# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-000085
**Filing Date:** 2025-7
**Character Count:** 2197154
**Document Hash:** ed1d682cd231feb8fa00627bdb7205a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-000085.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001004726-25-000085

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 123

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 251105069

**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 Aggressive Growth Fund (Formerly USAA Aggressive Growth Fund) (Series ID: S000012894)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000034863 | Victory Aggressive Growth Fund Shares               | USAUX           |
| C000066835 | Victory Aggressive Growth Fund Institutional Shares | UIAGX           |

### Victory Growth Fund (Formerly USAA Growth Fund) (Series ID: S000012895)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000034864 | Victory Growth Fund Shares               | USAAX           |
| C000066836 | Victory Growth Fund Institutional Shares | UIGRX           |

### Victory Growth & Income Fund (Formerly USAA Growth & Income Fund) (Series ID: S000012896)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034865 | Victory Growth & Income Fund Shares               | USGRX           |
| C000159207 | Victory Growth & Income Fund Institutional Shares | UIGIX           |

### Victory High Income Fund (Formerly USAA High Income Fund) (Series ID: S000012898)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000034867 | Victory High Income Fund Shares               | USHYX           |
| C000066837 | Victory High Income Fund Institutional Shares | UIHIX           |
| C000175747 | Victory High Income Fund Class R6             | URHIX           |

### Victory Income Fund (Formerly USAA Income Fund) (Series ID: S000012899)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000034868 | Victory Income Fund Shares               | USAIX           |
| C000066838 | Victory Income Fund Institutional Shares | UIINX           |
| C000175748 | Victory Income Fund Class R6             | URIFX           |
| C000220609 | Victory Income Fund Class A              | UINCX           |

### Victory Income Stock Fund (Formerly USAA Income Stock Fund) (Series ID: S000012900)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034869 | Victory Income Stock Fund Shares               | USISX           |
| C000066839 | Victory Income Stock Fund Institutional Shares | UIISX           |

### Victory Core Plus Intermediate Bond Fund (Formerly USAA Intermediate-Term Bond Fund) (Series ID: S000012902)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000034871 | Victory Core Plus Intermediate Bond Fund Shares               | USIBX           |
| C000066840 | Victory Core Plus Intermediate Bond Fund Institutional Shares | UIITX           |
| C000175750 | Victory Core Plus Intermediate Bond Fund Class R6             | URIBX           |
| C000220613 | Victory Core Plus Intermediate Bond Fund Class A              | UITBX           |
| C000220614 | Victory Core Plus Intermediate Bond Fund Class C              | UITCX           |

### Victory Money Market Fund (Formerly USAA Money Market Fund) (Series ID: S000012906)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000034875 | Victory Money Market Fund | USAXX           |

### Victory Nasdaq-100 Index Fund (Formerly USAA Nasdaq-100 Index Fund) (Series ID: S000012907)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000034876 | Victory Nasdaq-100 Index Fund Shares               | USNQX           |
| C000179381 | Victory Nasdaq-100 Index Fund Class R6             | URNQX           |
| C000220618 | Victory Nasdaq-100 Index Fund Class A              | UANQX           |
| C000220619 | Victory Nasdaq-100 Index Fund Institutional Shares | UINQX           |
| C000220620 | Victory Nasdaq-100 Index Fund Class C              | UCNQX           |

### Victory Science & Technology Fund (Formerly USAA Science & Technology Fund) (Series ID: S000012911)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000034880 | Victory Science & Technology Fund Shares  | USSCX           |
| C000220624 | Victory Science & Technology Fund Class A | USTCX           |

### Victory Short-Term Bond Fund (Formerly USAA Short-Term Bond Fund) (Series ID: S000012913)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034882 | Victory Short-Term Bond Fund Shares               | USSBX           |
| C000066843 | Victory Short-Term Bond Fund Institutional Shares | UISBX           |
| C000175751 | Victory Short-Term Bond Fund Class R6             | URSBX           |
| C000220627 | Victory Short-Term Bond Fund Class A              | UASBX           |

### Victory Small Cap Stock Fund (Formerly USAA Small Cap Stock Fund) (Series ID: S000012914)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034883 | Victory Small Cap Stock Fund Shares               | USCAX           |
| C000066844 | Victory Small Cap Stock Fund Institutional Shares | UISCX           |

### Victory 500 Index Fund (Formerly USAA 500 Index Fund) (Series ID: S000012915)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000034884 | Victory 500 Index Fund Member Shares | USSPX           |
| C000034885 | Victory 500 Index Fund Reward Shares | USPRX           |

### Victory Value Fund (Formerly USAA Value Fund) (Series ID: S000012920)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000034890 | Victory Value Fund Shares               | UVALX           |
| C000066845 | Victory Value Fund Institutional Shares | UIVAX           |

### Victory Capital Growth Fund (Formerly USAA Capital Growth Fund) (Series ID: S000012925)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000034895 | Victory Capital Growth Fund Shares               | USCGX           |
| C000159209 | Victory Capital Growth Fund Institutional Shares | UICGX           |

### Victory Extended Market Index Fund (Formerly USAA Extended Market Index Fund) (Series ID: S000012941)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000034943 | Victory Extended Market Index Fund | USMIX           |

### Victory Global Managed Volatility Fund (Formerly USAA Global Managed Volatility Fund) (Series ID: S000022882)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000066372 | Victory Global Managed Volatility Fund Institutional Shares | UGOFX           |
| C000129296 | Victory Global Managed Volatility Fund Shares               | UGMVX           |

### Victory Target Retirement Income Fund (Formerly USAA Target Retirement Income Fund) (Series ID: S000022883)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000066373 | Victory Target Retirement Income Fund | URINX           |

### Victory Target Retirement 2030 Fund (Formerly USAA Target Retirement 2030 Fund) (Series ID: S000022885)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000066375 | Victory Target Retirement 2030 Fund | URTRX           |

### Victory Target Retirement 2040 Fund (Formerly USAA Target Retirement 2040 Fund) (Series ID: S000022886)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000066376 | Victory Target Retirement 2040 Fund | URFRX           |

### Victory Target Retirement 2050 Fund (Formerly USAA Target Retirement 2050 Fund) (Series ID: S000022887)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000066377 | Victory Target Retirement 2050 Fund | URFFX           |

### Victory Ultra Short-Term Bond Fund (Formerly USAA Ultra Short-Term Bond Fund) (Series ID: S000030169)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000092834 | Victory Ultra Short-Term Bond Fund Shares               | UUSTX           |
| C000130753 | Victory Ultra Short-Term Bond Fund Institutional Shares | UUSIX           |
| C000179382 | Victory Ultra Short-Term Bond Fund Class R6             | URUSX           |
| C000220636 | Victory Ultra Short-Term Bond Fund Class A              | USBAX           |

### Victory Target Retirement 2060 Fund (Formerly USAA Target Retirement 2060 Fund) (Series ID: S000041439)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000128656 | Victory Target Retirement 2060 Fund | URSIX           |

?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>April 30</u>

Date of reporting period: <u>April 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Victory Target Retirement Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: URINX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Target Retirement Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $4 | 0.04% |

---

# What affected the Fund's performance during the last year?
The Fund invests in a selection of affiliated mutual funds and exchanged-traded funds ("underlying affiliated funds") and does not directly invest in stocks, bonds, or commodities. The underlying affiliated funds provide the Fund exposure to the asset classes referenced below.

Top contributors to performance:

* An allocation to gold and gold mining stocks in the underlying affiliated funds was a positive contributor to performance. 

* Security selection in investment grade fixed income securities and international developed equities in the underlying affiliated funds added to performance over the period.

* An allocation to global equity securities with lower volatility in the underlying affiliated funds was a positive contributor to performance. 

Top detractors from performance:

* An allocation to U.S. mid-cap and small-cap equities in the underlying affiliated funds detracted from performance. 

* Security selection in emerging markets equities in the underlying affiliated funds hurt performance over the period.

* Overall shorter duration in fixed income in the underlying affiliated funds negatively impacted performance. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i8a4c1951e359b191ca5d8a1b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Target Retirement Income Fund, Fund Shares - $15,177** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **S&P Target Date Retirement Income Index - $15,032** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $9880 | $10272 | $10049 |
| **4/17** | $10553 | $10357 | $10588 |
| **4/18** | $10962 | $10324 | $11064 |
| **4/19** | $11431 | $10870 | $11611 |
| **4/20** | $11603 | $12049 | $12048 |
| **4/21** | $13505 | $12017 | $13632 |
| **4/22** | $12852 | $10994 | $12901 |
| **4/23** | $13004 | $10947 | $13097 |
| **4/24** | $13934 | $10786 | $13810 |
| **4/25** | $15177 | $11651 | $15032 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 8.93% | 5.52% | 4.26% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| S&P Target Date Retirement Income Index | 8.85% | 4.53% | 4.16% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $641679 |
| Number of Holdings | 33 |
| Investment Advisory Fees | $- |
| Portfolio Turnover | 10% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Victory Government Securities Fund, Institutional Shares | 21.7% |
| Victory Short-Term Bond Fund, Institutional Shares | 11.8% |
| Victory Core Plus Intermediate Bond Fund, Institutional Shares | 10.8% |
| VictoryShares Corporate Bond ETF | 6.3% |
| Victory Market Neutral Income Fund, Class I | 5.8% |
| Victory High Income Fund, Institutional Shares | 4.7% |
| Victory Target Managed Allocation Fund | 4.6% |
| Victory Global Managed Volatility Fund, Institutional Shares | 4.6% |
| Victory RS International Fund, Class R6 | 3.9% |
| VictoryShares Short-Term Bond ETF | 3.5% |

---

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

# (as of April 30, 2025)
![Group By Industry Chart](id3e1502e80b451ca8254339e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Fixed-Income Mutual Funds | 49.0% |
| Affiliated Equity Mutual Funds | 27.8% |
| Affiliated Equity Exchange-Traded Funds | 13.2% |
| Affiliated Fixed-Income Exchange-Traded Funds | 9.8% |

---

---

| | |
|:---|:---|
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URINX — AR (4/25)

#### Victory Target Retirement 2030 Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: URTRX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Target Retirement 2030 Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $3 | 0.03% |

---

# What affected the Fund's performance during the last year?
The Fund invests in a selection of affiliated mutual funds and exchanged-traded funds ("underlying affiliated funds") and does not directly invest in stocks, bonds, or commodities. The underlying affiliated funds provide the Fund exposure to the asset classes referenced below.

Top contributors to performance:

* An allocation to gold and gold mining stocks in the underlying affiliated funds was a positive contributor to performance. 

* Security selection in investment grade fixed income securities and international developed equities in the underlying affiliated funds added to performance over the period.

* An allocation to global equity securities with lower volatility in the underlying affiliated funds was a positive contributor to performance. 

Top detractors from performance:

* An allocation to U.S. mid-cap and small-cap equities in the underlying affiliated funds detracted from performance. 

* Security selection in emerging markets equities in the underlying affiliated funds hurt performance over the period.

* Tactical equity allocations in the underlying affiliated funds negatively impacted performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i554126400297447ed793247b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Target Retirement 2030 Fund, Fund Shares - $17,536** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **S&P Target Date 2030 Index - $18,963** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $9631 | $10272 | $9849 |
| **4/17** | $10839 | $10357 | $11019 |
| **4/18** | $11756 | $10324 | $12058 |
| **4/19** | $12192 | $10870 | $12762 |
| **4/20** | $11747 | $12049 | $12542 |
| **4/21** | $15035 | $12017 | $16326 |
| **4/22** | $14312 | $10994 | $15450 |
| **4/23** | $14503 | $10947 | $15799 |
| **4/24** | $15989 | $10786 | $17296 |
| **4/25** | $17536 | $11651 | $18963 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 9.67% | 8.34% | 5.78% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| S&P Target Date 2030 Index | 9.64% | 8.62% | 6.61% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1207250 |
| Number of Holdings | 34 |
| Investment Advisory Fees | $- |
| Portfolio Turnover | 10% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Victory Government Securities Fund, Institutional Shares | 16.4% |
| Victory Target Managed Allocation Fund | 7.7% |
| Victory Global Managed Volatility Fund, Institutional Shares | 7.4% |
| Victory Core Plus Intermediate Bond Fund, Institutional Shares | 6.8% |
| VictoryShares Short-Term Bond ETF | 5.9% |
| Victory Short-Term Bond Fund, Institutional Shares | 5.5% |
| Victory RS International Fund, Class R6 | 5.5% |
| Victory High Income Fund, Institutional Shares | 4.0% |
| Victory 500 Index Fund, Reward Shares | 4.0% |
| VictoryShares Corporate Bond ETF | 3.8% |

---

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

# (as of April 30, 2025)
![Group By Industry Chart](i7a2f062755aa2fef6a1600bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 38.9% |
| Affiliated Fixed-Income Mutual Funds | 32.7% |
| Affiliated Equity Exchange-Traded Funds | 18.4% |
| Affiliated Fixed-Income Exchange-Traded Funds | 9.8% |

---

---

| | |
|:---|:---|
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URTRX — AR (4/25)

#### Victory Target Retirement 2040 Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: URFRX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Target Retirement 2040 Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $2 | 0.02% |

---

# What affected the Fund's performance during the last year?
The Fund invests in a selection of affiliated mutual funds and exchanged-traded funds ("underlying affiliated funds") and does not directly invest in stocks, bonds, or commodities. The underlying affiliated funds provide the Fund exposure to the asset classes referenced below.

Top contributors to performance:

* An allocation to gold and gold mining stocks in the underlying affiliated funds was a positive contributor to performance. 

* Security selection in investment grade fixed income securities and international developed equities in the underlying affiliated funds added to performance over the period.

* An allocation to global equity securities with lower volatility in the underlying affiliated funds was a positive contributor to performance. 

Top detractors from performance:

* An allocation to U.S. mid-cap and small-cap equities in the underlying affiliated funds detracted from performance. 

* Security selection in emerging markets equities in the underlying affiliated funds hurt performance over the period.

* Tactical equity allocations in the underlying affiliated funds negatively impacted performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i82a4e1436aef95e6fd1fe29e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Target Retirement 2040 Fund, Fund Shares - $18,903** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $31,955** | **S&P Target Date 2040 Index - $21,219** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $9556 | $10121 | $9790 |
| **4/17** | $10907 | $11934 | $11129 |
| **4/18** | $12006 | $13517 | $12400 |
| **4/19** | $12419 | $15341 | $13133 |
| **4/20** | $11632 | $15474 | $12573 |
| **4/21** | $15685 | $22589 | $17526 |
| **4/22** | $14937 | $22637 | $16602 |
| **4/23** | $15164 | $23240 | $17023 |
| **4/24** | $17160 | $28507 | $19237 |
| **4/25** | $18903 | $31955 | $21219 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 10.16% | 10.20% | 6.57% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| S&P Target Date 2040 Index | 10.30% | 11.03% | 7.81% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1566202 |
| Number of Holdings | 34 |
| Investment Advisory Fees | $- |
| Portfolio Turnover | 12% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Victory Global Managed Volatility Fund, Institutional Shares | 10.8% |
| Victory Target Managed Allocation Fund | 10.7% |
| Victory RS International Fund, Class R6 | 7.2% |
| Victory Government Securities Fund, Institutional Shares | 6.8% |
| Victory 500 Index Fund, Reward Shares | 5.6% |
| Victory Trivalent International Fund-Core Equity, Class R6 | 5.0% |
| VictoryShares International Value Momentum ETF | 4.5% |
| VictoryShares WestEnd U.S. Sector ETF | 4.2% |
| VictoryShares Short-Term Bond ETF | 4.1% |
| Victory Core Plus Intermediate Bond Fund, Institutional Shares | 4.0% |

---

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

# (as of April 30, 2025)
![Group By Industry Chart](i98d9977b24ddce377ec92b57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 51.5% |
| Affiliated Fixed-Income Mutual Funds | 16.2% |
| Affiliated Equity Exchange-Traded Funds | 25.4% |
| Affiliated Fixed-Income Exchange-Traded Funds | 6.5% |

---

---

| | |
|:---|:---|
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URFRX — AR (4/25)

#### Victory Target Retirement 2050 Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: URFFX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Target Retirement 2050 Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $3 | 0.03% |

---

# What affected the Fund's performance during the last year?
The Fund invests in a selection of affiliated mutual funds and exchanged-traded funds ("underlying affiliated funds") and does not directly invest in stocks, bonds, or commodities. The underlying affiliated funds provide the Fund exposure to the asset classes referenced below.

Top contributors to performance:

* An allocation to gold and gold mining stocks in the underlying affiliated funds was a positive contributor to performance. 

* Security selection in investment grade fixed income securities and international developed equities in the underlying affiliated funds added to performance over the period.

* An allocation to global equity securities with lower volatility in the underlying affiliated funds was a positive contributor to performance. 

Top detractors from performance:

* An allocation to U.S. mid-cap and small-cap equities in the underlying affiliated funds detracted from performance. 

* Security selection in emerging markets equities in the underlying affiliated funds hurt performance over the period.

