fund

...........................

Borrower

$

—

$

2,061

4.88%

$

2,665

International

Fund

...............................

Borrower

—

4,488

4.86%

13,136

Precious

Metals

and

Minerals

Fund

...................

Borrower

—

3,925

4.86%

15,115

Declared

Paid

Emerging

Markets

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Global

Equity

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Precious

Metals

and

Minerals

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Sustainable

World

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Target

Managed

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Short-Term

Amount

Long-Term

Amount

Total

Emerging

Markets

Fund

.................................................

$

(5,811)

$

—

$

(5,811)

Precious

Metals

and

Minerals

Fund

.........................................

(12,512)

(784,656)

(797,168)

Target

Managed

Allocation

Fund

...........................................

(27,902)

—

(27,902)

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-GlobEquity1025

August

31,

2025

Semi-Annual:

Full

Financials

Victory

Tax

Exempt

Intermediate-Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*III*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *235-8396,* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 2
Victory

Tax

Exempt

Intermediate-Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

#### 28
Victory

Tax

Exempt

Short-Term

Fund

#### 43

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 53
Statements

of

Operations

#### 54
Statements

of

Changes

in

Net

Assets

#### 55
Financial

Highlights

#### 57

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 66
Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(99.2%)

Alabama

(3.7%):

Alabama

Housing

Finance

Authority

Revenue

,

Series

A

,

.85

%

,

10/1/50

,

Continuously

Callable

@100

.....................................................

$

2,290

$

2,183

Alabama

State

University

Revenue

,

.75

%

,

9/1/50

,

Continuously

Callable

@100

.........

1,050

1,085

Baldwin

County

Industrial

Development

Authority

Revenue

AMT

,

Series

A

,

.00

%

,

6/1/55

,

(Put

Date

6/1/32)

(a) (b) ...............................................

1,000

1,002

Black

Belt

Energy

Gas

District

Revenue

Series

A

,

.25

%

,

1/1/54

,

(Put

Date

10/1/30)

(b) ..............................

5,000

5,366

Series

A

,

.25

%

,

5/1/55

,

(Put

Date

9/1/32)

(b) ...............................

1,500

1,578

Series

A

,

.25

%

,

5/1/56

,

(Put

Date

5/1/2032)

(b) .............................

16,750

17,151

Series

C

,

.50

%

,

10/1/54

,

(Put

Date

6/1/32)

(b) ..............................

3,000

3,292

Series

,

.50

%

,

6/1/49

,

(Put

Date

2/1/29)

,

Continuously

Callable

@100

(b) .......

4,000

4,236

Series

,

.76

%

(SOFR

+

bps)

,

6/1/49

,

(Put

Date

2/1/29)

(b) (c) ...............

2,500

2,562

County

of

Jefferson

Sewer

Revenue

,

.50

%

,

10/1/53

,

Continuously

Callable

@100

........

3,000

3,058

Energy

Southeast

A

Cooperative

District

Revenue

,

Series

B

,

.25

%

,

7/1/54

,

(Put

Date

6/1/32)

(b) ........................................................

3,000

3,238

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

Revenue

,

Series

A

,

.00

%

,

2/1/36

,

Continuously

Callable

@100

.........................

8,000

8,033

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Series

A

,

.00

%

,

11/1/35

,

Continuously

Callable

@100

........................

4,000

4,142

Series

A

,

.25

%

,

1/1/54

,

(Put

Date

7/1/29)

(b) ...............................

15,000

15,869

Series

A

,

.00

%

,

1/1/56

,

(Put

Date

6/1/35)

(b) ...............................

7,255

7,445

Series

B

,

.25

%

,

3/1/55

,

(Put

Date

1/1/33)

(b) ...............................

2,700

2,842

The

Health

Care

Authority

of

the

City

of

Huntsville

Revenue

Series

B1

,

.00

%

,

6/1/39

,

Continuously

Callable

@100

........................

2,000

1,930

Series

B1

,

.00

%

,

6/1/40

,

Continuously

Callable

@100

........................

2,555

2,426

The

Lower

Alabama

Gas

District

Revenue

,

Series

A

,

.00

%

,

9/1/34

...................

15,000

15,908

The

Southeast

Alabama

Gas

Supply

District

Revenue

,

Series

B

,

.00

%

,

6/1/49

,

(Put

Date

5/1/32)

(b) ........................................................

3,000

3,196

106,542

Alaska

(0.1%):

Alaska

Housing

Finance

Corp.

Revenue

,

Series

A

,

.60

%

,

12/1/48

,

Continuously

Callable

@100

...........................................................

3,000

2,812

Alaska

Railroad

Corp.

Revenue

AMT

,

.00

%

,

10/1/50

,

Continuously

Callable

@100

.......

1,000

1,036

3,848

Arizona

(1.8%):

Arizona

IDA

Revenue

,

.00

%

,

12/15/41

,

Continuously

Callable

@100

(a) ...............

955

787

Arizona

Industrial

Development

Authority

Revenue

,

Series

A

,

.10

%

,

10/1/50

,

Continuously

Callable

@100

.....................................................

1,000

1,004

Maricopa

County

&

Phoenix

IDA

Revenue

,

Series

A

,

.65

%

,

9/1/50

,

Continuously

Callable

@100

...........................................................

2,000

1,876

Maricopa

County

IDA

Revenue

.00

%

,

7/1/39

,

Continuously

Callable

@100

(a) .............................

2,000

1,967

.00

%

,

7/1/41

,

Continuously

Callable

@100

(a) .............................

1,250

1,067

.25

%

,

7/1/44

,

Continuously

Callable

@100

...............................

1,000

849

Series

D

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

........................

1,500

1,495

Sierra

Vista

IDA

Revenue

.25

%

,

6/15/38

,

Continuously

Callable

@100

(a) .............................

4,845

4,850

.25

%

,

6/15/42

,

Continuously

Callable

@100

(a) .............................

4,460

4,279

.00

%

,

6/15/44

,

Continuously

Callable

@100

(a) .............................

2,000

1,826

Tempe

IDA

Revenue

,

Series

A

,

.00

%

,

12/1/38

,

Continuously

Callable

@102

............

2,690

2,423

The

County

of

Pima

IDA

Revenue

.00

%

,

4/1/41

,

Continuously

Callable

@100

...............................

1,690

1,541

.00

%

,

6/15/41

,

Continuously

Callable

@100

(a) .............................

3,500

2,946

Series

A

,

.75

%

,

11/15/42

,

Continuously

Callable

@103

(a) .....................

3,000

3,149

Series

B2

,

.63

%

,

11/15/30

,

Continuously

Callable

@100

(a) ....................

3,425

3,427

The

County

of

Yavapai

IDA

Revenue

,

.00

%

,

8/1/38

,

Continuously

Callable

@100

........

1,000

939

The

IDA

of

the

City

of

Phoenix

Arizona

Revenue

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

10,215

10,221

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

1,675

1,675

.00

%

,

10/1/36

,

Continuously

Callable

@100

...............................

4,250

4,317

50,638

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Arkansas

(0.3%):

Arkansas

Development

Finance

Authority

Revenue

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

$

1,300

$

1,338

.00

%

,

9/1/38

,

Continuously

Callable

@100

...............................

2,000

2,045

.00

%

,

9/1/39

,

Continuously

Callable

@100

...............................

1,000

1,017

University

of

Arkansas

-

Pulaski

Technical

College

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.00

%

,

9/1/30

,

Continuously

Callable

@100

....................

4,290

4,296

8,696

California

(1.1%):

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

AMT

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

.13

%

,

7/1/41

,

Continuously

Callable

@100

.........................

2,500

2,321

Series

B

,

.25

%

,

7/1/43

,

Continuously

Callable

@100

.........................

3,000

2,805

California

Health

Facilities

Financing

Authority

Revenue

Series

B

,

.00

%

,

11/15/38

,

Continuously

Callable

@100

.......................

1,500

1,570

Series

B

,

.00

%

,

11/15/43

,

Continuously

Callable

@100

.......................

1,500

1,502

California

School

Finance

Authority

Revenue

.40

%

,

12/1/26

(a) ..................................................

4,000

4,031

.00

%

,

8/1/31

,

Continuously

Callable

@100

(a) .............................

.00

%

,

8/1/36

,

Continuously

Callable

@100

(a) .............................

1,450

1,450

Series

A

,

.00

%

,

7/1/45

,

Continuously

Callable

@100

(a) .......................

1,700

1,654

Cerritos

Community

College

District,

GO

Series

D

,

8/1/27

(d) ..................................................

1,000

963

Series

D

,

8/1/28

(d) ..................................................

1,000

942

City

of

Los

Angeles

Department

of

Airports

Revenue

AMT

,

Series

A

,

.25

%

,

5/15/50

,

Continuously

Callable

@100

...........................................

2,500

2,538

City

of

San

Diego

Tobacco

Settlement

Revenue

Funding

Corp.

Revenue

,

Series

C

,

.00

%

,

6/1/32

,

Continuously

Callable

@100

.....................................

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

1/15/35

(d) ..................................................

5,500

3,920

Fresno

Joint

Powers

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

4/1/36

,

Continuously

Callable

@100

.........................

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

AMT

,

Series

A

,

.25

%

,

5/1/49

,

Continuously

Callable

@100

....................

1,000

1,017

The

El

Camino

Community

College

District

Foundation,

GO

,

Series

C

,

8/1/28

(d) .........

5,500

5,179

31,000

Colorado

(1.5%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

.25

%

,

7/1/43

,

Continuously

Callable

@100

...............................

3,000

2,726

Series

,

.50

%

,

2/1/45

,

Continuously

Callable

@100

(a) .....................

3,000

3,028

Colorado

Health

Facilities

Authority

Revenue

.00

%

,

11/1/41

,

Continuously

Callable

@100

...............................

2,500

2,557

Series

A

,

.00

%

,

8/1/38

,

Continuously

Callable

@100

.........................

1,000

931

Series

A

,

.00

%

,

8/1/39

,

Continuously

Callable

@100

.........................

1,250

1,138

Series

A

,

.00

%

,

11/1/39

,

Continuously

Callable

@100

........................

3,500

3,225

Series

A

,

.00

%

,

12/1/40

,

Continuously

Callable

@103

........................

2,000

1,843

Series

A

,

.00

%

,

8/1/49

,

Continuously

Callable

@100

.........................

9,715

7,994

Series

A

,

.13

%

,

12/1/50

,

Continuously

Callable

@103

........................

1,515

1,481

Denver

Health

&

Hospital

Authority

Revenue

Series

A

,

.00

%

,

12/1/34

,

Continuously

Callable

@100

(a) ......................

7,355

7,477

Series

A

,

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,250

1,181

Series

A

,

.00

%

,

12/1/38

,

Continuously

Callable

@100

........................

1,250

1,156

Series

A

,

.00

%

,

12/1/39

,

Continuously

Callable

@100

........................

1,000

907

Series

A

,

.13

%

,

12/1/50

,

Continuously

Callable

@100

........................

1,500

1,454

Gunnison

County

Housing

Authority

Revenue

,

.13

%

,

6/1/50

,

Continuously

Callable

@100

.

2,000

1,988

Park

Creek

Metropolitan

District

Revenue

Series

A

,

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

1,250

1,255

Series

A

,

.00

%

,

12/1/34

,

Continuously

Callable

@100

........................

1,000

1,003

41,344

Connecticut

(2.0%):

City

of

Ansonia

Certificate

of

Participation

,

.75

%

,

12/1/45

,

Continuously

Callable

@100

...

3,000

2,871

City

of

New

Haven,

GO

Series

A

,

.00

%

,

8/1/28

..............................................

1,000

1,057

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.50

%

,

8/1/30

,

Continuously

Callable

@100

.........................

$

1,000

$

1,064

Series

A

,

.50

%

,

8/1/32

,

Continuously

Callable

@100

.........................

1,200

1,271

Series

A

,

.50

%

,

8/1/36

,

Continuously

Callable

@100

.........................

1,810

1,899

City

of

West

Haven,

GO

Series

B

,

.00

%

,

11/1/32

,

Continuously

Callable

@100

........................

Series

B

,

.00

%

,

11/1/37

,

Continuously

Callable

@100

........................

Connecticut

Housing

Finance

Authority

Revenue

,

Series

,

.65

%

,

11/15/51

,

Continuously

Callable

@100

.....................................................

3,000

2,831

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

1,950

2,008

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

725

739

.00

%

,

7/1/35

,

Continuously

Callable

@100

...............................

1,170

1,184

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

1,125

1,129

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

1,275

1,275

Series

A

,

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

2,000

2,108

Series

A

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

2,000

1,924

Series

A

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

7,000

6,691

Series

A

,

.00

%

,

7/1/39

,

Continuously

Callable

@100

.........................

2,000

1,881

Series

A

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

1,000

907

Series

A

,

.00

%

,

7/1/44

,

Continuously

Callable

@100

.........................

2,400

2,274

Series

E

,

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

10,000

10,010

Harbor

Point

Infrastructure

Improvement

District

Tax

Allocation

,

.00

%

,

4/1/30

,

Continuously

Callable

@100

(a) ...................................................

7,000

7,228

Stamford

Housing

Authority

Revenue

,

Series

C

,

.75

%

,

10/1/32

.....................

1,500

1,525

State

of

Connecticut,

GO

,

Series

A

,

.00

%

,

4/15/37

,

Continuously

Callable

@100

.........

1,825

1,824

The

Metropolitan

District,

GO

,

.00

%

,

7/15/37

,

Continuously

Callable

@100

............

1,000

1,003

Town

of

Hamden,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

8/15/30

,

Continuously

Callable

@100

...........................................

1,200

1,268

56,746

Delaware

(0.1%):

Delaware

State

Housing

Authority

Revenue

Series

A

,

.65

%

,

7/1/50

,

Continuously

Callable

@100

.........................

Series

B

,

.00

%

,

7/1/50

,

Continuously

Callable

@100

.........................

1,000

978

1,448

District

of

Columbia

(0.3%):

Deutsche

Bank

Spears/Lifers

Trust

Revenue

,

Series

8178

,

.50

%

,

5/1/30

,

(Put

Date

9/4/25)

(a) (b) (e) ....................................................

1,700

1,700

District

of

Columbia

Revenue

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

1,000

925

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

800

813

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

AMT

,

Series

A

,

.00

%

,

10/1/50

,

Continuously

Callable

@100

...........................................

500

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

B

,

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

1,000

1,001

Series

B

,

.00

%

,

10/1/36

,

Continuously

Callable

@100

........................

1,250

1,235

Series

B

,

.00

%

,

10/1/38

,

Continuously

Callable

@100

........................

1,000

954

Washington

Convention

&

Sports

Authority

Revenue

Series

A

,

.00

%

,

10/1/38

,

Continuously

Callable

@100

........................

1,250

1,184

Series

A

,

.00

%

,

10/1/39

,

Continuously

Callable

@100

........................

500

Series

A

,

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

750

690

9,463

Florida

(7.8%):

Alachua

County

Health

Facilities

Authority

Revenue

,

.00

%

,

10/1/40

,

Continuously

Callable

@103

...........................................................

700

612

Capital

Projects

Finance

Authority

Revenue

.00

%

,

11/1/42

,

Continuously

Callable

@100

...............................

1,000

955

.00

%

,

11/1/43

,

Continuously

Callable

@100

...............................

1,000

943

Series

,

.00

%

,

6/1/49

,

Continuously

Callable

@100

(a) .....................

750

697

Capital

Trust

Agency,

Inc.

Revenue

,

.00

%

,

5/1/43

,

Continuously

Callable

@100

(a) .......

3,710

3,736

Capital

Trust

Authority

Revenue

Series

A

,

.00

%

,

12/15/44

,

Continuously

Callable

@100

.......................

2,000

1,792

Series

A

,

.25

%

,

7/1/50

,

Continuously

Callable

@100

(a) .......................

600

559

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) City

of

Cape

Coral

Water

&

Sewer

Revenue

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

$

1,485

$

1,474

.00

%

,

10/1/36

,

Continuously

Callable

@100

...............................

1,400

1,366

.00

%

,

10/1/37

,

Continuously

Callable

@100

...............................

3,000

2,872

City

of

Pompano

Beach

Revenue

.50

%

,

9/1/35

,

Continuously

Callable

@103

...............................

3,345

3,016

.00

%

,

9/1/40

,

Continuously

Callable

@103

...............................

2,500

2,205

Series

A

,

.00

%

,

9/1/36

,

Continuously

Callable

@103

.........................

1,050

996

Series

A

,

.00

%

,

9/1/41

,

Continuously

Callable

@103

.........................

1,215

1,060

City

of

Port

St.

Lucie

Special

Assessment

.00

%

,

7/1/31

,

Continuously

Callable

@100

...............................

3,195

3,226

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

2,000

2,019

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

2,785

2,811

City

of

Port

St.

Lucie

Utility

System

Revenue

,

.00

%

,

9/1/31

,

Continuously

Callable

@100

..

1,000

1,010

City

of

Tampa

Revenue

Series

A

,

9/1/36

,

Continuously

Callable

@80

(d) .............................

700

Series

A

,

9/1/37

,

Continuously

Callable

@77

(d) .............................

700

Series

A

,

9/1/38

,

Continuously

Callable

@74

(d) .............................

850

Series

A

,

9/1/39

,

Continuously

Callable

@71

(d) .............................

700

Series

A

,

9/1/40

,

Continuously

Callable

@67

(d) .............................

850

Series

B

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

Series

B

,

.00

%

,

7/1/39

,

Continuously

Callable

@100

.........................

700

635

Cityplace

Community

Development

District

Special

Assessment

(INS

-

Assured

Guaranty

Municipal

Corp.)

0.00%,

5/1/33

(f) ....................................................

3,470

3,534

0.00%,

5/1/38

,

Continuously

Callable

@100

(f) ..............................

7,900

7,651

County

of

Broward

Airport

System

Revenue

AMT

Series

A

,

.00

%

,

10/1/44

,

Continuously

Callable

@100

........................

4,395

3,755

Series

A

,

.00

%

,

10/1/49

,

Continuously

Callable

@100

........................

10,330

8,552

County

of

Broward

Port

Facilities

Revenue

AMT

Series

B

,

.00

%

,

9/1/44

,

Continuously

Callable

@100

.........................

7,345

6,230

Series

B

,

.00

%

,

9/1/49

,

Continuously

Callable

@100

.........................

7,380

5,946

County

of

Broward

Tourist

Development

Tax

Revenue

.00

%

,

9/1/39

,

Continuously

Callable

@100

...............................

7,000

6,694

.00

%

,

9/1/40

,

Continuously

Callable

@100

...............................

9,300

8,721

.00

%

,

9/1/41

,

Continuously

Callable

@100

...............................

6,975

6,432

County

of

Hillsborough

Solid

Waste

&

Resource

Recovery

Revenue

AMT

,

Series

A

,

.25

%

,

9/1/50

,

Continuously

Callable

@100

.....................................

2,000

2,037

County

of

Lee

Airport

Revenue

,

.00

%

,

10/1/33

,

Continuously

Callable

@100

...........

4,000

4,006

County

of

Lee

Airport

Revenue

AMT

,

.25

%

,

10/1/49

,

Continuously

Callable

@100

.......

3,800

3,812

County

of

Lee

Tourist

Development

Tax

Revenue

Series

B

,

.00

%

,

10/1/37

,

Continuously

Callable

@100

........................

4,970

4,876

Series

B

,

.00

%

,

10/1/38

,

Continuously

Callable

@100

........................

5,230

5,035

County

of

Miami

Dade

Aviation

Revenue

AMT

,

Series

A

,

.25

%

,

10/1/50

,

Continuously

Callable

@100

.....................................................

3,000

3,011

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

,

.00

%

,

10/1/41

,

Continuously

Callable

@100

.....................................................

County

of

Pasco

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

.50

%

,

9/1/41

,

Continuously

Callable

@100

...............................

750

809

.50

%

,

9/1/42

,

Continuously

Callable

@100

...............................

1,000

1,073

.50

%

,

9/1/43

,

Continuously

Callable

@100

...............................

750

799

Escambia

County

Health

Facilities

Authority

Revenue

.00

%

,

8/15/35

,

Continuously

Callable

@100

...............................

3,100

3,180

.00

%

,

8/15/40

,

Continuously

Callable

@100

...............................

2,900

2,901

Florida

Development

Finance

Corp.

Revenue

.00

%

,

11/15/39

,

Continuously

Callable

@100

..............................

5,260

4,835

.00

%

,

2/1/40

,

Continuously

Callable

@100

...............................

2,845

2,806

.00

%

,

8/1/43

,

Continuously

Callable

@100

...............................

1,500

1,505

.00

%

,

8/1/44

,

Continuously

Callable

@100

...............................

1,500

1,496

Series

A

,

.00

%

,

6/15/35

,

Continuously

Callable

@100

........................

1,000

1,016

Series

A

,

.00

%

,

6/15/40

,

Continuously

Callable

@100

........................

1,650

1,630

Series

A

,

.00

%

,

6/15/42

,

Continuously

Callable

@100

........................

2,250

2,179

Series

A

,

.13

%

,

6/15/50

,

Continuously

Callable

@101

(a) ......................

1,000

983

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

$

1,250

$

1,279

.00

%

,

10/1/36

,

Continuously

Callable

@100

...............................

1,000

1,017

.00

%

,

10/1/37

,

Continuously

Callable

@100

...............................

1,000

925

.00

%

,

10/1/38

,

Continuously

Callable

@100

...............................

750

680

.00

%

,

3/1/39

,

Continuously

Callable

@100

...............................

7,055

5,730

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

800

710

.00

%

,

12/1/49

,

Continuously

Callable

@100

...............................

1,000

800

Florida

Housing

Finance

Corp.

Revenue

,

Series

,

.05

%

,

7/1/50

,

Continuously

Callable

@100

825

804

Florida

Local

Government

Finance

Commission

Revenue

Series

,

.45

%

,

11/15/31

,

Continuously

Callable

@100

(a) ...................

1,500

1,503

Series

,

.20

%

,

11/15/30

,

Continuously

Callable

@100

(a) ...................

1,500

1,503

Halifax

Hospital

Medical

Center

Revenue

,

.00

%

,

6/1/36

,

Continuously

Callable

@100

....

2,750

2,758

Hillsborough

County

Aviation

Authority

Revenue

AMT

,

Series

B

,

.50

%

,

10/1/49

,

Continuously

Callable

@100

...........................................

1,000

1,033

Lee

County

IDA

Revenue

.00

%

,

11/15/39

,

Continuously

Callable

@103

..............................

1,500

1,488

Series

2019A-1

,

.00

%

,

4/1/37

,

Continuously

Callable

@100

...................

5,000

4,803

Series

A

,

.25

%

,

11/15/44

,

Continuously

Callable

@100

.......................

2,525

2,535

Miami-Dade

County

Expressway

Authority

Revenue

Series

A

,

.00

%

,

7/1/28

,

Continuously

Callable

@100

.........................

10,000

10,017

Series

A

,

.00

%

,

7/1/29

,

Continuously

Callable

@100

.........................

7,000

7,011

Series

A

,

.00

%

,

7/1/29

,

Continuously

Callable

@100

.........................

1,000

1,002

Series

A

,

.00

%

,

7/1/30

,

Continuously

Callable

@100

.........................

1,610

1,612

Series

A

,

.00

%

,

7/1/31

,

Continuously

Callable

@100

.........................

1,255

1,257

Series

A

,

.00

%

,

7/1/32

,

Continuously

Callable

@100

.........................

2,000

2,003

Series

A

,

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

A

,

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

B

,

.00

%

,

7/1/30

,

Continuously

Callable

@100

.........................

2,000

2,003

Series

B

,

.00

%

,

7/1/31

,

Continuously

Callable

@100

.........................

2,000

2,003

Miami-Dade

County

Housing

Finance

Authority

Revenue

,

Series

A

,

.88

%

,

3/1/46

........

1,250

1,185

Northern

Palm

Beach

County

Improvement

District

Special

Assessment

,

.00

%

,

8/1/46

,

Continuously

Callable

@100

...........................................

3,000

2,560

Palm

Beach

County

Educational

Facilities

Authority

Revenue

,

.00

%

,

10/1/41

,

Continuously

Callable

@100

.....................................................

3,695

3,163

Palm

Beach

County

Health

Facilities

Authority

Revenue

.00

%

,

8/15/49

,

Continuously

Callable

@100

...............................

6,050

4,933

.75

%

,

11/1/50

,

Continuously

Callable

@100

...............................

1,000

1,019

Series

A

,

.00

%

,

11/1/39

,

Continuously

Callable

@100

........................

1,150

1,164

Series

A

,

.00

%

,

11/1/42

,

Continuously

Callable

@100

........................

850

837

Series

B

,

.00

%

,

11/15/41

,

Continuously

Callable

@103

.......................

Series

B

,

.00

%

,

11/15/49

,

Continuously

Callable

@103

.......................

3,000

2,798

Pinellas

County

IDA

Revenue

,

.00

%

,

7/1/29

...................................

600

612

Southeast

Overtown

Park

West

Community

Redevelopment

Agency

Tax

Allocation

,

Series

,

.00

%

,

3/1/30

,

Continuously

Callable

@100

(a) ..........................

2,795

2,799

The

Lee

County

School

Board

Certificate

of

Participation

,

Series

A

,

.00

%

,

8/1/28

,

Continuously

Callable

@100

...........................................

3,750

3,756

223,585

Georgia

(1.6%):

Gainesville

&

Hall

County

Development

Authority

Revenue

,

.63

%

,

6/1/50

,

Continuously

Callable

@100

.....................................................

2,795

2,655

George

L

Smith

II

Congress

Center

Authority

Revenue

,

.00

%

,

1/1/36

,

Continuously

Callable

@100

...........................................................

1,000

996

Georgia

Housing

&

Finance

Authority

Revenue

Series

A

,

.65

%

,

12/1/50

,

Continuously

Callable

@100

........................

5,000

4,730

Series

C

,

.05

%

,

12/1/45

,

Continuously

Callable

@100

........................

1,750

1,722

Series

C

,

.55

%

,

12/1/49

,

Continuously

Callable

@100

........................

5,000

4,642

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

.00

%

,

8/1/36

,

Continuously

Callable

@100

...............................

1,840

1,761

.00

%

,

8/1/37

,

Continuously

Callable

@100

...............................

1,500

1,416

Main

Street

Natural

Gas,

Inc.

Revenue

Series

A

,

.00

%

,

5/15/37

.............................................

3,500

3,628

Series

A

,

.00

%

,

5/15/38

.............................................

2,500

2,563

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

D

,

.00

%

,

5/1/54

,

(Put

Date

12/1/30)

(b) ..............................

$

6,000

$

6,375

Series

,

.64

%

(SOFR

+

bps)

,

12/1/53

,

(Put

Date

6/1/31)

(b) (c) ..............

5,000

5,088

Savannah

Hospital

Authority

Revenue

,

Series

A

,

.00

%

,

7/1/39

,

Continuously

Callable

@100

2,500

2,351

The

Burke

County

Development

Authority

Revenue

,

.20

%

,

10/1/32

,

Continuously

Callable

@100

...........................................................

1,850

1,600

The

Development

Authority

of

Cobb

County

Revenue

,

Series

A

,

.25

%

,

4/1/33

,

(Put

Date

10/1/29)

(b) .......................................................

4,975

4,714

44,241

Guam

(0.1%):

Territory

of

Guam

Revenue

Series

A

,

.00

%

,

12/1/30

,

Continuously

Callable

@100

........................

1,500

1,510

Series

A

,

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

2,000

2,012

3,522

Hawaii

(0.1%):

State

of

Hawaii

Airports

System

Revenue

AMT

,

Series

C

,

.00

%

,

7/1/45

,

Continuously

Callable

@100

.....................................................

2,500

2,507

Idaho

(0.6%):

Idaho

Health

Facilities

Authority

Revenue

Series

A

,

.00

%

,

3/1/35

,

Continuously

Callable

@100

.........................

5,805

5,973

Series

A

,

.00

%

,

3/1/36

,

Continuously

Callable

@100

.........................

7,520

7,726

Idaho

Housing

&

Finance

Association

Revenue

Series

A

,

.00

%

,

7/15/38

,

Continuously

Callable

@100

........................

3,000

2,889

Series

C

,

.15

%

,

7/1/45

,

Continuously

Callable

@100

.........................

750

754

17,342

Illinois

(14.3%):

Champaign

County

Community

Unit

School

District

No.

Champaign,

GO

.00

%

,

6/1/34

,

Continuously

Callable

@100

...............................

1,000

1,009

.00

%

,

6/1/35

,

Continuously

Callable

@100

...............................

1,290

1,296

.00

%

,

6/1/36

,

Continuously

Callable

@100

...............................

1,575

1,553

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

,

.50

%

,

4/1/43

,

Continuously

Callable

@100

...........................................

5,000

5,107

Chicago

Board

of

Education,

GO

Series

A

,

12/1/25

(d) .................................................

1,600

1,584

Series

A

,

12/1/26

(d) .................................................

3,700

3,505

Series

A

,

.00

%

,

12/1/39

,

Continuously

Callable

@100

........................

4,700

4,529

Series

A

,

.00

%

,

12/1/43

,

Continuously

Callable

@100

........................

7,965

7,237

Series

B

,

.00

%

,

12/1/40

,

Continuously

Callable

@100

........................

21,900

18,202

Series

B

,

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

8,710

7,167

Chicago

Midway

International

Airport

Revenue

,

Series

B

,

.00

%

,

1/1/35

,

Continuously

Callable

@100

.....................................................

3,000

3,008

Chicago

O'Hare

International

Airport

Revenue

Series

A

,

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

A

,

.00

%

,

1/1/38

,

Continuously

Callable

@100

.........................

1,000

971

Chicago

O'Hare

International

Airport

Revenue

AMT

Series

A

,

.25

%

,

1/1/48

,

Continuously

Callable

@100

.........................

12,500

12,541

Series

C

,

.25

%

,

1/1/45

,

Continuously

Callable

@100

.........................

1,600

1,619

Chicago

Park

District,

GO

Series

,

.00

%

,

1/1/34

,

Continuously

Callable

@100

.......................

1,200

1,213

Series

,

.00

%

,

1/1/36

,

Continuously

Callable

@100

.......................

1,300

1,279

Series

,

.00

%

,

1/1/37

,

Continuously

Callable

@100

.......................

2,000

2,078

Series

,

.00

%

,

1/1/38

,

Continuously

Callable

@100

.......................

1,750

1,671

Series

,

.00

%

,

1/1/39

,

Continuously

Callable

@100

.......................

1,500

1,540

Series

,

.00

%

,

1/1/40

,

Continuously

Callable

@100

.......................

1,125

1,146

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

,

Series

A

,

.00

%

,

12/1/49

,

Continuously

Callable

@100

...........................................

5,005

4,093

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

12/1/50

,

Continuously

Callable

@100

............

6,385

5,268

City

of

Calumet

City,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.50

%

,

3/1/43

,

Continuously

Callable

@100

...........................................

1,000

927

City

of

Chicago

Lakeshore

East

Special

Assessment

.04

%

,

12/1/28

(a) ..................................................

.20

%

,

12/1/29

(a) ..................................................

.29

%

,

12/1/30

(a) ..................................................

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 3

.38

%

,

12/1/31

(a) ..................................................

$

$

.45

%

,

12/1/32

(a) ..................................................

City

of

Chicago

Wastewater

Transmission

Revenue

,

Series

B

,

.00

%

,

1/1/35

,

Continuously

Callable

@100

.....................................................

8,000

8,158

City

of

Chicago

Waterworks

Revenue

,

.00

%

,

11/1/36

,

Continuously

Callable

@100

.......

2,665

2,707

City

of

Chicago

Waterworks

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

.25

%

,

11/1/34

,

Continuously

Callable

@100

...............................

2,105

2,188

.25

%

,

11/1/35

,

Continuously

Callable

@100

...............................

1,635

1,701

Series

2017-2

,

.00

%

,

11/1/36

,

Continuously

Callable

@100

....................

3,145

3,233

Series

2017-2

,

.00

%

,

11/1/37

,

Continuously

Callable

@100

....................

2,500

2,530

City

of

Chicago,

GO

Series

A

,

.50

%

,

1/1/41

,

Continuously

Callable

@100

.........................

1,500

1,523

Series

A

,

.00

%

,

1/1/45

,

Continuously

Callable

@100

.........................

3,800

3,577

Series

A

,

.50

%

,

1/1/49

,

Continuously

Callable

@100

.........................

2,000

1,909

Series

A

,

.00

%

,

1/1/50

,

Continuously

Callable

@100

.........................

3,330

3,408

Series

F

,

.00

%

,

1/1/50

,

Continuously

Callable

@100

.........................

1,000

1,027

City

of

Galesburg

Revenue

Series

A

,

.00

%

,

10/1/36

,

Continuously

Callable

@100

........................

1,125

1,009

Series

A

,

.00

%

,

10/1/41

,

Continuously

Callable

@100

........................

1,475

1,192

City

of

Springfield,

GO

,

.00

%

,

12/1/30

,

Continuously

Callable

@100

.................

8,500

8,542

Cook

County

Community

College

District

No.

508,

GO

,

.00

%

,

12/1/43

,

Continuously

Callable

@100

.....................................................

1,650

1,624

County

of

Cook

Sales

Tax

Revenue

.00

%

,

11/15/34

,

Continuously

Callable

@100

..............................

3,750

3,754

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

5,000

5,146

Illinois

Educational

Facilities

Authority

Revenue

.90

%

,

11/1/36

,

Continuously

Callable

@102

...............................

2,220

2,180

.00

%

,

11/1/36

,

Continuously

Callable

@102

...............................

9,750

9,746

.45

%

,

11/1/36

,

Continuously

Callable

@102

...............................

4,500

4,522

Illinois

Finance

Authority

Revenue

0.00%,

2/15/27

(g) ..................................................

6,822

0.00%,

5/15/31

,

Continuously

Callable

@100

(g) ............................

602

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

3,500

3,550

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

600

629

.00

%

,

12/1/35

,

Continuously

Callable

@100

...............................

5,000

4,965

0.00%,

5/15/36

,

Continuously

Callable

@100

(g) ............................

.00

%

,

12/1/36

,

Continuously

Callable

@100

...............................

3,000

2,931

.00

%

,

10/1/37

,

Continuously

Callable

@100

...............................

700

720

.45

%

,

10/1/39

,

(Put

Date

10/1/29)

(b) ....................................

14,000

13,458

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

700

710

.00

%

,

10/1/40

,

Continuously

Callable

@100

...............................

1,000

894

Series

A

,

.00

%

,

5/15/27

.............................................

1,270

1,281

Series

A

,

.00

%

,

5/15/30

,

Continuously

Callable

@100

........................

1,000

1,001

Series

A

,

.00

%

,

10/1/31

,

Continuously

Callable

@100

........................

1,000

1,011

Series

A

,

.00

%

,

10/1/32

,

Continuously

Callable

@100

........................

1,000

1,005

Series

A

,

.00

%

,

10/1/34

,

Continuously

Callable

@100

........................

1,000

995

Series

A

,

.00

%

,

11/15/34

,

Continuously

Callable

@100

.......................

3,700

3,700

Series

A

,

.00

%

,

5/15/35

,

Continuously

Callable

@100

........................

1,100

1,101

Series

A

,

.00

%

,

11/15/35

,

Continuously

Callable

@100

.......................

3,000

3,000

Series

A

,

.00

%

,

2/15/37

,

Continuously

Callable

@100

........................

1,000

1,010

Series

A

,

.00

%

,

8/1/39

,

Continuously

Callable

@100

.........................

1,850

1,618

Series

A

,

.00

%

,

8/1/40

,

Continuously

Callable

@100

.........................

3,780

3,231

Series

A

,

.00

%

,

8/1/41

,

Continuously

Callable

@100

.........................

1,935

1,623

Series

A

,

.00

%

,

8/1/43

,

Continuously

Callable

@100

.........................

2,105

1,706

Series

A

,

.00

%

,

7/15/47

,

Continuously

Callable

@100

........................

6,500

5,547

Series

B

,

.00

%

,

10/1/44

,

Continuously

Callable

@100

(a) ......................

750

713

Series

C

,

.00

%

,

2/15/36

,

Continuously

Callable

@100

........................

3,640

3,575

Series

R

,

.40

%

,

4/1/27

,

Continuously

Callable

@100

.........................

760

760

Illinois

Housing

Development

Authority

Revenue

Series

A

,

.88

%

,

4/1/50

,

Continuously

Callable

@100

.........................

2,000

1,937

Series

I

,

.63

%

,

4/1/50

,

Continuously

Callable

@100

.........................

3,000

2,811

Illinois

Municipal

Electric

Agency

Revenue

,

Series

A

,

.00

%

,

2/1/33

,

Continuously

Callable

@100

...........................................................

14,650

14,651

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Illinois

State

Toll

Highway

Authority

Revenue

Series

A

,

.00

%

,

1/1/34

,

Continuously

Callable

@100

.........................

$

5,870

$

5,878

Series

A

,

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

5,600

5,607

Kendall

Kane

&

Will

Counties

Community

Unit

School

District

No.

308,

GO

.00

%

,

2/1/35

,

Continuously

Callable

@100

...............................

5,000

5,032

.00

%

,

2/1/36

,

Continuously

Callable

@100

...............................

6,000

6,038

Madison

County

Community

Unit

School

District

No.

Edwardsville,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

12/1/28

,

Continuously

Callable

@100

...............................

1,210

1,216

.00

%

,

12/1/29

,

Continuously

Callable

@100

...............................

1,250

1,256

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

11/1/31

,

Continuously

Callable

@100

........................

1,000

1,021

Series

A

,

.00

%

,

11/1/32

,

Continuously

Callable

@100

........................

2,000

2,041

Series

A

,

.00

%

,

11/1/33

,

Continuously

Callable

@100

........................

750

765

Metropolitan

Pier

&

Exposition

Authority

Revenue

.00

%

,

6/15/42

,

Continuously

Callable

@100

...............................

2,000

2,026

.00

%

,

12/15/42

,

Continuously

Callable

@100

..............................

8,000

7,068

Metropolitan

Pier

&

Exposition

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

6/15/26

(d) .................................................

5,000

4,882

Northern

Illinois

Municipal

Power

Agency

Revenue

Series

A

,

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

1,800

1,826

Series

A

,

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

2,100

2,108

Series

A

,

.00

%

,

12/1/33

,

Continuously

Callable

@100

........................