* Tactical equity allocations in the underlying affiliated funds negatively impacted performance. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i5ff2051d27161606f0028de3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Target Retirement 2050 Fund, Fund Shares - $19,732** | **MSCI All Country World Index (regulatory broad based index) - $22,879** | **S&P Target Date 2050 Index - $22,231** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $9540 | $9434 | $9748 |
| **4/17** | $10937 | $10861 | $11200 |
| **4/18** | $12114 | $12400 | $12566 |
| **4/19** | $12508 | $13028 | $13297 |
| **4/20** | $11639 | $12382 | $12608 |
| **4/21** | $16139 | $18046 | $18012 |
| **4/22** | $15373 | $17064 | $17079 |
| **4/23** | $15608 | $17416 | $17544 |
| **4/24** | $17905 | $20457 | $20113 |
| **4/25** | $19732 | $22879 | $22231 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 10.20% | 11.13% | 7.03% |
| MSCI All Country World Index | 11.84% | 13.07% | 8.63% |
| S&P Target Date 2050 Index | 10.53% | 12.01% | 8.32% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $988588 |
| Number of Holdings | 33 |
| Investment Advisory Fees | $- |
| Portfolio Turnover | 11% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Victory Global Managed Volatility Fund, Institutional Shares | 12.6% |
| Victory Target Managed Allocation Fund | 12.4% |
| Victory RS International Fund, Class R6 | 8.3% |
| Victory 500 Index Fund, Reward Shares | 6.9% |
| VictoryShares International Value Momentum ETF | 5.4% |
| Victory Trivalent International Fund-Core Equity, Class R6 | 5.3% |
| VictoryShares WestEnd U.S. Sector ETF | 5.0% |
| Victory Government Securities Fund, Institutional Shares | 4.1% |
| Victory Nasdaq-100 Index Fund, Class R6 | 3.9% |
| Victory Core Plus Intermediate Bond Fund, Institutional Shares | 3.8% |

---

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

# (as of April 30, 2025)
![Group By Industry Chart](i497e3b040933776face26878.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 59.4% |
| Affiliated Fixed-Income Mutual Funds | 8.9% |
| Affiliated Equity Exchange-Traded Funds | 30.0% |
| Affiliated Fixed-Income Exchange-Traded Funds | 1.3% |

---

---

| | |
|:---|:---|
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URFFX — AR (4/25)

#### Victory Target Retirement 2060 Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: URSIX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Target Retirement 2060 Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $10 | 0.10% |

---

# What affected the Fund's performance during the last year?
The Fund invests in a selection of affiliated mutual funds and exchanged-traded funds ("underlying affiliated funds") and does not directly invest in stocks, bonds, or commodities. The underlying affiliated funds provide the Fund exposure to the asset classes referenced below.

Top contributors to performance:

* An allocation to gold and gold mining stocks in the underlying affiliated funds was a positive contributor to performance. 

* Security selection in investment grade fixed income securities and international developed equities in the underlying affiliated funds added to performance over the period.

* An allocation to global equity securities with lower volatility in the underlying affiliated funds was a positive contributor to performance. 

Top detractors from performance:

* An allocation to U.S. mid-cap and small-cap equities in the underlying affiliated funds detracted from performance. 

* Security selection in emerging markets equities in the underlying affiliated funds hurt performance over the period.

* Tactical equity allocations in the underlying affiliated funds negatively impacted performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](ia5a8ee3305ec0d1ac31c6350.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Target Retirement 2060 Fund, Fund Shares - $19,551** | **MSCI All Country World Index (regulatory broad based index) - $22,879** | **S&P Target Date 2060 Index - $22,463** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $9537 | $9434 | $9717 |
| **4/17** | $10929 | $10861 | $11231 |
| **4/18** | $12077 | $12400 | $12636 |
| **4/19** | $12455 | $13028 | $13387 |
| **4/20** | $11557 | $12382 | $12683 |
| **4/21** | $16029 | $18046 | $18188 |
| **4/22** | $15251 | $17064 | $17239 |
| **4/23** | $15495 | $17416 | $17719 |
| **4/24** | $17800 | $20457 | $20328 |
| **4/25** | $19551 | $22879 | $22463 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 9.84% | 11.09% | 6.93% |
| MSCI All Country World Index | 11.84% | 13.07% | 8.63% |
| S&P Target Date 2060 Index | 10.50% | 12.11% | 8.43% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $149365 |
| Number of Holdings | 31 |
| Investment Advisory Fees | $- |
| Portfolio Turnover | 12% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Victory Global Managed Volatility Fund, Institutional Shares | 12.9% |
| Victory Target Managed Allocation Fund | 12.3% |
| Victory RS International Fund, Class R6 | 8.4% |
| Victory 500 Index Fund, Reward Shares | 7.9% |
| VictoryShares WestEnd U.S. Sector ETF | 5.5% |
| VictoryShares International Value Momentum ETF | 5.3% |
| Victory Trivalent International Fund-Core Equity, Class R6 | 5.2% |
| Victory Government Securities Fund, Institutional Shares | 3.9% |
| Victory Nasdaq-100 Index Fund, Class R6 | 3.9% |
| VictoryShares Free Cash Flow ETF | 3.6% |

---

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

# (as of April 30, 2025)
![Group By Industry Chart](i33681569ea1809394cdbc76b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 59.7% |
| Affiliated Fixed-Income Mutual Funds | 6.2% |
| Affiliated Equity Exchange-Traded Funds | 32.4% |
| Affiliated Fixed-Income Exchange-Traded Funds | 1.2% |

---

---

| | |
|:---|:---|
| \* | 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. |
| ^ | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URSIX — AR (4/25)

#### Victory Aggressive Growth Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USAUX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Aggressive Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $68 | 0.64% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in information technology was a contributor to relative performance as compared to the Russell 1000<sup><sup>®</sup></sup>Growth Index (the "Index").

* An overweight to communication services was a contributor to performance relative to the Index.

* Stock selection in financials was positive relative to the Index.

Top detractors from performance:

* Stock selection in consumer staples hurt relative performance as compared to the Index.

* An underweight to consumer staples was a detractor to performance relative to the Index.

* Stock selection in real estate was a negative contributor to relative performance to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i1be0e4f8075aa53b63c0c237.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Aggressive Growth Fund, Fund Shares - $32,628** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $31,955** | **Russell 1000<sup>®</sup> Growth Index - $41,400** | **Lipper Large-Cap Growth Funds Index - $35,407** |
| **4/15** | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $9964 | $10121 | $10107 | $9770 |
| **4/17** | $11747 | $11934 | $12078 | $11649 |
| **4/18** | $14012 | $13517 | $14367 | $14060 |
| **4/19** | $16197 | $15341 | $16872 | $16341 |
| **4/20** | $16640 | $15474 | $18700 | $17869 |
| **4/21** | $24920 | $22589 | $28314 | $27063 |
| **4/22** | $20642 | $22637 | $26800 | $23623 |
| **4/23** | $21023 | $23240 | $27426 | $23993 |
| **4/24** | $28629 | $28507 | $36148 | $31778 |
| **4/25** | $32628 | $31955 | $41400 | $35407 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 13.97% | 14.42% | 12.55% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Russell 1000<sup>®</sup> Growth Index | 14.53% | 17.23% | 15.27% |
| Lipper Large-Cap Growth Funds Index | 11.42% | 14.66% | 13.48% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2202025 |
| Number of Holdings | 55 |
| Investment Advisory Fees | $9573 |
| Portfolio Turnover | 30% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i87cca55e5111d1a6f4bee4b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.2% |
| Consumer Staples | 1.2% |
| Financials | 6.8% |
| Industrials | 8.2% |
| Health Care | 10.5% |
| Consumer Discretionary | 11.5% |
| Communication Services | 16.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 43.6% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.2% |
| Microsoft Corp. | 6.9% |
| Meta Platforms, Inc., Class A | 5.8% |
| Amazon.com, Inc. | 5.3% |
| Apple, Inc. | 5.1% |
| Alphabet, Inc., Class C | 4.9% |
| Netflix, Inc. | 4.7% |
| Visa, Inc., Class A | 4.3% |
| Broadcom, Inc. | 4.0% |
| Eli Lilly & Co. | 3.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USAUX — AR (4/25)

#### Victory Aggressive Growth Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UIAGX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Aggressive Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $76 | 0.71% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in information technology was a contributor to relative performance as compared to the Russell 1000<sup><sup>®</sup></sup>Growth Index (the "Index").

* An overweight to communication services was a contributor to performance relative to the Index.

* Stock selection in financials was positive relative to the Index.

Top detractors from performance:

* Stock selection in consumer staples hurt relative performance as compared to the Index.

* An underweight to consumer staples was a detractor to performance relative to the Index.

* Stock selection in real estate was a negative contributor to relative performance to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i30f3b5a04a5459dca4b7847b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Aggressive Growth Fund Institutional Shares - $3,273,327** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,195,495** | **Russell 1000<sup>®</sup> Growth Index - $4,139,981** | **Lipper Large-Cap Growth Funds Index - $3,540,651** |
| **4/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/16** | $998221 | $1012065 | $1010739 | $977003 |
| **4/17** | $1175938 | $1193410 | $1207787 | $1164888 |
| **4/18** | $1404063 | $1351728 | $1436739 | $1406023 |
| **4/19** | $1623322 | $1534135 | $1687192 | $1634126 |
| **4/20** | $1668114 | $1547376 | $1870011 | $1786950 |
| **4/21** | $2497314 | $2258890 | $2831421 | $2706324 |
| **4/22** | $2068022 | $2263703 | $2680007 | $2362277 |
| **4/23** | $2109364 | $2324014 | $2742612 | $2399289 |
| **4/24** | $2873756 | $2850673 | $3614769 | $3177802 |
| **4/25** | $3273327 | $3195495 | $4139981 | $3540651 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 13.90% | 14.43% | 12.59% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Russell 1000<sup>®</sup> Growth Index | 14.53% | 17.23% | 15.27% |
| Lipper Large-Cap Growth Funds Index | 11.42% | 14.66% | 13.48% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2202025 |
| Number of Holdings | 55 |
| Investment Advisory Fees | $9573 |
| Portfolio Turnover | 30% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](ia6edebdafcda4fc120232fe5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.2% |
| Consumer Staples | 1.2% |
| Financials | 6.8% |
| Industrials | 8.2% |
| Health Care | 10.5% |
| Consumer Discretionary | 11.5% |
| Communication Services | 16.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 43.6% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.2% |
| Microsoft Corp. | 6.9% |
| Meta Platforms, Inc., Class A | 5.8% |
| Amazon.com, Inc. | 5.3% |
| Apple, Inc. | 5.1% |
| Alphabet, Inc., Class C | 4.9% |
| Netflix, Inc. | 4.7% |
| Visa, Inc., Class A | 4.3% |
| Broadcom, Inc. | 4.0% |
| Eli Lilly & Co. | 3.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UIAGX — AR (4/25)

#### Victory Capital Growth Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USCGX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Capital Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $114 | 1.09% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in consumer staples was a contributor to relative performance as compared to the MSCI All Country World Index (the "Index").

* An underweight to energy was a contributor to performance relative to the Index.

* Country level contributor to relative performance was stock selection in Japan. 

Top detractors from performance:

* Stock selection in consumer discretionary and energy hurt relative performance as compared to the Index.

* An overweight to health care was a detractor to performance relative to the Index.

* Country level detractor to relative performance was stock selection in the United States. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](ib26b22e05cc5394936abac17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Capital Growth Fund, Fund Shares - $22,338** | **MSCI All Country World Index (regulatory broad based index) - $22,879** | **Lipper Global Funds Index - $21,273** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $9584 | $9434 | $9451 |
| **4/17** | $11193 | $10861 | $11011 |
| **4/18** | $12962 | $12400 | $12397 |
| **4/19** | $13154 | $13028 | $12752 |
| **4/20** | $11687 | $12382 | $11840 |
| **4/21** | $16804 | $18046 | $17867 |
| **4/22** | $16517 | $17064 | $15944 |
| **4/23** | $17175 | $17416 | $16535 |
| **4/24** | $20345 | $20457 | $19387 |
| **4/25** | $22338 | $22879 | $21273 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 9.80% | 13.83% | 8.37% |
| MSCI All Country World Index | 11.84% | 13.07% | 8.63% |
| Lipper Global Funds Index | 9.73% | 12.43% | 7.84% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $910434 |
| Number of Holdings | 454 |
| Investment Advisory Fees | $7386 |
| Portfolio Turnover | 57% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](ifb24776a42ea159cc6ae2709.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.7% |
| Real Estate | 2.8% |
| Materials | 4.1% |
| Consumer Discretionary | 8.9% |
| Communication Services | 8.9% |
| Consumer Staples | 9.0% |
| Industrials | 11.8% |
| Health Care | 12.1% |
| Financials | 15.8% |
| Information Technology | 20.4% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 4.7% |
| NVIDIA Corp. | 3.8% |
| Alphabet, Inc., Class C | 2.8% |
| Meta Platforms, Inc., Class A | 2.3% |
| Microsoft Corp. | 1.7% |
| JPMorgan Chase & Co. | 1.4% |
| Merck & Co., Inc. | 1.0% |
| Verizon Communications, Inc. | 1.0% |
| AbbVie, Inc. | 0.9% |
| SAP SE | 0.9% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USCGX — AR (4/25)

#### Victory Capital Growth Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UICGX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Capital Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $119 | 1.13% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in consumer staples was a contributor to relative performance as compared to the MSCI All Country World Index (the "Index").

* An underweight to energy was a contributor to performance relative to the Index.

* Country level contributor to relative performance was stock selection in Japan. 

Top detractors from performance:

* Stock selection in consumer discretionary and energy hurt relative performance as compared to the Index.

* An overweight to health care was a detractor to performance relative to the Index.

* Country level detractor to relative performance was stock selection in the United States. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i8ab6cb2348afcaddd8193eea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Capital Growth Fund Institutional Shares - $2,259,107** | **MSCI All Country World Index (regulatory broad based index) - $2,349,700** | **Lipper Global Funds Index - $2,156,490** |
| **8/15<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 |
| **4/16** | $961815 | $968853 | $958090 |
| **4/17** | $1123963 | $1115480 | $1116244 |
| **4/18** | $1303480 | $1273489 | $1256740 |
| **4/19** | $1323448 | $1337955 | $1292757 |
| **4/20** | $1175979 | $1271627 | $1200266 |
| **4/21** | $1695184 | $1853322 | $1811268 |
| **4/22** | $1674317 | $1752483 | $1616286 |
| **4/23** | $1737380 | $1788597 | $1676192 |
| **4/24** | $2056990 | $2100942 | $1965310 |
| **4/25** | $2259107 | $2349700 | $2156490 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Capital Growth Fund, Institutional Shares is 8/7/2015. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Institutional Shares | 9.74% | 13.95% | 8.75% |
| MSCI All Country World Index | 11.84% | 13.07% | 9.19% |
| Lipper Global Funds Index | 9.73% | 12.43% | 8.23% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $910434 |
| Number of Holdings | 454 |
| Investment Advisory Fees | $7386 |
| Portfolio Turnover | 57% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i1b817b8c0817a56a97a83533.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.7% |
| Real Estate | 2.8% |
| Materials | 4.1% |
| Consumer Discretionary | 8.9% |
| Communication Services | 8.9% |
| Consumer Staples | 9.0% |
| Industrials | 11.8% |
| Health Care | 12.1% |
| Financials | 15.8% |
| Information Technology | 20.4% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 4.7% |
| NVIDIA Corp. | 3.8% |
| Alphabet, Inc., Class C | 2.8% |
| Meta Platforms, Inc., Class A | 2.3% |
| Microsoft Corp. | 1.7% |
| JPMorgan Chase & Co. | 1.4% |
| Merck & Co., Inc. | 1.0% |
| Verizon Communications, Inc. | 1.0% |
| AbbVie, Inc. | 0.9% |
| SAP SE | 0.9% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UICGX — AR (4/25)

#### Victory Global Managed Volatility Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: UGMVX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Global Managed Volatility Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $95 | 0.90% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in consumer staples was a contributor to relative performance as compared to the MSCI All Country World Index (the "Index").

* An underweight to South Korea was a country level contributor to performance relative to the Index.

* Country level contributor to relative performance was stock selection in Japan. 

Top detractors from performance:

* Stock selection in energy hurt relative performance as compared to the Index.

* An underweight to financials was a detractor to performance relative to the Index.

* Country level detractor to relative performance was stock selection in Canada and China. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i5bfbe84ac23a2302da8e610e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Global Managed Volatility Fund, Fund Shares - $19,568** | **MSCI All Country World Index (regulatory broad based index) - $22,879** | **Global Managed Volatility Composite Index - $19,329** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $9390 | $9434 | $9626 |
| **4/17** | $10571 | $10861 | $10640 |
| **4/18** | $11890 | $12400 | $11702 |
| **4/19** | $12278 | $13028 | $12242 |
| **4/20** | $11261 | $12382 | $11918 |
| **4/21** | $15225 | $18046 | $15585 |
| **4/22** | $14764 | $17064 | $14979 |
| **4/23** | $15467 | $17416 | $15452 |
| **4/24** | $17488 | $20457 | $17570 |
| **4/25** | $19568 | $22879 | $19329 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 11.89% | 11.68% | 6.94% |
| MSCI All Country World Index | 11.84% | 13.07% | 8.63% |
| Global Managed Volatility Composite Index | 10.01% | 10.15% | 6.81% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $442373 |
| Number of Holdings | 404 |
| Investment Advisory Fees | $2970 |
| Portfolio Turnover | 37% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i2c0eaf7d7c2a500f6ecfc1f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.0% |
| Materials | 2.5% |
| Energy | 4.5% |
| Communication Services | 6.8% |
| Health Care | 10.8% |
| Consumer Staples | 11.4% |
| Financials | 12.4% |
| Consumer Discretionary | 12.5% |
| Industrials | 13.2% |
| Information Technology | 23.8% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 4.4% |
| NVIDIA Corp. | 3.3% |
| Meta Platforms, Inc., Class A | 2.2% |
| Microsoft Corp. | 2.0% |
| Alphabet, Inc., Class C | 2.0% |
| Philip Morris International, Inc. | 1.8% |
| Mastercard, Inc., Class A | 1.5% |
| Altria Group, Inc. | 1.4% |
| The Procter & Gamble Co. | 1.4% |
| Booking Holdings, Inc. | 1.3% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UGMVX — AR (4/25)

#### Victory Global Managed Volatility Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UGOFX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Global Managed Volatility Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $74 | 0.70% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in consumer staples was a contributor to relative performance as compared to the MSCI All Country World Index (the "Index").

* An underweight to South Korea was a country level contributor to performance relative to the Index.

* Country level contributor to relative performance was stock selection in Japan. 

Top detractors from performance:

* Stock selection in energy hurt relative performance as compared to the Index.

* An underweight to financials was a detractor to performance relative to the Index.

* Country level detractor to relative performance was stock selection in Canada and China. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i5faac37208303abf66a78736.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Global Managed Volatility Fund Institutional Shares - $1,993,850** | **MSCI All Country World Index (regulatory broad based index) - $2,287,909** | **Global Managed Volatility Composite Index - $1,932,895** |
| **4/15** | $1000000 | $1000000 | $1000000 |
| **4/16** | $939398 | $943375 | $962562 |
| **4/17** | $1059725 | $1086146 | $1063967 |
| **4/18** | $1194311 | $1240000 | $1170241 |
| **4/19** | $1236426 | $1302771 | $1224194 |
| **4/20** | $1134927 | $1238186 | $1191810 |
| **4/21** | $1539182 | $1804584 | $1558505 |
| **4/22** | $1495705 | $1706398 | $1497894 |
| **4/23** | $1570335 | $1741562 | $1545172 |
| **4/24** | $1777898 | $2045693 | $1756951 |
| **4/25** | $1993850 | $2287909 | $1932895 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 12.15% | 11.93% | 7.14% |
| MSCI All Country World Index | 11.84% | 13.07% | 8.63% |
| Global Managed Volatility Composite Index | 10.01% | 10.15% | 6.81% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $442373 |
| Number of Holdings | 404 |
| Investment Advisory Fees | $2970 |
| Portfolio Turnover | 37% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i260f4194223b8552b07f4fd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.0% |
| Materials | 2.5% |
| Energy | 4.5% |
| Communication Services | 6.8% |
| Health Care | 10.8% |
| Consumer Staples | 11.4% |
| Financials | 12.4% |
| Consumer Discretionary | 12.5% |
| Industrials | 13.2% |
| Information Technology | 23.8% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 4.4% |
| NVIDIA Corp. | 3.3% |
| Meta Platforms, Inc., Class A | 2.2% |
| Microsoft Corp. | 2.0% |
| Alphabet, Inc., Class C | 2.0% |
| Philip Morris International, Inc. | 1.8% |
| Mastercard, Inc., Class A | 1.5% |
| Altria Group, Inc. | 1.4% |
| The Procter & Gamble Co. | 1.4% |
| Booking Holdings, Inc. | 1.3% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UGOFX — AR (4/25)

#### Victory Growth & Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USGRX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Growth & Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $90 | 0.86% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in health care was a contributor to relative performance as compared to the Russell 3000<sup><sup>®</sup></sup> Index (the "Index").

* An overweight to financials was a contributor to performance relative to the Index.

* Stock selection in information technology was positive relative to the Index.

Top detractors from performance:

* Stock selection in energy and industrials hurt relative performance as compared to the Index.

* An underweight to communication services was a detractor to performance relative to the Index.

* Stock selection in materials was a negative contributor to the performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i5c41ea5b63cb71375a33f9d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Growth & Income Fund, Fund Shares - $25,380** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $30,174** | **Lipper Multi-Cap Core Funds Index - $26,843** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $9669 | $9982 | $9802 |
| **4/17** | $11701 | $11837 | $11525 |
| **4/18** | $13009 | $13382 | $12949 |
| **4/19** | $14104 | $15079 | $14190 |
| **4/20** | $13005 | $14922 | $13717 |
| **4/21** | $18864 | $22520 | $20905 |
| **4/22** | $18372 | $21819 | $20142 |
| **4/23** | $18644 | $22146 | $20431 |
| **4/24** | $23179 | $27085 | $24708 |
| **4/25** | $25380 | $30174 | $26843 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 9.45% | 14.31% | 9.76% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Lipper Multi-Cap Core Funds Index | 8.64% | 14.37% | 10.38% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1878468 |
| Number of Holdings | 407 |
| Investment Advisory Fees | $12560 |
| Portfolio Turnover | 61% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i1d9db6eed4f2b3fdc35c5c82.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3% |
| Real Estate | 2.4% |
| Energy | 3.3% |
| Consumer Discretionary | 8.0% |
| Industrials | 8.0% |
| Communication Services | 9.1% |
| Consumer Staples | 9.2% |
| Financials | 15.3% |
| Health Care | 16.1% |
| Information Technology | 24.4% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Microsoft Corp. | 5.1% |
| Apple, Inc. | 3.9% |
| NVIDIA Corp. | 3.6% |
| JPMorgan Chase & Co. | 2.6% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Amazon.com, Inc. | 2.1% |
| Johnson & Johnson | 1.8% |
| Eli Lilly & Co. | 1.8% |
| AbbVie, 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USGRX — AR (4/25)

#### Victory Growth & Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UIGIX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Growth & Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $97 | 0.93% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in health care was a contributor to relative performance as compared to the Russell 3000<sup><sup>®</sup></sup> Index (the "Index").

* An overweight to financials was a contributor to performance relative to the Index.

* Stock selection in information technology was positive relative to the Index.

Top detractors from performance:

* Stock selection in energy and industrials hurt relative performance as compared to the Index.

* An underweight to communication services was a detractor to performance relative to the Index.

* Stock selection in materials was a negative contributor to the performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i2c51256072a418b909cdb1e8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Growth & Income Fund Institutional Shares - $2,512,691** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $2,978,065** | **Lipper Multi-Cap Core Funds Index - $2,661,335** |
| **8/15<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 |
| **4/16** | $944269 | $985240 | $971824 |
| **4/17** | $1143525 | $1168327 | $1142674 |
| **4/18** | $1272188 | $1320766 | $1283815 |
| **4/19** | $1379974 | $1488259 | $1406825 |
| **4/20** | $1272896 | $1472757 | $1359999 |
| **4/21** | $1847662 | $2222669 | $2072620 |
| **4/22** | $1806957 | $2153446 | $1996947 |
| **4/23** | $1851186 | $2185812 | $2025576 |
| **4/24** | $2295315 | $2673272 | $2449675 |
| **4/25** | $2512691 | $2978065 | $2661335 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Growth & Income Fund, Institutional Shares is 8/7/2015. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Institutional Shares | 9.43% | 14.57% | 9.94% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.88% |
| Lipper Multi-Cap Core Funds Index | 8.64% | 14.37% | 10.59% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1878468 |
| Number of Holdings | 407 |
| Investment Advisory Fees | $12560 |
| Portfolio Turnover | 61% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i43854c07edf3c1b7d0d5d9c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3% |
| Real Estate | 2.4% |
| Energy | 3.3% |
| Consumer Discretionary | 8.0% |
| Industrials | 8.0% |
| Communication Services | 9.1% |
| Consumer Staples | 9.2% |
| Financials | 15.3% |
| Health Care | 16.1% |
| Information Technology | 24.4% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Microsoft Corp. | 5.1% |
| Apple, Inc. | 3.9% |
| NVIDIA Corp. | 3.6% |
| JPMorgan Chase & Co. | 2.6% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Amazon.com, Inc. | 2.1% |
| Johnson & Johnson | 1.8% |
| Eli Lilly & Co. | 1.8% |
| AbbVie, 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UIGIX — AR (4/25)

#### Victory Growth Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USAAX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $95 | 0.89% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in communication services was a contributor to relative performance as compared to the Russell 1000<sup><sup>®</sup></sup> Growth Index (the "Index").

* An overweight to communication services was a contributor to performance relative to the Index.

* Stock selection in information technology was positive relative to the Index.

Top detractors from performance:

* Stock selection in health care hurt relative performance as compared to the Index.

* An underweight to consumer staples was a detractor to performance relative to the Index.

* Stock selection in industrials was a negative contributor to relative performance to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i2627cf3147aec6936b71a0f2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Growth Fund, Fund Shares - $33,507** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $31,955** | **Russell 1000<sup>®</sup> Growth Index - $41,400** | **Lipper Large-Cap Growth Funds Index - $35,407** |
| **4/15** | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $10212 | $10121 | $10107 | $9770 |
| **4/17** | $12088 | $11934 | $12078 | $11649 |
| **4/18** | $13936 | $13517 | $14367 | $14060 |
| **4/19** | $16388 | $15341 | $16872 | $16341 |
| **4/20** | $16979 | $15474 | $18700 | $17869 |
| **4/21** | $25073 | $22589 | $28314 | $27063 |
| **4/22** | $21055 | $22637 | $26800 | $23623 |
| **4/23** | $22294 | $23240 | $27426 | $23993 |
| **4/24** | $29419 | $28507 | $36148 | $31778 |
| **4/25** | $33507 | $31955 | $41400 | $35407 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 13.90% | 14.56% | 12.85% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Russell 1000<sup>®</sup> Growth Index | 14.53% | 17.23% | 15.27% |
| Lipper Large-Cap Growth Funds Index | 11.42% | 14.66% | 13.48% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2229415 |
| Number of Holdings | 68 |
| Investment Advisory Fees | $16829 |
| Portfolio Turnover | 22% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](ie94caf4b21fb5499b3e0b07e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.2% |
| Consumer Staples | 2.6% |
| Industrials | 5.9% |
| Financials | 8.5% |
| Health Care | 10.7% |
| Consumer Discretionary | 13.6% |
| Communication Services | 19.1% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 38.8% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.5% |
| Microsoft Corp. | 8.0% |
| Netflix, Inc. | 6.1% |
| Meta Platforms, Inc., Class A | 6.0% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 5.3% |
| Visa, Inc., Class A | 4.9% |
| Tesla, Inc. | 4.1% |
| Alphabet, Inc., Class C | 3.2% |
| Oracle Corp. | 2.9% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USAAX — AR (4/25)

#### Victory Growth Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UIGRX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $97 | 0.91% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in communication services was a contributor to relative performance as compared to the Russell 1000<sup><sup>®</sup></sup> Growth Index (the "Index").

* An overweight to communication services was a contributor to performance relative to the Index.

* Stock selection in information technology was positive relative to the Index.

Top detractors from performance:

* Stock selection in health care hurt relative performance as compared to the Index.

* An underweight to consumer staples was a detractor to performance relative to the Index.

* Stock selection in industrials was a negative contributor to relative performance to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i5c52efa288372e299bea32ae.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Growth Fund Institutional Shares - $3,363,778** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,195,495** | **Russell 1000<sup>®</sup> Growth Index - $4,139,981** | **Lipper Large-Cap Growth Funds Index - $3,540,651** |
| **4/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/16** | $1022012 | $1012065 | $1010739 | $977003 |
| **4/17** | $1210753 | $1193410 | $1207787 | $1164888 |
| **4/18** | $1396898 | $1351728 | $1436739 | $1406023 |
| **4/19** | $1643539 | $1534135 | $1687192 | $1634126 |
| **4/20** | $1703086 | $1547376 | $1870011 | $1786950 |
| **4/21** | $2515979 | $2258890 | $2831421 | $2706324 |
| **4/22** | $2112415 | $2263703 | $2680007 | $2362277 |
| **4/23** | $2237864 | $2324014 | $2742612 | $2399289 |
| **4/24** | $2953195 | $2850673 | $3614769 | $3177802 |
| **4/25** | $3363778 | $3195495 | $4139981 | $3540651 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 13.87% | 14.58% | 12.90% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Russell 1000<sup>®</sup> Growth Index | 14.53% | 17.23% | 15.27% |
| Lipper Large-Cap Growth Funds Index | 11.42% | 14.66% | 13.48% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2229415 |
| Number of Holdings | 68 |
| Investment Advisory Fees | $16829 |
| Portfolio Turnover | 22% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i7b88c632433ce18a88173049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.2% |
| Consumer Staples | 2.6% |
| Industrials | 5.9% |
| Financials | 8.5% |
| Health Care | 10.7% |
| Consumer Discretionary | 13.6% |
| Communication Services | 19.1% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 38.8% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.5% |
| Microsoft Corp. | 8.0% |
| Netflix, Inc. | 6.1% |
| Meta Platforms, Inc., Class A | 6.0% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 5.3% |
| Visa, Inc., Class A | 4.9% |
| Tesla, Inc. | 4.1% |
| Alphabet, Inc., Class C | 3.2% |
| Oracle Corp. | 2.9% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UIGRX — AR (4/25)

#### Victory Income Stock Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USISX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Income Stock Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $77 | 0.75% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in health care was a contributor to relative performance compared to the Russell 1000<sup><sup>®</sup></sup> Value Index (the "Index").

* An overweight to consumer staples was a contributor relative to the Index.

Top detractors from performance:

* Stock selection in energy was a detractor to performance compared to the Index.

* An underweight as well as poor stock selection in financials detracted from performance relative to the Index.

* Stock selection in industrials was a detractor from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](ib7b2f61ca0eecaf0eb5885ae.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Income Stock Fund, Fund Shares - $22,847** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $31,955** | **Russell 1000<sup>®</sup> Value Index - $22,313** | **Lipper Equity Income Funds Index - $23,125** |
| **4/15** | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $10109 | $10121 | $9960 | $9954 |
| **4/17** | $11512 | $11934 | $11608 | $11465 |
| **4/18** | $12558 | $13517 | $12479 | $12489 |
| **4/19** | $13871 | $15341 | $13610 | $13733 |
| **4/20** | $12441 | $15474 | $12111 | $12771 |
| **4/21** | $17133 | $22589 | $17673 | $17804 |
| **4/22** | $18198 | $22637 | $17906 | $18545 |
| **4/23** | $18425 | $23240 | $18123 | $18947 |
| **4/24** | $21625 | $28507 | $20556 | $21307 |
| **4/25** | $22847 | $31955 | $22313 | $23125 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 5.65% | 12.93% | 8.61% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Russell 1000<sup>®</sup> Value Index | 8.55% | 13.00% | 8.36% |
| Lipper Equity Income Funds Index | 8.53% | 12.61% | 8.74% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2395246 |
| Number of Holdings | 149 |
| Investment Advisory Fees | $13953 |
| Portfolio Turnover | 76% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](if30aa927f2c2df1a2efc9e63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.4% |
| Utilities | 4.5% |
| Real Estate | 4.9% |
| Consumer Discretionary | 5.5% |
| Energy | 6.5% |
| Information Technology | 8.5% |
| Consumer Staples | 12.1% |
| Industrials | 13.8% |
| Health Care | 18.1% |
| Financials | 19.4% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.4% |
| Johnson & Johnson | 2.9% |
| Gilead Sciences, Inc. | 2.6% |
| Altria Group, Inc. | 2.4% |
| AbbVie, Inc. | 2.2% |
| Bristol-Myers Squibb Co. | 2.2% |
| Philip Morris International, Inc. | 1.9% |
| Automatic Data Processing, Inc. | 1.9% |
| EOG Resources, Inc. | 1.8% |
| Lockheed Martin Corp. | 1.8% |

---

---

| | |
|:---|:---|
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USISX — AR (4/25)

#### Victory Income Stock Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UIISX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Income Stock Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $78 | 0.76% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in health care was a contributor to relative performance compared to the Russell 1000<sup><sup>®</sup></sup> Value Index (the "Index").

* An overweight to consumer staples was a contributor relative to the Index.

Top detractors from performance:

* Stock selection in energy was a detractor to performance compared to the Index.

* An underweight as well as poor stock selection in financials detracted from performance relative to the Index.

* Stock selection in industrials was a detractor from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i840be087a9db15bccc7f2602.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Income Stock Fund Institutional Shares - $2,290,174** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,195,495** | **Russell 1000<sup>®</sup> Value Index - $2,231,316** | **Lipper Equity Income Funds Index - $2,312,515** |
| **4/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/16** | $1010938 | $1012065 | $995957 | $995363 |
| **4/17** | $1151794 | $1193410 | $1160795 | $1146499 |
| **4/18** | $1256985 | $1351728 | $1247894 | $1248923 |
| **4/19** | $1388960 | $1534135 | $1360985 | $1373338 |
| **4/20** | $1246050 | $1547376 | $1211099 | $1277080 |
| **4/21** | $1717009 | $2258890 | $1767298 | $1780416 |
| **4/22** | $1823164 | $2263703 | $1790593 | $1854526 |
| **4/23** | $1846125 | $2324014 | $1812312 | $1894692 |
| **4/24** | $2166467 | $2850673 | $2055560 | $2130731 |
| **4/25** | $2290174 | $3195495 | $2231316 | $2312515 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 5.71% | 12.94% | 8.64% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Russell 1000<sup>®</sup> Value Index | 8.55% | 13.00% | 8.36% |
| Lipper Equity Income Funds Index | 8.53% | 12.61% | 8.74% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2395246 |
| Number of Holdings | 149 |
| Investment Advisory Fees | $13953 |
| Portfolio Turnover | 76% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](ic4bed75034ce3bd1b2458f1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.4% |
| Utilities | 4.5% |
| Real Estate | 4.9% |
| Consumer Discretionary | 5.5% |
| Energy | 6.5% |
| Information Technology | 8.5% |
| Consumer Staples | 12.1% |
| Industrials | 13.8% |
| Health Care | 18.1% |
| Financials | 19.4% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.4% |
| Johnson & Johnson | 2.9% |
| Gilead Sciences, Inc. | 2.6% |
| Altria Group, Inc. | 2.4% |
| AbbVie, Inc. | 2.2% |
| Bristol-Myers Squibb Co. | 2.2% |
| Philip Morris International, Inc. | 1.9% |
| Automatic Data Processing, Inc. | 1.9% |
| EOG Resources, Inc. | 1.8% |
| Lockheed Martin Corp. | 1.8% |

---

---

| | |
|:---|:---|
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UIISX — AR (4/25)

#### Victory Science & Technology Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USSCX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Science & Technology Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $101 | 0.96% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in consumer services was a contributor to relative performance as compared to the S&P North American Technology Sector Index<sup>TM</sup> (the "Index").

* Stock selection in software & services, a sub industry of the information technology sector, contributed to performance relative to the Index.

Top detractors from performance:

* Stock selection in technology hardware & equipment, a sub industry of the information technology sector, hurt relative performance as compared to the Index.