4,000

4,007

Series

A

,

.00

%

,

12/1/35

,

Continuously

Callable

@100

........................

5,000

4,947

Northern

Illinois

University

Certificate

of

Participation

,

.25

%

,

4/1/44

,

Continuously

Callable

@100

...........................................................

1,000

919

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

10/1/43

,

Continuously

Callable

@100

...............................

1,300

1,144

Series

B

,

.00

%

,

4/1/35

,

Continuously

Callable

@100

.........................

1,200

1,183

Series

B

,

.00

%

,

4/1/39

,

Continuously

Callable

@100

.........................

1,375

1,272

Regional

Transportation

Authority

Revenue

Series

A

,

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

23,160

23,398

Series

A

,

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

11,650

11,685

Sales

Tax

Securitization

Corp.

Revenue

Series

A

,

.00

%

,

1/1/38

,

Continuously

Callable

@100

.........................

5,060

4,820

Series

A

,

.00

%

,

1/1/39

,

Continuously

Callable

@100

.........................

1,750

1,637

Sangamon

County

School

District

No.

Springfield,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

.00

%

,

2/1/26

,

Continuously

Callable

@100

.............

4,215

4,222

State

of

Illinois,

GO

,

Series

B

,

.25

%

,

5/1/43

,

Continuously

Callable

@100

.............

2,500

2,557

The

Illinois

Sports

Facilities

Authority

Revenue

,

.00

%

,

6/15/30

,

Continuously

Callable

@100

1,025

1,093

The

Illinois

Sports

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.)

.25

%

,

6/15/30

,

Continuously

Callable

@100

...............................

3,000

3,004

.25

%

,

6/15/31

,

Continuously

Callable

@100

...............................

5,000

5,007

.25

%

,

6/15/32

,

Continuously

Callable

@100

...............................

5,000

5,007

University

of

Illinois

Revenue

,

Series

A

,

.00

%

,

4/1/33

,

Continuously

Callable

@100

......

12,475

12,549

Village

of

Bolingbrook,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

1/1/30

,

Continuously

Callable

@100

.........................

1,500

1,564

Series

A

,

.00

%

,

1/1/31

,

Continuously

Callable

@100

.........................

2,400

2,499

Series

A

,

.00

%

,

1/1/32

,

Continuously

Callable

@100

.........................

2,350

2,443

Series

A

,

.00

%

,

1/1/38

,

Continuously

Callable

@100

.........................

1,500

1,530

Village

of

Rosemont,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

12/1/25

.............................................

2,010

2,020

Series

A

,

.00

%

,

12/1/26

.............................................

2,110

2,167

Volo

Village

Special

Service

Area

No.

&

Special

Tax

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

3/1/34

,

Continuously

Callable

@100

...............................

2,992

3,015

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

1,250

1,195

Will

County

Community

High

School

District

No.

Lincoln-Way,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

1/1/34

,

Continuously

Callable

@100

...........

650

660

Williamson

Jackson

Etc

Counties

Community

Unit

School

District

No.

4,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

12/1/28

,

Continuously

Callable

@100

...............................

1,835

1,845

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5

.00

%

,

12/1/29

,

Continuously

Callable

@100

...............................

$

1,925

$

1,935

.00

%

,

12/1/30

,

Continuously

Callable

@100

...............................

2,025

2,034

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

6,000

6,022

406,164

Indiana

(3.1%):

Hammond

Multi-School

Building

Corp.

Revenue

.00

%

,

7/15/33

,

Continuously

Callable

@100

...............................

1,165

1,214

.00

%

,

7/15/34

,

Continuously

Callable

@100

...............................

1,000

1,041

.00

%

,

7/15/35

,

Continuously

Callable

@100

...............................

1,250

1,294

.00

%

,

7/15/38

,

Continuously

Callable

@100

...............................

3,000

3,049

Indiana

Bond

Bank

Revenue

1/15/30

,

Continuously

Callable

@97

(d) ...................................

740

621

7/15/30

,

Continuously

Callable

@96

(d) ...................................

750

614

7/15/31

,

Continuously

Callable

@93

(d) ...................................

1,490

1,158

7/15/32

,

Continuously

Callable

@91

(d) ...................................

1,400

1,030

Indiana

Finance

Authority

Revenue

.40

%

,

8/1/29

,

Continuously

Callable

@100

...............................

7,000

6,438

.00

%

,

9/1/30

,

Continuously

Callable

@100

...............................

1,250

1,275

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

1,500

1,529

.00

%

,

11/15/33

,

Continuously

Callable

@103

..............................

2,000

2,065

.00

%

,

4/1/35

,

Continuously

Callable

@100

...............................

1,210

1,187

.00

%

,

4/1/36

,

Continuously

Callable

@100

...............................

1,255

1,210

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

3,660

3,413

.00

%

,

4/1/37

,

Continuously

Callable

@100

...............................

1,310

1,242

.00

%

,

4/1/38

,

Continuously

Callable

@100

...............................

2,045

1,903

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

4,030

3,584

.00

%

,

11/15/38

,

Continuously

Callable

@103

..............................

3,000

2,991

.00

%

,

4/1/39

,

Continuously

Callable

@100

...............................

1,625

1,483

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

3,605

3,127

.00

%

,

4/1/40

,

Continuously

Callable

@100

...............................

2,215

1,980

.00

%

,

4/1/41

,

Continuously

Callable

@100

...............................

2,305

2,012

.00

%

,

4/1/42

,

Continuously

Callable

@100

...............................

2,400

2,062

.25

%

,

3/1/49

,

Continuously

Callable

@100

...............................

1,625

1,391

Series

A

,

.00

%

,

7/1/40

,

Continuously

Callable

@100

.........................

2,240

2,224

Series

A

,

.00

%

,

11/15/41

,

Continuously

Callable

@103

.......................

8,400

7,188

Series

A

,

.00

%

,

7/1/42

,

Continuously

Callable

@100

.........................

11,240

10,878

Series

A

,

.00

%

,

6/1/43

,

Continuously

Callable

@100

.........................

855

838

Series

A

,

.00

%

,

11/15/43

,

Continuously

Callable

@100

.......................

1,505

1,237

Series

A

,

.25

%

,

7/1/44

,

Continuously

Callable

@100

.........................

1,965

1,697

Indiana

Housing

&

Community

Development

Authority

Revenue

Series

,

.65

%

,

7/1/50

,

Continuously

Callable

@100

.......................

2,500

2,339

Series

,

.00

%

,

7/1/50

,

Continuously

Callable

@100

.......................

1,500

1,487

Series

,

.70

%

,

7/1/49

,

Continuously

Callable

@100

.......................

1,500

1,416

Richmond

Hospital

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/35

,

Continuously

Callable

@100

6,500

6,502

Terre

Haute

Sanitary

District

Revenue

,

.38

%

,

1/1/49

,

Continuously

Callable

@100

.......

5,000

4,506

89,225

Iowa

(0.9%):

Iowa

Finance

Authority

Revenue

Series

A

,

.70

%

,

7/1/50

,

Continuously

Callable

@100

.........................

3,000

2,833

Series

E

,

.00

%

,

8/15/35

,

Continuously

Callable

@100

........................

5,425

5,249

Series

E

,

.00

%

,

8/15/36

,

Continuously

Callable

@100

........................

15,105

14,579

Iowa

Higher

Education

Loan

Authority

Revenue

,

.75

%

,

10/1/42

,

Continuously

Callable

@100

1,500

1,433

Iowa

Tobacco

Settlement

Authority

Revenue

Series

,

.00

%

,

6/1/38

,

Continuously

Callable

@100

.......................

Series

,

.00

%

,

6/1/39

,

Continuously

Callable

@100

.......................

Series

,

.00

%

,

6/1/40

,

Continuously

Callable

@100

.......................

24,815

Kansas

(0.1%):

City

of

Manhattan

Revenue

,

Series

A

,

.00

%

,

6/1/36

,

Continuously

Callable

@103

........

1,640

1,477

Kentucky

(1.8%):

City

of

Ashland

Revenue

.00

%

,

2/1/35

,

Continuously

Callable

@100

...............................

.00

%

,

2/1/37

,

Continuously

Callable

@100

...............................

1,115

1,051

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.00

%

,

2/1/36

,

Continuously

Callable

@100

.........................

$

2,410

$

2,266

County

of

Trimble

Revenue

,

.75

%

,

6/1/33

,

Continuously

Callable

@100

...............

15,000

15,004

Kenton

County

Airport

Board

Revenue

AMT

,

Series

A

,

.25

%

,

1/1/49

,

Continuously

Callable

@100

...........................................................

5,000

5,003

Kentucky

Economic

Development

Finance

Authority

Revenue

Series

A

,

.00

%

,

5/15/26

.............................................

1,485

1,479

Series

A

,

.00

%

,

5/15/31

,

Continuously

Callable

@100

........................

3,205

3,064

Series

B

,

.00

%

,

8/15/41

,

Continuously

Callable

@100

........................

Kentucky

Municipal

Power

Agency

Revenue

,

Series

A

,

.45

%

,

9/1/42

,

(Put

Date

3/1/26)

(b) .

7,000

6,996

Kentucky

Public

Energy

Authority

Revenue

,

Series

,

.14

%

(SOFR

+

bps)

,

8/1/52

,

(Put

Date

8/1/30)

(b) (c) ..................................................

7,500

7,698

Kentucky

State

Property

&

Building

Commission

Revenue

Series

A

,

.00

%

,

2/1/32

,

Continuously

Callable

@100

.........................

2,000

2,017

Series

A

,

.00

%

,

2/1/33

,

Continuously

Callable

@100

.........................

2,250

2,268

Series

A

,

.00

%

,

11/1/36

,

Continuously

Callable

@100

........................

2,000

1,984

Series

A

,

.00

%

,

11/1/38

,

Continuously

Callable

@100

........................

500

50,249

Louisiana

(3.2%):

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

12/1/33

,

Continuously

Callable

@100

...............................

1,515

1,522

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

1,500

1,507

.00

%

,

12/1/35

,

Continuously

Callable

@100

...............................

1,510

1,517

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

B

,

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

5,330

5,338

Series

B

,

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

5,125

5,132

Series

C

,

.00

%

,

12/1/30

,

Continuously

Callable

@100

........................

1,000

1,059

Series

C

,

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

2,000

2,116

Louisiana

Housing

Corp.

Revenue

,

Series

A

,

.60

%

,

12/1/50

,

Continuously

Callable

@100

..

1,000

917

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

,

.50

%

,

11/1/32

,

Continuously

Callable

@100

.......................

10,000

9,495

Louisiana

Public

Facilities

Authority

Revenue

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

8,940

8,946

.00

%

,

5/15/34

,

Continuously

Callable

@100

...............................

2,975

3,051

.00

%

,

5/15/34

,

Pre-refunded

5/15/26

@

...............................

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

13,465

13,474

.00

%

,

5/15/35

,

Pre-refunded

5/15/26

@

...............................

.00

%

,

5/15/35

,

Continuously

Callable

@100

...............................

3,465

3,469

.00

%

,

5/15/35

,

Continuously

Callable

@100

...............................

2,000

2,032

.00

%

,

5/15/36

,

Pre-refunded

5/15/26

@

...............................

.00

%

,

5/15/36

,

Continuously

Callable

@100

...............................

1,485

1,485

.00

%

,

5/15/36

,

Continuously

Callable

@100

...............................

1,560

1,576

.00

%

,

10/1/43

,

Continuously

Callable

@100

...............................

640

613

Series

A

,

.00

%

,

12/15/32

,

Continuously

Callable

@100

.......................

2,430

2,447

Series

A

,

.00

%

,

12/15/32

,

Pre-refunded

12/15/26

@

......................

Series

A

,

.00

%

,

12/15/33

,

Continuously

Callable

@100

.......................

3,095

3,105

Series

A

,

.25

%

,

5/15/50

,

Continuously

Callable

@100

........................

2,000

2,016

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Revenue

Series

A

,

.00

%

,

7/1/31

,

Continuously

Callable

@100

.........................

1,000

1,008

Series

A

,

.00

%

,

7/1/32

,

Continuously

Callable

@100

.........................

1,000

1,008

Series

A

,

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

1,000

1,008

New

Orleans

Aviation

Board

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

10/1/37

,

Continuously

Callable

@100

....................................

2,000

2,038

New

Orleans

Aviation

Board

Revenue

AMT

,

Series

,

.25

%

,

1/1/49

,

Continuously

Callable

@100

...........................................................

3,000

2,993

Port

New

Orleans

Board

of

Commissioners

Revenue

AMT

,

Series

B

,

.50

%

,

4/1/51

,

Continuously

Callable

@100

...........................................

500

507

St.

John

the

Baptist

Parish

School

District

No.

1,

GO

,

.25

%

,

3/1/43

,

Continuously

Callable

@100

...........................................................

5,000

5,008

Tangipahoa

Parish

Hospital

Service

District

No.

Revenue

.00

%

,

2/1/38

,

Continuously

Callable

@100

...............................

2,375

2,247

.00

%

,

2/1/39

,

Continuously

Callable

@100

...............................

2,330

2,167

.00

%

,

2/1/41

,

Continuously

Callable

@100

...............................

1,500

1,350

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4

.00

%

,

2/1/42

,

Continuously

Callable

@100

...............................

$

1,500

$

1,331

91,868

Maine

(0.2%):

Maine

State

Housing

Authority

Revenue

Series

A

,

.65

%

,

11/15/50

,

Continuously

Callable

@100

.......................

2,500

2,358

Series

C

,

.10

%

,

11/15/45

,

Continuously

Callable

@100

.......................

2,000

2,003

4,361

Maryland

(2.0%):

City

of

Gaithersburg

Revenue

Series

A

,

.00

%

,

1/1/33

,

Continuously

Callable

@103

.........................

3,000

3,073

Series

A

,

.00

%

,

1/1/36

,

Continuously

Callable

@103

.........................

1,000

1,009

Howard

County

Housing

Commission

Revenue

,

Series

A

,

.60

%

,

6/1/29

,

Continuously

Callable

@100

.....................................................

3,000

2,786

Maryland

Economic

Development

Corp.

Revenue

.00

%

,

10/1/50

,

Continuously

Callable

@100

...............................

4,000

3,932

Series

A

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

.........................

1,250

1,313

Series

A

,

.00

%

,

6/1/31

,

Continuously

Callable

@100

.........................

1,000

1,048

Series

A

,

.00

%

,

6/1/32

,

Continuously

Callable

@100

.........................

1,000

1,046

Series

A

,

.00

%

,

6/1/35

,

Continuously

Callable

@100

.........................

2,000

2,063

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

.00

%

,

7/1/31

,

Continuously

Callable

@100

...............................

3,190

3,298

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

6,505

6,716

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

3,600

3,711

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

2,500

2,574

.00

%

,

1/1/38

,

Continuously

Callable

@100

...............................

865

812

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

1,500

1,412

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

1,585

1,465

.00

%

,

7/1/40

,

Continuously

Callable

@100

...............................

1,645

1,490

.25

%

,

7/1/50

,

Continuously

Callable

@100

...............................

2,000

1,973

Series

A

,

.50

%

,

1/1/29

,

Continuously

Callable

@100

.........................

1,415

1,452

Series

A

,

.50

%

,

1/1/30

,

Continuously

Callable

@100

.........................

1,750

1,793

Series

A

,

.50

%

,

1/1/31

,

Continuously

Callable

@100

.........................

1,585

1,622

Series

A

,

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

1,000

1,013

Series

A

,

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

1,000

1,012

Series

A

,

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

1,310

1,325

Series

A

,

.50

%

,

1/1/36

,

Continuously

Callable

@100

.........................

5,000

5,093

Series

A

,

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

1,000

1,012

State

of

Maryland

Department

of

Transportation

Revenue

AMT

,

Series

A

,

.25

%

,

8/1/49

,

Continuously

Callable

@100

...........................................

2,000

2,007

56,050

Massachusetts

(1.9%):

Massachusetts

Development

Finance

Agency

Revenue

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

1,250

1,266

.00

%

,

10/1/32

,

Continuously

Callable

@103

(a) .............................

3,600

3,524

.00

%

,

4/15/33

,

Continuously

Callable

@100

...............................

2,155

2,156

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

1,250

1,259

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

1,000

1,001

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

895

898

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

800

827

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

1,215

1,215

.00

%

,

10/1/37

,

Continuously

Callable

@103

(a) .............................

1,000

996

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

600

618

.00

%

,

9/1/41

,

Continuously

Callable

@100

...............................

1,010

899

.00

%

,

9/1/45

,

Continuously

Callable

@100

...............................

500

515

.25

%

,

7/1/50

,

Continuously

Callable

@103

...............................

1,000

959

.00

%

,

7/1/50

,

Continuously

Callable

@100

...............................

1,120

1,172

.00

%

,

9/1/50

,

Continuously

Callable

@100

...............................

500

505

Series

A

,

.00

%

,

1/1/31

,

Continuously

Callable

@100

.........................

Series

A

,

.00

%

,

1/1/32

,

Continuously

Callable

@100

.........................

645

658

Series

A

,

.00

%

,

1/1/33

,

Continuously

Callable

@100

.........................

535

545

Series

A

,

.00

%

,

1/1/34

,

Continuously

Callable

@100

.........................

700

708

Series

A

,

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

735

743

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

$

1,000

$

1,008

Series

A

,

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

2,000

2,006

Series

A

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

1,000

991

Series

A

,

.00

%

,

7/1/39

,

Continuously

Callable

@100

.........................

2,250

2,211

Series

A

,

.00

%

,

7/1/44

,

Continuously

Callable

@100

(a) .......................

1,000

938

Series

A

,

.50

%

,

8/15/50

,

Continuously

Callable

@100

........................

1,000

1,007

Series

B

,

.00

%

,

6/1/35

,

Continuously

Callable

@100

.........................

2,300

2,068

Series

B

,

.00

%

,

6/1/41

,

Continuously

Callable

@100

.........................

2,750

2,265

Series

E

,

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

2,105

2,121

Series

I

,

.00

%

,

7/1/30

,

Continuously

Callable

@100

.........................

2,000

2,027

Series

I

,

.00

%

,

7/1/31

,

Continuously

Callable

@100

.........................

1,675

1,697

Series

I

,

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

2,000

2,013

Series

J2

,

.00

%

,

7/1/43

,

Continuously

Callable

@100

........................

10,000

9,907

Massachusetts

Housing

Finance

Agency

Revenue

,

Series

,

.75

%

,

12/1/50

,

Continuously

Callable

@100

.....................................................

2,000

1,884

53,400

Michigan

(2.3%):

Flint

Hospital

Building

Authority

Revenue

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

2,525

2,419

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

2,620

2,488

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

2,730

2,564

.00

%

,

7/1/35

,

Continuously

Callable

@100

...............................

1,635

1,516

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

1,855

1,644

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

,

Series

D

,

.00

%

,

7/1/32

,

Continuously

Callable

@100

...........................................

13,560

13,688

Livonia

Public

Schools,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

5/1/32

,

Continuously

Callable

@100

...............................

2,775

2,808

.00

%

,

5/1/33

,

Continuously

Callable

@100

...............................

2,875

2,908

.00

%

,

5/1/34

,

Continuously

Callable

@100

...............................

2,965

2,997

.00

%

,

5/1/35

,

Continuously

Callable

@100

...............................

3,065

3,096

.00

%

,

5/1/36

,

Continuously

Callable

@100

...............................

2,770

2,798

Michigan

Finance

Authority

Revenue

.00

%

,

11/1/34

,

Continuously

Callable

@100

...............................

1,000

1,055

.00

%

,

11/1/35

,

Continuously

Callable

@100

...............................

1,000

1,046

.00

%

,

11/15/35

,

Continuously

Callable

@100

..............................

6,000

5,789

.00

%

,

11/1/36

,

Continuously

Callable

@100

...............................

1,000

1,044

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

1,000

937

.00

%

,

11/1/37

,

Continuously

Callable

@100

...............................

1,250

1,295

.00

%

,

12/1/41

,

Continuously

Callable

@100

...............................

2,125

1,270

.38

%

,

11/1/43

,

Continuously

Callable

@100

...............................

3,530

3,504

.00

%

,

2/15/50

,

Continuously

Callable

@100

...............................

3,205

2,627

Michigan

State

Housing

Development

Authority

Revenue

Series

A

,

.95

%

,

12/1/50

,

Continuously

Callable

@100

........................

2,000

1,962

Series

D

,

.45

%

,

12/1/49

,

Continuously

Callable

@100

........................

3,500

3,222

Summit

Academy

North

Revenue

,

.00

%

,

11/1/41

,

Continuously

Callable

@103

.........

2,870

2,373

65,050

Minnesota

(0.3%):

City

of

Minneapolis

Revenue

,

Series

A

,

.00

%

,

11/15/36

,

Continuously

Callable

@100

.....

5,000

5,071

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

Revenue

AMT

,

Series

B

,

.25

%

,

1/1/44

,

Continuously

Callable

@100

.....................................

3,000

3,073

8,144

Mississippi

(0.8%):

Mississippi

Business

Finance

Corp.

Revenue

,

.20

%

,

9/1/28

,

Continuously

Callable

@100

..

6,000

6,002

Mississippi

Development

Bank

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

9/1/30

,

Continuously

Callable

@100

.....................................

4,685

4,685

Mississippi

Home

Corp.

Revenue

,

Series

A

,

.90

%

,

12/1/50

,

Continuously

Callable

@100

...

3,000

2,880

Mississippi

Hospital

Equipment

&

Facilities

Authority

Revenue

Series

A

,

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

2,240

2,195

Series

A

,

.00

%

,

1/1/37

,

Continuously

Callable

@100

.........................

2,260

2,178

Series

A

,

.00

%

,

1/1/39

,

Continuously

Callable

@100

.........................

1,850

1,720

Series

A

,

.00

%

,

1/1/40

,

Continuously

Callable

@100

.........................

2,675

2,443

22,103

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Missouri

(1.7%):

Cape

Girardeau

County

IDA

Revenue

.00

%

,

3/1/32

,

Continuously

Callable

@100

...............................

$

500

$

514

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

750

759

.00

%

,

3/1/41

,

Continuously

Callable

@100

...............................

750

677

Series

A

,

.00

%

,

3/1/33

,

Continuously

Callable

@101

.........................

1,620

1,639

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

0.00%,

5/15/32

,

Continuously

Callable

@103

(g) ............................

0.00%,

5/15/36

,

Continuously

Callable

@103

(g) ............................

1,465

Series

A

,

.00

%

,

2/1/29

,

Continuously

Callable

@103

.........................

1,000

1,027

Series

A

,

.00

%

,

2/1/34

,

Continuously

Callable

@103

.........................

2,000

2,045

Missouri

Development

Finance

Board

Revenue

Series

A

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

.........................

1,000

1,001

Series

A

,

.00

%

,

6/1/31

,

Continuously

Callable

@100

.........................

4,215

4,219

Missouri

Housing

Development

Commission

Revenue

Series

A

,

.63

%

,

11/1/50

,

Continuously

Callable

@100

........................

4,555

4,251

Series

C

,

.95

%

,

11/1/50

,

Continuously

Callable

@100

........................

3,000

2,929

Series

D

,

.05

%

,

11/1/45

,

Continuously

Callable

@100

........................

2,000

2,001

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

Revenue

,

Series

A-R

,

.90

%

,

9/1/33

,

Continuously

Callable

@102

...........................

25,000

22,612

St.

Louis

County

IDA

Revenue

,

Series

A

,

.50

%

,

9/1/33

,

Continuously

Callable

@100

.....

2,540

2,542

Stoddard

County

IDA

Revenue

,

Series

B

,

.00

%

,

3/1/37

,

Continuously

Callable

@101

.....

1,640

1,659

48,044

Montana

(0.0%):(h)

Montana

Board

of

Housing

Revenue

,

Series

A

,

.85

%

,

12/1/50

,

Continuously

Callable

@100

1,400

1,343

Nebraska

(1.3%):

Central

Plains

Energy

Project

Revenue

Series

,

.00

%

,

5/1/53

,

(Put

Date

10/1/29)

(b) ..............................

17,000

17,910

Series

A

,

.00

%

,

9/1/37

..............................................

3,210

3,396

Douglas

County

Hospital

Authority

No.

Revenue

.00

%

,

11/1/28

,

Continuously

Callable

@100

...............................

1,250

1,255

.00

%

,

11/1/30

,

Continuously

Callable

@100

...............................

1,600

1,606

Nebraska

Educational

Health

Cultural

&

Social

Services

Finance

Authority

Revenue

Series

S

,

.00

%

,

1/1/35

,

Continuously

Callable

@102

.........................

795

790

Series

S

,

.00

%

,

1/1/36

,

Continuously

Callable

@102

.........................

1,240

1,213

Series

S

,

.00

%

,

1/1/38

,

Continuously

Callable

@102

.........................

2,595

2,451

Series

S

,

.00

%

,

1/1/39

,

Continuously

Callable

@102

.........................

1,800

1,667

Nebraska

Investment

Finance

Authority

Revenue

Series

A

,

.60

%

,

9/1/50

,

Continuously

Callable

@100

.........................

1,000

932

Series

C

,

.05

%

,

9/1/45

,

Continuously

Callable

@100

.........................

2,000

2,027

Series

G

,

.55

%

,

9/1/44

,

Continuously

Callable

@100

........................

1,000

956

Omaha

Airport

Authority

Revenue

AMT

,

.25

%

,

12/15/49

,

Continuously

Callable

@100

....

1,750

1,762

35,965

Nevada

(1.1%):

Carson

City

Revenue

.00

%

,

9/1/29

,

Continuously

Callable

@100

...............................

620

640

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

1,000

1,029

.00

%

,

9/1/33

,

Continuously

Callable

@100

...............................

1,000

1,025

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

1,950

1,955

.00

%

,

9/1/47

,

Continuously

Callable

@100

...............................

2,775

2,552

City

of

North

Las

Vegas,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

6/1/35

,

Continuously

Callable

@100

...............................

1,870

1,876

.00

%

,

6/1/37

,

Continuously

Callable

@100

...............................

7,345

7,104

.00

%

,

6/1/38

,

Continuously

Callable

@100

...............................

6,135

5,810

City

of

Sparks

Revenue

,

Series

A

,

.75

%

,

6/15/28

(a) ..............................

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Series

C

,

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

2,000

2,019

Series

C

,

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

4,560

4,604

Reno-Tahoe

Airport

Authority

Revenue

AMT

,

Series

A

,

.25

%

,

7/1/49

,

Continuously

Callable

@100

...........................................................

2,700

2,699

31,712

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

Hampshire

(0.8%):

New

Hampshire

Business

Finance

Authority

Revenue

.00

%

,

1/1/41

,

Continuously

Callable

@103

...............................

$

5,100

$

4,320

.75

%

,

8/1/45

,

Continuously

Callable

@100

...............................

2,000

1,955

Series

A

,

.00

%

,

11/1/49

,

Continuously

Callable

@100

........................

3,000

2,884

Series

A

,

.50

%

,

6/1/50

,

Continuously

Callable

@100

.........................

1,500

1,524

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

.50

%

,

8/1/50

,

Continuously

Callable

@100

...............................

1,000

1,037

Series

A

,

.00

%

,

8/1/34

,

Continuously

Callable

@100

.........................

2,880

2,992

Series

A

,

.00

%

,

8/1/35

,

Continuously

Callable

@100

.........................

2,700

2,788

Series

A

,

.00

%

,

8/1/36

,

Continuously

Callable

@100

.........................

2,000

2,049

Series

A

,

.00

%

,

8/1/37

,

Continuously

Callable

@100

.........................

1,500

1,524

New

Hampshire

Housing

Finance

Authority

Revenue

,

Series

C

,

.63

%

,

7/1/48

,

Continuously

Callable

@100

.....................................................

2,000

1,883

22,956

New

Jersey

(3.1%):

Casino

Reinvestment

Development

Authority,

Inc.

Revenue

,

Series

A

,

.00

%

,

11/1/44

,

Continuously

Callable

@100

...........................................

1,000

883

City

of

Atlantic

City,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

.00

%

,

3/1/32

,

Continuously

Callable

@100

.........................

1,660

1,711

Series

B

,

.00

%

,

3/1/37

,

Continuously

Callable

@100

.........................

1,250

1,281

City

of

Atlantic

City,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

.00

%

,

3/1/32

,

Continuously

Callable

@100

.........................

630

651

Series

A

,

.00

%

,

3/1/37

,

Continuously

Callable

@100

.........................

750

770

City

of

Newark

Mass

Transit

Access

Tax

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

.00

%

,

11/15/42

,

Continuously

Callable

@100

...................................

1,000

1,043

Essex

County

Improvement

Authority

Revenue

,

.00

%

,

6/15/38

,

Continuously

Callable

@100

550

536

New

Brunswick

Parking

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

2,000

2,035

New

Jersey

Economic

Development

Authority

Revenue

.00

%

,

11/1/36

,

Continuously

Callable

@100

...............................

2,000

2,081

.00

%

,

11/1/38

,

Continuously

Callable

@100

...............................

1,500

1,412

.00

%

,

11/1/39

,

Continuously

Callable

@100

...............................

2,000

1,846

Series

A

,

.13

%

,

7/1/29

,

Continuously

Callable

@100

.........................

665

646

Series

A

,

.38

%

,

7/1/30

,

Continuously

Callable

@100

.........................

1,000

968

Series

B

,

.00

%

,

6/15/37

,

Continuously

Callable

@100

........................

16,280

16,757

New

Jersey

Educational

Facilities

Authority

Revenue

Series

B

,

.50

%

,

9/1/32

,

Continuously

Callable

@100

.........................

8,075

8,267

Series

F

,

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

Series

F

,

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

Series

F

,

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

975

975

New

Jersey

Educational

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

3,000

3,097

Series

A

,

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

3,350

3,453

Series

A

,

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

1,800

1,802

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

.00

%

,

10/1/33

,

Continuously

Callable

@100

...............................

2,000

2,101

.00

%

,

10/1/34

,

Continuously

Callable

@100

...............................

2,000

2,097

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

2,620

2,716

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

7/1/27

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

A

,

.00

%

,

7/1/30

,

Continuously

Callable

@100

.........................

1,500

1,502

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

,

Series

M

,

.05

%

,

10/1/45

,

Continuously

Callable

@100

...........................................

1,130

1,131

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Series

A

,

12/15/38

(d) ................................................

11,405

6,311

Series

AA

,

.25

%

,

6/15/44

,

Continuously

Callable

@100

......................

1,000

913

Series

CC

,

.13

%

,

6/15/50

,

Continuously

Callable

@100

......................

3,000

2,629

New

Jersey

Turnpike

Authority

Revenue

,

Series

B

,

.00

%

,

1/1/35

,

Continuously

Callable

@100

...........................................................

3,500

3,520

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Newark

Housing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

12/1/29

,

Continuously

Callable

@100

...............................

$

500

$

505

.00

%

,

12/1/30

,

Continuously

Callable

@100

...............................

750

758

.00

%

,

12/1/31

,

Continuously

Callable

@100

...............................

500

505

South

Jersey

Transportation

Authority

Revenue

.50

%

,

11/1/42

,

Continuously

Callable

@100

...............................

1,000

974

Series

A

,

.00

%

,

11/1/40

,

Continuously

Callable

@100

........................

4,300

3,974

The

Passaic

County

Improvement

Authority

Revenue

,

.25

%

,

7/1/43

,

Continuously

Callable

@100

...........................................................

665

672

Tobacco

Settlement

Financing

Corp.

Revenue

,

Series

A

,

.00

%

,

6/1/36

,

Continuously

Callable

@100

...........................................................

5,000

5,080

88,015

New

Mexico

(0.6%):

City

of

Farmington

Revenue

,

Series

B

,

.15

%

,

4/1/33

,

Continuously

Callable

@101

.......

10,000

8,456

City

of

Santa

Fe

Revenue

Series

A

,

.00

%

,

5/15/34

,

Continuously

Callable

@103

........................

575

578

Series

A

,

.00

%

,

5/15/39

,

Continuously

Callable

@103

........................

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

,

Series

A

,

.00

%

,

7/1/39

,

Continuously

Callable

@102

...........................................

1,075

1,001

New

Mexico

Mortgage

Finance

Authority

Revenue

,

Series

A

,

.70

%

,

9/1/50

,

Continuously

Callable

@100

.....................................................

5,000

4,624

Village

of

Los

Ranchos

de

Albuquerque

Revenue

.00

%

,

9/1/35

,

Continuously

Callable

@100

...............................

.00

%

,

9/1/40

,

Continuously

Callable

@100

...............................

1,200

1,113

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation

.00

%

,

5/1/33

,

Continuously

Callable

@103

(a) .............................

600

571

.25

%

,

5/1/40

,

Continuously

Callable

@103

(a) .............................

1,000

899

18,011

New

York

(4.8%):

Allegany

County

Capital

Resource

Corp.

Revenue

Series

A

,

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

1,390

1,370

Series

A

,

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,500

1,389

Series

A

,

.00

%

,

12/1/42

,

Continuously

Callable

@100

........................

1,925

1,691

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

Revenue

,

.25

%

,

5/1/45

,

Continuously

Callable

@100

...........................................

2,000

2,052

Build

NYC

Resource

Corp.

Revenue

.50

%

,

6/15/43

,

Continuously

Callable

@100

...............................

700

630

Series

A

,

.00

%

,

7/1/42

,

Continuously

Callable

@100

.........................

500

Series

A

,

.75

%

,

4/15/43

,

Continuously

Callable

@100

(a) ......................

1,810

1,830

Series

A

,

.38

%

,

12/1/46

,

Continuously

Callable

@100

........................

500

510

Build

NYC

Resource

Corp.

Revenue

AMT

,

.50

%

,

7/1/50

,

Continuously

Callable

@100

....

500

502

City

of

Cortland,

GO

,

.50

%

,

5/15/26

........................................

2,500

2,522

Empire

State

Development

Corp.

Revenue

Series

A

,

.00

%

,

3/15/39

,

Continuously

Callable

@100

........................

5,000

4,846

Series

,

.00

%

,

3/15/39

,

Continuously

Callable

@100

......................

5,785

5,526

Hudson

Yards

Infrastructure

Corp.

Revenue

,

Series

A

,

.00

%

,

2/15/38

,

Continuously

Callable

@100

...........................................................

2,500

2,540

Metropolitan

Transportation

Authority

Revenue

Series

A

,

.63

%

,

11/15/50

,

Continuously

Callable

@100

.......................

665

607

Series

,

.00

%

,

11/15/34

,

Continuously

Callable

@100

.....................

6,295

6,314

Series

,

.00

%

,

11/15/35

,

Continuously

Callable

@100

.....................

9,040

9,050

Series

,

.00

%

,

11/15/36

,

Continuously

Callable

@100

.....................

3,705

3,777

Series

,

.00

%

,

11/15/34

,

Continuously

Callable

@100

.....................

2,000

2,006

Series

F

,

.00

%

,

11/15/34

,

Continuously

Callable

@100

.......................

2,000

2,006

Series

F

,

.00

%

,

11/15/35

,

Continuously

Callable

@100

.......................

3,000

3,009

Metropolitan

Transportation

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

,

.74

%

(SOFR

+

bps)

,

11/1/32

,

(Put

Date

4/1/26)

(b) (c) .................

3,000

3,005

Series

,

.00

%

,

11/15/41

,

Continuously

Callable

@100

.....................

9,820

9,208

Monroe

County

Industrial

Development

Corp.

Revenue

.00

%

,

12/1/38

,

Continuously

Callable

@100

...............................

1,200

1,107

.00

%

,

12/1/39

,

Continuously

Callable

@100

...............................

1,200

1,087

Nassau

County

Local

Economic

Assistance

Corp.

Revenue

,

Series

A

,

.00

%

,

7/1/43

,

Continuously

Callable

@100

...........................................

1,000

1,008

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

York

City

Housing

Development

Corp.

Revenue

,

Series

,

.75

%

,

11/1/50

,

Continuously

Callable

@100

...........................................

$

1,500

$

1,421

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

,

.00

%

,

11/1/38

,

Continuously

Callable

@100

...........................................

1,250

1,215

New

York

Liberty

Development

Corp.

Revenue

.63

%

,

9/15/69

,

Continuously

Callable

@100

...............................

3,350

3,105

Series

,

.00

%

,

11/15/44

,

Continuously

Callable

@100

(a) .....................

3,000

2,914

Series

A

,

.10

%

,

11/15/32

,

Continuously

Callable

@100

.......................

6,730

5,950

Series

A

,

.20

%

,

11/15/33

,

Continuously

Callable

@100

.......................

9,000

7,794

New

York

State

Dormitory

Authority

Revenue

.00

%

,

12/1/35

,

Continuously

Callable

@100

(a) .............................

600

576

.00

%

,

7/1/40

,

Continuously

Callable

@100

...............................

3,180

2,764

Series

A

,

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

500

Series

A

,

.00

%

,

9/1/37

,

Continuously

Callable

@100

.........................

Series

A

,

.00

%

,

9/1/38

,

Continuously

Callable

@100

.........................

1,250

1,163

Series

A

,

.00

%

,

9/1/40

,

Continuously

Callable

@100

.........................

750

667

Series

A

,

.00

%

,

3/15/41

,

Continuously

Callable

@100

........................

21,605

19,934

Series

A

,

.25

%

,

7/1/50

,

Continuously

Callable

@100

.........................

1,250

1,053

Series

,

.00

%

,

7/1/40

,

Continuously

Callable

@100

.......................

4,535

4,230

Series

,

.50

%

,

7/1/50

,

Continuously

Callable

@100

.......................

New

York

State

Dormitory

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

10/1/27

,

Continuously

Callable

@100

........................

1,000

1,002

Series

A

,

.00

%

,

10/1/28

,

Continuously

Callable

@100

........................

1,000

1,002

Series

A

,

.00

%

,

10/1/29

,

Continuously

Callable

@100

........................

1,300

1,302

New

York

Transportation

Development

Corp.

Revenue

AMT

,

.00

%

,

6/30/44

,

Continuously

Callable

@100

.....................................................

500

525

New

York

Transportation

Development

Corp.

Revenue

AMT

(INS

-

Assured

Guaranty

Corp.)

,

.25

%

,

6/30/42

,

Continuously

Callable

@100

...............................

4,565

4,083

Onondaga

Civic

Development

Corp.

Revenue

,

.13

%

,

8/1/44

,

Continuously

Callable

@100

..

500

Saratoga

County

Capital

Resource

Corp.

Revenue

,

Series

A

,

.00

%

,

12/1/28

,

Continuously

Callable

@100

.....................................................

790

791

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

,

Series

,

.65

%

,

10/1/50

,

Continuously

Callable

@100

....................................

2,500

2,324

Town

of

Oyster

Bay,

GO

,

.00

%

,

2/15/26

......................................

3,000

3,025

Westchester

County

Local

Development

Corp.

Revenue

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

...........................................................

750

767

137,184

North

Carolina

(0.6%):

Nash

Health

Care

Systems

Revenue

,

.75

%

,

2/1/50

,

Continuously

Callable

@100

.........

500

517

North

Carolina

Medical

Care

Commission

Revenue

.00

%

,

10/1/25

....................................................

.00

%

,

10/1/30

,

Continuously

Callable

@100

...............................

1,850

1,852

.00

%

,

10/1/40

,

Continuously

Callable

@103

...............................

1,050

1,002

.50

%

,

12/1/44

,

Continuously

Callable

@100

...............................

8,000

7,030

.00

%

,

10/1/45

,

Continuously

Callable

@103

...............................

1,000

906

Series

A

,

.00

%

,

9/1/40

,

Continuously

Callable

@100

.........................

3,050

2,583

Series

A

,

.00

%

,

10/1/40

,

Continuously

Callable

@103

........................

600

536

Series

A

,

.00

%

,

10/1/45

,

Continuously

Callable

@103

........................

1,800

1,742

16,488

North

Dakota

(0.6%):

City

of

Grand

Forks

Revenue

.00

%

,

12/1/36

,

Continuously

Callable

@100

...............................

2,475

2,312

.00

%

,

12/1/38

,

Continuously

Callable

@100

...............................

1,100

992

.00

%

,

12/1/40

,

Continuously

Callable

@100

...............................

1,700

1,497

.00

%

,

12/1/41

,

Continuously

Callable

@100

...............................

1,750

1,541

Series

A

,

.00

%

,

12/1/42

,

Continuously

Callable

@100

........................

Series

A

,

.00

%

,

12/1/43

,

Continuously

Callable

@100

........................

695

702

County

of

Ward

Revenue

,

Series

C

,

.00

%

,

6/1/43

,

Continuously

Callable

@100

.........

4,500

4,138

North

Dakota

Housing

Finance

Agency

Revenue

Series

A

,

.00

%

,

7/1/50

,

Continuously

Callable

@100

.........................

1,500

1,474

Series

D

,

.65

%

,

7/1/49

,

Continuously

Callable

@100

........................

3,000

2,786

15,798

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ohio

(4.1%):

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

$

1,000

$

1,010

.00

%

,

11/15/37

,

Continuously

Callable

@100

..............................

800

797

.00

%

,

11/15/38

,

Continuously

Callable

@100

..............................

500

City

of

Centerville

Revenue

,

.25

%

,

11/1/37

,

Continuously

Callable

@100

..............

2,250

2,168

Cleveland-Cuyahoga

County

Port

Authority

Revenue

,

Series

A

,

.88

%

,

1/1/49

,

Continuously

Callable

@102

(a) ...................................................

640

605

Columbus

Regional

Airport

Authority

Revenue

AMT

,

Series

A

,

.50

%

,

1/1/50

,

Continuously

Callable

@100

.....................................................

6,000

6,138

County

of

Allen

Hospital

Facilities

Revenue

.00

%

,

12/1/40

,

Continuously

Callable

@100

...............................

7,500

6,890

Series

A

,

.00

%

,

8/1/36

,

Continuously

Callable

@100

.........................

5,000

4,889

Series

A

,

.00

%

,

8/1/37

,

Continuously

Callable

@100

.........................

10,800

10,374

County

of

Cuyahoga

Revenue

.00

%

,

2/15/29

,

Continuously

Callable

@100

...............................

7,430

7,476

.00

%

,

2/15/37

,

Continuously

Callable

@100

...............................

4,000

3,959

County

of

Fayette

Revenue

,

.25

%

,

12/1/49

,

Continuously

Callable

@100

..............

2,000

2,023

County

of

Hamilton

Revenue

.00

%

,

1/1/31

,

Continuously

Callable

@100

...............................

1,350

1,354

.00

%

,

1/1/36

,

Continuously

Callable

@100

...............................

1,400

1,364

.00

%

,

9/15/39

,

Continuously

Callable

@100

...............................

1,375

1,376

.00

%

,

9/15/40

,

Continuously

Callable

@100

...............................

1,100

1,090

Series

A

,

.50

%

,

1/1/43

,

Continuously

Callable

@103

.........................

750

755

Series

A

,

.50

%

,

8/1/51

,

Continuously

Callable

@100

.........................

1,500

1,457

County

of

Hamilton

Sales

Tax

Revenue

(INS

-

AMBAC

Assurance

Corp.)

,

Series

B

,

12/1/25

(d) 4,365

4,338

County

of

Hardin

Revenue

,

.25

%

,

5/1/40

,

Continuously

Callable

@103

...............

2,000

1,830

County

of

Montgomery

Revenue

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

7,000

5,850

.00

%

,

11/15/37

,

Continuously

Callable

@100

..............................

2,200

2,232

.25

%

,

9/1/49

,

Continuously

Callable

@100

...............................

1,000

987

County

of

Ross

Revenue

,

.00

%

,

12/1/44

,

Continuously

Callable

@100

................

2,405

2,302

County

of

Warren

Revenue

,

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............

2,360

2,195

Ohio

Higher

Educational

Facility

Commission

Revenue

.00

%

,

5/1/45

,

Continuously

Callable

@100

...............................

790

767

.25

%

,

5/1/49

,

Continuously

Callable

@100

...............................

3,000

2,957

Series

2025

,

.50

%

,

10/1/50

,

Continuously

Callable

@100

.....................

1,735

1,631

Ohio

Housing

Finance

Agency

Revenue

Series

A

,

.65

%

,

9/1/50

,

Continuously

Callable

@100

.........................

5,000

4,714

Series

C

,

.65

%

,

9/1/49

,

Continuously

Callable

@100

.........................

1,000

935

Southeastern

Ohio

Port

Authority

Revenue

.50

%

,

12/1/29

,

Continuously

Callable

@100

...............................

750

750

.00

%

,

12/1/35

,

Continuously

Callable

@100

...............................

750

679

State

of

Ohio

Revenue

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

1,260

1,188

.00

%

,

11/15/38

,

Continuously

Callable

@100

..............................

1,270

1,166

.00

%

,

11/15/40

,

Continuously

Callable

@100

..............................

655

582

Series

A

,

.00

%

,

1/15/34

,

Continuously

Callable

@100

........................

7,210

7,255

Series

A

,

.00

%

,

1/15/35

,

Continuously

Callable

@100

........................

6,000

6,037

Series

A

,

.00

%

,

1/15/36

,

Continuously

Callable

@100

........................

3,070

3,093

Series

A

,

.00

%

,

1/15/38

,

Continuously

Callable

@100

........................

1,000

954

Series

A

,

.00

%

,

1/15/40

,

Continuously

Callable

@100

........................

1,800

1,662

Summit

County

Development

Finance

Authority

Revenue

,

.50

%

,

12/1/43

,

Continuously

Callable

@100

.....................................................

1,500

1,530

Village

of

Bluffton

Revenue

.00

%

,

12/1/31

,

Continuously

Callable

@100

...............................

1,500

1,561

.00

%

,

12/1/32

,

Continuously

Callable

@100

...............................

1,500

1,508

.00

%

,

12/1/33

,

Continuously

Callable

@100

...............................

1,600

1,602

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

1,795

1,777

116,297

Oklahoma

(0.3%):

Oklahoma

Development

Finance

Authority

Revenue

,

Series

B

,

.00

%

,

8/15/33

,

Continuously

Callable

@100

.....................................................

4,100

4,141

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Pontotoc

County

Educational

Facilities

Authority

Revenue

,

.00

%

,

9/1/40

,

Continuously

Callable

@100

.....................................................

$

2,000

$

1,802

Tulsa

County

Industrial

Authority

Revenue

.00

%

,

11/15/28

,

Continuously

Callable

@102

..............................

940

961

.00

%

,

11/15/30

,

Continuously

Callable

@102

..............................

1,780

1,820

8,724

Oregon

(0.2%):

Clackamas

County

Hospital

Facility

Authority

Revenue

Series

A

,

.00

%

,

11/15/32

,

Continuously

Callable

@102

.......................

1,000

1,022

Series

A

,

.00

%

,

11/15/37

,

Continuously

Callable

@102

.......................

500

Oregon

State

Facilities

Authority

Revenue

Series

A

,

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

Series

A

,

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

1,750

1,742

Port

of

Portland

Airport

Revenue

AMT

,

Series

30A

,

.25

%

,

7/1/49

,

Continuously

Callable

@100

...........................................................

1,500

1,508

Salem

Hospital

Facility

Authority

Revenue

,

.00

%

,

5/15/40

,

Continuously

Callable

@103

...

800

687

5,741

Pennsylvania

(9.7%):

Adams

County

General

Authority

Revenue

,

.00

%

,

8/15/50

,

Continuously

Callable

@100

...

1,000

962

Allegheny

County

Airport

Authority

Revenue

AMT

,

Series

A

,

.50

%

,

1/1/50

,

Continuously

Callable

@100

.....................................................

2,000

2,052

Allegheny

County

Hospital

Development

Authority

Revenue

Series

A

,

.00

%

,

4/1/35

,

Continuously

Callable

@100

.........................

7,315

7,538

Series

A

,

.00

%

,

4/1/36

,

Continuously

Callable

@100

.........................

8,000

8,155

Series

A

,

.00

%

,

7/15/38

,

Continuously

Callable

@100

........................

1,500

1,398

Series

A

,

.00

%

,

7/15/39

,

Continuously

Callable

@100

........................

3,495

3,187

Allegheny

County

Sanitary

Authority

Revenue

,

.00

%

,

12/1/49

,

Continuously

Callable

@100

1,000

861

Allegheny

County

Sanitary

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

12/1/33

,

Continuously

Callable

@100

...............................

1,500

1,514

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

1,475

1,483

Allentown

Commercial

and

IDA

Revenue

.75

%

,

6/15/43

,

Continuously

Callable

@100

...............................

600

612

.00

%

,

7/1/45

,

Continuously

Callable

@100

(a) .............................

2,500

2,326

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

,

.00

%

,

5/1/42

,

Continuously

Callable

@100

(a) .........................................

750

762

Bucks

County

IDA

Revenue

.00

%

,

10/1/30

,

Continuously

Callable

@102

...............................

.00

%

,

10/1/31

,

Continuously

Callable

@102

...............................

.00

%

,

10/1/37

,

Continuously

Callable

@102

...............................

2,260

2,264

Butler

County

Hospital

Authority

Revenue

,

.00

%

,

7/1/35

,

Continuously

Callable

@100

....

1,885

1,770

Chester

County

IDA

Revenue

.63

%

,

10/15/42

,

Continuously

Callable

@100

(a) ............................

8,875

8,608

.25

%

,

10/1/44

,

Continuously

Callable

@100

(a) .............................

1,075

917

.50

%

,

10/1/49

,

Continuously

Callable

@100

(a) .............................

800

673

Series

A

,

.13

%

,

10/15/37

,

Continuously

Callable

@100

.......................

2,750

2,577

Chester

County

IDA

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

8/1/48

,

Continuously

Callable

@100

.....................................

10,000

8,175

Clairton

Municipal

Authority

Revenue

,

Series

B

,

.38

%

,

12/1/42

,

Continuously

Callable

@100

2,250

2,058

Commonwealth

Financing

Authority

Revenue

,

Series

A

,

.00

%

,

6/1/34

,

Continuously

Callable

@100

...........................................................

5,000

5,008

Commonwealth

of

Pennsylvania

Certificate

of

Participation

Series

A

,

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

1,350

1,411

Series

A

,

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

750

777

Series

A

,

.00

%

,

7/1/37

,

Continuously

Callable

@100

.........................

800

820

County

of

Beaver,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.00

%

,

4/15/30

,

Continuously

Callable

@100

...........................................

4,490

4,563

County

of

Lehigh

Revenue

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

2,000

1,954

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

2,000

1,920

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

2,000

1,884

County

of

Luzerne,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

11/15/29

,

Continuously

Callable

@100

...........................................

5,000

5,016

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Cumberland

County

Municipal

Authority

Revenue

.00

%

,

11/1/36

,

Continuously

Callable

@100

...............................

$

1,250

$

1,220

.00

%

,

11/1/37

,

Continuously

Callable

@100

...............................

2,130

2,045

Dauphin

County

General

Authority

Revenue

Series

A

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

.........................

2,000

2,014

Series

A

,

.00

%

,

6/1/31

,

Continuously

Callable

@100

.........................

1,000

1,009

Delaware

County

Authority

Revenue

.00

%

,

10/1/30

....................................................

1,200

1,231

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

2,220

2,233

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

2,250

2,172

General

Authority

of

Southcentral

Pennsylvania

Revenue

,

.25

%

,

5/1/50

,

Continuously

Callable

@100

.....................................................

2,000

1,926

Lancaster

Higher

Education

Authority

Revenue

,

Series

A

,

.00

%

,

10/1/42

,

Continuously

Callable

@100

.....................................................

3,360

3,147

Lancaster

Municipal

Authority

Revenue

,

Series

A

,

.00

%

,

5/1/44

,

Continuously

Callable

@103

1,200

1,182

Latrobe

IDA

Revenue

.00

%

,

3/1/40

,

Continuously

Callable

@100

...............................

.00

%

,

3/1/41

,

Continuously

Callable

@100

...............................

.00

%

,

3/1/46

,

Continuously

Callable

@100

...............................

750

592

Lehigh

County

General

Purpose

Authority

Revenue

.00

%

,

2/1/43

,

Continuously

Callable

@100

...............................

1,520

1,473

.00

%

,

2/1/44

,

Continuously

Callable

@100

...............................

2,000

1,918

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

.00

%

,

9/1/34

,

Continuously

Callable

@100

...............................

1,750

1,830

.00

%

,

9/1/35

,

Continuously

Callable

@100

...............................

1,850

1,925

.00

%

,

9/1/36

,

Continuously

Callable

@100

...............................

1,100

1,072

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

1,000

957

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

1,750

1,788

.00

%

,

9/1/38

,

Continuously

Callable

@100

...............................

900

844

.00

%

,

9/1/39

,

Continuously

Callable

@100

...............................

1,000

916

Montgomery

County

IDA

Revenue

.00

%

,

11/1/44

,

Continuously

Callable

@100

...............................

1,440

1,327

.25

%

,

11/1/49

,

Continuously

Callable

@100

...............................

1,340

1,213

Montour

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

.00

%

,

4/1/33

,

Continuously

Callable

@100

.........................

1,000

1,001

Series

B

,

.00

%

,

4/1/34

,

Continuously

Callable

@100

.........................

1,500

1,502

Series

B

,

.00

%

,

4/1/35

,

Continuously

Callable

@100

.........................

1,500

1,502

Northampton

County

General

Purpose

Authority

Revenue

,

.00

%

,

8/15/48

,

Continuously

Callable

@100

.....................................................

2,335

1,899

Northeastern

Pennsylvania

Hospital

and

Education

Authority

Revenue

,

Series

A

,

.00

%

,

3/1/37

,

Continuously

Callable

@100

.....................................

1,525

1,490

Pennsylvania

Economic

Development

Financing

Authority

Revenue

.00

%

,

7/1/33

,

Continuously

Callable

@103

...............................

1,750

1,743

.00

%

,

7/1/41

,

Continuously

Callable

@103

...............................

1,050

913

Series

,

.00

%

,

5/15/43

,

Continuously

Callable

@100

......................

1,125

977

Series

,

.00

%

,

7/1/42

,

Continuously

Callable

@103

.......................

3,000

2,941

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

,

Series

,

.25

%

,

11/1/48

,

Continuously

Callable

@100

...........................................

10,000

8,941

Pennsylvania

Housing

Finance

Agency

Revenue

Series

145A

,

.60

%

,

10/1/44

,

Continuously

Callable

@100

.....................

3,000

2,881

Series

146A

,

.50

%

,

10/1/44

,

Continuously

Callable

@100

.....................

3,000

2,868

Series

147A

,

.70

%

,

10/1/49

,

Continuously

Callable

@100

.....................

2,000

1,919

Series

148A

,

.75

%

,

10/1/50

,

Continuously

Callable

@100

.....................

5,000

4,714

Series

149A

,

.10

%

,

10/1/45

,

Continuously

Callable

@100

.....................

2,000

2,004

Pennsylvania

Turnpike

Commission

Revenue

.00

%

,

6/1/36

,

Continuously

Callable

@100

...............................

8,255

8,288

.00

%

,

12/1/41

,

Continuously

Callable

@100

...............................

2,000

2,075

Series

B

,

.00

%

,

6/1/34

,

Continuously

Callable

@100

.........................

20,000

20,173

Series

B

,

.00

%

,

12/1/35

,

Continuously

Callable

@100

........................

2,000

2,008

Philadelphia

Housing

Authority

Revenue

,

Series

A

,

.25

%

,

3/1/45

,

Continuously

Callable

@100

...........................................................

2,000

2,018

Philadelphia

IDA

Revenue

.00

%

,

5/1/35

,

Continuously

Callable

@100

...............................

750

782

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5

.00

%

,

5/1/38

,

Continuously

Callable

@100

...............................

$

2,500

$

2,548

.00

%

,

6/15/40

,

Continuously

Callable

@100

(a) .............................

900

869

.50

%

,

6/15/43

,

Continuously

Callable

@100

(a) .............................

1,750

1,623

Pittsburgh

Water

&

Sewer

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

.00

%

,

9/1/35

,

Continuously

Callable

@100

.........................

Reading

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

2,000

2,054

.00

%

,

3/1/37

,

Continuously

Callable

@100

...............................

1,500

1,538

Scranton

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

E

,

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

1,000

1,047

Series

E

,

.00

%

,

12/1/33

,

Continuously

Callable

@100

........................

1,600

1,672

Series

E

,

.00

%

,

12/1/35

,

Continuously

Callable

@100

........................

750

782

State

Public

School

Building

Authority

Revenue

,

Series

A

,

.00

%

,

6/1/29

,

Continuously

Callable

@100

.....................................................

10,000

10,273

State

Public

School

Building

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

6/1/31

,

Continuously

Callable

@100

.........................

6,100

6,260

Series

A

,

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

13,085

13,254

The

Berks

County

Municipal

Authority

Revenue

Series

A1

,

.00

%

,

6/30/34

,

Continuously

Callable

@104

.......................

1,000

1,017

Series

A-2A

,

.00

%

,

6/30/34

,

Continuously

Callable

@104

.....................

501

538

Series

A3

,

.00

%

,

6/30/39

,

Continuously

Callable

@100

.......................

6,720

6,014

Series

B1

,

0.00%

,

6/30/44

,

Continuously

Callable

@88

(f) ......................

3,358

2,348

The

School

District

of

Philadelphia,

GO

Series

A

,

.00

%

,

9/1/35

,

Continuously

Callable

@100

.........................

1,000

1,041

Series

A

,

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

1,000

1,032

Series

A

,

.00

%

,

9/1/37

,

Continuously

Callable

@100

.........................

1,000

1,024

Series

A

,

.00

%

,

9/1/38

,

Continuously

Callable

@100

.........................

1,700

1,611

Series

A

,

.00

%

,

9/1/39

,

Continuously

Callable

@100

.........................

1,600

1,491

Series

F

,

.00

%

,

9/1/31

,

Continuously

Callable

@100

.........................

9,895

10,081

Series

F

,

.00

%

,

9/1/32

,

Continuously

Callable

@100

.........................

5,000

5,089

Series

F

,

.00

%

,

9/1/33

,

Continuously

Callable

@100

.........................

3,600

3,661

Series

F

,

.00

%

,

9/1/34

,

Continuously

Callable

@100

.........................

4,250

4,318

The

School

District

of

the

City

of

Erie,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

4/1/33

,

Continuously

Callable

@100

.............................

1,150

1,166

Westmoreland

County

IDA

Revenue

,

Series

A

,

.00

%

,

7/1/37

,

Continuously

Callable

@100

.

1,400

1,313

Wilkes-Barre

Finance

Authority

Revenue

,

.00

%

,

3/1/42

,

Continuously

Callable

@100

.....

2,600

2,165

275,266

Rhode

Island

(0.7%):

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

.00

%

,

5/15/40

,

Continuously

Callable

@100

...............................

575

586

.00

%

,

5/15/41

,

Continuously

Callable

@100

...............................

625

631

.00

%

,

5/15/42

,

Continuously

Callable

@100

...............................

750

750

.00

%

,

5/15/43

,

Continuously

Callable

@100

...............................

675

667

.00

%

,

5/15/44

,

Continuously

Callable

@100

...............................

750

732

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

.60

%

,

10/1/44

,

Continuously

Callable

@100

...............................

3,000

2,848

Series

85-A

,

.65

%

,

10/1/50

,

Continuously

Callable

@100

.....................

3,000

2,816

Rhode

Island

Turnpike

&

Bridge

Authority

Revenue

Series

A

,

.00

%

,

10/1/33

,

Continuously

Callable

@100

........................

1,350

1,364

Series

A

,

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

4,345

4,386

Tobacco

Settlement

Financing

Corp.

Revenue

Series

A

,

.00

%

,

6/1/28

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

A

,

.00

%

,

6/1/29

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

A

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

.........................

2,500

2,503

21,287

South

Carolina

(0.9%):

Charleston

County

Airport

District

Revenue

AMT

,

Series

A

,

.25

%

,

7/1/49

,

Continuously

Callable

@100

.....................................................

3,250

3,298

Charleston

Housing

Authority

Revenue

,

.50

%

,

9/1/35

,

Continuously

Callable

@100

......

2,000

1,992

Lexington

County

Health

Services

District,

Inc.

Revenue

.00

%

,

11/1/31

,

Continuously

Callable

@100

...............................

1,000

1,010

.00

%

,

11/1/32

,

Continuously

Callable

@100

...............................

1,000

1,006

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Patriots

Energy

Group

Financing

Agency

Revenue

,

Series

A1

,

.25

%

,

10/1/54

,

(Put

Date

8/1/31)

(b) ........................................................

$

3,000

$

3,200

South

Carolina

Jobs-Economic

Development

Authority

Revenue

.50

%

,

11/15/44

,

Continuously

Callable

@100

..............................

500

Series

C

,

.63

%

,

9/1/50

,

Continuously

Callable

@100

.........................

1,100

1,075

South

Carolina

Public

Service

Authority

Revenue

Series

A

,

.00

%

,

12/1/34

,

Continuously

Callable

@100

........................

9,835

9,903

Series

B

,

.13

%

,

12/1/44

,

Continuously

Callable

@100

........................

1,880

1,676

South

Carolina

State

Housing

Finance

&

Development

Authority

Revenue

Series

A

,

.65

%

,

7/1/50

,

Continuously

Callable

@100

.........................

2,500

2,323

Series

B

,

.00

%

,

7/1/50

,

Continuously

Callable

@100

.........................

1,000

988

26,951

South

Dakota

(0.2%):

South

Dakota

Housing

Development

Authority

Revenue

Series

A

,

.70

%

,

5/1/50

,

Continuously

Callable

@100

.........................

4,250

4,000

Series

C

,

.00

%

,

11/1/45

,

Continuously

Callable

@100

........................

2,000

2,004

Series

C

,

.70

%

,

11/1/49

,

Continuously

Callable

@100

........................

1,000

945

6,949

Tennessee

(1.1%):

Greeneville

Health

&

Educational

Facilities

Board

Revenue

,

.00

%

,

7/1/37

,

Continuously

Callable

@100

.....................................................

3,500

3,539

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Series

,

.00

%

,

7/1/39

,

Continuously

Callable

@100

.......................

Series

,

.00

%

,

7/1/40

,

Continuously

Callable

@100

.......................

Series

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

.......................

825

845

Series

,

.00

%

,

7/1/42

,

Continuously

Callable

@100

.......................

1,100

1,118

Series

,

.00

%

,

7/1/43

,

Continuously

Callable

@100

.......................

550

556

Series

,

.00

%

,

7/1/44

,

Continuously

Callable

@100

.......................

625

628

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

,

.00

%

,

7/1/40

,

Continuously

Callable

@100

...................

5,500

5,505

New

Memphis

Arena

Public

Building

Authority

Revenue

4/1/32

,

Continuously

Callable

@98

(d) ....................................

875

662

4/1/33

,

Continuously

Callable

@96

(d) ....................................

625

4/1/34

,

Continuously

Callable

@94

(d) ....................................

875

585

4/1/35

,

Continuously

Callable

@92

(d) ....................................

875

549

Shelby

County

Health

&

Educational

Facilities

Board

Revenue

,

Series

A1

,

.00

%

,

6/1/44

,

Continuously

Callable

@100

(a) .........................................

1,000

940

Tennergy

Corp.

Revenue

,

Series

A

,

.50

%

,

10/1/53

,

(Put

Date

12/1/30)

(b) ..............

12,500

13,332

Tennessee

Energy

Acquisition

Corp.

Revenue

,

Series

A

,

.00

%

,

12/1/35

,

Continuously

Callable

@100

...........................................................

1,600

1,694

Tennessee

Housing

Development

Agency

Revenue

,

Series

1A

,

.00

%

,

7/1/50

,

Continuously

Callable

@100

.....................................................

500

31,784

Texas

(8.7%):

Arlington

Higher

Education

Finance

Corp.

Revenue

,

.88

%

,

6/15/56

,

(Put

Date

6/15/26)

(a) (b) 2,000

2,000

Arlington

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

.00

%

,

2/15/44

,

Continuously

Callable

@100

...............................

10,000

8,816

.13

%

,

8/15/49

,

Continuously

Callable

@100

...............................

4,600

3,894

.50

%

,

8/15/50

,

Continuously

Callable

@100

...............................

1,250

1,142

Austin

Convention

Enterprises,

Inc.

Revenue

,

Series

A

,

.00

%

,

1/1/34

,

Continuously

Callable

@100

...........................................................

1,105

1,107

Barbers

Hill

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

.00

%

,

2/15/49

,

Continuously

Callable

@100

....................................

5,000

4,359

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

.00

%

,

12/1/25

....................................................

2,740

2,745

.00

%

,

12/1/27

,

Continuously

Callable

@100

...............................

2,990

2,993

.00

%

,

12/1/28

,

Continuously

Callable

@100

...............................

1,640

1,641

.00

%

,

12/1/29

,

Continuously

Callable

@100

...............................

1,600

1,601

.00

%

,

12/1/30

,

Continuously

Callable

@100

...............................

1,700

1,700

.25

%

,

12/1/35

,

Continuously

Callable

@100

...............................

5,150

5,150

Central

Texas

Regional

Mobility

Authority

Revenue

,

1/1/26

(d) ......................

2,535

2,513

City

of

Arlington

Special

Tax

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

C

,

.00

%

,

2/15/34

,

Continuously

Callable

@100

........................

1,500

1,572

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

C

,

.00

%

,

2/15/35

,

Continuously

Callable

@100

........................

$

1,500

$

1,570

Series

C

,

.00

%

,

2/15/36

,

Continuously

Callable

@100

........................

3,100

3,238

Series

C

,

.00

%

,

2/15/37

,

Continuously

Callable

@100

........................

3,305

3,432

Series

C

,

.00

%

,

2/15/38

,

Continuously

Callable

@100

........................

4,380

4,520

City

of

Corpus

Christi

Utility

System

Revenue

.00

%

,

7/15/32

,

Continuously

Callable

@100

...............................

1,800

1,818

.00

%

,

7/15/33

,

Continuously

Callable

@100

...............................

1,100

1,111

.00

%

,

7/15/34

,

Continuously

Callable

@100

...............................

1,050

1,059

.00

%

,

7/15/35

,

Continuously

Callable

@100

...............................

1,000

989

City

of

Galveston

Wharves

&

Terminal

Revenue

AMT

,

Series

A

,

.50

%

,

8/1/41

,

Continuously

Callable

@100

.....................................................

500

520

City

of

Houston

Airport

System

Revenue

AMT

Series

A

,

.50

%

,

7/1/45

,

Continuously

Callable

@100

.........................

500

523

Series

B

,

.50

%

,

7/15/39

,

Continuously

Callable

@100

........................

3,000

3,095

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

.00

%

,

9/1/29

,

Continuously

Callable

@100

...............................

2,300

2,303

.00

%

,

9/1/30

,

Continuously

Callable

@100

...............................

1,000

1,001

.00

%

,

9/1/32

,

Continuously

Callable

@100

...............................

5,615

5,622

.00

%

,

9/1/33

,

Continuously

Callable

@100

...............................

5,345

5,351

.00

%

,

9/1/34

,

Continuously

Callable

@100

...............................

2,150

2,152

.00

%

,

9/1/35

,

Continuously

Callable

@100

...............................

1,575

1,577

City

of

Laredo

Waterworks

&

Sewer

System

Revenue

.00

%

,

3/1/32

,

Continuously

Callable

@100

...............................

740

744

.00

%

,

3/1/33

,

Continuously

Callable

@100

...............................

1,000

1,005

.00

%

,

3/1/34

,

Continuously

Callable

@100

...............................

1,000

1,005

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

1,500

1,446

Clifton

Higher

Education

Finance

Corp.

Revenue

Series

A

,

.00

%

,

8/15/38

,

Continuously

Callable

@100

........................

1,085

1,040

Series

A

,

.00

%

,

8/15/39

,

Continuously

Callable

@100

........................

1,130

1,065

Series

A

,

.00

%

,

8/15/40

,

Continuously

Callable

@100

........................

1,180

1,093

Series

A

,

.00

%

,

8/15/41

,

Continuously

Callable

@100

........................

1,225

1,117

Series

A

,

.00

%

,

8/15/42

,

Continuously

Callable

@100

........................

1,035

928

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

.00

%

,

8/15/33

,

Continuously

Callable

@100

...............................

2,130

2,156

.00

%

,

8/15/34

,

Continuously

Callable

@100

...............................

2,275

2,288

.00

%

,

8/15/35

,

Continuously

Callable

@100

...............................

2,375

2,373

.00

%

,

8/15/36

,

Continuously

Callable

@100

...............................

3,710

3,646

.00

%

,

8/15/37

,

Continuously

Callable

@100

...............................

3,860

3,731

.00

%

,

8/15/38

,

Continuously

Callable

@100

...............................

4,015

3,809

.00

%

,

8/15/39

,

Continuously

Callable

@100

...............................

4,305

4,009

Series

A

,

.00

%

,

8/15/32

,

Continuously

Callable

@100

........................

1,300

1,307

El

Paso

County

Hospital

District

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.13

%

,

2/15/49

,

Continuously

Callable

@100

...............................

1,000

869

EP

Cimarron

Ventanas

PFC

Revenue

,

.13

%

,

12/1/39

,

Continuously

Callable

@100

.......

2,000

1,858

EP

Essential

Housing

WF

PFC

Revenue

,

.25

%

,

12/1/34

,

Continuously

Callable

@100

.....

1,150

1,161

Grayson

County

Junior

College

District,

GO

,

.00

%

,

2/15/49

,

Continuously

Callable

@100

..

1,350

1,138

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

Series

A

,

.00

%

,

6/1/28

,

Continuously

Callable

@100

...........................................

890

831

Harris

County

Municipal

Utility

District

No.

165,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

3/1/30

,

Continuously

Callable

@100

...............................

750

751

.00

%

,

3/1/31

,

Continuously

Callable

@100

...............................

2,030

2,033

Main

Street

Market

Square

Redevelopment

Authority

Tax

Allocation

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

9/1/29

,

Continuously

Callable

@100

...............................

1,215

1,216

.00

%

,

9/1/30

,

Continuously

Callable

@100

...............................

1,380

1,381

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

2,000

2,002

.00

%

,

9/1/32

,

Continuously

Callable

@100

...............................

1,500

1,502

.00

%

,

9/1/33

,

Continuously

Callable

@100

...............................

2,680

2,683

Matagorda

County

Navigation

District

No.

Revenue

,

Series

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

...........................................

5,405

5,407

Mesquite

Health

Facilities

Development

Corp.

Revenue

0.00%,

2/15/26

(g) ..................................................

1,049

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 0.00%,

2/15/35

,

Continuously

Callable

@100

(g) ............................

$

$

Mission

Economic

Development

Corp.

Revenue

AMT

,

.00

%

,

12/1/64

,

(Put

Date

6/1/30)

(b) .

800

815

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Series

A

,

.00

%

,

7/1/30

,

Continuously

Callable

@100

(g) ......................

7,500

7,165

Series

B2

,

.63

%

,

10/1/30

,

Continuously

Callable

@100

.......................

1,000

988

Series

B3

,

.25

%

,

10/1/30

,

Continuously

Callable

@100

.......................

1,000

1,003

Newark

Higher

Education

Finance

Corp.

Revenue

.00

%

,

4/1/32

,

Continuously

Callable

@100

...............................

1,635

1,644

.00

%

,

4/1/33

,

Continuously

Callable

@100

...............................

2,000

2,010

.00

%

,

4/1/34

,

Continuously

Callable

@100

...............................

4,470

4,422

.00

%

,

4/1/35

,

Continuously

Callable

@100

...............................

1,650

1,590

.00

%

,

4/1/36

,

Continuously

Callable

@100

...............................

2,150

2,039

North

East

Texas

Regional

Mobility

Authority

Revenue

.00

%

,

1/1/36

,

Continuously

Callable

@100

...............................

7,000

7,019

Series

B

,

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

5,485

5,508

North

Texas

Tollway

Authority

Revenue

Series

A

,

.00

%

,

1/1/43

,

Continuously

Callable

@100

.........................

14,120

12,684

Series

A

,

.00

%

,

1/1/44

,

Continuously

Callable

@100

.........................

1,085

952

North

Texas

Tollway

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

Series

,

1/1/29

(d) .

20,000

18,272

North

Texas

Tollway

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

B

,

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

1,695

1,676

Port

of

Port

Arthur

Navigation

District

Revenue

,

Series

C

,

.35

%

,

4/1/40

(e) .............

4,680

4,680

San

Antonio

Education

Facilities

Corp.

Revenue

.00

%

,

4/1/39

,

Continuously

Callable

@100

...............................

700

637

.00

%

,

4/1/40

,

Continuously

Callable

@100

...............................

1,000

892

.00

%

,

4/1/41

,

Continuously

Callable

@100

...............................

895

782

.25

%

,

10/1/45

,

Continuously

Callable

@100

...............................

2,000

1,962

.00

%

,

10/1/50

,

Continuously

Callable

@100

...............................

1,250

1,119

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

.00

%

,

11/15/30

,

Continuously

Callable

@100

..............................

2,145

2,199

.00

%

,

11/15/31

,

Continuously

Callable

@100

..............................

2,250

2,303

.00

%

,

11/15/32

,

Continuously

Callable

@100

..............................

2,365

2,418

.00

%

,

11/15/37

,

Continuously

Callable

@100

..............................

2,175

2,160

.00

%

,

10/1/44

,

Continuously

Callable

@103

...............................

2,200

2,119

Texas

Department

of

Housing

&

Community

Affairs

Revenue

,

Series

B

,

.00

%

,

7/1/50

,

Continuously

Callable

@100

...........................................

600

595

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

,

.00

%

,

12/15/30

..........

9,835

10,518

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

.00

%

,

6/30/38

,

Continuously

Callable

@100

...............................

3,300

3,088

.00

%

,

12/31/38

,

Continuously

Callable

@100

..............................

3,850

3,574

.00

%

,

6/30/39

,

Continuously

Callable

@100

...............................

2,150

1,979

247,538

Utah

(0.1%):

Military

Installation

Development

Authority

Revenue

Series

,

.00

%

,

6/1/36

,

Continuously

Callable

@103

.......................

1,045

955

Series

,

.00

%

,

6/1/41

,

Continuously

Callable

@103

.......................

1,000

858

1,813

Vermont

(0.4%):

Vermont

Economic

Development

Authority

Revenue

.00

%

,

5/1/37

,

Continuously

Callable

@103

...............................

4,190

3,659

Series

B

,

.00

%

,

5/1/33

,

Continuously

Callable

@103

.........................

3,950

3,665

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

.75

%

,

10/1/43

,

Continuously

Callable

@100

(a) .............................

3,000

2,770

Series

A

,

.00

%

,

12/1/36

,

Continuously

Callable

@100

........................

2,500

2,518

12,612

Virgin

Islands

(0.2%):

Virgin

Islands

Public

Finance

Authority

Revenue

,

.00

%

,

9/1/30

(a) ...................

6,500

6,500

Virginia

(1.2%):

Chesapeake

Hospital

Authority

Revenue

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

1,175

1,141

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

1,205

1,147

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2023-DBE-8106

,

.50

%

,

6/1/63

,

(Put

Date

9/4/25)

(a) (b) (e) ................

$

1,700

$

1,700

Salem

Economic

Development

Authority

Revenue

.50

%

,

4/1/45

,

Continuously

Callable

@100

...............................

530

536

.00

%

,

4/1/50

,

Continuously

Callable

@100

...............................

Stafford

County

Economic

Development

Authority

Revenue

.00

%

,

6/15/33

,

Continuously

Callable

@100

...............................

750

758

.00

%

,

6/15/34

,

Continuously

Callable

@100

...............................

2,620

2,646

.00

%

,

6/15/35

,

Continuously

Callable

@100

...............................

1,930

1,948

Virginia

College

Building

Authority

Revenue

.00

%

,

2/1/36

,

Continuously

Callable

@100

...............................

3,000

3,001

.00

%

,

6/1/50

,

Continuously

Callable

@100

...............................

1,500

1,583

Virginia

Housing

Development

Authority

Revenue

Series

A

,

.60

%

,

9/1/50

,

Continuously

Callable

@100

.........................

1,500

1,386

Series

D

,

.65

%

,

1/1/50

,

Continuously

Callable

@100

........................

2,000

1,853

Series

E

,

.63

%

,

7/1/50

,

Continuously

Callable

@100

.........................

1,250

1,157

Series

H

,

.63

%

,

12/1/49

,

Continuously

Callable

@100

........................