* An overweight to health care and consumer discretionary sectors was a detractor to performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](ie163feb88a436d631c3f8364.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Science & Technology Fund, Fund Shares - $27,094** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $31,955** | **S&P North American Technology Sector Index™ - $56,895** | **Lipper Science & Technology Funds Index - $39,177** | **S&P Composite 1500 Health Care Index - $23,224** |
| **4/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $10018 | $10121 | $10280 | $9642 | $9919 |
| **4/17** | $12434 | $11934 | $13810 | $12730 | $10998 |
| **4/18** | $14959 | $13517 | $17785 | $15975 | $12306 |
| **4/19** | $17661 | $15341 | $21746 | $18822 | $13573 |
| **4/20** | $19057 | $15474 | $24611 | $19992 | $15483 |
| **4/21** | $31566 | $22589 | $38779 | $33887 | $19406 |
| **4/22** | $20406 | $22637 | $34127 | $27687 | $20760 |
| **4/23** | $19129 | $23240 | $34856 | $26697 | $21539 |
| **4/24** | $24490 | $28507 | $50770 | $36107 | $22886 |
| **4/25** | $27094 | $31955 | $56895 | $39177 | $23224 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 10.64% | 7.29% | 10.48% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| S&P North American Technology Sector Index™ | 12.07% | 18.25% | 18.99% |
| Lipper Science & Technology Funds Index | 8.50% | 14.40% | 14.63% |
| S&P Composite 1500 Health Care Index | 1.48% | 8.45% | 8.79% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1104070 |
| Number of Holdings | 255 |
| Investment Advisory Fees | $8544 |
| Portfolio Turnover | 31% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i9a5080cdebfe75ae9183aa09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 0.4% |
| Financials | 2.6% |
| Consumer Discretionary | 3.2% |
| Health Care | 15.0% |
| Communication Services | 15.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 60.7% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6% |
| Microsoft Corp. | 7.3% |
| Meta Platforms, Inc., Class A | 7.1% |
| Alphabet, Inc., Class A | 3.5% |
| AppLovin Corp., Class A | 3.2% |
| Amazon.com, Inc. | 3.1% |
| Apple, Inc. | 3.0% |
| Eli Lilly & Co. | 2.8% |
| ServiceNow, Inc. | 2.7% |
| Netflix, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USSCX — AR (4/25)

#### Victory Science & Technology Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class A

Ticker: USTCX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Science & Technology Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class A | $135 | 1.28% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in consumer services was a contributor to relative performance as compared to the S&P North American Technology Sector Index<sup>TM</sup> (the "Index").

* Stock selection in software & services, a sub industry of the information technology sector, contributed to performance relative to the Index.

Top detractors from performance:

* Stock selection in technology hardware & equipment, a sub industry of the information technology sector, hurt relative performance as compared to the Index.

* An overweight to health care and consumer discretionary sectors was a detractor to performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 5.75% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i626062e0492c98884d60fad4.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Victory Science & Technology Fund Class A @ NAV - $26,335** | **Victory Science & Technology Fund Class A @ MOP - $24,823** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $31,955** | **S&P North American Technology Sector Index™ - $56,895** | **Lipper Science & Technology Funds Index - $39,177** | **S&P Composite 1500 Health Care Index - $23,224** |
| **4/15** | $10000 | $9426 | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $9989 | $9416 | $10121 | $10280 | $9642 | $9919 |
| **4/17** | $12362 | $11652 | $11934 | $13810 | $12730 | $10998 |
| **4/18** | $14833 | $13981 | $13517 | $17785 | $15975 | $12306 |
| **4/19** | $17473 | $16470 | $15341 | $21746 | $18822 | $13573 |
| **4/20** | $18794 | $17715 | $15474 | $24611 | $19992 | $15483 |
| **4/21** | $31050 | $29268 | $22589 | $38779 | $33887 | $19406 |
| **4/22** | $20015 | $18866 | $22637 | $34127 | $27687 | $20760 |
| **4/23** | $18707 | $17634 | $23240 | $34856 | $26697 | $21539 |
| **4/24** | $23886 | $22515 | $28507 | $50770 | $36107 | $22886 |
| **4/25** | $26335 | $24823 | $31955 | $56895 | $39177 | $23224 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 10.25% | 6.98% | 10.17% |
| Class A @ MOP | 3.92% | 5.72% | 9.52% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| S&P North American Technology Sector Index™ | 12.07% | 18.25% | 18.99% |
| Lipper Science & Technology Funds Index | 8.50% | 14.40% | 14.63% |
| S&P Composite 1500 Health Care Index | 1.48% | 8.45% | 8.79% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1104070 |
| Number of Holdings | 255 |
| Investment Advisory Fees | $8544 |
| Portfolio Turnover | 31% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i5442875c01a5f9d36ae87f72.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 0.4% |
| Financials | 2.6% |
| Consumer Discretionary | 3.2% |
| Health Care | 15.0% |
| Communication Services | 15.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 60.7% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6% |
| Microsoft Corp. | 7.3% |
| Meta Platforms, Inc., Class A | 7.1% |
| Alphabet, Inc., Class A | 3.5% |
| AppLovin Corp., Class A | 3.2% |
| Amazon.com, Inc. | 3.1% |
| Apple, Inc. | 3.0% |
| Eli Lilly & Co. | 2.8% |
| ServiceNow, Inc. | 2.7% |
| Netflix, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USTCX — AR (4/25)

#### Victory Small Cap Stock Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USCAX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Small Cap Stock Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $98 | 1.01% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Underweight to energy was a contributor to relative performance as compared to the Russell 2000<sup><sup>®</sup></sup> Index (the "Index"). 

* Stock selection in financials and real estate contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* An underweight to consumer staples hurt relative performance as compared to the Index. 

* Stock selection in health care and industrials was a detractor to performance relative to the Index 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](if0ba93a14a411f2d9424278b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Small Cap Stock Fund, Fund Shares - $17,667** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $30,174** | **Russell 2000<sup>®</sup> Index - $18,462** | **Lipper Small-Cap Core Funds Index - $19,713** | **S&P SmallCap 600 Index - $20,261** |
| **4/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $9381 | $9982 | $9406 | $9677 | $10026 |
| **4/17** | $11141 | $11837 | $11816 | $11898 | $12458 |
| **4/18** | $12222 | $13382 | $13179 | $13110 | $14056 |
| **4/19** | $13017 | $15079 | $13787 | $13820 | $14677 |
| **4/20** | $11078 | $14922 | $11527 | $11105 | $11801 |
| **4/21** | $20196 | $22520 | $20163 | $19306 | $20871 |
| **4/22** | $16916 | $21819 | $16762 | $17660 | $19089 |
| **4/23** | $16621 | $22146 | $16151 | $17289 | $18355 |
| **4/24** | $18607 | $27085 | $18302 | $19772 | $20659 |
| **4/25** | $17667 | $30174 | $18462 | $19713 | $20261 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | -5.05% | 9.78% | 5.86% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup> Index | 0.87% | 9.88% | 6.32% |
| Lipper Small-Cap Core Funds Index | -0.30% | 12.16% | 7.02% |
| S&P SmallCap 600 Index | -1.93% | 11.42% | 7.32% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $720116 |
| Number of Holdings | 502 |
| Investment Advisory Fees | $6023 |
| Portfolio Turnover | 70% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i42608b345111a113667b275e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.9% |
| Utilities | 2.9% |
| Energy | 4.1% |
| Real Estate | 4.8% |
| Materials | 4.8% |
| Consumer Discretionary | 11.1% |
| Information Technology | 14.0% |
| Health Care | 15.0% |
| Industrials | 16.4% |
| Financials | 20.5% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Texas Capital Bancshares, Inc. | 0.9% |
| RBC Bearings, Inc. | 0.9% |
| Casella Waste Systems, Inc. | 0.9% |
| CorVel Corp. | 0.9% |
| Acadian Asset Management, Inc. | 0.8% |
| Hawkins, Inc. | 0.7% |
| Atmus Filtration Technologies, Inc. | 0.6% |
| Essential Properties Realty Trust, Inc. | 0.6% |
| Porch Group, Inc. | 0.6% |
| Gates Industrial Corp. PLC | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USCAX — AR (4/25)

#### Victory Small Cap Stock Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UISCX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Small Cap Stock Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $91 | 0.93% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Underweight to energy was a contributor to relative performance as compared to the Russell 2000<sup><sup>®</sup></sup> Index (the "Index"). 

* Stock selection in financials and real estate contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* An underweight to consumer staples hurt relative performance as compared to the Index. 

* Stock selection in health care and industrials was a detractor to performance relative to the Index 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i22878ba13056110ea0c11b20.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Small Cap Stock Fund Institutional Shares - $1,786,348** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $3,017,354** | **Russell 2000<sup>®</sup> Index - $1,846,209** | **Lipper Small-Cap Core Funds Index - $1,971,311** | **S&P SmallCap 600 Index - $2,026,147** |
| **4/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/16** | $940245 | $998237 | $940554 | $967714 | $1002648 |
| **4/17** | $1117417 | $1183740 | $1181602 | $1189779 | $1245839 |
| **4/18** | $1227627 | $1338190 | $1317927 | $1311035 | $1405567 |
| **4/19** | $1309139 | $1507893 | $1378709 | $1381974 | $1467731 |
| **4/20** | $1114916 | $1492186 | $1152745 | $1110514 | $1180132 |
| **4/21** | $2033719 | $2251992 | $2016300 | $1930554 | $2087109 |
| **4/22** | $1705092 | $2181856 | $1676163 | $1766011 | $1908868 |
| **4/23** | $1675984 | $2214649 | $1615062 | $1728903 | $1835527 |
| **4/24** | $1877968 | $2708540 | $1830196 | $1977190 | $2065936 |
| **4/25** | $1786348 | $3017354 | $1846209 | $1971311 | $2026147 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | -4.88% | 9.89% | 5.97% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup> Index | 0.87% | 9.88% | 6.32% |
| Lipper Small-Cap Core Funds Index | -0.30% | 12.16% | 7.02% |
| S&P SmallCap 600 Index | -1.93% | 11.42% | 7.32% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $720116 |
| Number of Holdings | 502 |
| Investment Advisory Fees | $6023 |
| Portfolio Turnover | 70% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](ic0ad493de5db5e743027d70d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.9% |
| Utilities | 2.9% |
| Energy | 4.1% |
| Real Estate | 4.8% |
| Materials | 4.8% |
| Consumer Discretionary | 11.1% |
| Information Technology | 14.0% |
| Health Care | 15.0% |
| Industrials | 16.4% |
| Financials | 20.5% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Texas Capital Bancshares, Inc. | 0.9% |
| RBC Bearings, Inc. | 0.9% |
| Casella Waste Systems, Inc. | 0.9% |
| CorVel Corp. | 0.9% |
| Acadian Asset Management, Inc. | 0.8% |
| Hawkins, Inc. | 0.7% |
| Atmus Filtration Technologies, Inc. | 0.6% |
| Essential Properties Realty Trust, Inc. | 0.6% |
| Porch Group, Inc. | 0.6% |
| Gates Industrial Corp. PLC | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UISCX — AR (4/25)

#### Victory Value Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: UVALX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Value Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $98 | 0.95% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Underweight to energy was a contributor to relative performance as compared to the Russell 1000<sup><sup>®</sup></sup> Value Index (the "Index").

* Stock selection in utilities and health care contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* An underweight to financials and utilities hurt relative performance as compared to the Index. 

* Stock selection in industrials and information technology was a detractor to performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i3461edb0216fdad65bdaa144.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Value Fund, Fund Shares - $20,651** | **Russell 1000<sup>®</sup> Index (regulatory broad based index) - $31,142** | **Russell 1000<sup>®</sup> Value Index - $22,313** | **Lipper Multi-Cap Value Funds Index - $20,645** | **Lipper Large-Cap Value Funds Index - $24,354** |
| **4/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $9614 | $10034 | $9960 | $9686 | $9785 |
| **4/17** | $11255 | $11843 | $11608 | $11280 | $11486 |
| **4/18** | $11904 | $13402 | $12479 | $12100 | $12617 |
| **4/19** | $12749 | $15189 | $13610 | $12644 | $13773 |
| **4/20** | $10663 | $15202 | $12111 | $10690 | $12344 |
| **4/21** | $15636 | $22723 | $17673 | $16552 | $18309 |
| **4/22** | $16212 | $22247 | $17906 | $16582 | $18464 |
| **4/23** | $16451 | $22651 | $18123 | $16905 | $19027 |
| **4/24** | $19376 | $27820 | $20556 | $19635 | $22484 |
| **4/25** | $20651 | $31142 | $22313 | $20645 | $24354 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 6.58% | 14.13% | 7.52% |
| Russell 1000<sup>®</sup> Index | 11.94% | 15.42% | 12.03% |
| Russell 1000<sup>®</sup> Value Index | 8.55% | 13.00% | 8.36% |
| Lipper Multi-Cap Value Funds Index | 5.14% | 14.07% | 7.52% |
| Lipper Large-Cap Value Funds Index | 8.32% | 14.56% | 9.31% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1233878 |
| Number of Holdings | 184 |
| Investment Advisory Fees | $8859 |
| Portfolio Turnover | 50% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i8b331eb4ce995dac0fac41e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.8% |
| Utilities | 4.5% |
| Communication Services | 4.8% |
| Energy | 5.0% |
| Consumer Discretionary | 6.9% |
| Consumer Staples | 7.0% |
| Information Technology | 9.6% |
| Industrials | 15.6% |
| Health Care | 16.6% |
| Financials | 20.1% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.4% |
| Everest Group Ltd. | 2.1% |
| The Cigna Group | 1.9% |
| Keurig Dr. Pepper, Inc. | 1.6% |
| Cboe Global Markets, Inc. | 1.5% |
| Johnson & Johnson | 1.5% |
| LKQ Corp. | 1.5% |
| Fairfax Financial Holdings Ltd. | 1.5% |
| Exxon Mobil Corp. | 1.4% |
| Citigroup, Inc. | 1.3% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UVALX — AR (4/25)

#### Victory Value Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UIVAX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Value Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $94 | 0.91% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Underweight to energy was a contributor to relative performance as compared to the Russell 1000<sup><sup>®</sup></sup> Value Index (the "Index").

* Stock selection in utilities and health care contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* An underweight to financials and utilities hurt relative performance as compared to the Index. 

* Stock selection in industrials and information technology was a detractor to performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i469ab9fefbb228b40bf244ee.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Value Fund Institutional Shares - $2,081,170** | **Russell 1000<sup>®</sup> Index (regulatory broad based index) - $3,114,248** | **Russell 1000<sup>®</sup> Value Index - $2,231,316** | **Lipper Multi-Cap Value Funds Index - $2,064,487** | **Lipper Large-Cap Value Funds Index - $2,435,397** |
| **4/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/16** | $962758 | $1003370 | $995957 | $968558 | $978524 |
| **4/17** | $1128480 | $1184253 | $1160795 | $1127973 | $1148626 |
| **4/18** | $1194024 | $1340214 | $1247894 | $1209954 | $1261681 |
| **4/19** | $1280036 | $1518861 | $1360985 | $1264357 | $1377329 |
| **4/20** | $1072315 | $1520162 | $1211099 | $1069016 | $1234360 |
| **4/21** | $1573196 | $2272325 | $1767298 | $1655198 | $1830886 |
| **4/22** | $1631895 | $2224671 | $1790593 | $1658242 | $1846361 |
| **4/23** | $1655906 | $2265109 | $1812312 | $1690513 | $1902746 |
| **4/24** | $1952282 | $2782006 | $2055560 | $1963541 | $2248382 |
| **4/25** | $2081170 | $3114248 | $2231316 | $2064487 | $2435397 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 6.60% | 14.18% | 7.60% |
| Russell 1000<sup>®</sup> Index | 11.94% | 15.42% | 12.03% |
| Russell 1000<sup>®</sup> Value Index | 8.55% | 13.00% | 8.36% |
| Lipper Multi-Cap Value Funds Index | 5.14% | 14.07% | 7.52% |
| Lipper Large-Cap Value Funds Index | 8.32% | 14.56% | 9.31% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1233878 |
| Number of Holdings | 184 |
| Investment Advisory Fees | $8859 |
| Portfolio Turnover | 50% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i62606540b68ee92f87338042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.8% |
| Utilities | 4.5% |
| Communication Services | 4.8% |
| Energy | 5.0% |
| Consumer Discretionary | 6.9% |
| Consumer Staples | 7.0% |
| Information Technology | 9.6% |
| Industrials | 15.6% |
| Health Care | 16.6% |
| Financials | 20.1% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.4% |
| Everest Group Ltd. | 2.1% |
| The Cigna Group | 1.9% |
| Keurig Dr. Pepper, Inc. | 1.6% |
| Cboe Global Markets, Inc. | 1.5% |
| Johnson & Johnson | 1.5% |
| LKQ Corp. | 1.5% |
| Fairfax Financial Holdings Ltd. | 1.5% |
| Exxon Mobil Corp. | 1.4% |
| Citigroup, Inc. | 1.3% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UIVAX — AR (4/25)

#### Victory 500 Index Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Member Shares

Ticker: USSPX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory 500 Index Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Member Shares | $24 | 0.23% |

---

# What affected the Fund's performance during the last year?
During the reporting period the Fund had a positive return. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Eight out of eleven sectors were positive, led by financials, utilities and real estate sectors. 

Top detractors from performance:

* Materials and energy sectors were the largest detractors from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i5007855a5b89da72871d164c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory 500 Index Fund Member Shares - $31,706** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $31,955** | **Victory US Large Cap 500 Index - $32,144** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $10095 | $10121 | $10057 |
| **4/17** | $11874 | $11934 | $11878 |
| **4/18** | $13415 | $13517 | $13495 |
| **4/19** | $15190 | $15341 | $15339 |
| **4/20** | $15447 | $15474 | $15624 |
| **4/21** | $22733 | $22589 | $23125 |
| **4/22** | $22497 | $22637 | $22713 |
| **4/23** | $22941 | $23240 | $23158 |
| **4/24** | $28244 | $28507 | $28571 |
| **4/25** | $31706 | $31955 | $32144 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Member Shares | 12.25% | 15.47%<sup>Footnote Reference</sup> | 12.23% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Victory US Large Cap 500 Index | 12.51% | 15.52% | 12.39% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $12039954 |
| Number of Holdings | 513 |
| Investment Advisory Fees | $12550 |
| Portfolio Turnover | 2% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i0ecb13573fd01b8d160bce0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2% |
| Utilities | 2.5% |
| Energy | 3.2% |
| Consumer Staples | 6.0% |
| Industrials | 8.7% |
| Communication Services | 9.5% |
| Consumer Discretionary | 10.0% |
| Health Care | 10.8% |
| Financials | 14.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 30.2% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 6.6% |
| Microsoft Corp. | 6.0% |
| NVIDIA Corp. | 5.3% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 2.5% |
| Alphabet, Inc., Class A | 1.9% |
| Broadcom, Inc. | 1.8% |
| Alphabet, Inc., Class C | 1.7% |
| Tesla, Inc. | 1.6% |
| Eli Lilly & Co. | 1.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USSPX — AR (4/25)

#### Victory 500 Index Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Reward Shares

Ticker: USPRX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory 500 Index Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Reward Shares | $16 | 0.15% |

---

# What affected the Fund's performance during the last year?
During the reporting period the Fund had a positive return. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Eight out of eleven sectors were positive, led by financials, utilities and real estate sectors. 