1,200

1,118

Virginia

Small

Business

Financing

Authority

Revenue

Series

A

,

.00

%

,

1/1/37

,

Continuously

Callable

@103

.........................

500

Series

A

,

.00

%

,

1/1/38

,

Continuously

Callable

@103

.........................

6,000

5,678

Series

A

,

.00

%

,

1/1/39

,

Continuously

Callable

@103

.........................

7,000

6,500

Series

A

,

.50

%

,

12/1/44

,

Continuously

Callable

@102

........................

1,850

1,681

34,557

Washington

(1.6%):

County

of

Spokane

Airport

Revenue

AMT

,

Series

B

,

.25

%

,

1/1/49

,

Continuously

Callable

@100

...........................................................

8,000

7,942

King

County

Housing

Authority

Revenue

,

.38

%

,

7/1/45

,

Continuously

Callable

@100

.....

2,740

2,790

King

County

Public

Hospital

District

No.

2,

GO

,

.25

%

,

12/1/45

,

Continuously

Callable

@100

2,500

2,583

Port

of

Seattle

Revenue

AMT

,

Series

B

,

.25

%

,

7/1/49

,

Continuously

Callable

@100

......

4,000

4,059

Skagit

County

Public

Hospital

District

No.

Revenue

.50

%

,

12/1/38

,

Continuously

Callable

@100

...............................

.50

%

,

12/1/39

,

Continuously

Callable

@100

...............................

500

532

.50

%

,

12/1/40

,

Continuously

Callable

@100

...............................

500

528

.50

%

,

12/1/41

,

Continuously

Callable

@100

...............................

.50

%

,

12/1/42

,

Continuously

Callable

@100

...............................

.50

%

,

12/1/43

,

Continuously

Callable

@100

...............................

500

516

.50

%

,

12/1/44

,

Continuously

Callable

@100

...............................

Washington

Health

Care

Facilities

Authority

Revenue

.00

%

,

7/1/35

,

Continuously

Callable

@100

...............................

2,355

2,409

.00

%

,

8/15/35

,

Continuously

Callable

@100

...............................

1,775

1,790

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

2,250

2,288

.00

%

,

8/15/36

,

Continuously

Callable

@100

...............................

2,500

2,510

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

3,125

2,925

.00

%

,

8/15/37

,

Continuously

Callable

@100

...............................

2,400

2,413

.00

%

,

12/1/45

,

Continuously

Callable

@100

(a) .............................

2,080

1,766

Washington

State

Housing

Finance

Commission

Revenue

.88

%

,

7/1/43

,

Continuously

Callable

@103

(a) .............................

1,000

1,042

Series

A

,

.00

%

,

7/1/38

,

Continuously

Callable

@103

.........................

1,590

1,617

Series

A

,

.00

%

,

7/1/43

,

Continuously

Callable

@103

.........................

4,450

4,324

Series

A

,

.00

%

,

7/1/45

,

Continuously

Callable

@100

(a) .......................

1,000

984

Series

,

.50

%

,

12/20/35

...........................................

2,524

2,361

46,816

West

Virginia

(0.9%):

West

Virginia

Economic

Development

Authority

Revenue

AMT

,

.45

%

,

1/1/55

,

(Put

Date

3/27/35)

(a) (b) .....................................................

800

814

West

Virginia

Hospital

Finance

Authority

Revenue

.00

%

,

1/1/35

,

Continuously

Callable

@100

...............................

2,920

2,905

.00

%

,

1/1/36

,

Continuously

Callable

@100

...............................

2,065

2,031

.00

%

,

9/1/38

,

Continuously

Callable

@100

...............................

2,000

2,027

.00

%

,

9/1/39

,

Continuously

Callable

@100

...............................

1,000

1,009

Series

A

,

.00

%

,

6/1/33

,

Continuously

Callable

@100

.........................

1,850

1,901

Series

A

,

.00

%

,

6/1/34

,

Continuously

Callable

@100

.........................

2,970

3,047

Series

A

,

.00

%

,

6/1/35

,

Continuously

Callable

@100

.........................

2,405

2,464

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.13

%

,

6/1/42

,

Continuously

Callable

@100

.........................

$

5,000

$

4,457

Series

A

,

.50

%

,

6/1/50

,

Continuously

Callable

@100

.........................

1,000

1,030

Series

B

,

.75

%

,

9/1/43

,

Continuously

Callable

@100

.........................

4,000

4,228

25,913

Wisconsin

(2.3%):

Public

Finance

Authority

Revenue

.00

%

,

3/1/29

(a) ...................................................

890

863

.00

%

,

6/15/29

,

Continuously

Callable

@100

(a) .............................

.00

%

,

9/1/29

,

Continuously

Callable

@103

(a) .............................

1,250

1,255

.00

%

,

3/1/30

(a) ...................................................

950

911

.00

%

,

3/1/34

,

Continuously

Callable

@100

(a) .............................

3,520

3,207

.00

%

,

4/1/35

,

Continuously

Callable

@100

...............................

785

808

.25

%

,

5/15/37

,

Continuously

Callable

@102

(a) .............................

1,000

992

.00

%

,

6/15/39

,

Continuously

Callable

@100

(a) .............................

.00

%

,

9/1/39

,

Continuously

Callable

@103

(a) .............................

2,230

2,185

.00

%

,

1/1/40

,

Continuously

Callable

@100

...............................

3,500

3,501

.00

%

,

4/1/40

,

Continuously

Callable

@100

(a) .............................

1,080

1,062

.00

%

,

4/1/40

,

Pre-refunded

4/01/30

@

(a) ..............................

.00

%

,

1/1/42

,

Continuously

Callable

@103

...............................

1,150

1,023

.00

%

,

4/1/42

,

Continuously

Callable

@100

(a) .............................

900

773

.00

%

,

4/1/43

,

Continuously

Callable

@100

...............................

4,185

4,016

.63

%

,

7/1/43

,

Continuously

Callable

@100

(a) .............................

.00

%

,

1/1/45

,

Continuously

Callable

@100

...............................

3,275

3,080

.75

%

,

7/1/45

,

Continuously

Callable

@100

(a) .............................

.25

%

,

11/15/50

,

Continuously

Callable

@103

..............................

1,000

985

.75

%

,

12/1/54

,

Continuously

Callable

@100

(a) .............................

1,000

950

Series

A

,

.25

%

,

10/1/38

,

Continuously

Callable

@100

........................

3,250

3,228

Series

A

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

770

655

Series

A

,

.00

%

,

11/15/41

,

Continuously

Callable

@103

.......................

4,680

4,660

Series

A

,

.50

%

,

7/1/43

,

Continuously

Callable

@100

(a) .......................

2,000

1,963

Series

A

,

.38

%

,

7/1/43

,

Continuously

Callable

@103

(a) .......................

Series

A

,

.25

%

,

6/1/45

,

Continuously

Callable

@100

.........................

Series

A

,

.00

%

,

10/1/49

,

Continuously

Callable

@100

........................

2,750

2,276

Series

A

,

.25

%

,

6/15/50

,

Continuously

Callable

@100

........................

750

731

Series

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

(a) .....................

675

576

Series

B

,

.25

%

,

6/15/45

,

Continuously

Callable

@100

........................

550

548

Series

D

,

.05

%

,

11/1/30

,

Continuously

Callable

@100

........................

1,500

1,502

University

of

Wisconsin

Hospitals

&

Clinics

Revenue

,

Series

A

,

.00

%

,

4/1/44

,

Continuously

Callable

@100

.....................................................

1,300

1,142

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

.00

%

,

1/1/27

.....................................................

.00

%

,

1/1/28

,

Continuously

Callable

@103

...............................

.00

%

,

1/1/29

,

Continuously

Callable

@103

...............................

.00

%

,

1/1/30

,

Continuously

Callable

@103

...............................

.00

%

,

1/1/37

,

Continuously

Callable

@103

...............................

1,460

1,301

.00

%

,

3/15/40

,

Continuously

Callable

@100

...............................

750

682

.00

%

,

12/1/41

,

Continuously

Callable

@100

...............................

850

623

Series

A

,

.00

%

,

11/15/36

,

Continuously

Callable

@100

.......................

9,830

9,526

Series

A

,

.38

%

,

11/1/39

,

Continuously

Callable

@100

........................

5,000

4,904

Series

B

,

.00

%

,

9/15/36

,

Continuously

Callable

@103

........................

530

Series

B

,

.00

%

,

9/15/41

,

Continuously

Callable

@103

........................

510

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.)

.00

%

,

2/15/35

,

Continuously

Callable

@100

...............................

500

507

.00

%

,

2/15/37

,

Continuously

Callable

@100

...............................

1,000

1,000

65,948

Wyoming

(0.0%):(h)

Wyoming

Community

Development

Authority

Revenue

,

Series

,

.85

%

,

12/1/50

,

Continuously

Callable

@100

...........................................

1,440

1,375

Total

Municipal

Bonds

(Cost

$2,961,120)

a

a

a

2,825,415

Total

Investments

(Cost

$2,961,120)

—

99.2%

2,825,415

Other

assets

in

excess

of

liabilities

— 0.8%

23,762

NET

ASSETS

-

100.00%

$

2,849,177

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

August

31,

2025,

the

fair

value

of

these

securities

was

$130,340

(thousands)

and

amounted

to

4.6%

of

net

assets.

(b) Put

Bond.

(c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

August

31,

2025. (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.

(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

SOFR

—

Secured

Overnight

Financing

Rate

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(99.0%)

Alabama

(1.5%):

Alabama

Housing

Finance

Authority

Revenue

,

Series

A

,

.88

%

,

10/1/55

,

Continuously

Callable

@100

.....................................................

$

3,250

$

3,106

Black

Belt

Energy

Gas

District

Revenue

,

Series

A

,

.25

%

,

5/1/56

,

(Put

Date

5/1/2032)

(a) ...

6,250

6,400

County

of

Jefferson

Sewer

Revenue

,

.50

%

,

10/1/53

,

Continuously

Callable

@100

........

1,000

1,019

DCH

Healthcare

Authority

Revenue

,

Series

A

,

.00

%

,

6/1/51

,

Continuously

Callable

@100

..

4,000

3,146

Homewood

Educational

Building

Authority

Revenue

.00

%

,

12/1/47

,

Continuously

Callable

@100

...............................

4,500

3,970

Series

A

,

.00

%

,

12/1/51

,

Continuously

Callable

@100

........................

3,000

2,204

Mobile

County

IDA

Revenue

AMT

Series

A

,

.00

%

,

6/1/54

,

Continuously

Callable

@100

.........................

500

Series

B

,

.75

%

,

12/1/54

,

Continuously

Callable

@100

........................

1,000

868

Southeast

Energy

Authority

A

Cooperative

District

Revenue

,

Series

A

,

.00

%

,

1/1/56

,

(Put

Date

6/1/35)

(a) ....................................................

2,000

2,052

23,219

Alaska

(0.1%):

Northern

Tobacco

Securitization

Corp.

Revenue

,

Series

A

,

.00

%

,

6/1/50

,

Continuously

Callable

@100

.....................................................

1,000

820

Arizona

(2.4%):

Arizona

IDA

Revenue

Series

A

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

600

575

Series

F

,

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

1,725

1,676

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

Series

B

,

.50

%

,

7/1/29

..............................................

1,000

1,112

Series

B

,

.50

%

,

7/1/30

..............................................

1,500

1,697

Maricopa

County

IDA

Revenue

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

1,600

1,440

Series

A

,

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

1,000

818

Pinal

County

Electric

District

No.

Revenue

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

..

10,000

9,256

Sierra

Vista

IDA

Revenue

,

.75

%

,

6/15/53

,

Continuously

Callable

@100

(b) .............

3,000

2,899

Tempe

IDA

Revenue

,

Series

A

,

.00

%

,

12/1/46

,

Continuously

Callable

@102

............

2,500

2,027

The

County

of

Pima

IDA

Revenue

.00

%

,

6/15/51

,

Continuously

Callable

@100

(b) ............................

2,500

1,851

Series

A

,

.88

%

,

11/15/52

,

Continuously

Callable

@103

(b) .....................

3,750

3,902

The

County

of

Yavapai

IDA

Revenue

,

.00

%

,

8/1/43

,

Continuously

Callable

@100

........

1,725

1,494

The

IDA

of

the

City

of

Phoenix

Arizona

Revenue

.00

%

,

7/1/41

,

Continuously

Callable

@100

...............................

1,200

1,133

.00

%

,

7/1/44

,

Continuously

Callable

@100

...............................

6,000

5,578

Series

A

,

.00

%

,

7/1/42

,

Continuously

Callable

@100

.........................

1,250

1,225

36,683

Arkansas

(0.3%):

Arkansas

Development

Finance

Authority

Revenue

(INS

-

AMBAC

Assurance

Corp.)

7/1/28

(c) .........................................................

1,000

919

7/1/29

(c) .........................................................

1,165

1,033

7/1/30

(c) .........................................................

1,150

975

7/1/36

(c) .........................................................

2,500

1,551

4,478

California

(5.1%):

California

Educational

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

10/1/52

,

Continuously

Callable

@100

.....................................................

3,000

2,797

California

Health

Facilities

Financing

Authority

Revenue

,

.00

%

,

11/15/56

,

Continuously

Callable

@100

.....................................................

1,000

976

Cerritos

Community

College

District,

GO

Series

D

,

8/1/31

(c) ..................................................

1,000

860

Series

D

,

8/1/32

(c) ..................................................

2,500

2,006

Series

D

,

8/1/33

(c) ..................................................

2,175

1,723

Series

D

,

8/1/34

(c) ..................................................

1,000

755

Series

D

,

8/1/35

(c) ..................................................

1,500

1,071

Series

D

,

8/1/36

(c) ..................................................

2,200

1,481

Coachella

Valley

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

D

,

8/1/41

(c) ..................................................

8,500

4,090

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) El

Monte

Union

High

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

6/1/42

(c) .........................................................

$

10,000

$

4,509

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

,

Series

A

,

.25

%

,

8/15/35

,

Continuously

Callable

@100

...........................................

1,440

1,442

Los

Alamitos

Unified

School

District

Certificate

of

Participation

.95

%

,

8/1/34

,

Continuously

Callable

@100

...............................

1,200

1,336

.05

%

,

8/1/42

,

Continuously

Callable

@100

...............................

4,000

4,339

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2024-DBE-8152

,

.45

%

,

7/1/54

,

(Put

Date

9/4/2025)

(a) (b) (d) ..............

Paramount

Unified

School

District,

GO

8/1/34

(c) .........................................................

1,860

1,395

8/1/35

(c) .........................................................

2,000

1,416

8/1/36

(c) .........................................................

2,750

1,833

8/1/37

(c) .........................................................

2,750

1,723

Sacramento

City

Schools

Joint

Powers

Financing

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

.00

%

,

3/1/36

,

Continuously

Callable

@100

.........................

2,560

2,563

Series

A

,

.00

%

,

3/1/40

,

Continuously

Callable

@100

.........................

2,000

2,002

San

Diego

Public

Facilities

Financing

Authority

Revenue

,

Series

A

,

.00

%

,

10/15/44

,

Continuously

Callable

@100

...........................................

2,500

2,500

San

Ysidro

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

G

,

8/1/36

(c) ..................................................

13,605

8,845

Series

G

,

8/1/37

(c) ..................................................

14,285

8,739

Santa

Ana

Unified

School

District

Certificate

of

Participation

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

4/1/29

(c) ...........................................

11,815

10,252

Stockton

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

D

,

8/1/34

(c) .........................................................

8,885

6,490

The

El

Camino

Community

College

District

Foundation,

GO

Series

C

,

8/1/34

(c) ..................................................

3,000

2,176

Series

C

,

8/1/38

(c) ..................................................

3,000

1,788

79,407

Colorado

(2.1%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

.00

%

,

1/1/52

,

Continuously

Callable

@100

...............................

675

511

.00

%

,

4/1/53

,

Continuously

Callable

@100

...............................

750

731

.50

%

,

7/1/53

,

Continuously

Callable

@100

...............................

3,000

2,606

.00

%

,

1/1/62

,

Continuously

Callable

@100

...............................

795

569

Series

A

,

.00

%

,

12/1/48

,

Continuously

Callable

@100

........................

2,500

2,055

Colorado

Health

Facilities

Authority

Revenue

.50

%

,

11/1/47

,

Continuously

Callable

@100

...............................

1,000

1,022

Series

A

,

.00

%

,

8/1/44

,

Continuously

Callable

@100

.........................

2,070

1,766

Series

A

,

.00

%

,

12/1/50

,

Continuously

Callable

@103

........................

7,250

5,841

Denver

Health

&

Hospital

Authority

Revenue

,

Series

A

,

.00

%

,

12/1/40

,

Continuously

Callable

@100

...........................................................

750

667

Public

Highway

Authority

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

B

,

9/1/35

,

Continuously

Callable

@64

(c) .............................

10,000

6,121

Park

Creek

Metropolitan

District

Revenue

Series

A

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

........................

3,500

3,404

Series

A

,

.00

%

,

12/1/51

,

Continuously

Callable

@100

........................

2,000

1,895

Rampart

Range

Metropolitan

District

No.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

.........................

4,000

4,006

Southlands

Metropolitan

District

No.

1,

GO

,

Series

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

.....................................................

1,000

904

32,098

Connecticut

(0.5%):

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

.25

%

,

7/1/53

,

Continuously

Callable

@100

...............................

3,000

3,012

Series

A

,

.00

%

,

7/1/49

,

Continuously

Callable

@100

.........................

3,000

2,476

Series

U

,

.00

%

,

7/1/52

,

Continuously

Callable

@100

........................

3,000

2,404

7,892

District

of

Columbia

(0.1%):

District

of

Columbia

Revenue

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............................

1,275

1,192

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5

.00

%

,

7/1/54

,

Continuously

Callable

@100

...............................

$

1,140

$

1,038

2,230

Florida

(7.9%):

Alachua

County

Health

Facilities

Authority

Revenue

,

.00

%

,

10/1/46

,

Continuously

Callable

@103

...........................................................

700

558

Capital

Projects

Finance

Authority

Revenue

,

.00

%

,

11/1/53

,

Continuously

Callable

@100

..

1,250

1,103

Capital

Trust

Agency,

Inc.

Revenue

,

.38

%

,

5/1/53

,

Continuously

Callable

@100

(b) .......

1,750

1,773

City

of

Atlantic

Beach

Revenue

Series

A

,

.00

%

,

11/15/53

,

Continuously

Callable

@103

.......................

2,000

1,778

Series

B

,

.63

%

,

11/15/43

,

Continuously

Callable

@100

.......................

7,000

7,001

City

of

Jacksonville

Revenue

,

.00

%

,

11/1/45

,

Continuously

Callable

@100

.............

2,500

2,091

City

of

Pompano

Beach

Revenue

.00

%

,

9/1/50

,

Continuously

Callable

@103

...............................

8,000

6,218

Series

A

,

.00

%

,

9/1/51

,

Continuously

Callable

@103

.........................

2,895

2,226

City

of

Venice

Revenue

,

Series

A

,

.50

%

,

1/1/55

,

Continuously

Callable

@103

(b) .........

755

694

County

of

Hillsborough

Solid

Waste

&

Resource

Recovery

Revenue

AMT

,

Series

A

,

.25

%

,

9/1/54

,

Continuously

Callable

@100

.....................................

2,000

2,031

County

of

Lee

Airport

Revenue

AMT

,

.25

%

,

10/1/54

,

Continuously

Callable

@100

.......

2,500

2,511

County

of

Miami-Dade

FL

Aviation

Revenue

AMT

,

Series

A

,

.50

%

,

10/1/55

,

Continuously

Callable

@100

.....................................................

1,000

1,022

County

of

Miami-Dade

Rickenbacker

Causeway

Revenue

,

.00

%

,

10/1/43

,

Continuously

Callable

@100

.....................................................

1,750

1,701

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

,

Series

B

,

.00

%

,

10/1/44

,

Continuously

Callable

@100

...........................................

21,500

19,030

County

of

Pasco

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

9/1/48

,

Continuously

Callable

@100

...........................................

1,000

1,000

Escambia

County

Health

Facilities

Authority

Revenue

.00

%

,

8/15/45

,

Continuously

Callable

@100

...............................

6,265

5,188

.00

%

,

8/15/50

,

Continuously

Callable

@100

...............................

5,050

3,932

Florida

Development

Finance

Corp.

Revenue

.00

%

,

7/1/45

,

Continuously

Callable

@100

...............................

600

.00

%

,

2/1/52

,

Continuously

Callable

@100

...............................

4,000

3,108

.00

%

,

7/1/55

,

Continuously

Callable

@100

...............................

500

Series

A

,

.00

%

,

6/15/55

,

Continuously

Callable

@100

........................

1,500

1,336

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

.00

%

,

3/1/44

,

Continuously

Callable

@100

...............................

4,280

3,252

.00

%

,

10/1/44

,

Continuously

Callable

@100

...............................

1,400

1,122

.00

%

,

3/1/49

,

Continuously

Callable

@100

...............................

1,250

900

.00

%

,

10/1/49

,

Continuously

Callable

@100

...............................

1,150

849

.13

%

,

12/1/54

,

Continuously

Callable

@100

...............................

1,000

824

Florida

Housing

Finance

Corp.

Revenue

,

Series

,

.13

%

,

1/1/56

,

Continuously

Callable

@100

Lee

County

IDA

Revenue

.00

%

,

11/15/49

,

Continuously

Callable

@103

..............................

12,350

11,313

Series

2019A-1

,

.00

%

,

4/1/49

,

Continuously

Callable

@100

...................

4,500

3,739

Series

A

,

.25

%

,

10/1/52

,

Continuously

Callable

@103

........................

1,000

874

Series

C

,

.00

%

,

11/15/54

,

Continuously

Callable

@103

.......................

2,000

1,822

Miami

Beach

Health

Facilities

Authority

Revenue

,

.00

%

,

11/15/51

,

Continuously

Callable

@100

...........................................................

2,500

2,049

Miami-Dade

County

Expressway

Authority

Revenue

Series

A

,

.00

%

,

7/1/39

,

Continuously

Callable

@100

.........................

5,000

5,006

Series

A

,

.00

%

,

7/1/40

,

Continuously

Callable

@100

.........................

5,000

4,981

Miami-Dade

County

Health

Facilities

Authority

Revenue

,

.00

%

,

8/1/47

,

Continuously

Callable

@100

.....................................................

2,000

1,646

Orange

County

Health

Facilities

Authority

Revenue

,

Series

B

,

.00

%

,

10/1/45

,

Continuously

Callable

@100

.....................................................

1,500

1,300

Palm

Beach

County

Educational

Facilities

Authority

Revenue

,

.00

%

,

10/1/51

,

Continuously

Callable

@100

.....................................................

2,070

1,579

Palm

Beach

County

Health

Facilities

Authority

Revenue

.00

%

,

11/15/45

,

Continuously

Callable

@103

..............................

.00

%

,

5/15/47

,

Continuously

Callable

@100

...............................

5,000

4,542

Series

A

,

.00

%

,

11/1/52

,

Continuously

Callable

@100

........................

Series

B

,

.00

%

,

11/15/42

,

Continuously

Callable

@103

.......................

1,000

984

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Polk

County

IDA

Revenue

.00

%

,

1/1/49

,

Continuously

Callable

@103

...............................

$

1,000

$

892

.00

%

,

1/1/55

,

Continuously

Callable

@103

...............................

1,000

874

Sarasota

County

Health

Facilities

Authority

Revenue

,

.00

%

,

5/15/48

,

Continuously

Callable

@103

...........................................................

1,835

1,644

St.

Johns

County

IDA

Revenue

,

.00

%

,

8/1/55

,

Continuously

Callable

@103

............

6,000

4,515

Tampa

Housing

Authority

Revenue

,

.85

%

,

7/1/36

,

Callable

10/1/25

@

.............

2,200

2,201

122,813

Georgia

(1.9%):

Columbia

County

Hospital

Authority

Revenue

,

Series

A

,

.13

%

,

4/1/53

,

Continuously

Callable

@100

...........................................................

1,000

990

Crisp

County

Hospital

Authority

Revenue

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

....

3,000

2,479

Gainesville

&

Hall

County

Hospital

Authority

Revenue

,

.00

%

,

2/15/45

,

Continuously

Callable

@100

...........................................................

13,000

11,187

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

,

.00

%

,

8/1/43

,

Continuously

Callable

@100

.....................................................

1,500

1,431

Main

Street

Natural

Gas,

Inc.

Revenue

,

Series

A

,

.00

%

,

5/15/49

.....................

3,000

2,973

Municipal

Electric

Authority

of

Georgia

Revenue

,

Series

A

,

.00

%

,

1/1/51

,

Continuously

Callable

@100

.....................................................

1,100

923

Private

Colleges

&

Universities

Authority

Revenue

,

.00

%

,

6/1/45

,

Continuously

Callable

@100

...........................................................

1,700

1,471

The

Development

Authority

of

Burke

County

Revenue

(NBGA

-

Southern

Co.)

,

Series

GA

,

.25

%

,

11/1/52

,

(Put

Date

9/4/25)

(a) (d) ...................................

8,250

8,250

29,704

Hawaii

(0.1%):

State

of

Hawaii

Airports

System

Revenue

AMT

,

Series

A

,

.25

%

,

7/1/51

,

Continuously

Callable

@100

.....................................................

1,750

1,774

Illinois

(11.7%):

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

,

.75

%

,

4/1/48

,

Continuously

Callable

@100

...........................................

2,500

2,547

Chicago

Board

of

Education,

GO

Series

A

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

........................

4,220

3,171

Series

A

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

........................

1,800

1,568

Chicago

Midway

International

Airport

Revenue

Series

B

,

.00

%

,

1/1/41

,

Continuously

Callable

@100

.........................

2,500

2,510

Series

B

,

.00

%

,

1/1/46

,

Continuously

Callable

@100

.........................

3,500

3,345

Chicago

O'Hare

International

Airport

Revenue

,

Series

C

,

.00

%

,

1/1/41

,

Continuously

Callable

@100

...........................................................

5,000

5,020

Chicago

Park

District,

GO

,

Series

A

,

.00

%

,

1/1/40

,

Continuously

Callable

@100

.........

3,000

3,001

City

of

Chicago

Wastewater

Transmission

Revenue

,

Series

A

,

.00

%

,

1/1/47

,

Continuously

Callable

@100

.....................................................

3,000

2,967

City

of

Chicago,

GO

Series

A

,

.00

%

,

1/1/50

,

Continuously

Callable

@100

.........................

1,335

1,366

Series

F

,

.00

%

,

1/1/55

,

Continuously

Callable

@100

.........................

1,000

1,017

City

of

Galesburg

Revenue

,

Series

A

,

.00

%

,

10/1/46

,

Continuously

Callable

@100

.......

4,000

2,900

Cook

County

Community

College

District

No.

508,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

...................

9,500

9,035

County

of

Cook

Sales

Tax

Revenue

,

.00

%

,

11/15/38

,

Continuously

Callable

@100

.......

7,750

7,852

Illinois

Finance

Authority

Revenue

.50

%

,

4/1/32

,

Continuously

Callable

@100

...............................

7,065

6,991

.00

%

,

3/1/38

,

Continuously

Callable

@100

...............................

2,000

1,884

.00

%

,

2/15/41

,

Continuously

Callable

@100

...............................

.00

%

,

8/1/42

,

Continuously

Callable

@100

...............................

750

722

.00

%

,

12/1/46

,

Continuously

Callable

@100

...............................

4,500

3,749

.00

%

,

8/1/47

,

Continuously

Callable

@100

...............................

750

696

.00

%

,

12/1/47

,

Continuously

Callable

@100

...............................

2,000

1,841

.00

%

,

10/1/49

,

Continuously

Callable

@100

...............................

1,250

1,190

.00

%

,

10/1/51

,

Continuously

Callable

@100

...............................

1,000

945

.00

%

,

3/1/52

,

Continuously

Callable

@100

...............................

1,075

936

.00

%

,

10/1/55

,

Continuously

Callable

@100

...............................

2,000

1,537

Series

A

,

.00

%

,

2/1/33

,

Continuously

Callable

@100

.........................

6,000

6,005

Series

A

,

.00

%

,

5/15/37

,

Continuously

Callable

@100

........................

700

705

Series

A

,

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

12,395

11,701

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.00

%

,

2/15/47

,

Continuously

Callable

@100

........................

$

1,000

$

910

Series

A

,

.00

%

,

5/15/47

,

Continuously

Callable

@100

........................

1,155

1,056

Series

A

,

.00

%

,

2/15/50

,

Continuously

Callable

@100

........................

500

Series

A

,

.00

%

,

8/1/51

,

Continuously

Callable

@100

.........................

3,500

2,589

Series

C

,

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

........................

Series

C

,

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

........................

Series

C

,

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

........................

Illinois

State

Toll

Highway

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/46

,

Continuously

Callable

@100

...........................................................

4,000

3,424

Metropolitan

Pier

&

Exposition

Authority

Revenue

,

.00

%

,

6/15/50

,

Continuously

Callable

@100

...........................................................

9,500

9,145

Northern

Illinois

Municipal

Power

Agency

Revenue

,

Series

A

,

.00

%

,

12/1/41

,

Continuously

Callable

@100

.....................................................

9,000

8,185

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

.00

%

,

4/1/41

,

Continuously

Callable

@100

...............................

600

535

Regional

Transportation

Authority

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

.50

%

,

7/1/30

.....................................................

37,550

41,979

Sangamon

County

Water

Reclamation

District,

GO

Series

A

,

.00

%

,

1/1/49

,

Continuously

Callable

@100

.........................

15,000

12,382

Series

A

,

.75

%

,

1/1/53

,

Continuously

Callable

@100

.........................

2,000

2,000

State

of

Illinois,

GO

,

Series

A

,

.00

%

,

10/1/33

,

Continuously

Callable

@100

............

2,000

2,091

State

of

Illinois,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

2/1/31

,

Continuously

Callable

@100

...............................

1,000

1,006

.00

%

,

2/1/32

,

Continuously

Callable

@100

...............................

1,000

1,012

Village

of

Rosemont,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

12/1/46

,

Continuously

Callable

@100

....................................

10,000

10,031

182,864

Indiana

(2.3%):

Evansville

Redevelopment

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

2/1/38

,

Continuously

Callable

@100

...............................

5,540

5,293

.00

%

,

2/1/39

,

Continuously

Callable

@100

...............................

3,605

3,435

Indiana

Finance

Authority

Revenue

.00

%

,

11/15/43

,

Continuously

Callable

@103

..............................

1,970

1,829

.00

%

,

11/15/48

,

Continuously

Callable

@103

..............................

3,895

3,488

.25

%

,

3/1/54

,

Continuously

Callable

@100

...............................

1,000

1,006

Series

A

,

.50

%

,

4/1/46

,

Continuously

Callable

@100

.........................

5,000

4,942

Series

A

,

.00

%

,

11/15/51

,

Continuously

Callable

@100

.......................

1,030

768

Series

A

,

.50

%

,

7/1/52

,

Continuously

Callable

@100

.........................

4,500

4,372

Series

A

,

.00

%

,

6/1/53

,

Continuously

Callable

@100

.........................

1,000

922

Indiana

Housing

&

Community

Development

Authority

Revenue

Series

,

.05

%

,

7/1/55

,

Continuously

Callable

@100

.......................

1,800

1,800

Series

,

.75

%

,

7/1/54

,

Continuously

Callable

@100

.......................

1,000

949

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

AMT

,

Series

B2

,

.00

%

,

1/1/55

,

Continuously

Callable

@100

...........................................

500

Richmond

Hospital

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/39

,

Continuously

Callable

@100

7,000

6,963

36,242

Iowa

(0.5%):

Iowa

Finance

Authority

Revenue

,

Series

A

,

.00

%

,

5/15/43

,

Continuously

Callable

@100

...

6,235

5,862

Iowa

Higher

Education

Loan

Authority

Revenue

,

.38

%

,

10/1/52

,

Continuously

Callable

@100

1,000

994

Iowa

Tobacco

Settlement

Authority

Revenue

,

Series

,

.00

%

,

6/1/49

,

Continuously

Callable

@100

...........................................................

1,000

806

7,662

Kansas

(0.5%):

City

of

Lawrence

Revenue

,

Series

A

,

.00

%

,

7/1/48

,

Continuously

Callable

@100

........

5,000

4,614

City

of

Manhattan

Revenue

Series

A

,

.00

%

,

6/1/46

,

Continuously

Callable

@103

.........................

1,000

799

Series

A

,

.00

%

,

6/1/52

,

Continuously

Callable

@103

.........................

1,500

1,120

Wyandotte

County-Kansas

City

Unified

Government

Utility

System

Revenue

,

Series

A

,

.00

%

,

9/1/45

,

Continuously

Callable

@100

.....................................

2,000

1,974

8,507

Kentucky

(1.4%):

City

of

Ashland

Revenue

,

Series

A

,

.00

%

,

2/1/40

,

Continuously

Callable

@100

..........

1,000

1,009

City

of

Hazard

Revenue

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

.................

3,000

2,491

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) County

of

Boyle

Revenue

,

Series

A

,

.50

%

,

6/1/53

,

Continuously

Callable

@100

.........

$

1,525

$

1,321

Kentucky

Bond

Development

Corp.

Revenue

,

.00

%

,

6/1/51

,

Continuously

Callable

@100

..

1,070

856

Kentucky

Economic

Development

Finance

Authority

Revenue

Series

A

,

.00

%

,

5/15/46

,

Continuously

Callable

@100

........................

5,500

4,380

Series

B

,

.00

%

,

8/15/41

,

Continuously

Callable

@100

........................

3,000

2,992

Kentucky

Economic

Development

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

500

Series

A

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

........................

2,000

1,973

Louisville/Jefferson

County

Metropolitan

Government

Revenue

,

Series

A

,

.00

%

,

5/15/52

,

Continuously

Callable

@100

...........................................

6,000

5,603

21,079

Louisiana

(3.4%):

City

of

Shreveport

Water

&

Sewer

Revenue

.00

%

,

12/1/40

,

Continuously

Callable

@100

...............................

1,000

1,000

Series

B

,

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

5,500

5,502

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

Series

B

,

.00

%

,

12/1/49

,

Continuously

Callable

@100

....................................

1,000

825

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,100

1,056

Jefferson

Sales

Tax

District

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

.00

%

,

12/1/42

,

Continuously

Callable

@100

...............................

7,000

6,384

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

1,685

1,692

.00

%

,

10/1/48

,

Continuously

Callable

@100

...............................

5,000

4,885

Series

A

,

.00

%

,

10/1/46

,

Continuously

Callable

@100

........................

8,210

7,067

Louisiana

Public

Facilities

Authority

Revenue

.00

%

,

5/15/41

,

Pre-refunded

5/15/26

@

...............................

.00

%

,

5/15/41

,

Continuously

Callable

@100

...............................

1,235

1,131

.00

%

,

5/15/46

,

Continuously

Callable

@100

...............................

5,000

4,793

.00

%

,

7/1/57

,

Continuously

Callable

@100

...............................

2,000

1,882

Series

A

,

.00

%

,

11/1/45

,

Pre-refunded

11/01/25

@

.......................

3,000

3,012

Series

A

,

.00

%

,

12/15/50

,

Pre-refunded

12/15/27

@

......................

Series

A

,

.00

%

,

12/15/50

,

Continuously

Callable

@100

.......................

970

796

Series

A

,

.00

%

,

1/1/56

,

Continuously

Callable

@100

.........................

9,000

7,164

New

Orleans

Aviation

Board

Revenue

AMT

,

Series

,

.25

%

,

1/1/51

,

Continuously

Callable

@100

...........................................................

4,120

4,093

Port

New

Orleans

Board

of

Commissioners

Revenue

AMT

,

Series

B

,

.50

%

,

4/1/54

,

Continuously

Callable

@100

...........................................

1,300

1,328

52,656

Maine

(0.4%):

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........................................

9,000

6,585

Maryland

(0.1%):

State

of

Maryland

Department

of

Transportation

Revenue

AMT

,

Series

A

,

.25

%

,

8/1/54

,

Continuously

Callable

@100

...........................................

2,000

2,003

Massachusetts

(2.2%):

Massachusetts

Development

Finance

Agency

Revenue

.00

%

,

4/15/40

,

Continuously

Callable

@100

...............................

1,000

963

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

3,280

2,968

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

1,000

774

.00

%

,

7/1/52

,

Continuously

Callable

@100

...............................

1,500

1,404

.25

%

,

7/1/55

,

Continuously

Callable

@103

...............................

1,000

951

Series

A

,

.50

%

,

7/1/44

,

Continuously

Callable

@100

.........................

2,000

1,810

Series

A

,

.00

%

,

10/1/46

,

Continuously

Callable

@100

........................

3,370

2,582

Series

B

,

.00

%

,

6/1/50

,

Continuously

Callable

@100

.........................

1,700

1,254

Series

B

,

.00

%

,

7/1/50

,

Continuously

Callable

@100

.........................

975

760

Series

D

,

.00

%

,

7/1/44

,

Continuously

Callable

@100

........................

3,000

2,826

Series

E

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

1,000

898

Series

I

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

.........................

4,000

3,725

Series

J2

,

.00

%

,

7/1/53

,

Continuously

Callable

@100

........................

10,000

9,665

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

N

,

.50

%

,

7/1/55

,

Continuously

Callable

@100

........................

$

2,000

$

2,043

Massachusetts

Development

Finance

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

.00

%

,

10/1/45

,

Continuously

Callable

@100

..................

1,250

1,070

Massachusetts

Housing

Finance

Agency

Revenue

,

Series

,

.80

%

,

12/1/55

,

Continuously

Callable

@100

.....................................................

1,250

1,182

34,875

Michigan

(2.9%):

County

of

Genesee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

B

,

.00

%

,

2/1/41

,

Continuously

Callable

@100

.........................

2,000

1,929

Series

B

,

.00

%

,

2/1/46

,

Continuously

Callable

@100

.........................

2,900

2,903

Downriver

Utility

Wastewater

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

4/1/43

,

Continuously

Callable

@100

...............................

2,500

2,509

Flint

Hospital

Building

Authority

Revenue

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

....

2,500

2,216

Jackson

Public

Schools,

GO

(NBGA

-

Michigan

School

Bond

Qualification

and

Loan

Program)

.00

%

,

5/1/45

,

Continuously

Callable

@100

...............................

6,000

6,015

.00

%

,

5/1/48

,

Continuously

Callable

@100

...............................

3,000

2,974

Karegnondi

Water

Authority

Revenue

,

.00

%

,

11/1/45

,

Continuously

Callable

@100

.......

2,750

2,710

Livonia

Public

Schools,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

5/1/45

,

Continuously

Callable

@100

...........................................

4,000

3,920

Michigan

Finance

Authority

Revenue

.00

%

,

11/1/43

,

Continuously

Callable

@100

...............................

1,000

1,008

.00

%

,

2/15/44

,

Continuously

Callable

@100

...............................

5,000

4,319

.00

%

,

2/15/47

,

Continuously

Callable

@100

...............................

1,000

840

.00

%

,

2/15/50

,

Continuously

Callable

@100

...............................

2,000

1,640

.00

%

,

9/1/50

,

Continuously

Callable

@100

...............................

1,000

743

.63

%

,

11/1/52

,

Continuously

Callable

@100

...............................

3,000

2,794

.00

%

,

11/1/55

,

Continuously

Callable

@100

...............................

4,000

3,312

Series

A

,

.00

%

,

11/15/50

,

Continuously

Callable

@100

.......................

3,000

2,486

Michigan

State

Building

Authority

Revenue

,

.00

%

,

10/15/49

,

Continuously

Callable

@100

.

2,500

2,130

Michigan

State

Housing

Development

Authority

Revenue

,

Series

A

,

.00

%

,

12/1/55

,

Continuously

Callable

@100

...........................................

1,000

988

45,436

Mississippi

(0.1%):

Mississippi

Home

Corp.

Revenue

,

Series

A

,

.95

%

,

6/1/53

,

Continuously

Callable

@100

...

1,665

1,651

Missouri

(3.4%):

Cape

Girardeau

County

IDA

Revenue

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

750

759

Series

A

,

.00

%

,

3/1/33

,

Continuously

Callable

@101

.........................

1,625

1,644

Hannibal

IDA

Revenue

,

.00

%

,

10/1/47

,

Continuously

Callable

@100

.................

3,000

2,728

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

.00

%

,

8/1/36

,

Continuously

Callable

@100

...............................

0.00%,

5/15/40

,

Continuously

Callable

@103

(e) .............................

1,768

.00

%

,

8/1/41

,

Continuously

Callable

@100

...............................

.00

%

,

2/1/48

,

Continuously

Callable

@100

...............................

10,000

7,875

.00

%

,

2/15/51

,

Continuously

Callable

@100

...............................

1,000

777

.00

%

,

12/1/52

,

Continuously

Callable

@100

...............................

1,000

979

Series

A

,

.00

%

,

2/1/42

,

Continuously

Callable

@103

.........................

3,500

3,490

Series

A

,

.00

%

,

2/15/54

,

Continuously

Callable

@100

........................

2,500

1,954

Missouri

Development

Finance

Board

Revenue

.00

%

,

3/1/51

,

Continuously

Callable

@100

...............................

2,000

1,582

Series

D

,

.00

%

,

6/1/46

,

Continuously

Callable

@100

........................

17,775

15,372

Missouri

Housing

Development

Commission

Revenue

Series

A

,

.65

%

,

11/1/55

,

Continuously

Callable

@100

........................

1,000

926

Series

C

,

.00

%

,

11/1/55

,

Continuously

Callable

@100

........................

1,000

990

Series

D

,

.15

%

,

11/1/55

,

Continuously

Callable

@100

........................

1,000

1,004

St.

Louis

County

IDA

Revenue

.00

%

,

9/1/48

,

Continuously

Callable

@100

...............................

2,000

1,881

Series

A

,

.88

%

,

9/1/43

,

Continuously

Callable

@100

.........................

5,000

5,002

St.

Louis

Municipal

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

10/1/38

,

Continuously

Callable

@100

...............................

3,065

3,131

Stoddard

County

IDA

Revenue

,

Series

B

,

.00

%

,

3/1/37

,

Continuously

Callable

@101

.....

1,645

1,664

52,646

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Montana

(0.3%):

City

of

Forsyth

Revenue

,

Series

A

,

.90

%

,

3/1/31

,

Continuously

Callable

@100

..........

$

4,000

$

3,979

Montana

Board

of

Housing

Revenue

,

Series

A

,

.88

%

,

12/1/54

,

Continuously

Callable

@100

Montana

Facility

Finance

Authority

Revenue

.00

%

,

6/1/45

,

Continuously

Callable

@100

...............................

1,000

858

Series

A

,

.50

%

,

2/15/55

,

Continuously

Callable

@100

........................

5,247

Nebraska

(1.6%):

Central

Plains

Energy

Project

Revenue

,

Series

A

,

.00

%

,

9/1/42

,

Continuously

Callable

@100

13,665

13,921

Douglas

County

Hospital

Authority

No.

Revenue

,

.00

%

,

11/1/48

,

Continuously

Callable

@100

...........................................................

3,400

3,299

Nebraska

Educational

Health

Cultural

&

Social

Services

Finance

Authority

Revenue

,

Series

S

,

.00

%

,

1/1/49

,

Continuously

Callable

@102

...............................

7,500

5,992

Omaha

Airport

Authority

Revenue

AMT

,

.25

%

,

12/15/54

,

Continuously

Callable

@100

....

1,500

1,513

24,725

Nevada

(1.2%):

Carson

City

Revenue

,

.00

%

,

9/1/47

,

Continuously

Callable

@100

...................

2,775

2,552

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Series

C

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

4,400

4,043

Series

C

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

.........................

12,140

10,646

Reno-Tahoe

Airport

Authority

Revenue

AMT

,

Series

A

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

...........................................................

1,000

983

18,224

New

Hampshire

(0.4%):

New

Hampshire

Business

Finance

Authority

Revenue

.00

%

,

1/1/51

,

Continuously

Callable

@103

...............................

3,000

2,231

Series

A

,

.25

%

,

7/1/48

,

Continuously

Callable

@103

.........................

1,000

961

Series

A

,

.25

%

,

11/1/54

,

Continuously

Callable

@100

........................

1,000

988

Series

C

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

.........................

2,750

2,599

6,779

New

Jersey

(2.5%):

City

of

Newark

Mass

Transit

Access

Tax

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

.38

%

,

11/15/52

,

Continuously

Callable

@100

...................................

1,000

1,041

New

Jersey

Economic

Development

Authority

Revenue

.00

%

,

11/1/44

,

Continuously

Callable

@100

...............................

3,000

2,592

Series

A

,

.00

%

,

6/15/47

,

Continuously

Callable

@100

........................

3,000

2,904

Series

B

,

.00

%

,

6/15/43

,

Continuously

Callable

@100

........................

3,500

3,519

New

Jersey

Economic

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

6/1/42

,

Continuously

Callable

@100

..........................

1,200

1,205

New

Jersey

Educational

Facilities

Authority

Revenue

Series

B

,

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

5,000

5,084

Series

F

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

3,000

2,205

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

,

.00

%

,

10/1/38

,

Continuously

Callable

@100

.....................................................

2,250

2,273

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........

1,250

1,243

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

,

Series

BB

,

.00

%

,

6/15/50

,

Continuously

Callable

@100

...........................................

15,000

12,759

The

Camden

County

Improvement

Authority

Revenue

,

.00

%

,

6/15/52

,

Continuously

Callable

@100

...........................................................

1,325

1,357

The

Passaic

County

Improvement

Authority

Revenue

,

.38

%

,

7/1/53

,

Continuously

Callable

@100

...........................................................

500

Tobacco

Settlement

Financing

Corp.

Revenue

,

Series

A

,

.25

%

,

6/1/46

,

Continuously

Callable

@100

...........................................................

3,000

2,990

39,664

New

Mexico

(0.5%):

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

,

Series

A

,

.00

%

,

7/1/49

,

Continuously

Callable

@102

...........................................

8,625

7,525

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation

,

.25

%

,

5/1/40

,

Continuously

Callable

@103

(b) ...................................

670

602

8,127

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

York

(2.8%):

Allegany

County

Capital

Resource

Corp.

Revenue

,

Series

A

,

.00

%

,

12/1/52

,

Continuously

Callable

@100

.....................................................

$

4,000

$

3,247

Build

NYC

Resource

Corp.

Revenue

Series

A

,

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

700

634

Series

A

,

.00

%

,

4/15/53

,

Continuously

Callable

@100

(b) ......................

2,500

2,519

Series

A

,

.50

%

,

12/1/56

,

Continuously

Callable

@100

........................

720

722

City

of

New

York,

GO

,

Series

,

.25

%

,

10/1/46

,

(Put

Date

9/4/25)

(a) (d) .............

935

935

Empire

State

Development

Corp.

Revenue

,

Series

A

,

.00

%

,

3/15/45

,

Continuously

Callable

@100

...........................................................

5,000

4,364

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund

Revenue

,

Series

A

,

11/15/32

(c) ..

5,000

3,776

Metropolitan

Transportation

Authority

Revenue

,

Series

,

.00

%

,

11/15/45

,

(Put

Date

5/15/30)

(a) .......................................................

5,490

5,845

New

York

City

Housing

Development

Corp.

Revenue

,

Series

,

.80

%

,

11/1/55

,

Continuously

Callable

@100

...........................................

1,000

955

New

York

City

Municipal

Water

Finance

Authority

Revenue

,

Series

DD

,

.25

%

,

6/15/33

,

(Put

Date

9/4/25)

(a) (d) ..................................................

500

500

New

York

Liberty

Development

Corp.

Revenue

,

.80

%

,

9/15/69

,

Continuously

Callable

@100

1,500

1,387

New

York

State

Dormitory

Authority

Revenue

.25

%

,

10/1/49

,

Continuously

Callable

@100

...............................

2,000

1,937

Series

A

,

.25

%

,

7/1/50

,

Continuously

Callable

@100

.........................

625

527

Series

A

,

.00

%

,

9/1/50

,

Continuously

Callable

@100

.........................

3,000

2,335

Series

,

.50

%

,

7/1/55

,

Continuously

Callable

@100

.......................

New

York

Transportation

Development

Corp.

Revenue

AMT

(INS

-

Assured

Guaranty

Corp.)

,

.63

%

,

6/30/54

,

Continuously

Callable

@100

...............................

5,000

4,405

Onondaga

Civic

Development

Corp.

Revenue

,

.38

%

,

8/1/54

,

Continuously

Callable

@100

..

750

610

Triborough

Bridge

&

Tunnel

Authority

Revenue

Series

A

,

11/15/31

(c) ................................................

5,000

4,108

Series

A

,

11/15/32

(c) ................................................

3,000

2,359

Series

B

,

11/15/32

(c) ................................................

2,500

1,980

TSASC,

Inc.

Revenue

,

Series

A

,

.00

%

,

6/1/41

,

Continuously

Callable

@100

............

1,000

966

44,457

North

Carolina

(0.3%):

North

Carolina

Medical

Care

Commission

Revenue

.00

%

,

1/1/49

,

Continuously

Callable

@103

...............................

2,725

2,521

.25

%

,

12/1/54

,

Continuously

Callable

@100

...............................

2,000

1,881

Series

A

,

.00

%

,

10/1/50

,

Continuously

Callable

@103

........................

1,000

803

5,205

North

Dakota

(0.8%):

City

of

Grand

Forks

Revenue

.00

%

,

12/1/51

,

Continuously

Callable

@100

...............................

2,375

1,951

Series

A

,

.00

%

,

12/1/53

,

Continuously

Callable

@100

........................

1,400

1,367

County

of

Ward

Revenue

,

Series

C

,

.00

%

,

6/1/43

,

Continuously

Callable

@100

.........

7,500

6,897

North

Dakota

Housing

Finance

Agency

Revenue

,

Series

A

,

.05

%

,

7/1/53

,

Continuously

Callable

@100

.....................................................

University

of

North

Dakota

Certificate

of

Participation

(INS

-

Assured

Guaranty

Corp.)

,

Series

A

,

.00

%

,

6/1/51

,

Continuously

Callable

@100

.............................

1,500

1,241

11,918

Ohio

(3.4%):

City

of

Centerville

Revenue

,

.25

%

,

11/1/47

,

Continuously

Callable

@100

..............

2,700

2,421

City

of

Middleburg

Heights

Revenue

,

Series

A

,

.00

%

,

8/1/47

,

Continuously

Callable

@100

.

2,000

1,557

Columbus

Regional

Airport

Authority

Revenue

AMT

,

Series

A

,

.50

%

,

1/1/55

,

Continuously

Callable

@100

.....................................................

2,000

2,033

County

of

Cuyahoga

Revenue

,

.75

%

,

2/15/47

,

Continuously

Callable

@100

............

9,000

7,778

County

of

Franklin

Revenue

,

Series

B

,

.00

%

,

7/1/45

,

Continuously

Callable

@103

.......

5,000

4,490

County

of

Hamilton

Revenue

.00

%

,

1/1/51

,

Continuously

Callable

@100

...............................

2,500

2,262

Series

A

,

.50

%

,

8/1/51

,

Continuously

Callable

@100

.........................

1,335

1,297

Series

A

,

.75

%

,

1/1/53

,

Continuously

Callable

@103

.........................

2,000

1,978

County

of

Lucas

Revenue

,

Series

A

,

.25

%

,

11/15/48

,

Continuously

Callable

@100

.......

3,000

2,864

County

of

Montgomery

Revenue

.00

%

,

11/15/42

,

Continuously

Callable

@100

..............................

2,500

2,140

.00

%

,

11/15/45

,

Continuously

Callable

@100

..............................

2,000

1,645

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5

.25

%

,

9/1/54

,

Continuously

Callable

@100

...............................

$

1,500

$

1,464

County

of

Ross

Revenue

,

.00

%

,

12/1/49

,

Continuously

Callable

@100

................

9,100

8,500

County

of

Warren

Revenue

,

.00

%

,

7/1/54

,

Continuously

Callable

@100

...............

1,785

1,643

Ohio

Higher

Educational

Facility

Commission

Revenue

.00

%

,

9/1/47

,

Continuously

Callable

@100

...............................

4,475

4,559

.25

%

,

5/1/54

,

Continuously

Callable

@100

...............................

1,500

1,462

State

of

Ohio

Revenue

.00

%

,

11/15/40

,

Continuously

Callable

@100

..............................

655

582

Series

A

,

.00

%

,

1/15/50

,

Continuously

Callable

@100

........................

5,000

4,200

52,875

Oklahoma

(1.1%):

Norman

Regional

Hospital

Authority

Revenue

,

.00

%

,

9/1/45

,

Continuously

Callable

@100

.

4,250

2,512

Oklahoma

Development

Finance

Authority

Revenue

,

Series

B

,

.50

%

,

8/15/57

,

Continuously

Callable

@100

.....................................................

4,250

3,996

Oklahoma

Municipal

Power

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/47

,

Continuously

Callable

@100

.....................................................

10,000

8,464

Tulsa

County

Industrial

Authority

Revenue

,

.25

%

,

11/15/45

,

Continuously

Callable

@102

..

2,000

1,876

16,848

Oregon

(0.7%):

City

of

Keizer

Special

Assessment

,

.20

%

,

6/1/31

,

Continuously

Callable

@100

..........

Deschutes

County

Hospital

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/46

,

Continuously

Callable

@100

...........................................

2,000

1,712

Medford

Hospital

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

8/15/50

,

Continuously

Callable

@100

.....................................................

3,800

3,109

Oregon

State

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

10/1/51

,

Continuously

Callable

@100

...........................................................

1,000

759

Port

of

Portland

Airport

Revenue

AMT

,

Series

30A

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

...........................................................

1,000

1,005

Salem

Hospital

Facility

Authority

Revenue

,

.00

%

,

5/15/53

,

Continuously

Callable

@102

...

1,000

863

Union

County

Hospital

Facility

Authority

Revenue

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

.00

%

,

7/1/52

,

Continuously

Callable

@100

...............................

1,325

1,205

Yamhill

County

Hospital

Authority

Revenue

,

Series

A

,

.00

%

,

11/15/51

,

Continuously

Callable

@102

...........................................................

1,180

940

10,483

Pennsylvania

(8.5%):

Adams

County

General

Authority

Revenue

,

.00

%

,

8/15/45

,

Continuously

Callable

@100

...

7,400

6,217

Allegheny

County

Airport

Authority

Revenue

AMT

,

Series

A

,

.50

%

,

1/1/55

,

Continuously

Callable

@100

.....................................................

1,000

1,020

Allegheny

County

Hospital

Development

Authority

Revenue

,

Series

A

,

.00

%

,

4/1/47

,

Continuously

Callable

@100

...........................................

3,500

3,331

Allegheny

County

Sanitary

Authority

Revenue

,

.13

%

,

12/1/55

,

Continuously

Callable

@100

500

Allentown

Commercial

and

IDA

Revenue

.00

%

,

7/1/50

,

Continuously

Callable

@100

(b) .............................

2,000

1,793

.00

%

,

6/15/53

,

Continuously

Callable

@100

...............................

1,600

1,610

Altoona

Area

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

12/1/45

,

Pre-refunded

12/01/25

@

..............................

1,000

1,006

.00

%

,

12/1/48

,

Pre-refunded

12/01/25

@

..............................

Armstrong

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

.00

%

,

3/15/38

,

Continuously

Callable

@100

........................

1,000

978

Series

A

,

.00

%

,

3/15/41

,

Continuously

Callable

@100

........................

2,250

2,152

Bucks

County

IDA

Revenue

,

.00

%

,

8/15/50

,

Continuously

Callable

@100

.............

3,000

2,371

Canon-McMillan

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

6/1/44

,

Continuously

Callable

@100

...............................

3,500

3,071

.00

%

,

6/1/48

,

Continuously

Callable

@100

...............................

1,105

970

.00

%

,

6/1/50

,

Continuously

Callable

@100

...............................

6,065

5,258

Chester

County

IDA

Revenue

.00

%

,

10/15/52

,

Continuously

Callable

@100

(b) ............................

1,775

1,728

.50

%

,

10/1/54

,

Continuously

Callable

@100

(b) ............................

645

529

Series

A

,

.25

%

,

10/15/47

,

Continuously

Callable

@100

.......................

3,250

2,891

Commonwealth

of

Pennsylvania

Certificate

of

Participation

,

Series

A

,

.00

%

,

7/1/43

,

Continuously

Callable

@100

...........................................

1,000

989

County

of

Allegheny,

GO

,

Series

,

.00

%

,

11/1/43

,

Continuously

Callable

@100

......

3,170

3,196

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) County

of

Lehigh

Revenue

,

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............

$

11,000

$

8,902

Delaware

County

Authority

Revenue

,

.00

%

,

10/1/39

,

Continuously

Callable

@100

.......

2,250

2,172

Delaware

River

Joint

Toll

Bridge

Commission

Revenue

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

...........................................................

5,000

5,001

General

Authority

of

Southcentral

Pennsylvania

Revenue

,

.25

%

,

5/1/55

,

Continuously

Callable

@100

.....................................................

2,000

1,889

Lancaster

IDA

Revenue

,

.00

%

,

7/1/51

,

Continuously

Callable

@103

.................

1,000

768

Lancaster

Municipal

Authority

Revenue

,

Series

B

,

.00

%

,

5/1/54

,

Continuously

Callable

@103

800

730

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

,

Series

B

,

.00

%

,

5/1/52

,

Continuously

Callable

@100

...........................................

8,000

6,437

Montgomery

County

IDA

Revenue

.00

%

,

12/1/49

,

Continuously

Callable

@103

...............................

2,000

1,818

Series

A

,

.00

%

,

12/1/48

,

Continuously

Callable

@102

........................

2,000

1,868

Northampton

County

General

Purpose

Authority

Revenue

.00

%

,

8/15/40

,

Continuously

Callable

@100

...............................

4,000

3,542

.00

%

,

8/15/48

,

Continuously

Callable

@100

...............................

2,440

2,284

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

.00

%

,

5/1/44

,

Continuously

Callable

@100

...............................

1,000

907

.00

%

,

5/1/49

,

Continuously

Callable

@100

...............................

1,350

1,186

Pennsylvania

Economic

Development

Financing

Authority

Revenue

.00

%

,

7/1/46

,

Continuously

Callable

@103

...............................

1,000

804

Series

A

,

.00

%

,

10/15/51

,

Continuously

Callable

@100

.......................

2,320

1,872

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Series

A

,

.00

%

,

7/15/46

,

Continuously

Callable

@100

........................

2,025

1,594

Series

B2

,

.38

%

,

11/1/54

,

Continuously

Callable

@100

.......................

1,200

1,023

Pennsylvania

Housing

Finance

Agency

Revenue

Series

148A

,

.80

%

,

10/1/55

,

Continuously

Callable

@100

.....................

2,000

1,878

Series

149A

,

.20

%

,

4/1/53

,

Continuously

Callable

@100

......................

500

500

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

,

Series

B

,

.00

%

,

12/1/51

,

Continuously

Callable

@100

...........................................

5,645

4,644

Pennsylvania

Turnpike

Commission

Revenue

Series

,

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,000

1,033

Series

A

,

.00

%

,

12/1/49

,

Continuously

Callable

@100

........................

5,000

4,160

Series

,

.00

%

,

12/1/46

,

Continuously

Callable

@100

......................

3,000

2,889

Series

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

......................

4,000

3,965

Series

,

.00

%

,

12/1/33

,

Continuously

Callable

@100

......................

1,250

1,330

Series

B

,

.00

%

,

12/1/51

,

Continuously

Callable

@100

........................

1,500

1,252

Series

,

.00

%

,

6/1/42

,

Continuously

Callable

@100

.......................

9,000

9,014

Reading

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

4/1/44

,

Continuously

Callable

@100

.....................................

1,055

957

Scranton

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

E

,

.00

%

,

12/1/37

,

Continuously

Callable

@100

....................................

1,025

994

The

Berks

County

Municipal

Authority

Revenue

Series

A1

,

.00

%

,

6/30/34

,

Continuously

Callable

@104

.......................

885

900

Series

A-2A

,

.00

%

,

6/30/34

,

Continuously

Callable

@104

.....................

Series

A3

,

.00

%

,

6/30/39

,

Continuously

Callable

@100

.......................

5,950

5,325

Series

B1

,

0.00%

,

6/30/44

,

Continuously

Callable

@88

(f) ......................

2,973

2,079

The

School

District

of

Philadelphia,

GO

Series

B

,

.00

%

,

9/1/43

,

Continuously

Callable

@100

.........................

2,500

2,503

Series

F

,

.00

%

,

9/1/37

,

Continuously

Callable

@100

.........................

1,000

1,016

Series

F

,

.00

%

,

9/1/38

,

Pre-refunded

9/01/26

@

.........................

Series

F

,

.00

%

,

9/1/38

,

Continuously

Callable

@100

.........................

1,990

2,024

Wilkes-Barre

Area

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

4/15/49

,

Continuously

Callable

@100

...............................

750

660

.00

%

,

4/15/59

,

Continuously

Callable

@100

...............................

3,000

3,021

133,265

Rhode

Island

(0.1%):

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

,

Series

85-A

,

.70

%

,

4/1/55

,

Continuously

Callable

@100

...........................................

1,000

941

South

Carolina

(0.6%):

Charleston

County

Airport

District

Revenue

AMT

,

Series

A

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

.....................................................

1,500

1,519

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) City

of

Rock

Hill

Combined

Utility

System

Revenue

,

Series

A

,

.00

%

,

1/1/49

,

Continuously

Callable

@100

.....................................................

$

2,500

$

2,105

Patriots

Energy

Group

Revenue

,

Series

A

,

.00

%

,

6/1/51

,

Continuously

Callable

@100

.....

2,000

1,694

South

Carolina

Jobs-Economic

Development

Authority

Revenue

.00

%

,

11/15/47

,

Continuously

Callable

@103

..............................

1,850

1,691

.00

%

,

4/1/54

,

Continuously

Callable

@103

...............................

1,165

859

.00

%

,

4/1/54

,

Continuously

Callable

@103

...............................

1,000

901

8,769

Tennessee

(1.1%):

Greeneville

Health

&

Educational

Facilities

Board

Revenue

,

.00

%

,

7/1/44

,

Continuously

Callable

@100

.....................................................

2,000

1,959

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

,

Series

,

.50

%

,

7/1/54

,

Continuously

Callable

@100

.....................................

1,000

1,018

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

.00

%

,

7/1/46

,

Continuously

Callable

@100

...............................

5,000

4,930

.00

%

,

10/1/51

,

Continuously

Callable

@100

...............................

1,000

751

Series

A

,

.00

%

,

10/1/45

,

Continuously

Callable

@100

........................

1,500

1,398

Shelby

County

Health

&

Educational

Facilities

Board

Revenue

,

Series

A1

,

.25

%

,

6/1/56

,

Continuously

Callable

@100

(b) ........................................

1,000

914

Tennergy

Corp.

Revenue

,

Series

A

,

.50

%

,

10/1/53

,

(Put

Date

12/1/30)

(a) ..............

5,000

5,333

Tennessee

Housing

Development

Agency

Revenue

,

Series

1A

,

.05

%

,

7/1/55

,

Continuously

Callable

@100

.....................................................

500

16,794

Texas

(15.2%):

Arlington

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

.00

%

,

8/15/43

,

Continuously

Callable

@100

...............................

10,000

8,864

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

2,170

1,960

.13

%

,

8/15/54

,

Continuously

Callable

@100

...............................

500

.50

%

,

8/15/55

,

Continuously

Callable

@100

...............................

1,000

894

Series

A

,

.00

%

,

2/15/41

,

Continuously

Callable

@100

........................

3,000

3,019

Series

A

,

.00

%

,

12/1/53

,

Continuously

Callable

@100

........................

7,200

6,984

Bexar

County

Health

Facilities

Development

Corp.

Revenue

.00

%

,

7/15/42

,

Continuously

Callable

@103

...............................

600

544

.00

%

,

7/15/45

,

Continuously

Callable

@100

...............................

8,450

6,515

Capital

Area

Housing

Finance

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2025-

DBE8159

,

.50

%

,

3/1/41

,

(Put

Date

9/4/25)

(a) (b) (d) ..........................

2,500

2,500

Central

Texas

Regional

Mobility

Authority

Revenue

,

.00

%

,

1/1/41

,

Continuously

Callable

@100

...........................................................

5,000

4,359

Central

Texas

Turnpike

System

Revenue

(INS

-

AMBAC

Assurance

Corp.)

,

Series

A

,

8/15/30

(c) ........................................................

18,530

15,983

City

of

Arlington

Special

Tax

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

2/15/48

,

Continuously

Callable

@100

...............................

6,500

6,447

City

of

Corpus

Christi

Utility

System

Revenue

,

.00

%

,

7/15/39

,

Continuously

Callable

@100

5,900

5,458

City

of

Garland

Electric

Utility

System

Revenue

,

Series

A

,

.00

%

,

3/1/51

,

Continuously

Callable

@100

.....................................................

1,000

828

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

,

.00

%

,

9/1/40

,

Continuously

Callable

@100

.....................................................

3,715

3,719

City

of

Laredo

Waterworks

&

Sewer

System

Revenue

,

.00

%

,

3/1/41

,

Continuously

Callable

@100

...........................................................

700

638

Clifton

Higher

Education

Finance

Corp.

Revenue

,

.25

%

,

8/15/52

,

Continuously

Callable

@100

...........................................................

1,500

1,235

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

11,000

9,695

.00

%

,

8/15/48

,

Continuously

Callable

@100

...............................

10,000

9,758

County

of

Bexar

Revenue

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

500

.00

%

,

8/15/49

,

Continuously

Callable

@100

...............................

1,700

1,419

Del

Mar

College

District,

GO

,

Series

A

,

.00

%

,

8/15/48

,

Continuously

Callable

@100

.....

6,500

6,504

El

Paso

County

Hospital

District

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.25

%

,

2/15/54

,

Continuously

Callable

@100

...............................

1,250

1,088

Everman

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

.00

%

,

2/15/50

,

Continuously

Callable

@100

....................................

4,500

3,869

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Grand

Parkway

Transportation

Corp.

Revenue

,

.00

%

,

10/1/49

,

Continuously

Callable

@100

$

2,000

$

1,686

Greater

Texas

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

.00

%

,

3/1/50

,

Continuously

Callable

@100

...........................................

2,000

1,680

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

Series

A

,

.00

%

,

6/1/38

,

Continuously

Callable

@100

...........................................

6,100

4,464

Harris

County

Hospital

District

Revenue

,

.00

%

,

2/15/42

,

Continuously

Callable

@100

....

15,000

12,947

Kerrville

Health

Facilities

Development

Corp.

Revenue

,

.00

%

,

8/15/35

,

Continuously

Callable

@100

.....................................................

1,900

1,900

Manor

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

.00

%

,

8/1/52

,

Continuously

Callable

@100

.....................................

15,095

15,154

Matagorda

County

Navigation

District

No.

Revenue

Series

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

.......................

9,615

9,616

Series

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

.......................

6,000

6,002

Midlothian

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

.00

%

,

2/15/47

,

Continuously

Callable

@100

....................................

15,000

15,054

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

.00

%

,

11/1/55

,

Continuously

Callable

@103

...............................

1,250

958

Series

,

.50

%

,

11/15/37

...........................................

Series

,

.50

%

,

11/15/36

...........................................

2,565

1,845

Series

B

,

.00

%

(2

.00

%

PIK)

,

11/15/61

,

Continuously

Callable

@105

(e) ...........

11,050

2,053

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A1

,

.00

%

,

7/1/48

,

Continuously

Callable

@100

..........

1,000

979

North

Texas

Tollway

Authority

Revenue

.00

%

,

1/1/48

,

Continuously

Callable

@100

...............................

3,750

3,724

Series

B

,

9/1/37

,

Pre-refunded

9/01/31

@

(c) .............................

3,000

1,600

North

Texas

Tollway

Authority

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

B

,

.00

%

,

1/1/48

,

Continuously

Callable

@100

.........................

5,000

4,958

Port

of

Port

Arthur

Navigation

District

Revenue

Series

B

,

.30

%

,

4/1/40

,

(Put

Date

9/4/25)

(a) (d) .............................

3,600

3,600

Series

C

,

.35

%

,

4/1/40

,

(Put

Date

9/4/25)

(a) (d) .............................

2,200

2,200

Red

River

Education

Finance

Corp.

Revenue

.00

%

,

6/1/41

,

Continuously

Callable

@100

...............................

2,000

1,706

.50

%

,

10/1/46

,

Continuously

Callable

@100

...............................

3,000

2,855

San

Antonio

Education

Facilities

Corp.

Revenue

.00

%

,

4/1/54

,

Continuously

Callable

@100

...............................

1,000

716

.50

%

,

10/1/55

,

Continuously

Callable

@100

...............................

1,700

1,622

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

.00

%

,

11/15/46

,

Continuously

Callable

@100

..............................

1,000

907

Series

A

,

0.00%

,

11/15/45

,

Continuously

Callable

@100

(e) .....................

3,682

Series

B

,

0.00%

,

11/15/36

,

Continuously

Callable

@100

(e) .....................

2,945

Series

B

,

.00

%

,

11/15/46

,

Continuously

Callable

@100

.......................

9,000

8,104

Texas

Transportation

Commission

State

Highway

System

Revenue

,

.00

%

,

8/1/57

,

Continuously

Callable

@100

...........................................

5,000

4,985

Uptown

Development

Authority

Tax

Allocation

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

4,365

4,370

.00

%

,

9/1/40

,

Continuously

Callable

@100

...............................

2,490

2,454

Series

A

,

.00

%

,

9/1/39

,

Continuously

Callable

@100

.........................

1,645

1,545

Victory

Street

Public

Facility

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2025-

DBE8158

,

.50

%

,

8/1/62

,

(Put

Date

9/4/25)

(a) (b) (d) ..........................

2,500

2,500

Waco

Educational

Finance

Corp.

Revenue

,

.00

%

,

3/1/51

,

Continuously

Callable

@100

....

4,000

3,294

West

Harris

County

Regional

Water

Authority

Revenue

.00

%

,

12/15/45

,

Continuously

Callable

@100

..............................

1,600

1,373

.00

%

,

12/15/49

,

Continuously

Callable

@100

..............................

3,945

3,246

Ysleta

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

.00

%

,

8/15/52

,

Continuously

Callable

@100

....................................

5,000

4,185

237,809

Utah

(0.2%):

Military

Installation

Development

Authority

Revenue

Series

,

.00

%

,

6/1/41

,

Continuously

Callable

@103

.......................

1,500

1,286

Series

,

.00

%

,

6/1/52

,

Continuously

Callable

@103

.......................

1,000

769

Utah

Charter

School

Finance

Authority

Revenue

Series

A

,

.63

%

,

6/15/42

,

Continuously

Callable

@100

(b) ......................

500

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.00

%

,

10/15/51

,

Continuously

Callable

@100

.......................

$

1,550

$

1,217

3,755

Vermont

(0.5%):

Vermont

Economic

Development

Authority

Revenue

,

.00

%

,

5/1/45

,

Continuously

Callable

@103

...........................................................

1,350

1,040

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

.00

%

,

10/15/46

,

Continuously

Callable

@100

..............................

7,000

5,701

.00

%

,

10/1/52

,

Continuously

Callable

@100

(b) ............................

2,000

1,790

8,531

Virginia

(0.6%):

Alexandria

IDA

Revenue

.00

%

,

10/1/45

,

Pre-refunded

10/01/25

@

..............................

2,600

2,605

.00

%

,

10/1/50

,

Pre-refunded

10/01/25

@

..............................

2,400

2,405

Lewistown

Commerce

Center

Community

Development

Authority

Tax

Allocation

Series

A

,

.05

%

,

3/1/44

,

Continuously

Callable

@102

(e) .......................

1,598

1,119

Series

B

,

.05

%

,

3/1/44

,

Continuously

Callable

@102

.........................

1,506

1,207

Series

C

,

.75

%

,

3/1/54

,

Continuously

Callable

@100

(e) .......................

6,327

2,657

9,993

Washington

(1.8%):

County

of

Spokane

Airport

Revenue

AMT

,

Series

B

,

.25

%

,

1/1/54

,

Continuously

Callable

@100

...........................................................

2,000

1,970

King

County

Public

Hospital

District

No.

1,

GO

,

.00

%

,

12/1/43

,

Continuously

Callable

@100

9,000

9,023

King

County

Public

Hospital

District

No.

2,

GO

,

Series

A

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

.....................................................

4,000

3,457

Skagit

County

Public

Hospital

District

No.

Revenue

,

.50

%

,

12/1/54

,

Continuously

Callable

@100

...........................................................

1,000

994

Washington

Health

Care

Facilities

Authority

Revenue

,

.00

%

,

7/1/42

,

Continuously

Callable

@100

...........................................................

5,500

4,691

Washington

Higher

Education

Facilities

Authority

Revenue

,

.00

%

,

5/1/50

,

Continuously

Callable

@100

.....................................................

1,250

1,025

Washington

State

Housing

Finance

Commission

Revenue

.00

%

,

1/1/43

,

Continuously

Callable

@102

(b) .............................

3,055

2,797

.13

%

,

7/1/53

,

Continuously

Callable

@103

(b) .............................

2,000

2,041

Series

A

,

.00

%

,

7/1/48

,

Continuously

Callable

@103

.........................

1,100

1,045

Series

,

.50

%

,

12/20/35

...........................................

935

875

27,918

West

Virginia

(0.4%):

West

Virginia

Hospital

Finance

Authority

Revenue

.00

%

,

1/1/43

,

Continuously

Callable

@100

...............................

2,000

1,787

Series

A

,

.38

%

,

6/1/53

,

Continuously

Callable

@100

.........................

3,000

2,631

Series

B

,

.00

%

,

9/1/53

,

Continuously

Callable

@100

.........................

1,750

1,816

6,234

Wisconsin

(3.5%):

Public

Finance

Authority

Revenue

.25

%

,

5/15/42

,

Continuously

Callable

@102

(b) ............................

2,200

2,117

.00

%

,

7/1/44

,

Continuously

Callable

@100

...............................

6,000

6,008

.00

%

,

11/15/44

,

Continuously

Callable

@103

..............................

.00

%

,

1/1/45

,

Continuously

Callable

@100

...............................

1,500

1,316

.00

%

,

6/15/49

,

Continuously

Callable

@100

(b) ............................

520

.00

%

,

6/15/49

,

Continuously

Callable

@100

...............................

1,480

1,344

.00

%

,

11/15/49

,

Continuously

Callable

@103

..............................

2,400

2,191

.00

%

,

2/1/51

,

Continuously

Callable

@100

...............................

1,500

1,011

.00

%

,

10/1/51

,

Continuously

Callable

@103

...............................

2,185

1,697

.00

%

,

1/1/52

,

Continuously

Callable

@103

...............................

2,350

1,893

.13

%

,

4/1/52

,

Continuously

Callable

@100

...............................

3,000

2,765

.00

%

,

6/15/53

,

Continuously

Callable

@100

...............................

1,000

894

.00

%

,

2/1/54

,

Continuously

Callable

@100

...............................

500

.00

%

,

6/15/54

,

Continuously

Callable

@100

(b) ............................

Series

A

,

.25

%

,

10/1/43

,

Continuously

Callable

@100

........................

3,090

2,937

Series

A

,

.00

%

,

10/1/47

,

Continuously

Callable

@100

........................

4,740

3,936

Series

A

,

.00

%

,

10/1/49

,

Continuously

Callable

@100

........................

11,000

9,105

Series

A

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

.........................

1,000

759

Series

A

,

.63

%

,

7/1/53

,

Continuously

Callable

@103

(b) ......................

570

587

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.25

%

,

6/15/55

,

Continuously

Callable

@100

........................

$

500

$

Series

A

,

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

2,250

1,570

Series

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

(b) .....................

2,870

2,203

Series

B

,

.50

%

,

6/15/55

,

Continuously

Callable

@100

........................

Series

L

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

1,000

910

Series

L

,

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

1,000

884

Public

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

7/1/54

,

Continuously

Callable

@100

.........................

1,285

1,238

Series

A

,

.00

%

,

7/1/58

,

Continuously

Callable

@100

.........................

1,500

1,430

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

.00

%

,

1/1/47

,

Continuously

Callable

@103

...............................

.00

%

,

3/15/50

,

Continuously

Callable

@100

...............................