Top detractors from performance:

* Materials and energy sectors were the largest detractors from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](ibee273d6701b359abeb49948.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory 500 Index Fund Reward Shares - $32,008** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $31,955** | **Victory US Large Cap 500 Index - $32,144** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $10105 | $10121 | $10057 |
| **4/17** | $11899 | $11934 | $11878 |
| **4/18** | $13456 | $13517 | $13495 |
| **4/19** | $15250 | $15341 | $15339 |
| **4/20** | $15522 | $15474 | $15624 |
| **4/21** | $22865 | $22589 | $23125 |
| **4/22** | $22652 | $22637 | $22713 |
| **4/23** | $23121 | $23240 | $23158 |
| **4/24** | $28491 | $28507 | $28571 |
| **4/25** | $32008 | $31955 | $32144 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Reward Shares | 12.34% | 15.57%<sup>Footnote Reference</sup> | 12.34% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Victory US Large Cap 500 Index | 12.51% | 15.52% | 12.39% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $12039954 |
| Number of Holdings | 513 |
| Investment Advisory Fees | $12550 |
| Portfolio Turnover | 2% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i3eb83f86b492e0e6dd311b3f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2% |
| Utilities | 2.5% |
| Energy | 3.2% |
| Consumer Staples | 6.0% |
| Industrials | 8.7% |
| Communication Services | 9.5% |
| Consumer Discretionary | 10.0% |
| Health Care | 10.8% |
| Financials | 14.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 30.2% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 6.6% |
| Microsoft Corp. | 6.0% |
| NVIDIA Corp. | 5.3% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 2.5% |
| Alphabet, Inc., Class A | 1.9% |
| Broadcom, Inc. | 1.8% |
| Alphabet, Inc., Class C | 1.7% |
| Tesla, Inc. | 1.6% |
| Eli Lilly & Co. | 1.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USPRX — AR (4/25)

#### Victory Extended Market Index Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USMIX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Extended Market Index Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $35 | 0.35% |

---

# What affected the Fund's performance during the last year?
During the reported period the Fund had a positive return. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Five out of eleven sectors were positive, led by financials, utilities and communication services. 

Top detractors from performance:

* Energy, materials, and consumer discretionary were the largest detractors from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i899de8a77d171fb5399894d1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Extended Market Index Fund, Fund Shares - $21,350** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $30,174** | **Blended-Victory Extended Market Index/Wilshire 4500 Completion Index - $19,722** | **Wilshire 4500 Completion Index - $23,582** |
| **4/15** | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $9357 | $9982 | $9518 | $9538 |
| **4/17** | $11339 | $11837 | $11481 | $11722 |
| **4/18** | $12681 | $13382 | $12820 | $13137 |
| **4/19** | $13706 | $15079 | $13890 | $14281 |
| **4/20** | $12122 | $14922 | $11583 | $12646 |
| **4/21** | $21715 | $22520 | $19997 | $22756 |
| **4/22** | $18417 | $21819 | $17430 | $19359 |
| **4/23** | $17428 | $22146 | $16835 | $18354 |
| **4/24** | $20827 | $27085 | $19192 | $22247 |
| **4/25** | $21350 | $30174 | $19722 | $23582 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 2.51% | 11.99% | 7.88% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Blended-Victory Extended Market Index/Wilshire 4500 Completion Index<sup>Footnote Reference(a)</sup> | 2.76% | 11.23% | 7.03% |
| Wilshire 4500 Completion Index | 6.00% | 13.27% | 8.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Blended-Victory Extended Market Index/Wilshire 4500 Completion Index performance reflects that of the Wilshire 4500 Completion Index, the Fund's prior index, through November 30, 2023, and the Victory Extended Market Index from December 1, 2023, onward. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $661251 |
| Number of Holdings | 2492 |
| Investment Advisory Fees | $757 |
| Portfolio Turnover | 13% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i14aef7fa05509098888ea736.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.2% |
| Communication Services | 3.5% |
| Materials | 4.5% |
| Consumer Staples | 4.8% |
| Real Estate | 7.4% |
| Health Care | 12.5% |
| Information Technology | 12.5% |
| Consumer Discretionary | 12.7% |
| Financials | 17.9% |
| Industrials | 17.9% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Okta, Inc. | 0.3% |
| Nutanix, Inc., Class A | 0.3% |
| Casey's General Stores, Inc. | 0.3% |
| Guidewire Software, Inc. | 0.3% |
| Sprouts Farmers Market, Inc. | 0.3% |
| Fidelity National Financial, Inc. | 0.3% |
| Docusign, Inc. | 0.3% |
| Tradeweb Markets, Inc., Class A | 0.3% |
| BJ's Wholesale Club Holdings, Inc. | 0.3% |
| F5, Inc. | 0.3% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USMIX — AR (4/25)

#### Victory Nasdaq-100 Index Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USNQX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $45 | 0.42% |

---

# What affected the Fund's performance during the last year?
During the reported period the Fund had a positive return. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Eight out of eleven sectors were positive, led by the utilities, communication services and consumer discretionary sectors. 

Top detractors from performance:

* The real estate, energy and financials sectors were the largest detractors from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](if331afabd2909a8da8bb9628.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Nasdaq-100 Index Fund, Fund Shares - $46,668** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $31,955** | **Nasdaq-100<sup>®</sup> Index - $48,884** | **Russell 1000<sup>®</sup> Growth Index - $41,400** |
| **4/15** | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $9900 | $10121 | $9959 | $10107 |
| **4/17** | $12829 | $11934 | $12969 | $12078 |
| **4/18** | $15259 | $13517 | $15510 | $14367 |
| **4/19** | $18088 | $15341 | $18473 | $16872 |
| **4/20** | $21062 | $15474 | $21595 | $18700 |
| **4/21** | $32568 | $22589 | $33521 | $28314 |
| **4/22** | $30277 | $22637 | $31304 | $26800 |
| **4/23** | $31336 | $23240 | $32552 | $27426 |
| **4/24** | $41430 | $28507 | $43221 | $36148 |
| **4/25** | $46668 | $31955 | $48884 | $41400 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 12.64% | 17.25%<sup>Footnote Reference</sup> | 16.65%<sup>Footnote Reference</sup> |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Nasdaq-100<sup>®</sup> Index | 13.10% | 17.75% | 17.20% |
| Russell 1000<sup>®</sup> Growth Index | 14.53% | 17.23% | 15.27% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $6536289 |
| Number of Holdings | 106 |
| Investment Advisory Fees | $13600 |
| Portfolio Turnover | 8% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i7b9570902a463902b044ab5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.4% |
| Energy | 0.5% |
| Materials | 1.4% |
| Utilities | 1.5% |
| Industrials | 4.9% |
| Health Care | 5.6% |
| Consumer Staples | 6.1% |
| Consumer Discretionary | 13.7% |
| Communication Services | 15.6% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 49.7% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.9% |
| Microsoft Corp. | 8.2% |
| NVIDIA Corp. | 7.4% |
| Amazon.com, Inc. | 5.4% |
| Broadcom, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 3.3% |
| Netflix, Inc. | 3.3% |
| Costco Wholesale Corp. | 3.0% |
| Tesla, Inc. | 2.8% |
| Alphabet, Inc., Class A | 2.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USNQX — AR (4/25)

#### Victory Nasdaq-100 Index Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UINQX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $46 | 0.43% |

---

# What affected the Fund's performance during the last year?
During the reported period the Fund had a positive return. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Eight out of eleven sectors were positive, led by the utilities, communication services and consumer discretionary sectors. 

Top detractors from performance:

* The real estate, energy and financials sectors were the largest detractors from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](ie1cfb9d91f2227bce0c3648a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Nasdaq-100 Index Fund Institutional Shares - $1,998,791** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $1,962,721** | **Nasdaq-100<sup>®</sup> Index - $2,041,368** | **Russell 1000<sup>®</sup> Growth Index - $2,026,249** |
| **6/20<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/21** | $1394870 | $1387444 | $1399842 | $1385795 |
| **4/22** | $1296698 | $1390401 | $1307248 | $1311688 |
| **4/23** | $1342499 | $1427444 | $1359374 | $1342329 |
| **4/24** | $1774678 | $1750926 | $1804896 | $1769192 |
| **4/25** | $1998791 | $1962721 | $2041368 | $2026249 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Nasdaq-100 Index Fund, Institutional Shares is 6/29/2020. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Institutional Shares | 12.63% | 15.40%<sup>Footnote Reference</sup> |
| S&P 500<sup>®</sup> Index | 12.10% | 14.96% |
| Nasdaq-100<sup>®</sup> Index | 13.10% | 15.90% |
| Russell 1000<sup>®</sup> Growth Index | 14.53% | 15.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $6536289 |
| Number of Holdings | 106 |
| Investment Advisory Fees | $13600 |
| Portfolio Turnover | 8% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i97d2c099c7a7db9ed4537e25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.4% |
| Energy | 0.5% |
| Materials | 1.4% |
| Utilities | 1.5% |
| Industrials | 4.9% |
| Health Care | 5.6% |
| Consumer Staples | 6.1% |
| Consumer Discretionary | 13.7% |
| Communication Services | 15.6% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 49.7% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.9% |
| Microsoft Corp. | 8.2% |
| NVIDIA Corp. | 7.4% |
| Amazon.com, Inc. | 5.4% |
| Broadcom, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 3.3% |
| Netflix, Inc. | 3.3% |
| Costco Wholesale Corp. | 3.0% |
| Tesla, Inc. | 2.8% |
| Alphabet, Inc., Class A | 2.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UINQX — AR (4/25)

#### Victory Nasdaq-100 Index Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class A

Ticker: UANQX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class A | $74 | 0.70% |

---

# What affected the Fund's performance during the last year?
During the reported period the Fund had a positive return. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Eight out of eleven sectors were positive, led by the utilities, communication services and consumer discretionary sectors. 

Top detractors from performance:

* The real estate, energy and financials sectors were the largest detractors from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](if9e035018736913f5d0d0d43.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Nasdaq-100 Index Fund Class A @ NAV - $19,738** | **Victory Nasdaq-100 Index Fund Class A @ MOP - $19,295** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $19,627** | **Nasdaq-100<sup>®</sup> Index - $20,414** | **Russell 1000<sup>®</sup> Growth Index - $20,262** |
| **6/20<sup>Footnote Reference\*</sup>** | $10000 | $9775 | $10000 | $10000 | $10000 |
| **4/21** | $13923 | $13610 | $13874 | $13998 | $13858 |
| **4/22** | $12911 | $12621 | $13904 | $13072 | $13117 |
| **4/23** | $13328 | $13028 | $14274 | $13594 | $13423 |
| **4/24** | $17566 | $17172 | $17509 | $18049 | $17692 |
| **4/25** | $19738 | $19295 | $19627 | $20414 | $20262 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Nasdaq-100 Index Fund, Class A is 6/29/2020. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Class A @ NAV | 12.36% | 15.10%<sup>Footnote Reference</sup> |
| Class A @ MOP | 9.83% | 14.56% |
| S&P 500<sup>®</sup> Index | 12.10% | 14.96% |
| Nasdaq-100<sup>®</sup> Index | 13.10% | 15.90% |
| Russell 1000<sup>®</sup> Growth Index | 14.53% | 15.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $6536289 |
| Number of Holdings | 106 |
| Investment Advisory Fees | $13600 |
| Portfolio Turnover | 8% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i16d6329d4fea76362b83104e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.4% |
| Energy | 0.5% |
| Materials | 1.4% |
| Utilities | 1.5% |
| Industrials | 4.9% |
| Health Care | 5.6% |
| Consumer Staples | 6.1% |
| Consumer Discretionary | 13.7% |
| Communication Services | 15.6% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 49.7% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.9% |
| Microsoft Corp. | 8.2% |
| NVIDIA Corp. | 7.4% |
| Amazon.com, Inc. | 5.4% |
| Broadcom, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 3.3% |
| Netflix, Inc. | 3.3% |
| Costco Wholesale Corp. | 3.0% |
| Tesla, Inc. | 2.8% |
| Alphabet, Inc., Class A | 2.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UANQX — AR (4/25)

#### Victory Nasdaq-100 Index Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class C

Ticker: UCNQX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class C | $153 | 1.45% |

---

# What affected the Fund's performance during the last year?
During the reported period the Fund had a positive return. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Eight out of eleven sectors were positive, led by the utilities, communication services and consumer discretionary sectors. 

Top detractors from performance:

* The real estate, energy and financials sectors were the largest detractors from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge ("CDSC") of 1.00% on shares redeemed within one year of purchase. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i5cca073bddc6c2d35a5cbc92.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Nasdaq-100 Index Fund Class C @ NAV - $19,041** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $19,627** | **Nasdaq-100<sup>®</sup> Index - $20,414** | **Russell 1000<sup>®</sup> Growth Index - $20,262** |
| **6/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **4/21** | $13836 | $13874 | $13998 | $13858 |
| **4/22** | $12732 | $13904 | $13072 | $13117 |
| **4/23** | $13049 | $14274 | $13594 | $13423 |
| **4/24** | $17072 | $17509 | $18049 | $17692 |
| **4/25** | $19041 | $19627 | $20414 | $20262 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Nasdaq-100 Index Fund, Class C is 6/29/2020. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Class C @ NAV | 11.54% | 14.25% |
| Class C @ CDSC | 10.54% | 14.25% |
| S&P 500<sup>®</sup> Index | 12.10% | 14.96% |
| Nasdaq-100<sup>®</sup> Index | 13.10% | 15.90% |
| Russell 1000<sup>®</sup> Growth Index | 14.53% | 15.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $6536289 |
| Number of Holdings | 106 |
| Investment Advisory Fees | $13600 |
| Portfolio Turnover | 8% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](i722f3418be24c778539b5968.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.4% |
| Energy | 0.5% |
| Materials | 1.4% |
| Utilities | 1.5% |
| Industrials | 4.9% |
| Health Care | 5.6% |
| Consumer Staples | 6.1% |
| Consumer Discretionary | 13.7% |
| Communication Services | 15.6% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 49.7% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.9% |
| Microsoft Corp. | 8.2% |
| NVIDIA Corp. | 7.4% |
| Amazon.com, Inc. | 5.4% |
| Broadcom, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 3.3% |
| Netflix, Inc. | 3.3% |
| Costco Wholesale Corp. | 3.0% |
| Tesla, Inc. | 2.8% |
| Alphabet, Inc., Class A | 2.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UCNQX — AR (4/25)

#### Victory Nasdaq-100 Index Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class R6

Ticker: URNQX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class R6 | $31 | 0.29% |

---

# What affected the Fund's performance during the last year?
During the reported period the Fund had a positive return. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Eight out of eleven sectors were positive, led by the utilities, communication services and consumer discretionary sectors. 

Top detractors from performance:

* The real estate, energy and financials sectors were the largest detractors from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i902fcd801a94c6b80abb4990.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Nasdaq-100 Index Fund Class R6 - $38,046** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $26,713** | **Nasdaq-100<sup>®</sup> Index - $39,074** | **Russell 1000<sup>®</sup> Growth Index - $35,033** |
| **3/17<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **4/17** | $10359 | $9976 | $10367 | $10220 |
| **4/18** | $12333 | $11300 | $12397 | $12158 |
| **4/19** | $14637 | $12825 | $14766 | $14277 |
| **4/20** | $17064 | $12935 | $17261 | $15824 |
| **4/21** | $26415 | $18883 | $26794 | $23960 |
| **4/22** | $24591 | $18923 | $25022 | $22679 |
| **4/23** | $25480 | $19427 | $26020 | $23208 |
| **4/24** | $33731 | $23830 | $34548 | $30589 |
| **4/25** | $38046 | $26713 | $39074 | $35033 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Nasdaq-100 Index Fund, Class R6 is 3/1/2017. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 12.79% | 17.39%<sup>Footnote Reference</sup> | 17.78%<sup>Footnote Reference</sup> |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.79% |
| Nasdaq-100<sup>®</sup> Index | 13.10% | 17.75% | 18.17% |
| Russell 1000<sup>®</sup> Growth Index | 14.53% | 17.23% | 16.60% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $6536289 |
| Number of Holdings | 106 |
| Investment Advisory Fees | $13600 |
| Portfolio Turnover | 8% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Sector Chart](iac55a40dc07d26cacc67c8f6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.4% |
| Energy | 0.5% |
| Materials | 1.4% |
| Utilities | 1.5% |
| Industrials | 4.9% |
| Health Care | 5.6% |
| Consumer Staples | 6.1% |
| Consumer Discretionary | 13.7% |
| Communication Services | 15.6% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 49.7% |

---

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

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.9% |
| Microsoft Corp. | 8.2% |
| NVIDIA Corp. | 7.4% |
| Amazon.com, Inc. | 5.4% |
| Broadcom, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 3.3% |
| Netflix, Inc. | 3.3% |
| Costco Wholesale Corp. | 3.0% |
| Tesla, Inc. | 2.8% |
| Alphabet, Inc., Class A | 2.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URNQX — AR (4/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USIBX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Core Plus Intermediate Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $67 | 0.64% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark index, the Bloomberg U.S. Aggregate Bond Index (the "Index"), for the year ended April 30, 2025.

Top contributors to performance:

* Our security selection within corporate credit, asset backed securities, and non-agency commercial mortgage-backed securities benefited performance as well as underweight allocation to corporate credit. Within corporate credit transportation, capital goods, insurance, and banking were the best performing sectors. 

* Security selection materially aided performance across industries and asset classes. Allocation also aided performance. 

* From a credit perspective, our security selection in BBB, & A rated credits and our allocation to below investment grade rated BB and B credits most impacted performance. 

Top detractors from performance.

* Our underweight to the electric and pharmaceuticals sectors detracted from performance for the year. 