1,175

1,094

.00

%

,

12/1/51

,

Continuously

Callable

@100

...............................

500

.38

%

,

8/15/55

,

Continuously

Callable

@100

...............................

2,000

1,788

.00

%

,

1/1/57

,

Continuously

Callable

@103

...............................

3,000

2,214

Series

B

,

.00

%

,

9/15/45

,

Continuously

Callable

@103

........................

55,267

Total

Municipal

Bonds

(Cost

$1,717,392)

a

a

a

1,547,152

Total

Investments

(Cost

$1,717,392)

—

99.0%

1,547,152

Other

assets

in

excess

of

liabilities

— 1.0%

15,216

NET

ASSETS

-

100.00%

$

1,562,368

(a) Put

Bond.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

August

31,

2025,

the

fair

value

of

these

securities

was

$37,362

(thousands)

and

amounted

to

2.4%

of

net

assets.

(c) Zero-coupon

bond.

(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) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

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.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(98.5%)

Alabama

(9.0%):

Baldwin

County

Industrial

Development

Authority

Revenue

AMT

,

Series

A

,

.00

%

,

6/1/55

,

(Put

Date

6/1/32)

(a) (b) ...............................................

$

1,000

$

1,001

Black

Belt

Energy

Gas

District

Revenue

.00

%

,

10/1/52

,

(Put

Date

12/1/26)

(b) ....................................

3,000

3,027

Series

A

,

.00

%

,

9/1/25

..............................................

Series

A

,

.00

%

,

9/1/26

..............................................

Series

A

,

.00

%

,

5/1/27

..............................................

1,100

1,116

Series

A

,

.00

%

,

5/1/28

..............................................

4,075

4,155

Series

A

,

.25

%

,

5/1/56

,

(Put

Date

5/1/2032)

(b) .............................

2,000

2,048

Series

B

,

.00

%

,

9/1/26

..............................................

2,330

2,365

Series

B

,

.00

%

,

10/1/55

,

(Put

Date

9/1/32)

(b) ..............................

3,585

3,837

Series

C

,

.50

%

,

6/1/26

..............................................

1,000

1,015

Series

C

,

.00

%

,

5/1/55

,

(Put

Date

7/1/31)

(b) ...............................

2,000

2,141

Series

D

,

.00

%

,

11/1/26

.............................................

1,000

1,018

Series

D2

,

.34

%

(SOFR

+

bps)

,

7/1/52

,

(Put

Date

6/1/27)

(b) (c) ................

3,300

3,353

Chatom

Industrial

Development

Board

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

8/1/30

.....................................................

1,275

1,405

Energy

Southeast

A

Cooperative

District

Revenue

Series

B

,

.00

%

,

12/1/26

.............................................

Series

B

,

.00

%

,

6/1/27

..............................................

Series

B

,

.00

%

,

12/1/27

.............................................

Selma

Industrial

Development

Board

Revenue

,

Series

A

,

.45

%

,

11/1/33

,

(Put

Date

10/1/31)

(b) 4,525

4,478

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Series

A

,

.00

%

,

7/1/26

..............................................

1,755

1,778

Series

A

,

.00

%

,

11/1/26

..............................................

2,060

2,096

Series

A

,

.00

%

,

11/1/27

..............................................

1,975

2,036

Series

A

,

.00

%

,

6/1/31

..............................................

Series

A

,

.00

%

,

11/1/33

..............................................

2,070

2,181

Series

A

,

.00

%

,

11/1/35

,

Continuously

Callable

@100

........................

3,000

3,106

Series

A

,

.00

%

,

1/1/56

,

(Put

Date

6/1/35)

(b) ...............................

2,500

2,565

Series

B

,

.25

%

,

3/1/55

,

(Put

Date

1/1/33)

(b) ...............................

9,950

10,474

Series

C

,

.00

%

,

10/1/55

,

(Put

Date

11/1/32)

(b) .............................

1,500

1,601

58,265

Arizona

(1.3%):

Arizona

IDA

Revenue

.00

%

,

12/15/31

,

Continuously

Callable

@100

(a) ............................

Series

B

,

.00

%

,

7/1/31

..............................................

Chandler

IDA

Revenue

AMT

,

.00

%

,

6/1/49

,

(Put

Date

6/1/29)

(b) ....................

2,500

2,524

Maricopa

County

IDA

Revenue

.00

%

,

7/1/29

(a) ...................................................

725

729

.00

%

,

7/1/31

(a) ...................................................

500

Sierra

Vista

IDA

Revenue

,

.00

%

,

6/15/34

,

Continuously

Callable

@100

(a) .............

1,250

1,301

Tempe

IDA

Revenue

Series

A

,

.00

%

,

12/1/26

.............................................

Series

A

,

.00

%

,

12/1/27

.............................................

Series

A

,

.00

%

,

12/1/28

.............................................

Series

A

,

.00

%

,

12/1/29

.............................................

Series

A

,

.00

%

,

12/1/30

,

Continuously

Callable

@102

........................

Series

A

,

.00

%

,

12/1/31

,

Continuously

Callable

@102

........................

The

County

of

Pima

IDA

Revenue

,

Series

A

,

.75

%

,

11/15/25

(a) .....................

660

661

8,566

Arkansas

(1.0%):

Arkansas

Development

Finance

Authority

Revenue

.00

%

,

9/1/30

.....................................................

1,180

1,277

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

1,200

1,289

.00

%

,

9/1/44

,

(Put

Date

9/1/27)

(b) ......................................

4,000

4,115

6,681

California

(3.9%):

California

Community

Choice

Financing

Authority

Revenue

Series

B

,

.00

%

,

1/1/55

,

(Put

Date

12/1/32)

(b) ..............................

4,000

4,183

Series

C

,

.00

%

,

8/1/55

,

(Put

Date

10/1/32)

(b) ..............................

5,000

5,306

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

G

,

.00

%

,

11/1/55

,

(Put

Date

8/1/32)

(b) ..............................

$

2,500

$

2,610

California

County

Tobacco

Securitization

Agency

Revenue

,

Series

A

,

.00

%

,

6/1/30

.......

California

Health

Facilities

Financing

Authority

Revenue

,

Series

A

,

.85

%

,

11/15/27

,

Continuously

Callable

@100

...........................................

1,500

1,506

California

Municipal

Finance

Authority

Revenue

AMT

,

Series

A

,

.75

%

,

7/1/41

,

(Put

Date

10/1/25)

(b) .......................................................

2,500

2,499

California

Pollution

Control

Financing

Authority

Revenue

AMT

.80

%

,

7/1/43

,

(Put

Date

2/17/26)

(a) (b) ...................................

2,500

2,473

Series

,

.85

%

,

11/1/42

,

(Put

Date

10/15/25)

(a) (b) .........................

1,000

1,000

California

School

Finance

Authority

Revenue

,

.40

%

,

12/1/26

(a) .....................

1,000

1,008

City

of

Los

Angeles

Department

of

Airports

Revenue

AMT

,

Series

F

,

.00

%

,

5/15/33

......

2,030

2,243

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2024-DBE-8152

,

.45

%

,

7/1/54

,

(Put

Date

9/4/2025)

(a) (b) (d) ..............

1,000

1,000

Sierra

View

Local

Health

Care

District

Revenue

.00

%

,

7/1/27

.....................................................

.00

%

,

7/1/28

.....................................................

.00

%

,

7/1/29

.....................................................

.00

%

,

7/1/30

.....................................................

Southern

California

Public

Power

Authority

Revenue

,

Series

A

,

.00

%

,

9/1/26

...........

25,634

Colorado

(0.5%):

Colorado

Health

Facilities

Authority

Revenue

.00

%

,

11/1/25

.....................................................

Series

A

,

.00

%

,

8/1/29

..............................................

500

541

Series

A

,

.00

%

,

11/1/32

,

Continuously

Callable

@100

........................

1,950

2,076

Southlands

Metropolitan

District

No.

1,

GO

,

Series

,

.50

%

,

12/1/27

................

600

601

3,569

Connecticut

(2.3%):

City

of

Bridgeport,

GO

,

Series

B

,

.00

%

,

8/15/26

................................

3,450

3,533

City

of

New

Haven,

GO

Series

A

,

.00

%

,

8/1/26

..............................................

580

591

Series

A

,

.00

%

,

8/1/27

..............................................

1,000

1,038

City

of

New

Haven,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

.00

%

,

2/1/27

..............................................

600

621

Series

B

,

.00

%

,

2/1/28

..............................................

525

555

Series

B

,

.00

%

,

2/1/29

..............................................

550

593

City

of

West

Haven,

GO

,

Series

A

,

.00

%

,

11/1/27

...............................

650

678

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

,

Series

,

.00

%

,

7/1/53

,

(Put

Date

1/1/27)

(b) ...........................................

3,000

3,093

Connecticut

State

Higher

Education

Supplement

Loan

Authority

Revenue

AMT

,

Series

,

.00

%

,

11/15/45

,

(Put

Date

5/14/26)

(b) ...................................

2,725

2,755

Stamford

Housing

Authority

Revenue

,

Series

C

,

.75

%

,

10/1/32

.....................

1,500

1,525

14,982

District

of

Columbia

(0.8%):

Deutsche

Bank

Spears/Lifers

Trust

Revenue

,

Series

8178

,

.50

%

,

5/1/30

,

(Put

Date

9/4/25)

(a) (b) (d) ....................................................

5,000

5,000

Florida

(3.4%):

Alachua

County

Health

Facilities

Authority

Revenue

.00

%

,

12/1/37

,

(Put

Date

12/1/26)

(b) ....................................

3,000

3,047

Series

,

.00

%

,

10/1/30

,

Continuously

Callable

@100

......................

735

739

Series

,

.75

%

,

10/1/30

,

Continuously

Callable

@100

......................

1,000

1,003

Series

,

.63

%

,

10/1/30

,

Continuously

Callable

@100

......................

1,390

1,392

Capital

Trust

Agency,

Inc.

Revenue

,

.00

%

,

8/1/30

...............................

Capital

Trust

Authority

Revenue

,

Series

A

,

.25

%

,

12/15/34

,

Continuously

Callable

@100

..

3,000

2,975

City

of

Pompano

Beach

Revenue

,

.50

%

,

9/1/30

,

Continuously

Callable

@103

...........

3,590

3,549

City

of

Venice

Revenue

Series

,

.63

%

,

1/1/30

,

Continuously

Callable

@100

(a) .....................

750

742

Series

,

.50

%

,

1/1/30

,

Continuously

Callable

@100

(a) .....................

575

566

County

of

Escambia

Revenue

,

Series

B

,

.45

%

,

11/1/33

,

(Put

Date

10/1/31)

(b) ...........

1,500

1,487

Florida

Development

Finance

Corp.

Revenue

Series

A

,

.00

%

,

6/15/27

.............................................

Series

A

,

.00

%

,

6/15/28

,

Continuously

Callable

@100

........................

Series

A

,

.00

%

,

6/15/29

,

Continuously

Callable

@100

........................

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.00

%

,

6/15/30

,

Continuously

Callable

@100

........................

$

$

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

,

.00

%

,

10/1/25

........

Florida

Local

Government

Finance

Commission

Revenue

Series

,

.45

%

,

11/15/31

,

Continuously

Callable

@100

(a) ...................

1,500

1,503

Series

,

.20

%

,

11/15/30

,

Continuously

Callable

@100

(a) ...................

1,500

1,503

Lee

County

IDA

Revenue

,

Series

,

.75

%

,

11/15/29

,

Continuously

Callable

@100

......

1,000

1,008

21,772

Georgia

(5.7%):

George

L

Smith

II

Congress

Center

Authority

Revenue

,

.38

%

,

1/1/31

.................

1,000

940

Main

Street

Natural

Gas,

Inc.

Revenue

Series

A

,

.00

%

,

5/15/28

.............................................

1,000

1,042

Series

A

,

.00

%

,

5/15/29

.............................................

1,775

1,872

Series

B

,

.00

%

,

12/1/52

,

(Put

Date

6/1/29)

(b) ..............................

6,000

6,292

Series

C

,

.00

%

,

12/1/25

.............................................

1,000

1,004

Series

C

,

.00

%

,

12/1/54

,

(Put

Date

12/1/31)

(b) .............................

12,500

13,326

Series

D

,

.00

%

,

5/1/54

,

(Put

Date

12/1/30)

(b) ..............................

2,000

2,125

The

Burke

County

Development

Authority

Revenue

,

Series

,

.80

%

,

10/1/32

,

(Put

Date

5/21/26)

(b) .......................................................

1,000

1,005

The

Development

Authority

of

Burke

County

Revenue

,

Series

,

.30

%

,

7/1/49

,

(Put

Date

7/3/25)

(b) (d) ......................................................

1,000

1,000

The

Development

Authority

of

Burke

County

Revenue

(NBGA

-

Southern

Co.)

,

Series

GA

,

.25

%

,

11/1/52

,

(Put

Date

9/4/25)

(b) (d) ...................................

2,200

2,200

The

Development

Authority

of

Cobb

County

Revenue

,

Series

A

,

.25

%

,

4/1/33

,

(Put

Date

10/1/29)

(b) .......................................................

5,000

4,738

The

Development

Authority

of

Monroe

County

Revenue

,

.88

%

,

6/1/42

,

(Put

Date

3/6/26)

(b) 1,500

1,507

37,051

Illinois

(9.1%):

Chicago

Board

of

Education,

GO

Series

A

,

.00

%

,

12/1/27

.............................................

1,400

1,401

Series

B

,

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

1,000

1,028

Chicago

Park

District,

GO

Series

,

.00

%

,

1/1/27

.............................................

600

619

Series

,

.00

%

,

1/1/28

.............................................

1,000

1,054

Series

,

.00

%

,

1/1/29

.............................................

1,000

1,076

Series

,

.00

%

,

1/1/30

.............................................

1,305

1,426

Series

,

.00

%

,

1/1/31

,

Continuously

Callable

@100

.......................

2,115

2,288

Series

,

.00

%

,

1/1/32

,

Continuously

Callable

@100

.......................

1,750

1,878

Chicago

Park

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

1/1/31

,

Continuously

Callable

@100

.....................................

750

776

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

,

.00

%

,

6/1/26

..............

1,000

1,017

City

of

Chicago

Lakeshore

East

Special

Assessment

.53

%

,

12/1/25

(a) ..................................................

.69

%

,

12/1/26

(a) ..................................................

.87

%

,

12/1/27

(a) ..................................................

City

of

Chicago

Waterworks

Revenue

.00

%

,

11/1/25

.....................................................

4,000

4,014

.00

%

,

11/1/26

.....................................................

1,000

1,027

Series

,

.00

%

,

11/1/25

............................................

2,000

2,007

Series

,

.00

%

,

11/1/26

............................................

2,500

2,540

Illinois

Development

Finance

Authority

Revenue

AMT

,

Series

A

,

.25

%

,

11/1/44

,

(Put

Date

11/3/25)

(b) .......................................................

2,000

2,007

Illinois

Finance

Authority

Revenue

.00

%

,

10/1/29

....................................................

500

536

.00

%

,

10/1/30

....................................................

.22

%

(SOFR

+

bps)

,

11/1/34

,

(Put

Date

8/15/25)

(b) (c) ......................

3,500

3,500

Series

B

,

.00

%

,

10/1/34

(a) ...........................................

900

919

Series

B

,

.33

%

(MUNIPSA

+

bps)

,

5/1/42

,

(Put

Date

5/1/26)

(b) (c) ..............

2,250

2,238

Series

,

.00

%

,

8/15/43

,

(Put

Date

8/15/30)

(b) ............................

3,000

3,258

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

10/1/30

....................................................

.00

%

,

10/1/31

,

Continuously

Callable

@100

...............................

Series

B

,

.00

%

,

4/1/30

..............................................

Sales

Tax

Securitization

Corp.

Revenue

,

Series

A

,

.00

%

,

1/1/30

.....................

2,000

2,185

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) State

of

Illinois,

GO

Series

A

,

.00

%

,

11/1/25

..............................................

$

5,000

$

5,018

Series

C

,

.00

%

,

11/1/29

,

Continuously

Callable

@100

........................

8,985

9,374

The

Illinois

Sports

Facilities

Authority

Revenue

.00

%

,

6/15/28

....................................................

1,000

1,053

.00

%

,

6/15/30

....................................................

1,500

1,626

.00

%

,

6/15/31

....................................................

575

627

.00

%

,

6/15/32

,

Continuously

Callable

@100

...............................

518

Western

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

4/1/29

.....................................................

750

774

.00

%

,

4/1/30

.....................................................

750

777

58,815

Indiana

(2.0%):

City

of

Rockport

Revenue

,

Series

A

,

.70

%

,

6/1/47

,

(Put

Date

6/1/29)

(b) ...............

2,000

2,013

Indiana

Bond

Bank

Revenue

1/15/27

(e) ........................................................

1,280

1,239

1/15/28

(e) ........................................................

1,100

1,037

1/15/29

(e) ........................................................

565

518

7/15/29

,

Continuously

Callable

@99

(e) ...................................

730

627

Indiana

Finance

Authority

Revenue

.00

%

,

4/1/26

.....................................................

790

798

.00

%

,

4/1/27

.....................................................

830

851

.00

%

,

4/1/28

.....................................................

870

906

.00

%

,

4/1/29

.....................................................

1,180

1,246

Series

,

.13

%

,

5/15/32

,

Continuously

Callable

@100

......................

1,000

990

Series

,

.75

%

,

5/15/32

,

Continuously

Callable

@100

......................

1,000

977

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

AMT

,

Series

B2

,

.00

%

,

1/1/33

1,500

1,630

12,832

Iowa

(0.1%):

Iowa

Student

Loan

Liquidity

Corp.

Revenue

AMT

,

Series

B

,

.00

%

,

12/1/35

............

635

659

Kentucky

(6.8%):

City

of

Ashland

Revenue

.00

%

,

2/1/28

.....................................................

1,775

1,866

.00

%

,

2/1/30

.....................................................

740

803

County

of

Carroll

Revenue

,

.55

%

,

9/1/42

,

(Put

Date

9/1/26)

(b) .....................

5,000

4,890

County

of

Owen

Revenue

Series

A

,

.45

%

,

6/1/39

,

(Put

Date

10/1/29)

(b) ..............................

10,000

9,617

Series

B

,

.45

%

,

9/1/39

,

(Put

Date

10/1/29)

(b) ..............................

5,000

4,778

Kentucky

Economic

Development

Finance

Authority

Revenue

,

.50

%

,

10/1/27

,

Continuously

Callable

@100

.....................................................

5,000

5,002

Kentucky

Economic

Development

Finance

Authority

Revenue

AMT

,

Series

A

,

.80

%

,

4/1/31

,

(Put

Date

12/1/25)

(b) ................................................

1,670

1,670

Kentucky

Public

Energy

Authority

Revenue

Series

A

,

.00

%

,

5/1/55

,

(Put

Date

7/1/30)

(b) ...............................

1,000

1,053

Series

A

,

.25

%

,

6/1/55

,

(Put

Date

12/1/29)

(b) ..............................

5,000

5,323

Series

B

,

.00

%

,

2/1/26

..............................................

Series

B

,

.00

%

,

1/1/55

,

(Put

Date

8/1/32)

(b) ...............................

1,000

1,066

Series

C

,

.00

%

,

2/1/50

,

(Put

Date

2/1/28)

(b) ...............................

3,370

3,421

Louisville/Jefferson

County

Metropolitan

Government

Revenue

,

Series

D

,

.00

%

,

10/1/47

,

(Put

Date

10/1/29)

(b) ...................................................

4,000

4,322

44,088

Louisiana

(0.7%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

,

Series

A

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

.................

1,000

933

Tangipahoa

Parish

Hospital

Service

District

No.

Revenue

,

.00

%

,

2/1/32

,

Continuously

Callable

@100

.....................................................

3,470

3,766

4,699

Maryland

(1.7%):

Maryland

Economic

Development

Corp.

Revenue

Series

A

,

.00

%

,

6/1/26

..............................................

2,000

2,032

Series

A

,

.00

%

,

6/1/27

..............................................

1,340

1,390

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

.00

%

,

7/1/28

.....................................................

1,910

2,018

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5

.00

%

,

7/1/29

.....................................................

$

1,130

$

1,214

.00

%

,

7/1/30

.....................................................

1,000

1,087

Town

of

Chestertown

Revenue

Series

A

,

.00

%

,

3/1/31

..............................................

1,475

1,586

Series

A

,

.00

%

,

3/1/32

,

Continuously

Callable

@100

.........................

1,550

1,654

10,981

Massachusetts

(1.4%):

Massachusetts

Development

Finance

Agency

Revenue

.25

%

,

9/1/25

.....................................................

1,000

1,000

.25

%

,

9/1/26

.....................................................

875

891

Series

A

,

.00

%

,

7/1/29

,

Continuously

Callable

@100

.........................

1,425

1,481

Series

B

,

.00

%

,

8/15/55

,

(Put

Date

8/15/31)

(b) .............................

1,000

1,080

Series

S

,

.00

%

,

7/15/26

,

Escrowed

to

Maturity

.............................

Series

S

,

.00

%

,

7/15/28

,

Escrowed

to

Maturity

.............................

Series

S

,

.00

%

,

7/15/30

,

Escrowed

to

Maturity

.............................

640

711

Series

T1

,

.23

%

(MUNIPSA

+

bps)

,

7/1/49

,

(Put

Date

1/29/26)

(a) (b) (c) ..........

2,500

2,489

Massachusetts

Development

Finance

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

.00

%

,

10/1/30

........................................

975

1,067

9,400

Michigan

(1.8%):

Flint

Hospital

Building

Authority

Revenue

.00

%

,

7/1/29

.....................................................

1,995

2,033

.00

%

,

7/1/30

.....................................................

2,290

2,332

Michigan

Finance

Authority

Revenue

.00

%

,

2/1/27

.....................................................

.00

%

,

2/1/32

.....................................................

Michigan

Strategic

Fund

Revenue

AMT

,

.13

%

,

8/1/27

............................

5,000

5,053

Summit

Academy

North

Revenue

.25

%

,

11/1/26

.....................................................

550

542

.00

%

,

11/1/31

,

Continuously

Callable

@103

...............................

1,565

1,532

11,875

Minnesota

(0.1%):

Sanford

Canby

Community

Hospital

District

No.

Revenue

,

.63

%

,

11/1/26

,

(Put

Date

9/11/25)

(b) (d) .....................................................

Mississippi

(0.6%):

Mississippi

Business

Finance

Corp.

Revenue

,

.20

%

,

9/1/28

,

Continuously

Callable

@100

..

4,000

4,001

Missouri

(0.6%):

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

.00

%

,

8/1/26

.....................................................

.00

%

,

8/1/28

.....................................................

.00

%

,

8/1/30

.....................................................

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

Revenue

AMT

,

.05

%

,

5/1/38

,

(Put

Date

7/1/30)

(b) ......................................

2,700

2,754

3,665

Nebraska

(1.0%):

Central

Plains

Energy

Project

Revenue

,

Series

,

.00

%

,

5/1/53

,

(Put

Date

10/1/29)

(b) .....

6,000

6,321

Nevada

(0.7%):

County

of

Clark

Revenue

,

Series

R

,

.75

%

,

1/1/36

,

(Put

Date

3/31/26)

(b) ...............

2,500

2,510

State

of

Nevada

Department

of

Business

&

Industry

Revenue

AMT

,

.95

%

,

12/1/26

,

(Put

Date

12/1/25)

(a) (b) .....................................................

1,800

1,786

4,296

New

Hampshire

(0.2%):

New

Hampshire

Business

Finance

Authority

Revenue

.00

%

,

12/1/28

,

Continuously

Callable

@100

(a) .............................

1,000

994

.00

%

,

1/1/30

,

Continuously

Callable

@103

...............................

.00

%

,

1/1/31

,

Continuously

Callable

@103

...............................

1,566

New

Jersey

(1.1%):

New

Jersey

Higher

Education

Student

Assistance

Authority

Revenue

AMT

Series

1B

,

.00

%

,

12/1/29

.............................................

2,000

2,117

Series

,

.00

%

,

12/1/56

,

(Put

Date

6/2/26)

(b) ..............................

5,000

5,068

7,185

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

Mexico

(1.8%):

City

of

Farmington

Revenue

Series

A

,

.15

%

,

4/1/33

,

Continuously

Callable

@101

.........................

$

5,000

$

4,228

Series

C

,

.88

%

,

6/1/40

,

(Put

Date

6/1/29)

(b) ...............................

1,000

1,022

Series

E

,

.88

%

,

6/1/40

,

(Put

Date

6/1/29)

(b) ...............................

600

613

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

.00

%

,

6/1/27

.....................................................

770

796

.00

%

,

6/1/28

.....................................................

780

820

.00

%

,

6/1/29

.....................................................

835

891

.00

%

,

6/1/30

.....................................................

525

567

.00

%

,

6/1/31

,

Continuously

Callable

@100

...............................

690

739

Village

of

Los

Ranchos

de

Albuquerque

Revenue

.00

%

,

9/1/28

.....................................................

840

900

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation

,

.75

%

,

5/1/28

(a) .........................................................

702

696

11,600

New

York

(11.4%):

Build

NYC

Resource

Corp.

Revenue

,

Series

A

,

.40

%

,

7/1/27

.......................

City

of

Cortland,

GO

,

.50

%

,

5/15/26

........................................

7,500

7,567

City

of

Fulton

NY,

GO

,

Series

A

,

.25

%

,

7/31/26

................................

4,925

5,011

City

of

Little

Falls

NY,

GO

,

.00

%

,

7/6/26

.....................................

2,000

2,031

City

of

Mount

Vernon,

GO

.75

%

,

12/23/25

....................................................

6,500

6,549

.00

%

,

5/29/26

(a) ..................................................

2,200

2,227

City

of

New

York,

GO

,

Series

,

.25

%

,

10/1/46

,

(Put

Date

9/4/25)

(b) (d) .............

4,600

4,600

City

of

Poughkeepsie,

GO

,

.00

%

,

4/15/26

.....................................

Long

Island

Power

Authority

Revenue

,

Series

C

,

.08

%

(MUNIPSA

+

bps)

,

9/1/38

(c) .....

10,500

10,500

Metropolitan

Transportation

Authority

Revenue

Series

,

.00

%

,

11/15/45

,

(Put

Date

5/15/30)

(b) ...........................

1,830

1,948

Series

A3

,

.59

%

(SOFR

+

bps)

,

11/15/42

,

(Put

Date

4/1/26)

(b) (c) ...............

10,000

9,969

Metropolitan

Transportation

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

,

.74

%

(SOFR

+

bps)

,

11/1/32

,

(Put

Date

4/1/26)

(b) (c) .................

2,000

2,003

New

York

City

Municipal

Water

Finance

Authority

Revenue

,

Series

DD

,

.25

%

,

6/15/33

,

(Put

Date

9/4/25)

(b) (d) ..................................................

600

600

New

York

Liberty

Development

Corp.

Revenue

.63

%

,

9/15/69

,

Continuously

Callable

@100

...............................

1,650

1,529

.80

%

,

9/15/69

,

Continuously

Callable

@100

...............................

14,950

13,821

Series

A

,

.90

%

,

11/15/31

,

Continuously

Callable

@100

.......................

2,000

1,747

New

York

State

Dormitory

Authority

Revenue

,

.00

%

,

12/1/25

(a) ....................

1,200

1,201

New

York

State

Housing

Finance

Agency

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

DBE-

8105

,

.50

%

,

8/1/50

,

(Put

Date

9/04/25)

(a) (b) (d) ............................

Troy

Capital

Resource

Corp.

Revenue

.00

%

,

8/1/26

,

Continuously

Callable

@100

...............................

1,050

1,060

.00

%

,

9/1/27

.....................................................

1,250

1,306

74,035

North

Carolina

(0.9%):

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

,

.45

%

,

11/1/33

,

(Put

Date

10/1/31)

(b) ....................................

1,100

1,088

North

Carolina

Medical

Care

Commission

Revenue

Series

A

,

.00

%

,

10/1/27

.............................................

600

612

Series

,

.55

%

,

9/1/26

,

Continuously

Callable

@100

.......................

1,575

1,575

Series

,

.25

%

,

10/1/28

,

Continuously

Callable

@100

......................

Series

,

.75

%

,

9/1/29

,

Continuously

Callable

@100

.......................

Series

B2

,

.30

%

,

9/1/25

,

Continuously

Callable

@100

........................

1,250

1,250

Series

,

.50

%

,

9/1/29

,

Continuously

Callable

@100

.......................

625

618

5,802

North

Dakota

(0.4%):

City

of

Grand

Forks

Revenue

.00

%

,

12/1/31

....................................................

1,200

1,280

.00

%

,

12/1/32

,

Continuously

Callable

@100

...............................

1,300

1,374

2,654

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ohio

(2.0%):

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

.00

%

,

11/15/29

....................................................

$

$

.00

%

,

11/15/30

....................................................

.00

%

,

11/15/31

,

Continuously

Callable

@100

..............................

Cleveland-Cuyahoga

County

Port

Authority

Revenue

,

Series

A

,

.25

%

,

1/1/34

(a) .........

500

517

County

of

Allen

Hospital

Facilities

Revenue

,

.00

%

,

12/1/30

,

Continuously

Callable

@100

..

2,000

2,188

County

of

Hamilton

Revenue

,

.00

%

,

9/15/29

..................................

1,345

1,420

Ohio

Air

Quality

Development

Authority

Revenue

,

Series

B

,

.40

%

,

12/1/38

,

(Put

Date

10/1/29)

(b) .......................................................

3,250

3,135

Ohio

Air

Quality

Development

Authority

Revenue

AMT

,

Series

A

,

.75

%

,

1/1/29

.........

1,000

996

Southeastern

Ohio

Port

Authority

Revenue

,

.00

%

,

12/1/25

,

Continuously

Callable

@100

...

1,000

1,000

State

of

Ohio

Revenue

.00

%

,

11/15/27

....................................................

.00

%

,

11/15/30

....................................................

710

761

.00

%

,

11/15/31

,

Continuously

Callable

@100

..............................

Series

A

,

.00

%

,

1/15/30

.............................................

1,000

1,091

13,061

Oklahoma

(0.8%):

Muskogee

Industrial

Trust

Revenue

,

.00

%

,

9/1/28

...............................

5,000

5,148

Oregon

(1.1%):

County

of

Gilliam

Revenue

AMT

,

Series

A

,

.25

%

,

7/1/38

,

(Put

Date

7/2/29)

(b) ..........

6,250

6,268

Oregon

State

Facilities

Authority

Revenue

Series

A

,

.00

%

,

10/1/28

.............................................

Series

A

,

.00

%

,

10/1/29

.............................................

Series

A

,

.00

%

,

10/1/30

.............................................

7,063

Pennsylvania

(5.6%):

Chester

County

IDA

Revenue

,

.00

%

,

3/1/27

,

Continuously

Callable

@100

.............

3,375

3,422

Clairton

Municipal

Authority

Revenue

Series

A

,

.00

%

,

12/1/29

.............................................

860

873

Series

B

,

.00

%

,

12/1/25

.............................................

650

652

Series

B

,

.00

%

,

12/1/26

.............................................

675

689

Commonwealth

Financing

Authority

Revenue

,

.00

%

,

6/1/26

.......................

2,000

2,037

County

of

Lehigh

Revenue

.00

%

,

7/1/28

.....................................................

1,750

1,861

.00

%

,

7/1/29

.....................................................

2,000

2,165

Delaware

County

Authority

Revenue

.00

%

,

10/1/25

....................................................

525

525

.00

%

,

10/1/30

....................................................

1,200

1,231

Latrobe

IDA

Revenue

.00

%

,

3/1/28

.....................................................

.00

%

,

3/1/29

.....................................................

.00

%

,

3/1/30

.....................................................

.00

%

,

3/1/31

.....................................................

Luzerne

County

IDA

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

12/15/25

....................................................

550

554

.00

%

,

12/15/26

,

Continuously

Callable

@100

..............................

500

503

.00

%

,

12/15/27

,

Continuously

Callable

@100

..............................

1,000

1,007

Pennsylvania

Economic

Development

Financing

Authority

Revenue

AMT

Series

A

,

.00

%

,

6/1/41

,

(Put

Date

7/1/26)

(b) ...............................

5,000

5,018

Series

B1

,

.85

%

,

4/1/49

,

(Put

Date

10/15/25)

(b) ............................

1,000

996

Series

,

.85

%

,

4/1/49

,

(Put

Date

1/15/26)

(b) .............................

3,750

3,748

Pennsylvania

Higher

Education

Assistance

Agency

Revenue

AMT

,

Series

1A

,

.00

%

,

6/1/30

.

500

530

Pennsylvania

Turnpike

Commission

Registration

Fee

Revenue

,

.48

%

(MUNIPSA

+

bps)

,

7/15/41

,

(Put

Date

7/15/26)

(b) (c) ........................................

2,500

2,505

Philadelphia

IDA

Revenue

.00

%

,

6/15/28

(a) ..................................................

.00

%

,

6/15/29

,

Continuously

Callable

@100

(a) .............................

.00

%

,

6/15/30

,

Continuously

Callable

@100

(a) .............................

Series

DB-8161

,

.50

%

,

7/1/61

,

(Put

Date

7/3/25)

(a) (b) (d) .....................

5,000

5,000

The

Berks

County

Municipal

Authority

Revenue

Series

A1

,

.00

%

,

6/30/34

,

Continuously

Callable

@104

.......................

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A-2A

,

.00

%

,

6/30/34

,

Continuously

Callable

@104

.....................

$

$

Series

A3

,

.00

%

,

6/30/39

,

Continuously

Callable

@100

.......................

1,190

1,065

Series

B1

,

0.00%

,

6/30/44

,

Continuously

Callable

@88

(f) ......................

595

36,329

South

Carolina

(0.3%):

Piedmont

Municipal

Power

Agency

Revenue

,

Series

D

,

.00

%

,

1/1/32

,

Continuously

Callable

@100

...........................................................

2,220

2,272

South

Dakota

(0.2%):

South

Dakota

Health

&

Educational

Facilities

Authority

Revenue

.63

%

,

11/1/25

,

(Put

Date

9/11/25)

(b) (d) ..................................

.63

%

,

11/1/27

,

(Put

Date

08/11/25)

(b) (d) .................................

900

900

1,230

Tennessee

(2.1%):

Lewisburg

Industrial

Development

Board

Revenue

AMT

,

.85

%

,

7/2/35

,

(Put

Date

8/1/25)

(b) 1,500

1,499

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Revenue

AMT

,

.88

%

,

8/1/31

,

(Put

Date

8/3/26)

(b) ..........................

2,000

1,998

Tennergy

Corp.

Revenue

Series

A

,

.25

%

,

12/1/25

.............................................

550

552

Series

A

,

.00

%

,

12/1/51

,

(Put

Date

9/1/28)

(b) ..............................

4,130

4,201

Series

A

,

.50

%

,

10/1/53

,

(Put

Date

12/1/30)

(b) .............................

5,000

5,333

13,583

Texas

(11.2%):

City

of

Dallas

Housing

Finance

Corp.

Revenue

,

.00

%

,

7/1/26

,

(Put

Date

12/1/25)

(b) ......

2,750

2,767

City

of

Galveston

Wharves

&

Terminal

Revenue

AMT

Series

A

,

.00

%

,

8/1/26

..............................................

Series

A

,

.00

%

,

8/1/27

..............................................

Series

A

,

.00

%

,

8/1/28

..............................................

Series

A

,

.00

%

,

8/1/29

..............................................

Series

A

,

.00

%

,

8/1/30

..............................................

Series

A

,

.00

%

,

8/1/31

..............................................

660

702

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

,

.50

%

(MUNIPSA

+

bps)

,

2/1/48

,

(Put

Date

12/1/25)

(b) (c) .................................................

5,000

4,997

County

of

Wise

Revenue

.00

%

,

8/15/29

....................................................

880

946

.00

%

,

8/15/31

....................................................

680

742

.00

%

,

8/15/32

,

Continuously

Callable

@100

...............................

.00

%

,

8/15/33

,

Continuously

Callable

@100

...............................

930

996

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

.00

%

,

7/1/49

,

(Put

Date

12/1/26)

(b) .....................................

1,400

1,439

Series

A

,

.00

%

,

11/15/54

,

(Put

Date

5/15/32)

(b) ............................

2,000

2,156

Houston

Housing

Finance

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2024-DBE-

8153

,

.50

%

,

3/1/60

,

(Put

Date

9/4/2025)

(a) (b) (d) ...........................

5,865

5,865

Martin

County

Hospital

District,

GO

.00

%

,

4/1/27

.....................................................

.00

%

,

4/1/29

.....................................................

.00

%

,

4/1/32

,

Continuously

Callable

@100

...............................

Mission

Economic

Development

Corp.

Revenue

AMT

.85

%

,

1/1/26

,

(Put

Date

8/1/25)

(b) ......................................

4,000

4,000

.00

%

,

12/1/64

,

(Put

Date

6/1/30)

(b) .....................................

800

815

Series

B

,

.80

%

,

7/1/40

,

(Put

Date

9/1/25)

(b) ...............................

1,750

1,750

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Series

A

,

.00

%

,

7/1/27

(g) ............................................

1,251

1,244

Series

A

,

.00

%

,

7/1/28

(g) ............................................

2,135

2,124

Series

B2

,

.63

%

,

10/1/30

,

Continuously

Callable

@100

.......................

1,000

988

Series

B3

,

.25

%

,

10/1/30

,

Continuously

Callable

@100

.......................

1,000

1,003

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A

,

.30

%

,

4/1/40

,

(Put

Date

9/4/25)

(b) (d) .............................

11,800

11,800

Series

B

,

.30

%

,

4/1/40

,

(Put

Date

9/4/25)

(b) (d) .............................

22,975

12,477

Series

C

,

.35

%

,

4/1/40

,

(Put

Date

9/4/25)

(b) (d) .............................

5,255

5,255

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

,

.00

%

,

12/15/27

..........

2,000

2,082

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V

Revenue

.00

%

,

1/1/26

.....................................................

.00

%

,

1/1/55

,

(Put

Date

1/1/34)

(b) ......................................

2,000

2,129

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

,

.00

%

,

6/30/31

,

Continuously

Callable

@100

...........................................