* Duration slightly detracted from performance, as the Fund's is overweight the belly of the curve (7- and 10-year key rate portions) versus the Index, which has more exposure to the long end, which underperformed during the year.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](idbe2ae6af192fba8116faec4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Core Plus Intermediate Bond Fund, Fund Shares - $13,098** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **Lipper Core Plus Bond Funds Index - $12,191** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $10046 | $10272 | $10143 |
| **4/17** | $10588 | $10357 | $10441 |
| **4/18** | $10713 | $10324 | $10483 |
| **4/19** | $11319 | $10870 | $11026 |
| **4/20** | $11962 | $12049 | $11886 |
| **4/21** | $12989 | $12017 | $12420 |
| **4/22** | $12052 | $10994 | $11401 |
| **4/23** | $12073 | $10947 | $11299 |
| **4/24** | $12120 | $10786 | $11259 |
| **4/25** | $13098 | $11651 | $12191 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 8.08% | 1.83% | 2.74% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Lipper Core Plus Bond Funds Index | 8.28% | 0.51% | 2.00% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5249660 |
| Number of Holdings | 1246 |
| Investment Advisory Fees | $17175 |
| Portfolio Turnover | 51% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](iede971b287a8cb4e4ac21045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.3% |
| Asset-Backed Securities | 20.0% |
| U.S. Government Agency Mortgages | 17.3% |
| U.S. Treasury Obligations | 16.9% |
| Collateralized Mortgage Obligations | 9.0% |
| Yankee Dollars | 6.1% |
| Municipal Bonds | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 3.6% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USIBX — AR (4/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UIITX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Core Plus Intermediate Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $57 | 0.55% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark index, the Bloomberg U.S. Aggregate Bond Index (the "Index"), for the year ended April 30, 2025.

Top contributors to performance:

* Our security selection within corporate credit, asset backed securities, and non-agency commercial mortgage-backed securities benefited performance as well as underweight allocation to corporate credit. Within corporate credit transportation, capital goods, insurance, and banking were the best performing sectors. 

* Security selection materially aided performance across industries and asset classes. Allocation also aided performance. 

* From a credit perspective, our security selection in BBB, & A rated credits and our allocation to below investment grade rated BB and B credits most impacted performance. 

Top detractors from performance.

* Our underweight to the electric and pharmaceuticals sectors detracted from performance for the year. 

* Duration slightly detracted from performance, as the Fund's is overweight the belly of the curve (7- and 10-year key rate portions) versus the Index, which has more exposure to the long end, which underperformed during the year.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i6700f86c3c36a9b6ea5c0fe3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Core Plus Intermediate Bond Fund Institutional Shares - $1,319,086** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,165,115** | **Lipper Core Plus Bond Funds Index - $1,219,136** |
| **4/15** | $1000000 | $1000000 | $1000000 |
| **4/16** | $1005506 | $1027204 | $1014268 |
| **4/17** | $1061433 | $1035716 | $1044130 |
| **4/18** | $1073639 | $1032409 | $1048293 |
| **4/19** | $1135163 | $1087030 | $1102566 |
| **4/20** | $1200427 | $1204885 | $1188631 |
| **4/21** | $1305413 | $1201666 | $1241995 |
| **4/22** | $1210855 | $1099378 | $1140148 |
| **4/23** | $1213820 | $1094679 | $1129892 |
| **4/24** | $1219453 | $1078606 | $1125918 |
| **4/25** | $1319086 | $1165115 | $1219136 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 8.17% | 1.90% | 2.81% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Lipper Core Plus Bond Funds Index | 8.28% | 0.51% | 2.00% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5249660 |
| Number of Holdings | 1246 |
| Investment Advisory Fees | $17175 |
| Portfolio Turnover | 51% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](id0d66a8e3b2486723298dee9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.3% |
| Asset-Backed Securities | 20.0% |
| U.S. Government Agency Mortgages | 17.3% |
| U.S. Treasury Obligations | 16.9% |
| Collateralized Mortgage Obligations | 9.0% |
| Yankee Dollars | 6.1% |
| Municipal Bonds | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 3.6% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UIITX — AR (4/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class A

Ticker: UITBX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Core Plus Intermediate Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class A | $91 | 0.88% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed its benchmark index, the Bloomberg U.S. Aggregate Bond Index (the "Index"), for the year ended April 30, 2025.

Top contributors to performance:

* Our security selection within corporate credit, asset backed securities, and non-agency commercial mortgage-backed securities benefited performance as well as underweight allocation to corporate credit. Within corporate credit transportation, capital goods, insurance, and banking were the best performing sectors. 

* Security selection materially aided performance across industries and asset classes. Allocation also aided performance. 

* From a credit perspective, our security selection in BBB, & A rated credits and our allocation to below investment grade rated BB and B credits most impacted performance. 

Top detractors from performance.

* Our underweight to the electric and pharmaceuticals sectors detracted from performance for the year. 

* Duration slightly detracted from performance, as the Fund's is overweight the belly of the curve (7- and 10-year key rate portions) versus the Index, which has more exposure to the long end, which underperformed during the year.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](ia5dda9cf6f9a2a590f97cd19.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Core Plus Intermediate Bond Fund Class A @ NAV - $12,765** | **Victory Core Plus Intermediate Bond Fund Class A @ MOP - $12,477** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **Lipper Core Plus Bond Funds Index - $12,191** |
| **4/15** | $10000 | $9774 | $10000 | $10000 |
| **4/16** | $10022 | $9795 | $10272 | $10143 |
| **4/17** | $10537 | $10299 | $10357 | $10441 |
| **4/18** | $10621 | $10381 | $10324 | $10483 |
| **4/19** | $11191 | $10938 | $10870 | $11026 |
| **4/20** | $11806 | $11539 | $12049 | $11886 |
| **4/21** | $12787 | $12498 | $12017 | $12420 |
| **4/22** | $11831 | $11564 | $10994 | $11401 |
| **4/23** | $11822 | $11555 | $10947 | $11299 |
| **4/24** | $11838 | $11571 | $10786 | $11259 |
| **4/25** | $12765 | $12477 | $11651 | $12191 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 7.83% | 1.57% | 2.47% |
| Class A @ MOP | 5.46% | 1.12% | 2.24% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Lipper Core Plus Bond Funds Index | 8.28% | 0.51% | 2.00% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5249660 |
| Number of Holdings | 1246 |
| Investment Advisory Fees | $17175 |
| Portfolio Turnover | 51% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i1ec12fc3de00fcf512f37fcc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.3% |
| Asset-Backed Securities | 20.0% |
| U.S. Government Agency Mortgages | 17.3% |
| U.S. Treasury Obligations | 16.9% |
| Collateralized Mortgage Obligations | 9.0% |
| Yankee Dollars | 6.1% |
| Municipal Bonds | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 3.6% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UITBX — AR (4/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class C

Ticker: UITCX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Core Plus Intermediate Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class C | $159 | 1.53% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed its benchmark index, the Bloomberg U.S. Aggregate Bond Index (the "Index"), for the year ended April 30, 2025.

Top contributors to performance:

* Our security selection within corporate credit, asset backed securities, and non-agency commercial mortgage-backed securities benefited performance as well as underweight allocation to corporate credit. Within corporate credit transportation, capital goods, insurance, and banking were the best performing sectors. 

* Security selection materially aided performance across industries and asset classes. Allocation also aided performance. 

* From a credit perspective, our security selection in BBB, & A rated credits and our allocation to below investment grade rated BB and B credits most impacted performance. 

Top detractors from performance.

* Our underweight to the electric and pharmaceuticals sectors detracted from performance for the year. 

* Duration slightly detracted from performance, as the Fund's is overweight the belly of the curve (7- and 10-year key rate portions) versus the Index, which has more exposure to the long end, which underperformed during the year.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge ("CDSC") of 1.00% on shares redeemed within one year of purchase. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](iccc2d9ce03a96ec4ba0e6855.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Core Plus Intermediate Bond Fund Class C @ NAV - $10,090** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $9,565** | **Lipper Core Plus Bond Funds Index - $10,031** |
| **6/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **4/21** | $10358 | $9865 | $10219 |
| **4/22** | $9524 | $9025 | $9381 |
| **4/23** | $9456 | $8987 | $9297 |
| **4/24** | $9408 | $8855 | $9264 |
| **4/25** | $10090 | $9565 | $10031 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Core Plus Intermediate Bond Fund, Class C is 6/29/2020. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Class C @ NAV | 7.25% | 0.18% |
| Class C @ CDSC | 6.25% | 0.18% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.92% |
| Lipper Core Plus Bond Funds Index | 8.28% | 0.06% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5249660 |
| Number of Holdings | 1246 |
| Investment Advisory Fees | $17175 |
| Portfolio Turnover | 51% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i5cf81824d248d8a80aac661f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.3% |
| Asset-Backed Securities | 20.0% |
| U.S. Government Agency Mortgages | 17.3% |
| U.S. Treasury Obligations | 16.9% |
| Collateralized Mortgage Obligations | 9.0% |
| Yankee Dollars | 6.1% |
| Municipal Bonds | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 3.6% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UITCX — AR (4/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class R6

Ticker: URIBX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Core Plus Intermediate Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class R6 | $43 | 0.41% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark index, the Bloomberg U.S. Aggregate Bond Index (the "Index"), for the year ended April 30, 2025.

Top contributors to performance:

* Our security selection within corporate credit, asset backed securities, and non-agency commercial mortgage-backed securities benefited performance as well as underweight allocation to corporate credit. Within corporate credit transportation, capital goods, insurance, and banking were the best performing sectors. 

* Security selection materially aided performance across industries and asset classes. Allocation also aided performance. 

* From a credit perspective, our security selection in BBB, & A rated credits and our allocation to below investment grade rated BB and B credits most impacted performance. 

Top detractors from performance.

* Our underweight to the electric and pharmaceuticals sectors detracted from performance for the year. 

* Duration slightly detracted from performance, as the Fund's is overweight the belly of the curve (7- and 10-year key rate portions) versus the Index, which has more exposure to the long end, which underperformed during the year.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i7fbf3eb7b1098e25c66b52bd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Core Plus Intermediate Bond Fund Class R6 - $13,070** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,489** | **Lipper Core Plus Bond Funds Index - $12,010** |
| **12/16<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **4/17** | $10383 | $10213 | $10286 |
| **4/18** | $10520 | $10180 | $10327 |
| **4/19** | $11144 | $10719 | $10862 |
| **4/20** | $11801 | $11881 | $11709 |
| **4/21** | $12851 | $11849 | $12235 |
| **4/22** | $11941 | $10841 | $11232 |
| **4/23** | $11991 | $10794 | $11131 |
| **4/24** | $12066 | $10636 | $11092 |
| **4/25** | $13070 | $11489 | $12010 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Core Plus Intermediate Bond Fund, Class R6 is 12/1/2016. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 8.32% | 2.06% | 3.23% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.66% |
| Lipper Core Plus Bond Funds Index | 8.28% | 0.51% | 2.20% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5249660 |
| Number of Holdings | 1246 |
| Investment Advisory Fees | $17175 |
| Portfolio Turnover | 51% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](if83da17569f5a65bba445974.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.3% |
| Asset-Backed Securities | 20.0% |
| U.S. Government Agency Mortgages | 17.3% |
| U.S. Treasury Obligations | 16.9% |
| Collateralized Mortgage Obligations | 9.0% |
| Yankee Dollars | 6.1% |
| Municipal Bonds | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 3.6% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URIBX — AR (4/25)

#### Victory High Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USHYX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory High Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $82 | 0.79% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed its benchmark index, the Bloomberg US High Yield 2% Issuer Capped Bond Index, for the year ended April 30, 2025.

Top contributors to performance:

* Sectors that added to performance were an underweight to independents, oil field services, and midstream, and an overweight to asset-backed securities, and wireless related names. Security selection in wireless, airlines, cable, and health care aided performance. 

* From a credit perspective, our security selection within BB and CCC rated credits benefited performance as did our underweight to BB and B rated credits. 

Top detractors from performance:

* Sectors that detracted from performance were our underweight to cable and finance companies and an overweight to the airline, and collateralized loan obligation sectors, as well as security selection within media, technology and consumer cyclical sectors 

* From a credit perspective, security selection within the B & CC rated names detracted from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](ia4657084e78aefd1c7b76185.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory High Income Fund, Fund Shares - $14,698** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **Bloomberg US High Yield 2% Issuer Capped Index - $16,103** | **Lipper High Yield Bond Funds Index - $15,208** |
| **4/15** | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $9532 | $10272 | $9892 | $9671 |
| **4/17** | $10893 | $10357 | $11207 | $10918 |
| **4/18** | $11272 | $10324 | $11573 | $11267 |
| **4/19** | $11852 | $10870 | $12353 | $11924 |
| **4/20** | $10727 | $12049 | $11848 | $11155 |
| **4/21** | $13098 | $12017 | $14167 | $13476 |
| **4/22** | $12409 | $10994 | $13428 | $12933 |
| **4/23** | $12509 | $10947 | $13591 | $13015 |
| **4/24** | $13607 | $10786 | $14815 | $14152 |
| **4/25** | $14698 | $11651 | $16103 | $15208 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 8.01% | 6.50% | 3.93% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Bloomberg US High Yield 2% Issuer Capped Index | 8.69% | 6.33% | 4.88% |
| Lipper High Yield Bond Funds Index | 7.46% | 6.39% | 4.28% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1003711 |
| Number of Holdings | 478 |
| Investment Advisory Fees | $4850 |
| Portfolio Turnover | 61% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Industry Chart](i5f1bfff7c86f66207d8f01f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.7% |
| Health Care | 4.7% |
| Information Technology | 4.9% |
| Consumer Staples | 5.3% |
| Energy | 5.3% |
| Materials | 5.4% |
| Financials | 8.8% |
| Consumer Discretionary | 13.4% |
| Communication Services | 13.9% |
| Industrials | 15.0% |

---

---

| | |
|:---|:---|
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USHYX — AR (4/25)

#### Victory High Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UIHIX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory High Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $73 | 0.70% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed its benchmark index, the Bloomberg US High Yield 2% Issuer Capped Bond Index, for the year ended April 30, 2025.

Top contributors to performance:

* Sectors that added to performance were an underweight to independents, oil field services, and midstream, and an overweight to asset-backed securities, and wireless related names. Security selection in wireless, airlines, cable, and health care aided performance. 

* From a credit perspective, our security selection within BB and CCC rated credits benefited performance as did our underweight to BB and B rated credits. 

Top detractors from performance:

* Sectors that detracted from performance were our underweight to cable and finance companies and an overweight to the airline, and collateralized loan obligation sectors, as well as security selection within media, technology and consumer cyclical sectors 

* From a credit perspective, security selection within the B & CC rated names detracted from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i6a51c62bae71a58cf19cab21.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory High Income Fund Institutional Shares - $1,483,898** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,165,115** | **Bloomberg US High Yield 2% Issuer Capped Index - $1,610,317** | **Lipper High Yield Bond Funds Index - $1,520,805** |
| **4/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/16** | $954268 | $1027204 | $989187 | $967123 |
| **4/17** | $1091526 | $1035716 | $1120685 | $1091840 |
| **4/18** | $1130249 | $1032409 | $1157273 | $1126654 |
| **4/19** | $1189582 | $1087030 | $1235313 | $1192365 |
| **4/20** | $1077372 | $1204885 | $1184848 | $1115520 |
| **4/21** | $1316832 | $1201666 | $1416741 | $1347639 |
| **4/22** | $1248648 | $1099378 | $1342816 | $1293344 |
| **4/23** | $1260415 | $1094679 | $1359097 | $1301463 |
| **4/24** | $1372417 | $1078606 | $1481545 | $1415244 |
| **4/25** | $1483898 | $1165115 | $1610317 | $1520805 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 8.12% | 6.61% | 4.03% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Bloomberg US High Yield 2% Issuer Capped Index | 8.69% | 6.33% | 4.88% |
| Lipper High Yield Bond Funds Index | 7.46% | 6.39% | 4.28% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1003711 |
| Number of Holdings | 478 |
| Investment Advisory Fees | $4850 |
| Portfolio Turnover | 61% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Industry Chart](ie58e846d2ef571b7a1a9d322.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.7% |
| Health Care | 4.7% |
| Information Technology | 4.9% |
| Consumer Staples | 5.3% |
| Energy | 5.3% |
| Materials | 5.4% |
| Financials | 8.8% |
| Consumer Discretionary | 13.4% |
| Communication Services | 13.9% |
| Industrials | 15.0% |

---

---

| | |
|:---|:---|
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UIHIX — AR (4/25)

#### Victory High Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class R6

Ticker: URHIX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory High Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class R6 | $68 | 0.65% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed its benchmark index, the Bloomberg US High Yield 2% Issuer Capped Bond Index, for the year ended April 30, 2025.

Top contributors to performance:

* Sectors that added to performance were an underweight to independents, oil field services, and midstream, and an overweight to asset-backed securities, and wireless related names. Security selection in wireless, airlines, cable, and health care aided performance. 

* From a credit perspective, our security selection within BB and CCC rated credits benefited performance as did our underweight to BB and B rated credits. 

Top detractors from performance:

* Sectors that detracted from performance were our underweight to cable and finance companies and an overweight to the airline, and collateralized loan obligation sectors, as well as security selection within media, technology and consumer cyclical sectors 

* From a credit perspective, security selection within the B & CC rated names detracted from performance. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i315eb5943eabce630fdd5db2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory High Income Fund Class R6 - $14,494** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,489** | **Lipper High Yield Bond Funds Index - $14,735** | **Bloomberg US High Yield 2% Issuer Capped Index - $15,203** |
| **12/16<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **4/17** | $10550 | $10213 | $10579 | $10581 |
| **4/18** | $10919 | $10180 | $10916 | $10926 |
| **4/19** | $11506 | $10719 | $11553 | $11663 |
| **4/20** | $10429 | $11881 | $10808 | $11186 |
| **4/21** | $12756 | $11849 | $13057 | $13376 |
| **4/22** | $12172 | $10841 | $12531 | $12678 |
| **4/23** | $12305 | $10794 | $12610 | $12831 |
| **4/24** | $13400 | $10636 | $13712 | $13987 |
| **4/25** | $14494 | $11489 | $14735 | $15203 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory High Income Fund, Class R6 is 12/1/2016. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 8.16% | 6.80% | 4.51% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.66% |
| Bloomberg US High Yield 2% Issuer Capped Index | 8.69% | 6.33% | 5.11% |
| Lipper High Yield Bond Funds Index | 7.46% | 6.39% | 4.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1003711 |
| Number of Holdings | 478 |
| Investment Advisory Fees | $4850 |
| Portfolio Turnover | 61% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Industry Chart](i987d28ce0176be85b95aa710.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.7% |
| Health Care | 4.7% |
| Information Technology | 4.9% |
| Consumer Staples | 5.3% |
| Energy | 5.3% |
| Materials | 5.4% |
| Financials | 8.8% |
| Consumer Discretionary | 13.4% |
| Communication Services | 13.9% |
| Industrials | 15.0% |

---

---

| | |
|:---|:---|
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URHIX — AR (4/25)

#### Victory Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USAIX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $61 | 0.59% |

---

# What affected the Fund's performance during the last year?
U.S. Treasury yields fell across the yield curve during the time period, with interest rates from 10 years and shorter having the largest drop-in rates. Credit spreads, which compensate investors for the risk taken relative to U.S. Treasuries, increased during the period.