$

2,355

$

2,411

Victory

Street

Public

Facility

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2025-

DBE8158

,

.50

%

,

8/1/62

,

(Put

Date

9/4/25)

(a) (b) (d) ..........................

600

600

72,733

Vermont

(0.3%):

Vermont

Economic

Development

Authority

Revenue

.00

%

,

5/1/29

,

Continuously

Callable

@103

...............................

.00

%

,

5/1/30

,

Continuously

Callable

@103

...............................

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

,

.00

%

,

10/15/26

.....

1,000

1,002

1,655

Virginia

(2.1%):

James

City

County

Economic

Development

Authority

Revenue

Series

A

,

.00

%

,

12/1/30

,

Continuously

Callable

@103

........................

Series

C3

,

.25

%

,

12/1/27

,

Continuously

Callable

@100

.......................

530

531

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2023-DBE-8106

,

.50

%

,

6/1/63

,

(Put

Date

9/4/25)

(a) (b) (d) ................

5,855

5,855

Marquis

Community

Development

Authority

of

York

County

Revenue

,

.50

%

,

9/1/45

(a) (g) (h) 1,074

Marquis

Community

Development

Authority

of

York

County

Tax

Allocation

Series

A

,

.02

%

,

9/1/36

(g) (h) ..........................................

3,506

1,309

Series

C

,

9/1/41

(e) (h) ................................................

5,111

Prince

William

County

IDA

Revenue

,

.00

%

,

1/1/31

,

Continuously

Callable

@102

........

1,700

1,685

Virginia

Housing

Development

Authority

Revenue

,

Series

F

,

.63

%

,

7/1/55

,

(Put

Date

4/1/26)

(b) ........................................................

655

655

Virginia

Small

Business

Financing

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/30

,

Continuously

Callable

@103

.....................................................

1,250

1,331

Virginia

Small

Business

Financing

Authority

Revenue

AMT

,

.00

%

,

11/1/52

,

(Put

Date

11/20/25)

(b) ......................................................

1,500

1,501

13,487

Washington

(0.9%):

Washington

Health

Care

Facilities

Authority

Revenue

.00

%

,

8/15/26

....................................................

2,000

2,024

.00

%

,

8/15/27

....................................................

2,175

2,254

Series

,

.00

%

,

8/1/49

,

(Put

Date

8/1/26)

(b) .............................

1,000

1,005

Washington

State

Housing

Finance

Commission

Revenue

,

Series

A

,

.00

%

,

7/1/26

........

5,578

Wisconsin

(1.6%):

Public

Finance

Authority

Revenue

.00

%

,

3/1/26

(a) ...................................................

1,510

1,506

.00

%

,

3/1/27

(a) ...................................................

795

787

.00

%

,

3/1/28

(a) ...................................................

840

823

.25

%

,

1/1/30

.....................................................

1,795

1,779

.00

%

,

4/1/30

(a) ...................................................

500

510

Series

A

,

.00

%

,

6/1/30

..............................................

750

778

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

.00

%

,

1/1/26

.....................................................

.00

%

,

3/15/30

....................................................

Series

B

,

.00

%

,

9/15/26

.............................................

Series

B

,

.00

%

,

9/15/27

.............................................

Series

B

,

.00

%

,

9/15/28

,

Continuously

Callable

@103

........................

Series

B

,

.00

%

,

9/15/29

,

Continuously

Callable

@103

........................

Series

B

,

.00

%

,

9/15/30

,

Continuously

Callable

@103

........................

Series

B

,

.00

%

,

9/15/31

,

Continuously

Callable

@103

........................

Series

,

.00

%

,

2/15/51

............................................

2,000

2,048

10,382

Total

Municipal

Bonds

(Cost

$649,927)

a

a

a

638,990

Total

Investments

(Cost

$649,927)

—

98.5%

638,990

Other

assets

in

excess

of

liabilities

— 1.5%

9,824

NET

ASSETS

-

100.00%

$

648,814

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

August

31,

2025,

the

fair

value

of

these

securities

was

$53,015

(thousands)

and

amounted

to

8.2%

of

net

assets.

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(b) Put

Bond.

(c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

August

31,

2025. (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) Zero-coupon

bond.

(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.

(h) This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

AMT

—

Alternative

Minimum

Tax

bps

—

Basis

points

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

MUNIPSA

—

SIFMA

Municipal

Swap

Index

Yield

SOFR

—

Secured

Overnight

Financing

Rate

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Statements

of

Assets

and

Liabilities

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Tax

Exempt

Intermediate-Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

Assets:

Investments,

at

value

(Cost

$2,961,120,

$1,717,392

and

$649,927)

$

2,825,415

$

1,547,152

$

638,990

Cash

10,563

Receivables:

Interest

34,054

18,000

6,804

Capital

shares

issued

917

From

Adviser

Prepaid

expenses

Total

Assets

2,860,603

1,565,284

656,478

Liabilities:

Payables:

Distributions

740

734

Investments

purchased

5,761

—

6,500

Capital

shares

redeemed

3,673

1,567

691

Accrued

expenses

and

other

payables:

Investment

advisory

fees

680

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—(a)

Trustees'

fees

12b-1

fees

—(a)

—(a)

Other

accrued

expenses

Total

Liabilities

11,426

2,916

7,664

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

3,149,173

1,850,860

690,378

Total

accumulated

earnings

(loss)

(299,996)

(288,492)

(41,564)

Net

Assets

$

2,849,177

$

1,562,368

$

648,814

Net

Assets:

Fund

Shares

$

2,264,612

$

1,525,052

$

624,483

Institutional

Shares

556,943

34,351

20,332

Class

A

27,622

2,965

3,999

Total

$

2,849,177

$

1,562,368

$

648,814

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

183,974

132,398

60,535

Institutional

Shares

45,259

2,983

1,970

Class

A

2,244

Total

231,477

135,639

62,892

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Fund

Shares

$

12.31 $

11.52 $

10.32 Institutional

Shares

12.31 11.52 10.32 Class

A

12.31 11.50 10.33 Maximum

Sales

Charge

—

Class

A

2.25%

2.25%

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

12.59 $

11.76 $

10.57 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Operations

For

the

Six

Months

Ended

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Tax

Exempt

Intermediate-Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

Investment

Income:

Interest

$

57,809

$

34,826

$

10,957

Total

Income

57,809

34,826

10,957

Expenses:

Investment

advisory

fees

4,117

1,840

1,009

Administration

fees

—

Fund

Shares

1,790

1,183

Administration

fees

—

Institutional

Shares

Administration

fees

—

Class

A

Sub-Administration

fees

12b-1

fees

—

Class

A

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

Transfer

agent

fees

—

Institutional

Shares

Transfer

agent

fees

—

Class

A

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

Total

Expenses

7,240

3,510

1,793

Less

fees

paid

indirectly

(59)

(32)

(13)

Expenses

waived/reimbursed

by

Adviser

(190)

(27)

(22)

Net

Expenses

6,991

3,451

1,758

Net

Investment

Income

(Loss)

50,818

31,375

9,199

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(59)

(1,509)

(33)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(79,687)

(92,753)

3,410

Net

realized/unrealized

gains

(losses)

on

investments

(79,746)

(94,262)

3,377

Change

in

net

assets

resulting

from

operations

$

(28,928)

$

(62,887)

$

12,576

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Intermediate-

Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

50,818

$

104,158

$

31,375

$

63,419

$

9,199

$

19,487

Net

realized

gains

(losses)

(59)

3,095

(1,509)

2,522

(33)

Net

change

in

unrealized

appreciation/depreciation

(79,687)

15,084

(92,753)

18,040

3,410

8,402

Change

in

net

assets

resulting

from

operations

(28,928)

122,337

(62,887)

83,981

12,576

28,122

Distributions

to

Shareholders:

Fund

Shares

(41,426)

(83,694)

(30,681)

(62,062)

(8,846)

(18,796)

Institutional

Shares

(9,294)

(19,656)

(710)

(1,364)

(277)

(592)

Class

A

(466)

(820)

(55)

(107)

(52)

(95)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(51,186)

(104,170)

(31,446)

(63,533)

(9,175)

(19,483)

Change

in

net

assets

resulting

from

capital

transactions

(126,642)

(163,109)

(40,041)

(106,486)

(6,180)

(53,040)

Change

in

net

assets

(206,756)

(144,942)

(134,374)

(86,038)

(2,779)

(44,401)

Net

Assets:

Beginning

of

period

3,055,933

3,200,875

1,696,742

1,782,780

651,593

695,994

End

of

period

$

2,849,177

$

3,055,933

$

1,562,368

$

1,696,742

$

648,814

$

651,593

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Intermediate-

Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

104,865

$

293,588

$

25,985

$

49,859

$

31,777

$

43,953

Distributions

reinvested

36,044

74,086

25,385

52,121

7,753

16,688

Cost

of

shares

redeemed

(282,826)

(468,890)

(90,419)

(203,015)

(46,715)

(113,315)

Total

Fund

Shares

$

(141,917)

$

(101,216)

$

(39,049)

$

(101,035)

$

(7,185)

$

(52,674)

Institutional

Shares

Proceeds

from

shares

issued

$

117,342

$

130,330

$

8,233

$

25,718

$

6,961

$

9,074

Distributions

reinvested

8,669

18,585

697

1,361

Cost

of

shares

redeemed

(109,305)

(217,083)

(10,111)

(32,095)

(6,528)

(9,429)

Total

Institutional

Shares

$

16,706

$

(68,168)

$

(1,181)

$

(5,016)

$

684

$

Class

A

Proceeds

from

shares

issued

$

1,261

$

10,844

$

$

$

$

617

Distributions

reinvested

745

Cost

of

shares

redeemed

(3,123)

(5,314)

(101)

(636)

(199)

(1,190)

Total

Class

A

$

(1,431)

$

6,275

$

$

(435)

$

$

(485)

Change

in

net

assets

resulting

from

capital

transactions

$

(126,642)

$

(163,109)

$

(40,041)

$

(106,486)

$

(6,180)

$

(53,040)

Share

Transactions:

Fund

Shares

Issued

8,504

23,329

2,222

4,102

3,108

4,318

Reinvested

2,925

5,896

2,182

4,296

758

1,641

Redeemed

(22,966)

(37,312)

(7,769)

(16,706)

(4,567)

(11,141)

Total

Fund

Shares

(11,537)

(8,087)

(3,365)

(8,308)

(701)

(5,182)

Institutional

Shares

Issued

9,532

10,370

707

2,097

679

893

Reinvested

704

1,479

Redeemed

(8,882)

(17,272)

(866)

(2,614)

(638)

(926)

Total

Institutional

Shares

1,354

(5,423)

(99)

(405)

Class

A

Issued

861

Reinvested

Redeemed

(254)

(422)

(9)

(53)

(19)

(118)

Total

Class

A

(117)

(36)

(49)

Change

in

Shares

(10,300)

(13,012)

(3,448)

(8,749)

(603)

(5,217)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Intermediate-Term

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$12.64

$12.56

$12.36

$13.00

$13.85

$13.33

$13.37

Investment

Activities:

Net

investment

income

(loss)(b)

0.21 0.42 0.41 0.35 0.33 0.37 0.38 Net

realized

and

unrealized

gains

(losses)

(0.32)

0.08 0.20 (0.64)

(0.85)

0.52 (0.03)

Total

from

Investment

Activities

(0.11)

0.50 0.61 (0.29)

(0.52)

0.89 0.35 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.42)

(0.41)

(0.35)

(0.33)

(0.37)

(0.39)

Total

Distributions

(0.22)

(0.42)

(0.41)

(0.35)

(0.33)

(0.37)

(0.39)

Net

Asset

Value,

End

of

Period

$12.31

$12.64

$12.56

$12.36

$13.00

$13.85

$13.33

Total

Return(c)(d)

(0.89)%

4.05%

5.04%

(2.19)%

(3.86)%

6.72%

2.56%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.48%(h)

0.48%(h)

0.49%(h)

0.49%

0.53%

0.50%

0.49%

Net

Investment

Income

(Loss)(e)

3.45%

3.33%

3.29%

3.10%

2.39%

2.69%

2.82%

Gross

Expenses(e)(f)

0.48%(h)

0.48%(h)

0.50%(h)

0.49%

0.53%

0.50%

0.49%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,264,612

$2,471,290

$2,557,919

$2,977,555

$3,670,223

$4,059,780

$4,788,060

Portfolio

Turnover(c)(i)

7%

13%

8%

11%

13%

23%

26%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Intermediate-Term

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.64

$12.56

$12.35

$13.00

$13.85

$13.57

Investment

Activities:

Net

investment

income

(loss)(c)

0.22 0.42 0.41 0.36 0.34 0.27 Net

realized

and

unrealized

gains

(losses)

(0.33)

0.08 0.21 (0.65)

(0.85)

0.29 Total

from

Investment

Activities

(0.11)

0.50 0.62 (0.29)

(0.51)

0.56 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.42)

(0.41)

(0.36)

(0.34)

(0.28)

Total

Distributions

(0.22)

(0.42)

(0.41)

(0.36)

(0.34)

(0.28)

Net

Asset

Value,

End

of

Period

$12.31

$12.64

$12.56

$12.35

$13.00

$13.85

Total

Return(d)(e)

(0.87)%

4.08%

5.16%

(2.24)%

(3.78)%

4.15%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.44%(i)

0.44%(i)

0.46%(i)

0.46%

0.44%

0.44%

Net

Investment

Income

(Loss)(f)

3.49%

3.37%

3.32%

3.13%

2.47%

2.61%

Gross

Expenses(f)(h)

0.50%(i)

0.51%(i)

0.53%(i)

0.52%

0.54%

0.51%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$556,943

$554,800

$619,555

$779,029

$1,020,822

$996,601

Portfolio

Turnover(d)(j)

7%

13%

8%

11%

13%

23%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Intermediate-Term

Fund

Class

A

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$12.64

$12.56

$12.36

$13.00

$13.85

$13.33

$13.36

Investment

Activities:

Net

investment

income

(loss)(b)

0.20 0.39 0.38 0.33 0.30 0.33 0.35 Net

realized

and

unrealized

gains

(losses)

(0.33)

0.08 0.20 (0.65)

(0.86)

0.52 (0.03)

Total

from

Investment

Activities

(0.13)

0.47 0.58 (0.32)

(0.56)

0.85 0.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.39)

(0.38)

(0.32)

(0.29)

(0.33)

(0.35)

Total

Distributions

(0.20)

(0.39)

(0.38)

(0.32)

(0.29)

(0.33)

(0.35)

Net

Asset

Value,

End

of

Period

$12.31

$12.64

$12.56

$12.36

$13.00

$13.85

$13.33

Total

Return(c)(d)

(1.01)%

3.80%

4.79%

(2.41)%

(4.10)%

6.46%

2.37%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.72%(h)

0.71%(h)

0.74%(h)

0.74%

0.78%

0.75%

0.75%

Net

Investment

Income

(Loss)(e)

3.21%

3.11%

3.05%

2.85%

2.14%

2.43%

2.57%

Gross

Expenses(e)(f)

0.86%(h)

0.86%(h)

0.89%(h)

0.87%

0.87%

0.86%

0.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$27,622

$29,843

$23,401

$24,533

$28,588

$23,934

$25,265

Portfolio

Turnover(c)(i)

7%

13%

8%

11%

13%

23%

26%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Long-Term

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$12.20

$12.06

$11.79

$12.92

$13.71

$13.21

$13.28

Investment

Activities:

Net

investment

income

(loss)(b)

0.23 0.44 0.44 0.39 0.38 0.42 0.45 Net

realized

and

unrealized

gains

(losses)

(0.68)

0.14 0.28 (1.14)

(0.79)

0.50 (0.07)

Total

from

Investment

Activities

(0.45)

0.58 0.72 (0.75)

(0.41)

0.92 0.38 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.44)

(0.45)

(0.38)

(0.38)

(0.42)

(0.45)

Total

Distributions

(0.23)

(0.44)

(0.45)

(0.38)

(0.38)

(0.42)

(0.45)

Net

Asset

Value,

End

of

Period

$11.52

$12.20

$12.06

$11.79

$12.92

$13.71

$13.21

Total

Return(c)(d)

(3.70)%

4.93%

6.22%

(5.79)%

(3.15)%

7.00%

2.74%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.43%(h)

0.45%(h)

0.43%(h)

0.46%

0.50%

0.47%

0.48%

Net

Investment

Income

(Loss)(e)

3.88%

3.65%

3.75%

3.49%

2.73%

3.13%

3.36%

Gross

Expenses(e)(f)

0.43%(h)

0.45%(h)

0.44%(h)

0.47%

0.50%

0.48%

0.48%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,525,052

$1,656,204

$1,737,393

$1,825,576

$2,127,775

$2,404,178

$2,403,342

Portfolio

Turnover(c)(i)

3%

4%

4%

10%

10%

21%

24%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Long-Term

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.20

$12.06

$11.79

$12.91

$13.71

$13.40

Investment

Activities:

Net

investment

income

(loss)(c)

0.23 0.45 0.44 0.39 0.39 0.31 Net

realized

and

unrealized

gains

(losses)

(0.68)

0.14 0.28 (1.12)

(0.81)

0.32 Total

from

Investment

Activities

(0.45)

0.59 0.72 (0.73)

(0.42)

0.63 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.45)

(0.45)

(0.39)

(0.38)

(0.32)

Total

Distributions

(0.23)

(0.45)

(0.45)

(0.39)

(0.38)

(0.32)

Net

Asset

Value,

End

of

Period

$11.52

$12.20

$12.06

$11.79

$12.91

$13.71

Total

Return(d)(e)

(3.68)%

4.96%

6.24%

(5.69)%

(3.16)%

4.71%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.38%(i)

0.42%(i)

0.41%(i)

0.44%

0.44%

0.44%

Net

Investment

Income

(Loss)(f)

3.93%

3.69%

3.77%

3.52%

2.92%

3.03%

Gross

Expenses(f)(h)

0.49%(i)

0.55%(i)

0.53%(i)

0.59%

0.65%

0.98%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$34,351

$37,592

$42,037

$52,513

$64,506

$5,533

Portfolio

Turnover(d)(j)

3%

4%

4%

10%

10%

21%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Long-Term

Fund

Class

A

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$12.18

$12.04

$11.77

$12.90

$13.69

$13.19

$13.26

Investment

Activities:

Net

investment

income

(loss)(b)

0.22 0.42 0.42 0.36 0.35 0.40 0.43 Net

realized

and

unrealized

gains

(losses)

(0.68)

0.14 0.27 (1.13)

(0.79)

0.50 (0.08)

Total

from

Investment

Activities

(0.46)

0.56 0.69 (0.77)

(0.44)

0.90 0.35 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.42)

(0.42)

(0.36)

(0.35)

(0.40)

(0.42)

Total

Distributions

(0.22)

(0.42)

(0.42)

(0.36)

(0.35)

(0.40)

(0.42)

Net

Asset

Value,

End

of

Period

$11.50

$12.18

$12.04

$11.77

$12.90

$13.69

$13.19

Total

Return(c)(d)

(3.81)%

4.73%

6.01%

(5.97)%

(3.33)%

6.80%

2.53%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.64%(h)

0.65%(h)

0.64%(h)

0.66%

0.69%

0.67%

0.70%

Net

Investment

Income

(Loss)(e)

3.68%

3.46%

3.54%

3.32%

2.56%

2.94%

3.15%

Gross

Expenses(e)(f)

1.21%(h)

1.40%(h)

1.13%(h)

1.18%

1.11%

1.08%

1.01%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,965

$2,946

$3,350

$4,718

$3,789

$8,466

$7,680

Portfolio

Turnover(c)(i)

3%

4%

4%

10%

10%

21%

24%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Short-Term

Fund

Fund

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.26

$10.13

$9.99

$10.24

$10.63

$10.32

$10.48

Investment

Activities:

Net

investment

income

(loss)(b)

0.15 0.30 0.28 0.20 0.13 0.14 0.19 Net

realized

and

unrealized

gains

(losses)

0.06 0.13 0.15 (0.25)

(0.39)

0.31 (0.16)

Total

from

Investment

Activities

0.21 0.43 0.43 (0.05)

(0.26)

0.45 0.03 Distributions

to

Shareholders

from:

Net

investment

income

(0.15)

(0.30)

(0.29)

(0.20)

(0.13)

(0.14)

(0.19)

Total

Distributions

(0.15)

(0.30)

(0.29)

(0.20)

(0.13)

(0.14)

(0.19)

Net

Asset

Value,

End

of

Period

$10.32

$10.26

$10.13

$9.99

$10.24

$10.63

$10.32

Total

Return(c)(d)

2.02%

4.27%

4.34%

(0.51)%

(2.52)%

4.42%

0.23%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.54%(h)

0.46%(h)

0.50%(h)

0.49%

0.56%

0.53%

0.51%

Net

Investment

Income

(Loss)(e)

2.83%

2.91%

2.83%

2.13%

1.18%

1.37%

1.77%

Gross

Expenses(e)(f)

0.54%(h)

0.47%(h)

0.50%(h)

0.50%

0.56%

0.54%

0.51%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$624,483

$628,391

$672,740

$750,619

$983,453

$1,181,011

$1,271,899

Portfolio

Turnover(c)(i)

20%

31%

13%

17%

16%

66%(j)

54%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) The

portfolio

turnover

would

be

32%

of

the

average

value

of

its

portfolio

with

the

exclusion

of

variable-rate

demand

notes

with

long-term

maturities

and

one-

or

seven-day

demand

feature,

or

put

options.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Short-Term

Fund

Institutional

Shares

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.27

$10.13

$10.00

$10.25

$10.64

$10.50

Investment

Activities:

Net

investment

income

(loss)(c)

0.15 0.30 0.29 0.20 0.14 0.11 Net

realized

and

unrealized

gains

(losses)

0.05 0.14 0.13 (0.25)

(0.40)

0.14 Total

from

Investment

Activities

0.20 0.44 0.42 (0.05)

(0.26)

0.25 Distributions

to

Shareholders

from:

Net

investment

income

(0.15)

(0.30)

(0.29)

(0.20)

(0.13)

(0.11)

Total

Distributions

(0.15)

(0.30)

(0.29)

(0.20)

(0.13)

(0.11)

Net

Asset

Value,

End

of

Period

$10.32

$10.27

$10.13

$10.00

$10.25

$10.64

Total

Return(d)(e)

1.94%

4.41%

4.27%

(0.49)%

(2.43)%

2.39%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.51%(i)

0.42%(i)

0.46%(i)

0.46%

0.48%

0.47%

Net

Investment

Income

(Loss)(f)

2.86%

2.95%

2.87%

2.15%

1.28%

1.33%

Gross

Expenses(f)(h)

0.64%(i)

0.63%(i)

0.57%(i)

0.59%

0.55%

0.69%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$20,332

$19,546

$19,154

$26,983

$41,969

$25,038

Portfolio

Turnover(d)(j)

20%

31%

13%

17%

16%

66%(k)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(k) The

portfolio

turnover

would

be

32%

of

the

average

value

of

its

portfolio

with

the

exclusion

of

variable-rate

demand

notes

with

long-term

maturities

and

one-

or

seven-day

demand

feature,

or

put

options.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Short-Term

Fund

Class

A

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.28

$10.14

$10.00

$10.26

$10.64

$10.34

$10.49

Investment

Activities:

Net

investment

income

(loss)(b)

0.13 0.28 0.27 0.17 0.10 0.12 0.16 Net

realized

and

unrealized

gains

(losses)

0.05 0.14 0.14 (0.25)

(0.38)

0.30 (0.15)

Total

from

Investment

Activities

0.18 0.42 0.41 (0.08)

(0.28)

0.42 0.01 Distributions

to

Shareholders

from:

Net

investment

income

(0.13)

(0.28)

(0.27)

(0.18)

(0.10)

(0.12)

(0.16)

Total

Distributions

(0.13)

(0.28)

(0.27)

(0.18)

(0.10)

(0.12)

(0.16)

Net

Asset

Value,

End

of

Period

$10.33

$10.28

$10.14

$10.00

$10.26

$10.64

$10.34

Total

Return(c)(d)

1.81%

4.15%

4.16%

(0.76)%

(2.64)%

4.07%

0.09%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)(g)

0.76%(h)

0.66%(h)

0.67%(h)

0.67%

0.78%

0.76%

0.75%

Net

Investment

Income

(Loss)(e)

2.60%

2.71%

2.66%

1.87%

0.96%

1.12%

1.54%

Gross

Expenses(e)(f)

1.24%(h)

1.26%(h)

1.11%(h)

0.98%

0.93%

0.88%

0.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,999

$3,656

$4,100

$4,104

$12,792

$16,590

$10,144

Portfolio

Turnover(c)(i)

20%

31%

13%

17%

16%

66%(j)

54%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) From

the

period

beginning

July

1,

2019,

the

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) The

portfolio

turnover

would

be

32%

of

the

average

value

of

its

portfolio

with

the

exclusion

of

variable-rate

demand

notes

with

long-term

maturities

and

one-

or

seven-day

demand

feature,

or

put

options.

Notes

to

Financial

Statements

August

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following three funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Funds'

net

asset

value to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

August

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

Tax

Exempt

Intermediate-Term

Fund

Tax

Exempt

Intermediate-Term

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Tax

Exempt

Long-Term

Fund

Tax

Exempt

Long-Term

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Tax

Exempt

Short-Term

Fund

Tax

Exempt

Short-Term

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

As

of August

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

Below-Investment-Grade

Securities:

Certain

Funds

may

invest

in

below-investment-grade

securities

(i.e.,

lower-quality,

"junk"

debt),

which

are

subject

to

various

risks.

Lower-

quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statements

of

Operations.

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

February

or

February

for

leap

years.

For

the

six

months

ended

August

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Level

Level

Level

Total

Tax

Exempt

Intermediate-Term

Fund

Municipal

Bonds

..............................................

$

—

$

2,825,415

$

—

$

2,825,415

Total

.......................................................

$

—

$

2,825,415

$

—

$

2,825,415

Tax

Exempt

Long-Term

Fund

Municipal

Bonds

..............................................

—

1,547,152

—

1,547,152

Total

.......................................................

$

—

$

1,547,152

$

—

$

1,547,152

Tax

Exempt

Short-Term

Fund

Municipal

Bonds

..............................................

—

637,275

1,715

638,990

Total

.......................................................

$

—

$

637,275

$

1,715

$

638,990

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment. Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

The

performance

adjustment

for

each

share

class

is

accrued

daily

and

calculated

monthly

by

comparing

the

respective

class' performance

to

the

Lipper

Index

listed

in

the

table

below.

Each

Index

tracks

the

total

return

performance

of

the

largest

funds

within

the

respective

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the average

annual

performance

of

the

relevant

share

class

of

the

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point.

Each

class'

annual

performance

adjustment

rate

is

multiplied

by

the

average

daily

net

assets

of the

respective class over

the

entire

performance

period,

which

is

then

multiplied

by

a

fraction,

the

numerator

of

which

is

the

number

of

days

in

the

month

and

the

denominator

of

which

is

(366

in

leap

years).

The

resulting

amount

is

then

added

to

(in

the

case

of

overperformance),

or

subtracted

from

(in

the

case

of

underperformance)

the

base

fee.

Under

the

performance

fee

arrangement, each

class

pays

a

positive

performance

fee

adjustment

for

a

performance

period

whenever

each Funds'

class outperforms

the respective

Index

in

the table

above, over

that

period,

even

if

the class

has

overall

negative

returns

during

the

performance

period.

Excluding

U.S.

Government

Securities

Purchases

Sales

Tax

Exempt

Intermediate-Term

Fund

............................................................

$

191,383

$

274,331

Tax

Exempt

Long-Term

Fund

.................................................................

43,269

62,689

Tax

Exempt

Short-Term

Fund

.................................................................

110,689

125,177

Base

Rate

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Comparative

Index

Tax

Exempt

Intermediate-Term

Fund

.......................................

Lipper

Intermediate

Municipal

Debt

Funds

Tax

Exempt

Long-Term

Fund

............................................

Lipper

General

&

Insured

Municipal

Debt

Funds

Tax

Exempt

Short-Term

Fund

............................................

Lipper

Short

Municipal

Debt

Funds

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

+/-

+/-

and

greater

+/-

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment. Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

The

performance

adjustment

for

each

share

class

is

accrued

daily

and

calculated

monthly

by

comparing

the

respective

class' performance

to

the

Lipper

Index

listed

in

the

table

below.

Each

Index

tracks

the

total

return

performance

of

the

largest

funds

within

the

respective

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the average

annual

performance

of

the

relevant

share

class

of

the

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point.

Each

class'

annual

performance

adjustment

rate

is

multiplied

by

the

average

daily

net

assets

of the

respective class over

the

entire

performance

period,

which

is

then

multiplied

by

a

fraction,

the

numerator

of

which

is

the

number

of

days

in

the

month

and

the

denominator

of

which

is

(366

in

leap

years).

The

resulting

amount

is

then

added

to

(in

the

case

of

overperformance),

or

subtracted

from

(in

the

case

of

underperformance)

the

base

fee.

Under

the

performance

fee

arrangement, each

class

pays

a

positive

performance

fee

adjustment

for

a

performance

period

whenever

each Funds'

class outperforms

the respective

Index

in

the table

above, over

that

period,

even

if

the class

has

overall

negative

returns

during

the

performance

period.

Excluding

U.S.

Government

Securities

Purchases

Sales

Tax

Exempt

Intermediate-Term

Fund

............................................................

$

191,383

$

274,331

Tax

Exempt

Long-Term

Fund

.................................................................

43,269

62,689

Tax

Exempt

Short-Term

Fund

.................................................................

110,689

125,177

Base

Rate

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Comparative

Index

Tax

Exempt

Intermediate-Term

Fund

.......................................

Lipper

Intermediate

Municipal

Debt

Funds

Tax

Exempt

Long-Term

Fund

............................................

Lipper

General

&

Insured

Municipal

Debt

Funds

Tax

Exempt

Short-Term

Fund

............................................

Lipper

Short

Municipal

Debt

Funds

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

+/-

+/-

and

greater

+/-

The

performance

adjustment

rate,

if

any, included

in

the

investment

advisory

fee

may

differ

from

the

maximum

over/under

Annual

Adjustment

Rate

due

to

differences

in

average

net

assets

for

the

reporting

period

and

rolling

month

performance

periods.

For

the

six

months ended August

31,

2025,

performance adjustments were

(amounts

in

thousands):

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

six

months

ended

August

31,

2025,

the

Funds

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate,

which

is

based

on

the

Funds' average

daily

net

assets as

follows:

Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

a

Sub-

Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The

Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser,

provides

transfer

agent

services

to

the

Fund

Shares based

on

an

annual

charge

of

$25.50

per

shareholder

account

plus

out-of-pocket

expenses. VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

For

the

classes

below,

transfer

agent

fees

for

are

paid

monthly

based

on

a

fee

accrued

daily

at

an

annualized

rate

of

average

daily

net

assets,

plus

out-of-pocket

expenses

as

follows:

Fund

Shares

Institutional

Shares

Class

A

Tax

Exempt

Intermediate-Term

Fund

...................................................

$

—(a)

—

(b) (4) as

annual

%

rate

................................................................

—

—

(0.03)%

Tax

Exempt

Long-Term

Fund

........................................................

$

(412) (10) (1) as

annual

%

rate

................................................................

(0.05)%

(0.06)%

(0.06)%

Tax

Exempt

Short-Term

Fund

........................................................

$

—(c)

as

annual

%

rate

................................................................

0.03%

0.04%

0.01%

(a) There

was

no

performance

adjustment

for

Fund

Shares.

(b) There

was

no

performance

adjustment

for

Institutional

Shares.

(c) Rounds

to

less

than

$1

thousand.

(d) Rounds

to

less

than

0.01%.

Fund

Shares

Institutional

Shares

Class

A

Tax

Exempt

Intermediate-Term

Fund

.....................................................

0.15%

0.10%

0.15%

Tax

Exempt

Long-Term

Fund

..........................................................

0.15%

0.10%

0.15%

Tax

Exempt

Short-Term

Fund

..........................................................

0.15%

0.10%

0.15%

Institutional

Shares

Class

A

Tax

Exempt

Intermediate-Term

Fund

.................................................................

0.10%

0.10%

Tax

Exempt

Long-Term

Fund

......................................................................

0.10%

0.10%

Tax

Exempt

Short-Term

Fund

......................................................................

0.10%

0.10%

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Funds

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

of

Class

A. Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

August

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust

until

at

least

June

30,

2026. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

a

Fund

in

any

fiscal

year

exceed

the

expense

limit

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Performance

adjustments,

acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

August

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) are

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

August

31,

2025. For

the

six

months ended

August

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of August

31,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

Class

A

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Amount

Tax

Exempt

Intermediate-Term

Fund

.......................................................................

$

—(a)

(a) Rounds

to

less

than

$1

thousand.

In

effect

until

June

30,

2026

Fund

Shares

Institutional

Shares

Class

A

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.48%

0.44%

0.75%

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.48%

0.44%

0.70%

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.51%

0.47%

0.75%

Amount

Tax

Exempt

Intermediate-Term

Fund

.......................................................................

$

Tax

Exempt

Long-Term

Fund

............................................................................

Tax

Exempt

Short-Term

Fund

............................................................................

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Funds

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

of

Class

A. Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

August

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust

until

at

least

June

30,

2026. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

a

Fund

in

any

fiscal

year

exceed

the

expense

limit

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Performance

adjustments,

acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

August

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) are

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

August

31,

2025. For

the

six

months ended

August

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of August

31,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

Class

A

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Amount

Tax

Exempt

Intermediate-Term

Fund

.......................................................................

$

—(a)

(a) Rounds

to

less

than

$1

thousand.

In

effect

until

June

30,

2026

Fund

Shares

Institutional

Shares

Class

A

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.48%

0.44%

0.75%

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.48%

0.44%

0.70%

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.51%

0.47%

0.75%

Amount

Tax

Exempt

Intermediate-Term

Fund

.......................................................................

$

Tax

Exempt

Long-Term

Fund

............................................................................

Tax

Exempt

Short-Term

Fund

............................................................................

![tax exempt book risks table](epub568889893191680.jpg)

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

August

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

5. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Credit

Risk

—

The

fixed-income

securities

held in

the

Funds'

portfolio

are

subject

to

credit

risk,

which

is

the

possibility

that

an

issuer

of

a

fixed-income

security

will

fail

to

make

timely

interest

and/or

principal

payments

on

its

securities

or

that

negative

market

perceptions

of

the

issuer's

ability

to

make

such

payments

will

cause

the

price

of

that

security

to

decline.

The

Funds

accept

some

credit

risk

as

a

recognized

means

to

enhance

an

investor's

return.

All

fixed-income

securities,

varying

from

the

highest

quality

to

the

very

speculative,

have

some

degree

of

credit

risk.

Debt

Securities

Risk

—

The

value

of

a

debt

security

or

other

income-producing

security

changes

in

response

to

various

factors,

including,

for

example,

market-related

factors

(such

as

changes

in

interest

rates

or

changes

in

the

risk

appetite

of

investors

generally)

and

changes

in

the

actual

or

perceived

ability

of

the

issuer

(or

of

issuers

generally)

to

meet

its

(or

their)

obligations.

Other

factors

that

may

affect

the

value

of

debt

securities

include,

among

others,

economic

conditions,

market

events

and public

health

crises

and

responses

by

governments

and

companies

to

such

developments.

These

and

other

events

may

affect

the

creditworthiness

of

the

issuer

of

a

debt

security

and

may

impair

an

issuer's

ability

to

timely

meet

its

debt

obligations

as

they

come

due.

Interest

Rate

Risk

—

The

Funds are

subject

to

the

risk

that

the

market

value

of

the

bonds

in

its

portfolio

will

fluctuate

because

of

changes

in

interest

rates,

changes

in

the

supply

of

and

demand

for

tax-exempt

securities,

and

other

market

factors.

Bond

prices

generally

are

linked

to

the

prevailing

market

interest

rates.

In

general,

when

interest

rates

rise,

bond

prices

fall;

conversely,

when

interest

rates

fall,

bond

prices

rise.

The

price

volatility

of

a

bond

also

depends

on

its

duration.

Generally,

the

longer

the

duration

of

a

bond,

the

greater

is

its

sensitivity

to

interest

rates.

To

compensate

investors

for

this

higher

interest

rate

risk,

bonds

with

longer

durations

generally

offer

higher

yields

than

bonds

with

shorter

durations.

The

ability

of

an

issuer

of

a

debt

security

to

repay principal

prior

to

a

security's

maturity

can

increase

the

security's

sensitivity

to

interest

rate

changes.

Decisions

by

the

U.S.

Federal

Reserve regarding

interest

rate

and

monetary

policy,

which

can

be

difficult

to

predict

and

sometimes

change

direction

suddenly

in

response

to

economic

and

market

events,

can

have

a

significant

effect

on

the

value

of

fixed-income

securities

as

well

as

the

overall

strength

of

the

U.S.

economy.

Precise

interest

rate

predictions

are

difficult

to

make,

and

interest

rates

may

change

unexpectedly

and

dramatically

in

response

to

extreme

changes

in

market

or

economic

conditions.

As

a

result,

the

value

of

fixed-income

securities

may

vary

widely

under

certain

market

conditions.

Expires

2026

Expires

2027

Expires

2028

Expires

2029

Total

Tax

Exempt

Intermediate-Term

Fund

...........................

$

$

576

$

$

$

1,550

Tax

Exempt

Long-Term

Fund

................................

Tax

Exempt

Short-Term

Fund

................................

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Call

Risk

—

During

a

period

of

declining

interest

rates,

many

municipal

bonds

may

be

"called,"

or

redeemed,

by

the

issuer

before

the

stated

maturity.

An

issuer

might

call,

or

refinance,

a

higher-yielding

bond

for

the

same

reason

that

a

homeowner

would

refinance

a

home

mortgage.

When

bonds

are

called,

the

Fund

is

affected

in

several

ways.

Most

likely,

the

Fund

will

reinvest

the

bond-call

proceeds

in

bonds

with

lower

interest

rates.

The

Fund's

income

may

drop

as

a

result.

The

Fund

also

may

realize

a

taxable

capital

gain

(or

loss).

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

August

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

August

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

Funds

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

August

31,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

net

investment

income, if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended February

28,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

Declared

Paid

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Short-Term

Amount

Long-Term

Amount

Total

Tax

Exempt

Intermediate-Term

Fund

........................................