Top contributors to performance:

* The Fund's security selection within corporate bonds contributed positively to performance during the period. 

* Security selection within transportation, banking, insurance, and utilities contributed the most to performance. 

* Security selection within Single-A and BBB-rated bonds also contributed positively to performance.

* As the Fund's strategy is to keep the duration of the Fund in line with the benchmark, there was minimal impact from movements in the yield curve.

Top detractors from performance:

* The Fund's underallocation to agency mortgage-backed securities detracted most from performance.

* An overallocation to corporate securities, primarily BBB-rated industrial securities, also detracted from performance. 

* Within corporates, real estate investment trusts, retail, and health care were the largest detractors. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i4a149378061a49840c077202.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Income Fund, Fund Shares - $12,762** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **Lipper A Rated Bond Funds Index - $12,518** |
| **4/15** | $10000 | $10000 | $10000 |
| **4/16** | $10186 | $10272 | $10269 |
| **4/17** | $10574 | $10357 | $10524 |
| **4/18** | $10656 | $10324 | $10623 |
| **4/19** | $11244 | $10870 | $11252 |
| **4/20** | $11937 | $12049 | $12560 |
| **4/21** | $12761 | $12017 | $13118 |
| **4/22** | $11730 | $10994 | $11859 |
| **4/23** | $11668 | $10947 | $11797 |
| **4/24** | $11846 | $10786 | $11641 |
| **4/25** | $12762 | $11651 | $12518 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 7.73% | 1.34% | 2.47% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Lipper A Rated Bond Funds Index | 7.53% | -0.07% | 2.27% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $4004398 |
| Number of Holdings | 950 |
| Investment Advisory Fees | $13645 |
| Portfolio Turnover | 21% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i3222b29c22c6c42a57bf307c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 36.6% |
| U.S. Treasury Obligations | 22.6% |
| Yankee Dollars | 11.0% |
| Asset-Backed Securities | 10.9% |
| U.S. Government Agency Mortgages | 9.1% |
| Collateralized Mortgage Obligations | 5.7% |
| Municipal Bonds | 2.5% |
| Other<sup>Footnote Reference\*\*</sup> | 0.8% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USAIX — AR (4/25)

#### Victory Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UIINX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $55 | 0.53% |

---

# What affected the Fund's performance during the last year?
U.S. Treasury yields fell across the yield curve during the time period, with interest rates from 10 years and shorter having the largest drop-in rates. Credit spreads, which compensate investors for the risk taken relative to U.S. Treasuries, increased during the period.

Top contributors to performance:

* The Fund's security selection within corporate bonds contributed positively to performance during the period. 

* Security selection within transportation, banking, insurance, and utilities contributed the most to performance. 

* Security selection within Single-A and BBB-rated bonds also contributed positively to performance.

* As the Fund's strategy is to keep the duration of the Fund in line with the benchmark, there was minimal impact from movements in the yield curve.

Top detractors from performance:

* The Fund's underallocation to agency mortgage-backed securities detracted most from performance.

* An overallocation to corporate securities, primarily BBB-rated industrial securities, also detracted from performance. 

* Within corporates, real estate investment trusts, retail, and health care were the largest detractors. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i639e890cbdf056a5c53412c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Income Fund Institutional Shares - $1,282,518** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,165,115** | **Lipper A Rated Bond Funds Index - $1,251,752** |
| **4/15** | $1000000 | $1000000 | $1000000 |
| **4/16** | $1018877 | $1027204 | $1026908 |
| **4/17** | $1058809 | $1035716 | $1052406 |
| **4/18** | $1066867 | $1032409 | $1062281 |
| **4/19** | $1126758 | $1087030 | $1125160 |
| **4/20** | $1196891 | $1204885 | $1255957 |
| **4/21** | $1280094 | $1201666 | $1311766 |
| **4/22** | $1177088 | $1099378 | $1185865 |
| **4/23** | $1171310 | $1094679 | $1179695 |
| **4/24** | $1189768 | $1078606 | $1164062 |
| **4/25** | $1282518 | $1165115 | $1251752 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 7.80% | 1.39% | 2.52% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Lipper A Rated Bond Funds Index | 7.53% | -0.07% | 2.27% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $4004398 |
| Number of Holdings | 950 |
| Investment Advisory Fees | $13645 |
| Portfolio Turnover | 21% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i43031f9e55256aea96a7fcd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 36.6% |
| U.S. Treasury Obligations | 22.6% |
| Yankee Dollars | 11.0% |
| Asset-Backed Securities | 10.9% |
| U.S. Government Agency Mortgages | 9.1% |
| Collateralized Mortgage Obligations | 5.7% |
| Municipal Bonds | 2.5% |
| Other<sup>Footnote Reference\*\*</sup> | 0.8% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UIINX — AR (4/25)

#### Victory Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class A

Ticker: UINCX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class A | $87 | 0.84% |

---

# What affected the Fund's performance during the last year?
U.S. Treasury yields fell across the yield curve during the time period, with interest rates from 10 years and shorter having the largest drop-in rates. Credit spreads, which compensate investors for the risk taken relative to U.S. Treasuries, increased during the period.

Top contributors to performance:

* The Fund's security selection within corporate bonds contributed positively to performance during the period. 

* Security selection within transportation, banking, insurance, and utilities contributed the most to performance. 

* Security selection within Single-A and BBB-rated bonds also contributed positively to performance.

* As the Fund's strategy is to keep the duration of the Fund in line with the benchmark, there was minimal impact from movements in the yield curve.

Top detractors from performance:

* The Fund's underallocation to agency mortgage-backed securities detracted most from performance.

* An overallocation to corporate securities, primarily BBB-rated industrial securities, also detracted from performance. 

* Within corporates, real estate investment trusts, retail, and health care were the largest detractors. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i5fd2500c5276c78f4a3482c5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Income Fund Class A @ NAV - $12,450** | **Victory Income Fund Class A @ MOP - $12,173** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **Lipper A Rated Bond Funds Index - $12,518** |
| **4/15** | $10000 | $9778 | $10000 | $10000 |
| **4/16** | $10160 | $9935 | $10272 | $10269 |
| **4/17** | $10521 | $10287 | $10357 | $10524 |
| **4/18** | $10572 | $10338 | $10324 | $10623 |
| **4/19** | $11143 | $10896 | $10870 | $11252 |
| **4/20** | $11795 | $11533 | $12049 | $12560 |
| **4/21** | $12570 | $12291 | $12017 | $13118 |
| **4/22** | $11531 | $11275 | $10994 | $11859 |
| **4/23** | $11443 | $11189 | $10947 | $11797 |
| **4/24** | $11580 | $11323 | $10786 | $11641 |
| **4/25** | $12450 | $12173 | $11651 | $12518 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 7.51% | 1.09% | 2.22% |
| Class A @ MOP | 5.05% | 0.63% | 1.99% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Lipper A Rated Bond Funds Index | 7.53% | -0.07% | 2.27% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $4004398 |
| Number of Holdings | 950 |
| Investment Advisory Fees | $13645 |
| Portfolio Turnover | 21% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](id90ec4c2581e1b23f3c56088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 36.6% |
| U.S. Treasury Obligations | 22.6% |
| Yankee Dollars | 11.0% |
| Asset-Backed Securities | 10.9% |
| U.S. Government Agency Mortgages | 9.1% |
| Collateralized Mortgage Obligations | 5.7% |
| Municipal Bonds | 2.5% |
| Other<sup>Footnote Reference\*\*</sup> | 0.8% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UINCX — AR (4/25)

#### Victory Income Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class R6

Ticker: URIFX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class R6 | $45 | 0.43% |

---

# What affected the Fund's performance during the last year?
U.S. Treasury yields fell across the yield curve during the time period, with interest rates from 10 years and shorter having the largest drop-in rates. Credit spreads, which compensate investors for the risk taken relative to U.S. Treasuries, increased during the period.

Top contributors to performance:

* The Fund's security selection within corporate bonds contributed positively to performance during the period. 

* Security selection within transportation, banking, insurance, and utilities contributed the most to performance. 

* Security selection within Single-A and BBB-rated bonds also contributed positively to performance.

* As the Fund's strategy is to keep the duration of the Fund in line with the benchmark, there was minimal impact from movements in the yield curve.

Top detractors from performance:

* The Fund's underallocation to agency mortgage-backed securities detracted most from performance.

* An overallocation to corporate securities, primarily BBB-rated industrial securities, also detracted from performance. 

* Within corporates, real estate investment trusts, retail, and health care were the largest detractors. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](icd11f9b8d24c66bc3a359c70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Income Fund Class R6 - $12,615** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,489** | **Lipper A Rated Bond Funds Index - $12,247** |
| **12/16<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **4/17** | $10336 | $10213 | $10297 |
| **4/18** | $10423 | $10180 | $10393 |
| **4/19** | $11018 | $10719 | $11009 |
| **4/20** | $11712 | $11881 | $12288 |
| **4/21** | $12546 | $11849 | $12834 |
| **4/22** | $11551 | $10841 | $11602 |
| **4/23** | $11500 | $10794 | $11542 |
| **4/24** | $11682 | $10636 | $11389 |
| **4/25** | $12615 | $11489 | $12247 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Income Fund, Class R6 is 12/1/2016. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 7.99% | 1.50% | 2.80% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.66% |
| Lipper A Rated Bond Funds Index | 7.53% | -0.07% | 2.44% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $4004398 |
| Number of Holdings | 950 |
| Investment Advisory Fees | $13645 |
| Portfolio Turnover | 21% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i926689dba3ec5761bd499006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 36.6% |
| U.S. Treasury Obligations | 22.6% |
| Yankee Dollars | 11.0% |
| Asset-Backed Securities | 10.9% |
| U.S. Government Agency Mortgages | 9.1% |
| Collateralized Mortgage Obligations | 5.7% |
| Municipal Bonds | 2.5% |
| Other<sup>Footnote Reference\*\*</sup> | 0.8% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URIFX — AR (4/25)

#### Victory Short-Term Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USSBX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Short-Term Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $59 | 0.57% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark, the Bloomberg 1-3 Year Credit Index (the "Index"), for the 12-month period ending April 30, 2025. In keeping with our investment approach, we continued to focus on income generation, driven by our commitment to independent credit research, which allows us to identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive to both recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of primarily investment-grade bonds. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Top sectors that outperformed relative to the Index included banking, non-agency commercial mortgage-backed securities, asset-backed securities, property & casualty, and real estate investment trusts.

* From a credit perspective, while all rating categories contributed to outperformance relative to the Index, our allocation to below investment grade, BBB and AA rated bonds performed the best, while bonds rated A and AAA contributed the least.

* Security selection and allocation were the biggest drivers of return relative to the Index.

Top detractors from performance:

* Sectors that underperformed relative to the Index included aerospace and defense, wirelines, taxable municipal bonds, tobacco, and refining.

* Duration detracted from performance as maturities of the bonds held by the Fund are more laddered than the Index, which is concentrated in the 2-3 year maturity band. This band experienced the largest decline in the yield curve during the period, which led to duration contributing to relative underperformance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i56aa2070e5fe132aeefe0131.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Short-Term Bond Fund, Fund Shares - $13,173** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **Bloomberg 1-3 Year Credit Index - $12,533** | **Lipper Short Investment Grade Debt Funds Index - $12,555** |
| **4/15** | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $10119 | $10272 | $10147 | $10087 |
| **4/17** | $10356 | $10357 | $10302 | $10256 |
| **4/18** | $10433 | $10324 | $10350 | $10329 |
| **4/19** | $10838 | $10870 | $10756 | $10692 |
| **4/20** | $10989 | $12049 | $11196 | $10929 |
| **4/21** | $11711 | $12017 | $11501 | $11456 |
| **4/22** | $11400 | $10994 | $11105 | $11058 |
| **4/23** | $11604 | $10947 | $11280 | $11228 |
| **4/24** | $12270 | $10786 | $11716 | $11729 |
| **4/25** | $13173 | $11651 | $12533 | $12555 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 7.36% | 3.69% | 2.79% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Bloomberg 1-3 Year Credit Index | 6.98% | 2.28% | 2.28% |
| Lipper Short Investment Grade Debt Funds Index | 7.04% | 2.81% | 2.30% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2749964 |
| Number of Holdings | 961 |
| Investment Advisory Fees | $6522 |
| Portfolio Turnover | 41% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i5f73f7f2845096395eba4e96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 37.3% |
| Asset-Backed Securities | 31.9% |
| U.S. Treasury Obligations | 14.7% |
| Yankee Dollars | 7.8% |
| Collateralized Mortgage Obligations | 3.7% |
| Other<sup>Footnote Reference\*\*</sup> | 2.5% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USSBX — AR (4/25)

#### Victory Short-Term Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UISBX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Short-Term Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $49 | 0.47% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark, the Bloomberg 1-3 Year Credit Index (the "Index"), for the 12-month period ending April 30, 2025. In keeping with our investment approach, we continued to focus on income generation, driven by our commitment to independent credit research, which allows us to identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive to both recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of primarily investment-grade bonds. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Top sectors that outperformed relative to the Index included banking, non-agency commercial mortgage-backed securities, asset-backed securities, property & casualty, and real estate investment trusts.

* From a credit perspective, while all rating categories contributed to outperformance relative to the Index, our allocation to below investment grade, BBB and AA rated bonds performed the best, while bonds rated A and AAA contributed the least.

* Security selection and allocation were the biggest drivers of return relative to the Index.

Top detractors from performance:

* Sectors that underperformed relative to the Index included aerospace and defense, wirelines, taxable municipal bonds, tobacco, and refining.

* Duration detracted from performance as maturities of the bonds held by the Fund are more laddered than the Index, which is concentrated in the 2-3 year maturity band. This band experienced the largest decline in the yield curve during the period, which led to duration contributing to relative underperformance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i66c413ac268941e57ec337ea.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Short-Term Bond Fund Institutional Shares - $1,328,705** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,165,115** | **Bloomberg 1-3 Year Credit Index - $1,253,309** | **Lipper Short Investment Grade Debt Funds Index - $1,255,471** |
| **4/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/16** | $1011810 | $1027204 | $1014672 | $1008684 |
| **4/17** | $1036644 | $1035716 | $1030153 | $1025612 |
| **4/18** | $1046619 | $1032409 | $1034955 | $1032887 |
| **4/19** | $1087176 | $1087030 | $1075576 | $1069237 |
| **4/20** | $1103446 | $1204885 | $1119558 | $1092853 |
| **4/21** | $1178214 | $1201666 | $1150063 | $1145602 |
| **4/22** | $1146507 | $1099378 | $1110519 | $1105850 |
| **4/23** | $1169507 | $1094679 | $1127960 | $1122807 |
| **4/24** | $1236359 | $1078606 | $1171576 | $1172857 |
| **4/25** | $1328705 | $1165115 | $1253309 | $1255471 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 7.47% | 3.79% | 2.88% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Bloomberg 1-3 Year Credit Index | 6.98% | 2.28% | 2.28% |
| Lipper Short Investment Grade Debt Funds Index | 7.04% | 2.81% | 2.30% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2749964 |
| Number of Holdings | 961 |
| Investment Advisory Fees | $6522 |
| Portfolio Turnover | 41% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i0d15be9b68c3a07dd588a0aa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 37.3% |
| Asset-Backed Securities | 31.9% |
| U.S. Treasury Obligations | 14.7% |
| Yankee Dollars | 7.8% |
| Collateralized Mortgage Obligations | 3.7% |
| Other<sup>Footnote Reference\*\*</sup> | 2.5% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UISBX — AR (4/25)

#### Victory Short-Term Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class A

Ticker: UASBX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Short-Term Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class A | $78 | 0.75% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark, the Bloomberg 1-3 Year Credit Index (the "Index"), for the 12-month period ending April 30, 2025. In keeping with our investment approach, we continued to focus on income generation, driven by our commitment to independent credit research, which allows us to identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive to both recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of primarily investment-grade bonds. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Top sectors that outperformed relative to the Index included banking, non-agency commercial mortgage-backed securities, asset-backed securities, property & casualty, and real estate investment trusts.

* From a credit perspective, while all rating categories contributed to outperformance relative to the Index, our allocation to below investment grade, BBB and AA rated bonds performed the best, while bonds rated A and AAA contributed the least.

* Security selection and allocation were the biggest drivers of return relative to the Index.

Top detractors from performance:

* Sectors that underperformed relative to the Index included aerospace and defense, wirelines, taxable municipal bonds, tobacco, and refining.