$

(76,986)

$

(87,754)

$

(164,740)

Tax

Exempt

Long-Term

Fund

.............................................

(18,621)

(99,910)

(118,531)

Tax

Exempt

Short-Term

Fund

.............................................

(2,603)

(27,973)

(30,576)

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

8. #### Segment

#### Reporting:
The

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund's

financial

position

or

the

results

of

its

operations.

The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-TE-1025

August

31,

2025

Semi-Annual:

Full

Financials

Victory

Tax

Exempt

Money

Market

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*III*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *235-8396,* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 2

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 5
Statement

of

Operations

#### 6
Statements

of

Changes

in

Net

Assets

#### 7
Financial

Highlights

#### 8

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 9
Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Money

#### Market

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(99.8%)

Alabama

(3.6%):

Mobile

County

IDA

Revenue

(LOC

-

Swedbank

AB)

,

Series

B

,

.70

%

,

7/1/40

,

Continuously

Callable

@100

(a) ...................................................

$

15,000

$

15,000

Florida

(0.9%):

Hillsborough

County

Industrial

Development

Authority

Revenue

(LOC

-

Toronto-Dominion

Bank)

,

Series

C

,

.60

%

,

11/1/38

,

Continuously

Callable

@100

(a) ................

3,815

3,815

Georgia

(4.7%):

Development

Authority

of

Appling

County

Revenue

,

.30

%

,

9/1/29

,

Continuously

Callable

@100

(a) .........................................................

6,000

6,000

The

Development

Authority

of

Burke

County

Revenue

,

Series

,

.30

%

,

7/1/49

(a) ........

13,225

13,225

19,225

Illinois

(6.7%):

Illinois

Educational

Facilities

Authority

Revenue

(LOC

-

Huntington

National

Bank)

,

Series

A

,

.73

%

,

10/1/32

,

Continuously

Callable

@100

(a) .............................

7,880

7,880

Illinois

Finance

Authority

Revenue

(LOC

-

PNC

Financial

Services

Group)

,

.55

%

,

4/1/37

,

Continuously

Callable

@100

(a) .........................................

15,000

15,000

Village

of

Channahon

Revenue

(LOC

-

U.S.

Bancorp)

,

.75

%

,

12/1/34

,

Continuously

Callable

@100

(a) .........................................................

4,895

4,895

27,775

Indiana

(1.6%):

City

of

Berne

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Indianapolis)

,

.73

%

,

10/1/33

,

Continuously

Callable

@100

(a) .........................................

3,380

3,380

Indiana

Finance

Authority

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Indianapolis)

,

Series

A

,

.73

%

,

7/1/29

,

Continuously

Callable

@100

(a) ...........................

3,385

3,385

6,765

Iowa

(6.7%):

Iowa

Finance

Authority

Revenue

Series

A

,

.66

%

,

9/1/36

,

Continuously

Callable

@100

(a) .......................

6,763

6,763

Series

A

,

.70

%

,

9/1/36

,

Callable

10/1/25

@

(a) ..........................

8,985

8,985

Series

A

,

.66

%

,

6/1/39

,

Continuously

Callable

@100

(a) .......................

12,600

12,600

28,348

Kansas

(4.5%):

City

of

Burlington

Revenue

Series

A

,

.80

%

,

9/1/35

,

Continuously

Callable

@100

(a) .......................

7,250

7,250

Series

B

,

.80

%

,

9/1/35

,

Continuously

Callable

@100

(a) .......................

4,200

4,200

City

of

St.

Marys

Revenue

,

.85

%

,

4/15/32

,

Continuously

Callable

@100

(a) .............

7,600

7,600

19,050

Kentucky

(5.5%):

Kentucky

Economic

Development

Finance

Authority

Revenue

,

Series

C

,

.77

%

,

5/1/34

,

Continuously

Callable

@100

(a) .........................................

7,200

7,200

Lexington-Fayette

Urban

County

Government

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Cincinnati)

,

.59

%

,

12/1/27

,

Callable

9/11/25

@

(a) .......................

905

905

Louisville/Jefferson

County

Metropolitan

Government

Revenue

(LOC

-

PNC

Financial

Services

Group)

,

.55

%

,

10/1/43

,

Continuously

Callable

@100

(a) ................

15,105

15,105

23,210

Louisiana

(5.4%):

Parish

of

St.

James

Revenue

,

Series

,

.85

%

,

11/1/40

,

Continuously

Callable

@100

(a) ...

19,000

19,000

St.

Tammany

Corp.

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Dallas)

,

.77

%

,

3/1/33

,

Continuously

Callable

@100

(a) .........................................

3,590

3,590

22,590

Maryland

(1.7%):

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

(LOC

-

Toronto-

Dominion

Bank)

,

Series

B

,

.20

%

,

6/1/46

,

Continuously

Callable

@100

(a) ..........

7,000

7,000

Minnesota

(3.3%):

City

of

Rochester

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Indianapolis)

,

Series

A

,

.66

%

,

5/1/61

,

Continuously

Callable

@100

(a) .............................

13,940

13,940

Mississippi

(2.4%):

Mississippi

Business

Finance

Corp.

Revenue

,

Series

K

,

.25

%

,

11/1/35

,

Callable

10/1/25

@

(a) ...........................................................

7,660

7,660

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Money

#### Market

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Mississippi

Business

Finance

Corp.

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Dallas)

,

.77

%

,

3/1/33

,

Continuously

Callable

@100

(a) .............................

$

2,535

$

2,535

10,195

New

Hampshire

(4.8%):

New

Hampshire

Business

Finance

Authority

Revenue

(LOC

-

Landesbank

Hessen-Thuringen)

,

.66

%

,

9/1/30

,

Continuously

Callable

@100

(a) .............................

19,990

19,990

New

York

(13.5%):

Build

NYC

Resource

Corp.

Revenue

(LOC

-

Toronto-Dominion

Bank)

,

.83

%

,

12/1/45

,

Continuously

Callable

@100

(a) .........................................

7,150

7,150

Guilderland

Industrial

Development

Agency

Revenue

(LOC

-

Key

Bank,

N.A.)

,

Series

A

,

.95

%

,

7/1/32

,

Continuously

Callable

@100

(a) .............................

1,825

1,825

Metropolitan

Transportation

Authority

Revenue

(LOC

-

Barclays

Bank

PLC)

,

Series

,

.75

%

,

11/1/35

,

Callable

10/1/25

@

(a) ................................

19,000

19,000

New

York

City

Capital

Resources

Corp.

Revenue

(LOC

-

Manufacturers

&

Traders

Trust

Co.)

,

.85

%

,

12/1/40

,

Continuously

Callable

@100

(a) .............................

7,500

7,500

New

York

State

Energy

Research

&

Development

Authority

Revenue

(LOC

-

Mizuho

Corporate

Bank

Ltd.)

Series

,

.47

%

,

5/1/39

,

Continuously

Callable

@100

(a) .....................

3,500

3,500

Series

,

.60

%

,

5/1/39

,

Continuously

Callable

@100

(a) .....................

13,200

13,200

Onondaga

County

Industrial

Development

Agency

Revenue

(LOC

-

Manufacturers

&

Traders

Trust

Co.)

,

Series

A

,

.83

%

,

12/1/31

,

Continuously

Callable

@100

(a) .............

3,415

3,415

St.

Lawrence

County

Industrial

Development

Agency

Revenue

(LOC

-

Citizens

Financial

Group)

,

.78

%

,

7/1/37

(a) .............................................

1,475

1,475

57,065

Oklahoma

(5.3%):

Edmond

Economic

Development

Authority

Revenue

(LOC

-

Bank

of

Oklahoma,

N.A.)

,

Series

A

,

.67

%

,

6/1/31

,

Callable

10/1/25

@

(a) ...............................

3,250

3,250

Garfield

County

Industrial

Authority

Revenue

,

Series

A

,

.75

%

,

10/1/39

,

Callable

10/1/25

@

(a) ...........................................................

19,000

19,000

22,250

South

Carolina

(4.2%):

South

Carolina

Jobs-Economic

Development

Authority

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Indianapolis)

,

.68

%

,

5/1/61

,

Continuously

Callable

@100

(a) .............

17,300

17,300

Tennessee

(5.2%):

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

,

Series

C

,

.90

%

,

5/1/39

,

Continuously

Callable

@100

(a) .........................................

12,000

12,000

Greeneville

Health

&

Educational

Facilities

Board

Revenue

(LOC

-

U.S.

Bancorp)

,

Series

B

,

.60

%

,

7/1/45

,

Continuously

Callable

@100

(a) .............................

9,455

9,455

21,455

Texas

(12.8%):

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.

Revenue

,

Series

A

,

.69

%

,

12/1/40

,

Callable

10/1/25

@

(a) ......................................

16,000

16,000

Port

of

Port

Arthur

Navigation

District

Revenue

.83

%

,

11/1/40

,

Continuously

Callable

@100

(a) .............................

4,000

4,000

Series

A

,

.30

%

,

4/1/40

(a) ............................................

7,000

7,000

Series

B

,

.30

%

,

4/1/40

(a) ............................................

9,000

9,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

(LOC

-

Sumitomo

Mitsui

Banking

Corp.)

,

Series

C1

,

.55

%

,

7/1/47

,

Continuously

Callable

@100

(a) ..........

18,000

18,000

54,000

Virginia

(4.5%):

Loudoun

County

Economic

Development

Authority

Revenue

Series

A

,

.48

%

,

2/15/38

,

Callable

10/1/25

@

(a) .........................

9,000

9,000

Series

B

,

.48

%

,

2/15/38

,

Callable

10/1/25

@

(a) .........................

10,000

10,000

19,000

West

Virginia

(2.5%):

West

Virginia

Hospital

Finance

Authority

Revenue

(LOC

-

PNC

Financial

Services

Group)

,

Series

D

,

.55

%

,

6/1/41

,

Continuously

Callable

@100

(a) ......................

10,410

10,410

Total

Municipal

Bonds

(Cost

$418,383)

a

a

a

418,383

Total

Investments

(Cost

$418,383)

—

99.8%

418,383

Other

assets

in

excess

of

liabilities

— 0.2%

844

NET

ASSETS

-

100.00%

$

419,227

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Money

#### Market

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(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.

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

IDA

—

Industrial

Development

Authority

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.

LOC—Principal

and

interest

payments

are

guaranteed

by

a

bank

letter

of

credit

or

other

bank

credit

agreement.

Statement

of

Assets

and

Liabilities

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Tax

Exempt

Money

Market

Fund

Assets:

Investments,

at

value

(Cost

$418,383)

$

418,383

Cash

Receivables:

Interest

1,109

Capital

shares

issued

From

Adviser

Prepaid

expenses

Total

Assets

420,182

Liabilities:

Payables:

Capital

shares

redeemed

717

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(a) Trustees'

fees

Other

accrued

expenses

Total

Liabilities

955

Commitments

and

contingencies

(Note

3)

Net

Assets:

Capital

419,226

Total

accumulated

earnings

Net

Assets

$

419,227

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

419,218

Net

asset

value,

offering

and

redemption

price

per

share:(b)

$

.00

(a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statement

of

Operations

For

the

Six

Months

Ended

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Tax

Exempt

Money

Market

Fund

Investment

Income:

Interest

$

5,955

Total

Income

5,955

Expenses:

Investment

advisory

fees

605

Administration

fees

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

1,275

Less

fees

paid

indirectly

(9)

Expenses

waived/reimbursed

by

Adviser

(57)

Net

Expenses

1,209

Net

Investment

Income

4,746

Change

in

net

assets

resulting

from

operations

$

4,746

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Money

Market

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

$

4,746

$

12,155

Change

in

net

assets

resulting

from

operations

4,746

12,155

Change

in

net

assets

resulting

from

distributions

to

shareholders

(4,746)

(12,155)

Change

in

net

assets

resulting

from

capital

transactions

(11,978)

(28,388)

Change

in

net

assets

(11,978)

(28,388)

Net

Assets:

Beginning

of

period

431,205

459,593

End

of

period

$

419,227

$

431,205

Capital

Transactions:

Proceeds

from

shares

issued

$

34,882

$

72,527

Distributions

reinvested

4,599

11,857

Cost

of

shares

redeemed

(51,459)

(112,772)

Change

in

net

assets

resulting

from

capital

transactions

$

(11,978)

$

(28,388)

Share

Transactions:

Issued

34,882

72,527

Reinvested

4,599

11,857

Redeemed

(51,459)

(112,772)

Change

in

Shares

(11,978)

(28,388)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Money

Market

Fund

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Net

Asset

Value,

Beginning

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Investment

Activities:

Net

investment

income(b)

0.01 0.03 0.03 0.01 —(c)

—(c)

0.01 Net

realized

and

unrealized

gains

—

—

—

—

—(c)

—

—(c)

Total

from

Investment

Activities

0.01 0.03 0.03 0.01 —(c)

—(c)

0.01 Distributions

to

Shareholders

from:

Net

investment

income

(0.01)

(0.03)

(0.03)

(0.01)

—(c)

—(c)

(0.01)

Net

realized

gains

—

—

—

—(c)

—

—(c)

—

Total

Distributions

(0.01)

(0.03)

(0.03)

(0.01)

—(c)

—(c)

(0.01)

Net

Asset

Value,

End

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

Return(d)(e)

1.11%

2.76%

2.98%

1.15%

0.01%

0.10%

1.05%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.56%(h)

0.56%(h)

0.56%(h)

0.55%(i)

0.16%(j)

0.35%

0.56%

Net

Investment

Income(f)

2.20%

2.73%

2.94%

1.23%

0.01%

0.11%

1.04%

Gross

Expenses(f)(g)

0.59%(h)

0.61%(h)

0.60%(h)

0.59%

0.58%

0.57%

0.56%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$419,227

$431,205

$459,593

$474,143

$502,350

$562,015

$1,345,628

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

has

been

calculated

using

the

average

daily

shares

method.

(c) Amount

is

less

than

$0.005

per

share.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Includes

impact

of

voluntary

waiver.

Without

this

voluntary

waiver,

the

net

expense

ratio

would

have

been

0.01%

higher.

(j) Includes

impact

of

voluntary

waiver.

Without

this

voluntary

waiver,

the

net

expense

ratio

would

have

been

0.40%

higher.

Notes

to

Financial

Statements

August

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

"Fund"):

The

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. The

Fund

operates

as

a

retail

money

market

fund

in

compliance

with

the

requirements

of

Rule

2a-7

under

the

1940

Act

and

as

a

retail

money

market

fund,

shares

of

the

Fund

are

available

for

sale

only

to

accounts

that

are

beneficially

owned

by

natural

persons.

The

Fund

may

impose discretionary

liquidity

fees on

redemptions

from

the

Fund

subject

to

the

Fund's

Board

of

Trustees

(the

"Board")

determination

that

such

liquidity

fees

are

in

the

best

interest

of

the

Fund.

Upon

such

determination,

the

Fund

may

impose

a

liquidity

fee

of

up

to

2%

of

the

value

of

the

shares

redeemed.

The

imposition

of

a

liquidity

fee

would

reduce

the

amount

you

would

receive

upon

redemption

of

your

shares

of

the

Fund.

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

inputs

or

methodologies

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

example,

money

market

securities

are

valued

using

amortized

cost,

in

accordance

with

rules

under

the

1940

Act.

Generally,

amortized

cost

approximates

the

current

fair

value

of

a

security,

but

since

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

are

reflected

as

Level

2. The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

The Adviser,

appointed

as

the

valuation

designee

by the

Board has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

All

securities

held

in

the

Fund

are

short-term

debt

securities,

which

are

valued

pursuant

to

Rule

2a-7

under

the

1940

Act

and

the

Money

Market

Funds

Procedures

to

Stabilize

Net

Asset

Value

(the

"Procedures").

This

method

values

a

security

at

its

purchase

price,

and

thereafter,

assumes

a

constant

amortization

to

maturity

of

any

premiums

or

discounts.

Securities

for

which

amortized

cost

valuations

are

considered

unreliable

or

whose

values

have

been

materially

affected

by

a

significant

event

are

valued

in

good

faith,

at

fair

value,

using

methods

determined

by

the

Committee,

under the

Procedures

to

stabilize

net

assets

and

valuation

procedures

approved

by

the

Board.

Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

Fund

(Legal

Name)

Fund

(Short

Name)

Victory

Tax

Exempt

Money

Market

Fund

Tax

Exempt

Money

Market

Fund

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Interest

income

is

recorded

daily

on

the

accrual

basis. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of

February

or

February

for

leap

years.

For

the

six

months

ended

August

31,

2025,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

The

Fund's

Investment

Adviser

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.28%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

six

months

ended

August

31,

2025,

the

Fund

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate

of

0.10%,

which

is

based

on

the

Fund's average

daily

net

assets.

Amounts

incurred

for

the

six

months ended

August

31,

2025, are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Fund.

Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-

Administration

fees.

The

Fund

(as

part

of

the

Trust)

has

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser,

provides

transfer

agency

services

to

the

Fund.

Transfer

agent

fees

for

the

Fund

are

paid

monthly

based

on

a

fee

accrued

daily

at

an

annualized

rate

of

0.15%

of

average

daily

net

assets,

plus

out-of-pocket

expenses.

VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Fund

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

August

31,

2025, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Trust

until

at

least

June

30,

2026. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense limit of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund's

business

are

excluded

from

the

expense

limit.

As

of

August

31,

2025,

the

expense

limit

(excluding

voluntary

waivers) was:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limit

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

In

addition,

the

Fund

agreed

to

reimburse

the

Adviser

for

any

extra

waivers

(i.e.,

voluntary

fee

waivers

and/or

expense

reimbursements

made

in

excess

of

waivers

and

reimbursements

that

are

necessary

to

comply

with

any

Operating

Expense

Limit

in

effect

at

the

time

of

such

extra

waivers),

provided

that:

(a) the

Fund

is

not

obligated

to

reimburse

any

such

extra

waivers

more

than

three

years

after

the

date

in

which

the

extra

waiver

was

made

by

the

Adviser;

and

(b) such

payments

would

not

cause

the

Fund's

net

yield

to

fall

below

the

Fund's

minimum

yield

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

expense

limit

in

effect

at

the

time

of

the

extra

waiver.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

August

31,

2025. As

of August

31,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

4. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

Stable

Net

Asset

Value

Risk

— You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares.

An

investment

in

the

Fund

is

not

a

bank deposit

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund's

sponsor

is

not

required

to

reimburse

the

Fund

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time,

including

during

periods

of

market

stress.

In

effect

until

June

30,

2026

Tax

Exempt

Money

Market

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.56%

Expires

2026

Expires

2027

Expires

2028

Expires

2029

Total

Tax

Exempt

Money

Market

Fund

.............................

$

$

$

$

$

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

Credit

Risk

—

The

fixed-income

securities

held

in

the

Fund's

portfolio

are

subject

to

credit

risk,

which

is

the

possibility

that

an

issuer

of

a

fixed-income

security

will

fail

to

make

timely

interest

and/or

principal

payments

on

its

securities

or

that

negative

market

perceptions

of

the

issuer's

ability

to

make

such

payments

will

cause

the

price

of

that

security

to

decline.

The

Fund

accepts

some

credit

risk

as

a

recognized

means

to

enhance

an

investor's

return.

All

fixed-income

securities,

varying

from

the

highest

quality

to

the

very

speculative,

have

some

degree

of

credit

risk.

Interest

Rate

Risk

—

The

Fund

also

is

subject

to

the

possibility

that

the

value

of

its

investments

will

fluctuate

because

of

changes

in

interest

rates,

changes

in

supply

of

and

demand

for

tax-exempt

securities,

or

other

market

factors.

Decisions

by

the

U.S.

Federal

Reserve regarding

interest

rate

and

monetary

policy,

which

can

be

difficult

to

predict

and

sometimes

change

direction

suddenly

in

response

to

economic

and

market

events,

can

have

a

significant

effect

on

the

value

of

fixed-income

securities

as

well

as

the

overall

strength

of

the

U.S.

economy.

Precise

interest

rate

predictions

are

difficult

to

make,

and

interest

rates

may

change

unexpectedly

and

dramatically

in

response

to

extreme

changes

in

market

or

economic

conditions.

As

a

result,

the

value

of

fixed-income

securities

may

vary

widely

under

certain

market

conditions.

Structural

Risk

— Some

tax-exempt

securities

are

subject

to

special

risks

due

to

their

unique

structure.

For

instance,

variable-rate

demand

notes

("VRDNs")

generally

are

long-term

municipal

bonds

combined

with

a

demand

feature,

which

represents

the

right

to

sell

the

instrument

back

to

the

remarketer

or

liquidity

provider,

usually

a

bank,

for

repurchase

on

short

notice,

normally

one

day

or

seven

days.

Because

the

demand

feature

is

dependent

upon

the

bank,

the

Fund

will

only

purchase

VRDNs

of

this

type

where

it

believes

that

the

banks

would

be

able

to

honor

their

guarantees

on

the

demand

feature.

Some

VRDNs,

sometimes

referred

to

as

"structured

instruments"

or

"synthetic

instruments,"

are

created

by

combining

an

intermediate-

or

long-term

municipal

bond

with

a

right

to

sell

the

instrument

back

to

the

remarketer

or

liquidity

provider

for

repurchase

on

short

notice,

referred

to

as

a

"tender

option."

However,

the

tender

option

usually

is

subject

to

a

conditional

guarantee,

which

means

that

the

bank

is

not

required

to

pay

under

the

guarantee

if

there

is

a

default

by

the

municipality

or

if

certain

other

events

occur.

Because

there

is

the

risk

that

the

Fund

will

not

be

able

to

exercise

the

demand

feature

at

all

times,

the

Fund

will

not

purchase

a

synthetic

instrument

of

this

type

unless

the

Fund

believes

there

is

minimal

risk

that

the

Fund

will

not

be

able

to

exercise

the

tender

option

at

all

times.

The

Fund

will

not

purchase

a

synthetic

instrument

unless

counsel

for

the

issuer

has

issued

an

opinion

that

interest

paid

on

the

instrument

is

entitled

to

tax-exempt

treatment.

Discretionary

Liquidity

Fees Risk

—

The

Fund

may

impose

liquidity

fees

on

redemptions

subject

to

the

Board's

determination

that

such liquidity

fees

are

in

the

best

interests

of

the

Fund.

The

imposition

of

a

liquidity

fee

would

reduce

the

amount

you

would

receive

upon

redemption

of

your

shares

of

the

Fund.

5. #### Borrowing:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

funds

in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate,

may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

August

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

August

31,

2025. 6. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

the

Fund's

net

investment

income

are

accrued

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax year

ended February

28,

2025,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

7. #### Segment

#### Reporting:
The

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

the

results

of

its

operations.

The

Adviser's

Management

Committee

acts

as

the

Fund's

Chief

Operating

Decision

Maker

("CODM").

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-

determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

39598-1025

August

31,

2025

Semi-Annual:

Full

Financials

Victory

Treasury

Money

Market

Trust

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*III*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *235-8396,* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 2

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 3
Statement

of

Operations

#### 4
Statements

of

Changes

in

Net

Assets

#### 5
Financial

Highlights

#### 6

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 7
Schedule

of

Portfolio

Investments

August

31,

2025

Victory

Portfolios

III

#### Victory

#### Treasury

#### Money

#### Market

#### Trust

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Treasury

Obligations

(70.0%)

U.S.

Treasury

Bills

4.25%,

9/2/25(a)

...................................................

$

50,000

$

49,993

4.17%,

9/4/25(a)

...................................................

50,000

49,983

4.28%,

9/16/25(a)

..................................................

50,000

49,912

.27%,

10/2/25(a)

..................................................

50,000

49,817

4.13%,

10/9/25(a)

..................................................

50,000

49,787

4.25%,

10/14/25(a)

..................................................

50,000

49,748

4.10%,

10/30/25(a)

..................................................

50,000

49,671

4.28%,

11/12/25(a)

..................................................

50,000

49,578

4.16%,

11/20/25(a)

..................................................

50,000

49,543

4.25%,

11/28/25(a)

..................................................

50,000

49,491

4.18%,

12/2/25(a)

..................................................

50,000

49,473

4.22%,

12/11/25(a)

..................................................

50,000

49,420

4.21%,

1/15/26(a)

..................................................

50,000

49,220

Total

U.S.

Treasury

Obligations

(Cost

$645,636)

a

a

a

645,636

Repurchase

Agreements

(29.6%)

Bank

of

America

Securities,

Inc.,

4.32%,

purchased

on

8/29/25,

with

a

maturity

date

of

9/2/25,

with

a

repurchase

value

of

$200,096

(collateralized

by

U.S.

Treasury

Obligations,

0.00%,

due

5/15/31

-

2/15/39,

with

an

aggregate

value

of

$204,000)

...........................

200,000

200,000

Fixed

Income

Clearing

Cor

poration-State

Street

Bank

&

Trust

Co.,

4.31%,

purchased

on

8/29/25,

with

a

maturity

date

of

9/2/25,

with

a

repurchase

value

of

$73,035

(collateralized

by

U.S.

Treasury

Bonds,

4.25%-4.63%,

due

2/15/54

-

5/15/54,

with

an

aggregate

value

of

$74,460)

.............................................................

,000

73,000

Total

Repurchase

Agreements

(Cost

$273,000)

a

a

a

273,000

Total

Investments

(Cost

$918,636)

—

99.6%

918,636

Other

assets

in

excess

of

liabilities

— 0.4%

3,546

NET

ASSETS

-

100.00%

$

922,182

(a) Rate

represents

the

effective

yield

at

August

31,

2025. Statement

of

Assets

and

Liabilities

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Treasury

Money

Market

Trust

Assets:

Investments,

at

value

(Cost

$645,636)

$

645,636

Repurchase

agreements,

at

value

(Cost

$273,000)

273,000

Cash

3,960

Receivables:

Interest

Capital

shares

issued

From

Adviser

Prepaid

expenses

Total

Assets

923,037

Liabilities:

Payables:

Capital

shares

redeemed

543

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

Trustees'

fees

Other

accrued

expenses

Total

Liabilities

855

Commitments

and

contingencies

(Note

3)

Net

Assets:

Capital

922,186

Total

accumulated

earnings

(4)

Net

Assets

$

922,182

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

922,186

Net

asset

value,

offering

and

redemption

price

per

share:(a)

$

.00

(a) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statement

of

Operations

For

the

Six

Months

Ended

August

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Treasury

Money

Market

Trust

Investment

Income:

Interest

$

19,970

Total

Income

19,970

Expenses:

Investment

advisory

fees

582

Administration

fees

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

1,662

Less

fees

paid

indirectly

(11) Expenses

waived/reimbursed

by

Adviser

(21) Net

Expenses

1,630

Net

Investment

Income

18,340

Realized

Gains

from

Investments:

Net

realized

gains

from

investment

securities

—(a)

Net

realized

gains

on

investments

—(a)

Change

in

net

assets

resulting

from

operations

$

18,340

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Treasury

Money

Market

Trust

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

$

18,340

$

40,271

Net

realized

gains

—

(a) —

(a) Change

in

net

assets

resulting

from

operations

18,340

40,271

Change

in

net

assets

resulting

from

distributions

to

shareholders

(18,345)

(40,270)

Change

in

net

assets

resulting

from

capital

transactions

(279)

96,197

Change

in

net

assets

(284)

96,198

Net

Assets:

Beginning

of

period

922,466

826,268

End

of

period

$

922,182

$

922,466

Capital

Transactions:

Proceeds

from

shares

issued

$

426,100

$

646,892

Distributions

reinvested

18,201

40,410

Cost

of

shares

redeemed

(444,580)

(591,105)

Change

in

net

assets

resulting

from

capital

transactions

$

(279)

$

96,197

Share

Transactions:

Issued

426,100

646,892

Reinvested

18,201

40,410

Redeemed

(444,580)

(591,105)

Change

in

Shares

(279)

96,197

(a) Rounds

to

less

than

$1

thousand.

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Treasury

Money

Market

Trust

Six

Months

Ended

August

31,

2025

(Unaudited)

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Year

Ended

May

31,

2020

Net

Asset

Value,

Beginning

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Investment

Activities:

Net

investment

income(b)

0.02 0.05 0.05 0.02 —(c)

—(c)

0.01 Net

realized

and

unrealized

gains

—(c)

—(c)

—(c)

—

—

—(c)

—

Total

from

Investment

Activities

0.02 0.05 0.05 0.02 —(c)

—(c)

0.01 Distributions

to

Shareholders

from:

Net

investment

income

(0.02)

(0.05)

(0.05)

(0.02)

—(c)

—(c)

(0.01)

Total

Distributions

(0.02)

(0.05)

(0.05)

(0.02)

—(c)

—(c)

(0.01)

Net

Asset

Value,

End

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

Return(d)(e)

2.00%

4.77%

4.98%

2.06%

0.04%

0.03%

1.23%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.35%(h)

0.35%(h)

0.35%(h)

0.35%

0.11%

0.12%

0.33%

Net

Investment

Income(f)

3.94%

4.66%

4.88%

2.82%

0.04%

0.03%

1.21%

Gross

Expenses(f)(g)

0.36%(h)

0.37%(h)

0.37%(h)

0.37%

0.37%

0.38%

0.34%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$922,182

$922,466

$826,268

$669,552

$519,981

$496,777

$543,913

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

has

been

calculated

using

the

average

daily

shares

method.

(c) Amount

is

less

than

$0.005

per

share.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

Notes

to

Financial

Statements

August

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

"Fund"):

The

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. The

Fund

operates

as

a

government

money

market

fund

in

compliance

with

the

requirements

of

Rule

2a-7

under

the

1940

Act

and

as

a

government

money

market

fund,

shares

of

the

Fund

are

available

for

sale

only

to

accounts

that

are

beneficially

owned

by

natural

persons.

Government

money

market

funds,

such

as

the

Fund,

are

not

required

to

impose

a

liquidity

fee

upon

the

sale

of

fund

shares

as

some

other

types

of

money

market

funds

are.

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

inputs

or

methodologies

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

example,

money

market

securities

are

valued

using

amortized

cost,

in

accordance

with

rules

under

the

1940

Act.

Generally,

amortized

cost

approximates

the

current

fair

value

of

a

security,

but

since

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

are

reflected

as

Level

2. The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

The Adviser,

appointed

as

the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"), has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Repurchase

agreements

are

valued

at

cost

which

approximates

market

value.

All

securities

held

in

the

Fund

are

short-term

debt

securities,

which

are

valued

pursuant

to

Rule

2a-7

under

the

1940

Act

and

the

Money

Market

Funds

Procedures

to

Stabilize

Net

Asset

Value

(the

"Procedures").

This

method

values

a

security

at

its

purchase

price,

and

thereafter,

assumes

a

constant

amortization

to

maturity

of

any

premiums

or

discounts.

Securities

for

which

amortized

cost

valuations

are

considered

unreliable

or

whose

values

have

been

materially

affected

by

a

significant

event

are

valued

in

good

faith,

at

fair

value,

using

methods

determined

by

the

Committee,

under the

Procedures

to

stabilize

net

assets

and

valuation

procedures

approved

by

the

Board.

Repurchase

Agreements:

The

Fund

may

enter

into

repurchase

agreements

with

commercial

banks

or

recognized

security

dealers

pursuant

to

the

terms

of

a

Master

Repurchase

Agreement.

A

repurchase

agreement

is

an

arrangement

wherein

the

Fund

purchases

securities

and

the

seller

agrees

to

repurchase

the

securities

at

an

agreed

upon

time

and

at

an

agreed

upon

price.

The

purchased

securities

are

marked-to-market

daily

to

ensure

their

value

is

Fund

(Legal

Name)

Fund

(Short

Name)

Victory

Treasury

Money

Market

Trust

Treasury

Money

Market

Trust

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

equal

to

at

least

102%

of

principal

including

accrued

interest

and

are

held

by

the

Fund,

either

through

its

regular

custodian

or

through

a

special

"tri-party"

custodian

that

maintains

separate

accounts

for

both

the

Fund

and

its

counterparty,

until

maturity

of

the

repurchase

agreement.

Master

Repurchase

Agreements

typically

contain

netting

provisions,

which

provide

for

the

net

settlement

of

all

transactions

and

collateral

with

the

Fund

through

a

single

payment

in

the

event

of

default

or

termination.

Repurchase

agreements

are

subject

to

credit

risk,

and

the

Fund's Adviser

monitors

the

creditworthiness

of

sellers

with

which

the

Fund

may

enter

into

repurchase

agreements.

Investments

in

repurchase

agreements

as

presented

on

the

Schedule

of

Portfolio

Investments

are

not

net

settlement

amounts

but

gross.

At

August

31,

2025,

the

value

of

the

related

collateral

exceeded

the

value

of

the

repurchase

agreements,

reducing

the

net

settlement

amount

to

zero.

Details

on

the

collateral

are

included

on

the

Schedule

of

Portfolio

Investments.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Interest

income

is

recorded

daily

on

the

accrual

basis. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of February

or

February

for

leap

years.

For

the

six

months

ended

August

31,

2025,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

The

Fund's

Investment

Adviser

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.125%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

August

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

six

months

ended

August

31,

2025,

the

Funds

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate

of

0.10%,

which

is

based

on

the

Fund's average

daily

net

assets.

Amounts

incurred

for

the

six

months ended

August

31,

2025, are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

allocated

to

the

Fund.

Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-

Administration

fees.

The

Fund

(as

part

of

the

Trust)

has

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

August

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser,

provides

transfer

agency

services

to

the

Fund.

Transfer

agent

fees

for

the

Fund

are

paid

monthly

based

on

a

fee

accrued

daily

at

an

annualized

rate

of

0.10%

of

average

daily

net

assets,

plus

out-of-pocket

expenses.

VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Fund

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months

ended

August

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

August

31,

2025, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Trust

until

at

least

June

30,

2026. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense limit of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund's

business

are

excluded

from

the

expense

limit.

As

of

August

31,

2025,

the

expense

limit

(excluding

voluntary

waivers) was:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limit

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

In

addition,

the

Fund

agreed

to

reimburse

the

Adviser

for

any

extra

waivers

(i.e.,

voluntary

fee

waivers

and/or

expense

reimbursements

made

in

excess

of

waivers

and

reimbursements

that

are

necessary

to

comply

with

any

Operating

Expense

Limit

in

effect

at

the

time

of

such

extra

waivers),

provided

that:

(a) the

Fund

is

not

obligated

to

reimburse

any

such

extra

waivers

more

than

three

years

after

the

date

in

which

the

extra

waiver

was

made

by

the

Adviser;

and

(b) such

payments

would

not

cause

the

Fund's

net

yield

to

fall

below

the

Fund's

minimum

yield

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

expense

limit

in

effect

at

the

time

of

the

extra

waiver.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

August

31,

2025. As

of August

31,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

In

effect

until

June

30,

2026

Treasury

Money

Market

Trust

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Expires

2026

Expires

2027

Expires

2028

Expires

2029

Total

Treasury

Money

Market

Trust

................................

$

$

$

$

$

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

4. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

Stable

Net

Asset

Value

Risk

— You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares.

An

investment

in

the

Fund

is

not

a

bank deposit

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund's

sponsor

is

not

required

to

reimburse

the

Fund

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time,

including

during

periods

of

market

stress.

Interest

Rate

Risk

—

When

interest

rates

rise,

debt

security

prices

generally

fall.

The

opposite

also

generally

is

true:

debt

security

prices

rise

when

interest

rates

fall.

Interest

rate

changes

are

influenced

by

a

number

of

factors

including

government

policy,

monetary

policy,

inflation

expectations,

perceptions

of

risk,

and

supply

and

demand

of

debt

securities.

The

Fund's

yield

will

vary.

A

sharp

and

unexpected

rise

in

interest

rates

could

cause

the

Fund's

share

price

to

drop

below

a

dollar.

A

low

interest

rate

environment

may

prevent

the

Fund

from

providing

a

positive

yield

and

could

also

impair

the

Fund's

ability

to

maintain

a

stable

net

asset

value.

Large-Shareholder Risk

—

The

actions

by

one

shareholder

or

multiple

shareholders

may

have

an

impact

on

the

Fund

and,

therefore,

indirectly

on

other

shareholders.

Shareholder

purchase

and

redemption

activity

may

affect

the

per

share

amount

of

the

Fund's

distributions

of

its

net

investment

income

and

net

realized

capital

gains,

if

any,

thereby

affecting

the

tax

burden

on

the

Fund's

shareholders

subject

to

federal

income

tax.

To

the

extent

a

larger

shareholder

is

permitted

to

invest

in

the

Fund,

the

Fund

may

experience

large

inflows

or

outflows

of

cash

from

time

to

time.

This

activity

could

magnify

these

adverse

effects

on

the

Fund.

Management Risk

—

The

Fund

is

actively

managed,

and

the

investment

techniques

and

risk

analyses

used

by

the

Fund's

portfolio

managers

may

not

produce

the

desired

results.

5. #### Borrowing:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

funds

in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate,

may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

August

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

August

31,

2025. 6. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

the

Fund's

net

investment

income

are

accrued

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax year

ended February

28,

2025,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

7. #### Segment

#### Reporting:
The

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

the

results

of

its

operations.

Notes

to

Financial

Statements

—

continued

August

31,

2025

Victory

Portfolios

III

(Unaudited)

The

Adviser's

Management

Committee

acts

as

the

Fund's

Chief

Operating

Decision

Maker

("CODM").

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-

determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

23416-1025

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) <u>[The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)</u>

(b) <u>[The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto](ex99906.htm)</u>.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Victory Portfolios III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino, Treasurer and Principal Financial Officer

Date&nbsp;&nbsp;&nbsp;&nbsp; <u>November 5, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry, President and Principal Executive Officer

Date&nbsp;&nbsp;&nbsp;&nbsp; <u>November 5, 2025</u>

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino, Treasurer and Principal Financial Officer

Date&nbsp;&nbsp;&nbsp;&nbsp; <u>November 5, 2025</u>

## Ex-99.Cert

<u>Section 302 – CERTIFICATIONS</u>

I, Thomas Dusenberry, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios III (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>November 5, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Principal Executive Officer

<u>Section 302 – CERTIFICATIONS</u>

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios III (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>November 5, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended August 31, 2025, of Victory Portfolios III (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>November 5, 2025</u> 

Date

<u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Thomas Dusenberry

President and Principal Executive Officer

<u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino

Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.