* Duration detracted from performance as maturities of the bonds held by the Fund are more laddered than the Index, which is concentrated in the 2-3 year maturity band. This band experienced the largest decline in the yield curve during the period, which led to duration contributing to relative underperformance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i61cd2c15859c98bef5495745.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Short-Term Bond Fund Class A @ NAV - $12,906** | **Victory Short-Term Bond Fund Class A @ MOP - $12,617** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **Bloomberg 1-3 Year Credit Index - $12,533** | **Lipper Short Investment Grade Debt Funds Index - $12,555** |
| **4/15** | $10000 | $9777 | $10000 | $10000 | $10000 |
| **4/16** | $10082 | $9856 | $10272 | $10147 | $10087 |
| **4/17** | $10306 | $10076 | $10357 | $10302 | $10256 |
| **4/18** | $10367 | $10135 | $10324 | $10350 | $10329 |
| **4/19** | $10743 | $10503 | $10870 | $10756 | $10692 |
| **4/20** | $10871 | $10628 | $12049 | $11196 | $10929 |
| **4/21** | $11562 | $11304 | $12017 | $11501 | $11456 |
| **4/22** | $11231 | $10980 | $10994 | $11105 | $11058 |
| **4/23** | $11411 | $11156 | $10947 | $11280 | $11228 |
| **4/24** | $12043 | $11774 | $10786 | $11716 | $11729 |
| **4/25** | $12906 | $12617 | $11651 | $12533 | $12555 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 7.17% | 3.49% | 2.58% |
| Class A @ MOP | 4.81% | 3.02% | 2.35% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Bloomberg 1-3 Year Credit Index | 6.98% | 2.28% | 2.28% |
| Lipper Short Investment Grade Debt Funds Index | 7.04% | 2.81% | 2.30% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2749964 |
| Number of Holdings | 961 |
| Investment Advisory Fees | $6522 |
| Portfolio Turnover | 41% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i5b280d63319821d7e202e961.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 37.3% |
| Asset-Backed Securities | 31.9% |
| U.S. Treasury Obligations | 14.7% |
| Yankee Dollars | 7.8% |
| Collateralized Mortgage Obligations | 3.7% |
| Other<sup>Footnote Reference\*\*</sup> | 2.5% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UASBX — AR (4/25)

#### Victory Short-Term Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class R6

Ticker: URSBX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Short-Term Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class R6 | $34 | 0.33% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark, the Bloomberg 1-3 Year Credit Index (the "Index"), for the 12-month period ending April 30, 2025. In keeping with our investment approach, we continued to focus on income generation, driven by our commitment to independent credit research, which allows us to identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive to both recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of primarily investment-grade bonds. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Top sectors that outperformed relative to the Index included banking, non-agency commercial mortgage-backed securities, asset-backed securities, property & casualty, and real estate investment trusts.

* From a credit perspective, while all rating categories contributed to outperformance relative to the Index, our allocation to below investment grade, BBB and AA rated bonds performed the best, while bonds rated A and AAA contributed the least.

* Security selection and allocation were the biggest drivers of return relative to the Index.

Top detractors from performance:

* Sectors that underperformed relative to the Index included aerospace and defense, wirelines, taxable municipal bonds, tobacco, and refining.

* Duration detracted from performance as maturities of the bonds held by the Fund are more laddered than the Index, which is concentrated in the 2-3 year maturity band. This band experienced the largest decline in the yield curve during the period, which led to duration contributing to relative underperformance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i1f4f91351787ce2b41e526c0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Short-Term Bond Fund Class R6 - $13,118** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,489** | **Lipper Short Investment Grade Debt Funds Index - $12,367** | **Bloomberg 1-3 Year Credit Index - $12,300** |
| **12/16<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **4/17** | $10156 | $10213 | $10103 | $10110 |
| **4/18** | $10264 | $10180 | $10175 | $10157 |
| **4/19** | $10670 | $10719 | $10533 | $10556 |
| **4/20** | $10834 | $11881 | $10765 | $10987 |
| **4/21** | $11572 | $11849 | $11285 | $11287 |
| **4/22** | $11271 | $10841 | $10893 | $10898 |
| **4/23** | $11514 | $10794 | $11060 | $11070 |
| **4/24** | $12190 | $10636 | $11553 | $11498 |
| **4/25** | $13118 | $11489 | $12367 | $12300 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Short-Term Bond Fund, Class R6 is 12/1/2016. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 7.61% | 3.90% | 3.28% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.66% |
| Bloomberg 1-3 Year Credit Index | 6.98% | 2.28% | 2.49% |
| Lipper Short Investment Grade Debt Funds Index | 7.04% | 2.81% | 2.56% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2749964 |
| Number of Holdings | 961 |
| Investment Advisory Fees | $6522 |
| Portfolio Turnover | 41% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i03e0c8d9ff9984bd2eef883a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 37.3% |
| Asset-Backed Securities | 31.9% |
| U.S. Treasury Obligations | 14.7% |
| Yankee Dollars | 7.8% |
| Collateralized Mortgage Obligations | 3.7% |
| Other<sup>Footnote Reference\*\*</sup> | 2.5% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URSBX — AR (4/25)

#### Victory Ultra Short-Term Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: UUSTX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Ultra Short-Term Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $61 | 0.59% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark, the Bloomberg U.S. Treasury Bellwethers 3-Month Index (the "Index"), for the 12-month period ending April 30, 2025. In keeping with our investment approach, we focus on fundamental research and bottom-up security selection. A key part of that process is a robust relative value analysis that informs risk positioning and asset allocation so that we add incremental yield when we are adequately compensated for it. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of primarily investment grade bonds. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Asset allocation and yield curve positioning were the biggest drivers of return relative to the Index. 

* Top sector allocations that outperformed relative to the Index included banking, asset-backed securities, cash, non-agency commercial mortgage-backed securities, finance companies, and life insurance.

* From a credit rating perspective, below investment grade, A, AA and BBB rated bonds performed the best, respectively, while bonds rated AAA and unrated were lower performers.

* The Fund's longer duration was a meaningful contributor to performance relative to the Index as interest rates at the front end of the yield curve declined materially.

Top detractors from performance:

* While all sectors had positive returns during the reporting period, those that generated the least returns were integrated oil, oil field services, wireless, consumer products, municipal appropriation, agency commercial mortgage-backed securities, packaging, and construction machinery.

* Credit spreads widened slightly and modestly detracted from the positive carry of the allocation to credit.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i3179a5183cbe9e426370d573.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Ultra Short-Term Bond Fund, Fund Shares - $12,835** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,651** | **Bloomberg U.S. Treasury Bellwethers 3-Month Index - $12,115** | **Lipper Ultra Short Obligations Funds Index - $12,496** |
| **4/15** | $10000 | $10000 | $10000 | $10000 |
| **4/16** | $10009 | $10272 | $10016 | $10052 |
| **4/17** | $10169 | $10357 | $10057 | $10201 |
| **4/18** | $10278 | $10324 | $10178 | $10333 |
| **4/19** | $10615 | $10870 | $10401 | $10597 |
| **4/20** | $10530 | $12049 | $10618 | $10725 |
| **4/21** | $11238 | $12017 | $10630 | $10993 |
| **4/22** | $11092 | $10994 | $10638 | $10902 |
| **4/23** | $11409 | $10947 | $10950 | $11184 |
| **4/24** | $12125 | $10786 | $11546 | $11846 |
| **4/25** | $12835 | $11651 | $12115 | $12496 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 5.86% | 4.04% | 2.53% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Bloomberg U.S. Treasury Bellwethers 3-Month Index | 4.93% | 2.67% | 1.94% |
| Lipper Ultra Short Obligations Funds Index | 5.48% | 3.10% | 2.25% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $286586 |
| Number of Holdings | 417 |
| Investment Advisory Fees | $709 |
| Portfolio Turnover | 52% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i8d9cd03fb47e52d6e3030a7b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 28.5% |
| Asset-Backed Securities | 20.7% |
| Yankee Dollars | 17.8% |
| Collateralized Mortgage Obligations | 10.6% |
| Senior Secured Loans | 2.3% |
| Other<sup>Footnote Reference\*\*</sup> | 4.4% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UUSTX — AR (4/25)

#### Victory Ultra Short-Term Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Institutional Shares

Ticker: UUSIX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Ultra Short-Term Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Institutional Shares | $59 | 0.57% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark, the Bloomberg U.S. Treasury Bellwethers 3-Month Index (the "Index"), for the 12-month period ending April 30, 2025. In keeping with our investment approach, we focus on fundamental research and bottom-up security selection. A key part of that process is a robust relative value analysis that informs risk positioning and asset allocation so that we add incremental yield when we are adequately compensated for it. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of primarily investment grade bonds. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Asset allocation and yield curve positioning were the biggest drivers of return relative to the Index. 

* Top sector allocations that outperformed relative to the Index included banking, asset-backed securities, cash, non-agency commercial mortgage-backed securities, finance companies, and life insurance.

* From a credit rating perspective, below investment grade, A, AA and BBB rated bonds performed the best, respectively, while bonds rated AAA and unrated were lower performers.

* The Fund's longer duration was a meaningful contributor to performance relative to the Index as interest rates at the front end of the yield curve declined materially.

Top detractors from performance:

* While all sectors had positive returns during the reporting period, those that generated the least returns were integrated oil, oil field services, wireless, consumer products, municipal appropriation, agency commercial mortgage-backed securities, packaging, and construction machinery.

* Credit spreads widened slightly and modestly detracted from the positive carry of the allocation to credit.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](ia7c9b96cb5112473cb08c0e0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Ultra Short-Term Bond Fund Institutional Shares - $1,285,916** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,165,115** | **Bloomberg U.S. Treasury Bellwethers 3-Month Index - $1,211,546** | **Lipper Ultra Short Obligations Funds Index - $1,249,609** |
| **4/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/16** | $999887 | $1027204 | $1001611 | $1005169 |
| **4/17** | $1015749 | $1035716 | $1005741 | $1020075 |
| **4/18** | $1025870 | $1032409 | $1017807 | $1033297 |
| **4/19** | $1060109 | $1087030 | $1040106 | $1059743 |
| **4/20** | $1052131 | $1204885 | $1061820 | $1072545 |
| **4/21** | $1123764 | $1201666 | $1063049 | $1099291 |
| **4/22** | $1109819 | $1099378 | $1063774 | $1090155 |
| **4/23** | $1142257 | $1094679 | $1095017 | $1118404 |
| **4/24** | $1214535 | $1078606 | $1154601 | $1184638 |
| **4/25** | $1285916 | $1165115 | $1211546 | $1249609 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 5.88% | 4.09% | 2.55% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Bloomberg U.S. Treasury Bellwethers 3-Month Index | 4.93% | 2.67% | 1.94% |
| Lipper Ultra Short Obligations Funds Index | 5.48% | 3.10% | 2.25% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $286586 |
| Number of Holdings | 417 |
| Investment Advisory Fees | $709 |
| Portfolio Turnover | 52% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i4df9c46f8cf1c07971e4534d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 28.5% |
| Asset-Backed Securities | 20.7% |
| Yankee Dollars | 17.8% |
| Collateralized Mortgage Obligations | 10.6% |
| Senior Secured Loans | 2.3% |
| Other<sup>Footnote Reference\*\*</sup> | 4.4% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

UUSIX — AR (4/25)

#### Victory Ultra Short-Term Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class A

Ticker: USBAX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Ultra Short-Term Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class A | $87 | 0.85% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark, the Bloomberg U.S. Treasury Bellwethers 3-Month Index (the "Index"), for the 12-month period ending April 30, 2025. In keeping with our investment approach, we focus on fundamental research and bottom-up security selection. A key part of that process is a robust relative value analysis that informs risk positioning and asset allocation so that we add incremental yield when we are adequately compensated for it. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of primarily investment grade bonds. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Asset allocation and yield curve positioning were the biggest drivers of return relative to the Index. 

* Top sector allocations that outperformed relative to the Index included banking, asset-backed securities, cash, non-agency commercial mortgage-backed securities, finance companies, and life insurance.

* From a credit rating perspective, below investment grade, A, AA and BBB rated bonds performed the best, respectively, while bonds rated AAA and unrated were lower performers.

* The Fund's longer duration was a meaningful contributor to performance relative to the Index as interest rates at the front end of the yield curve declined materially.

Top detractors from performance:

* While all sectors had positive returns during the reporting period, those that generated the least returns were integrated oil, oil field services, wireless, consumer products, municipal appropriation, agency commercial mortgage-backed securities, packaging, and construction machinery.

* Credit spreads widened slightly and modestly detracted from the positive carry of the allocation to credit.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class A is currently not charging a sales charge. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](if0f880b4b4849f1873168c36.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Ultra Short-Term Bond Fund Class A @ NAV - $11,727** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $9,565** | **Bloomberg U.S. Treasury Bellwethers 3-Month Index - $11,408** | **Lipper Ultra Short Obligations Funds Index - $11,468** |
| **6/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **4/21** | $10360 | $9865 | $10010 | $10088 |
| **4/22** | $10201 | $9025 | $10017 | $10004 |
| **4/23** | $10467 | $8987 | $10311 | $10264 |
| **4/24** | $11093 | $8855 | $10872 | $10871 |
| **4/25** | $11727 | $9565 | $11408 | $11468 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Ultra Short-Term Bond Fund, Class A is 6/29/2020. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Class A @ NAV | 5.60% | 3.35% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.92% |
| Bloomberg U.S. Treasury Bellwethers 3-Month Index | 4.93% | 2.76% |
| Lipper Ultra Short Obligations Funds Index | 5.48% | 2.87% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $286586 |
| Number of Holdings | 417 |
| Investment Advisory Fees | $709 |
| Portfolio Turnover | 52% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i1af8dd7725fe40d3352d3084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 28.5% |
| Asset-Backed Securities | 20.7% |
| Yankee Dollars | 17.8% |
| Collateralized Mortgage Obligations | 10.6% |
| Senior Secured Loans | 2.3% |
| Other<sup>Footnote Reference\*\*</sup> | 4.4% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USBAX — AR (4/25)

#### Victory Ultra Short-Term Bond Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Class R6

Ticker: URUSX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Ultra Short-Term Bond Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Class R6 | $43 | 0.42% |

---

# What affected the Fund's performance during the last year?
The Fund outperformed its benchmark, the Bloomberg U.S. Treasury Bellwethers 3-Month Index (the "Index"), for the 12-month period ending April 30, 2025. In keeping with our investment approach, we focus on fundamental research and bottom-up security selection. A key part of that process is a robust relative value analysis that informs risk positioning and asset allocation so that we add incremental yield when we are adequately compensated for it. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of primarily investment grade bonds. Top contributors and detractors to performance are shown below.

Top contributors to performance:

* Asset allocation and yield curve positioning were the biggest drivers of return relative to the Index. 

* Top sector allocations that outperformed relative to the Index included banking, asset-backed securities, cash, non-agency commercial mortgage-backed securities, finance companies, and life insurance.

* From a credit rating perspective, below investment grade, A, AA and BBB rated bonds performed the best, respectively, while bonds rated AAA and unrated were lower performers.

* The Fund's longer duration was a meaningful contributor to performance relative to the Index as interest rates at the front end of the yield curve declined materially.

Top detractors from performance:

* While all sectors had positive returns during the reporting period, those that generated the least returns were integrated oil, oil field services, wireless, consumer products, municipal appropriation, agency commercial mortgage-backed securities, packaging, and construction machinery.

* Credit spreads widened slightly and modestly detracted from the positive carry of the allocation to credit.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](ibfc737401ae7197f2158fa2f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Ultra Short-Term Bond Fund Class R6 - $12,865** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,394** | **Bloomberg U.S. Treasury Bellwethers 3-Month Index - $12,059** | **Lipper Ultra Short Obligations Funds Index - $12,268** |
| **3/17<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **4/17** | $10038 | $10128 | $10011 | $10015 |
| **4/18** | $10154 | $10096 | $10131 | $10145 |
| **4/19** | $10509 | $10630 | $10353 | $10404 |
| **4/20** | $10447 | $11783 | $10569 | $10530 |
| **4/21** | $11183 | $11751 | $10581 | $10792 |
| **4/22** | $11059 | $10751 | $10588 | $10703 |
| **4/23** | $11395 | $10705 | $10899 | $10980 |
| **4/24** | $12134 | $10548 | $11492 | $11630 |
| **4/25** | $12865 | $11394 | $12059 | $12268 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Ultra Short-Term Bond Fund, Class R6 is 3/1/2017. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 6.02% | 4.25% | 3.13% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.61% |
| Bloomberg U.S. Treasury Bellwethers 3-Month Index | 4.93% | 2.67% | 2.32% |
| Lipper Ultra Short Obligations Funds Index | 5.48% | 3.10% | 2.54% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $286586 |
| Number of Holdings | 417 |
| Investment Advisory Fees | $709 |
| Portfolio Turnover | 52% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

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

# (as of April 30, 2025)
![Group By Asset Type Chart](i81b212dfde35b77dc9900502.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 28.5% |
| Asset-Backed Securities | 20.7% |
| Yankee Dollars | 17.8% |
| Collateralized Mortgage Obligations | 10.6% |
| Senior Secured Loans | 2.3% |
| Other<sup>Footnote Reference\*\*</sup> | 4.4% |

---

---

| | |
|:---|:---|
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| \* | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

URUSX — AR (4/25)

#### Victory Money Market Fund
![Image](i8f1630183a930731c1a17e5e.jpg)

Fund Shares

Ticker: USAXX

Annual Shareholder Report — April 30, 2025

The annual shareholder report contains important information about Victory Money Market Fund (the "Fund") for the period of May 1, 2024 to April 30, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment** |
| Fund Shares | $63 | 0.62% |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of April 30, 2025)

# FUND STATISTICS

# ($ amounts in 000s)

# (as of April 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $2101244 |
| Number of Holdings | 54 |
| Investment Advisory Fees | $4958 |
| 7 Day Net Yield | 4.04% |

---

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 4.58% | 2.51% | 1.70% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-235-8396.**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4b546058a12a6bc56d12211d.jpg)

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

# (as of April 30, 2025)
![Group By Asset Type Chart](if753c3d12508d2281974e307.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commercial Paper | 74.2% |
| Repurchase Agreements | 15.7% |
| Certificates of Deposit | 10.0% |

---

---

| | |
|:---|:---|
| ^ | 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. |

---

# Changes in and Disagreements with Accountants
Effective March 11, 2025, Ernst & Young LLP ("E&Y") resigned as the independent registered public accounting firm of the Fund. There were no disagreements with E&Y during the two most recent fiscal years. Cohen & Company, LTD has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending April 30, 2025.

# 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](i4b546058a12a6bc56d12211d.jpg)

USAXX — AR (4/25)

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

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

The Registrant's Board of Trustees has determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Dr. Barbara B. Ostdiek, Ph.D. and Dawn M. Hawley are each an "audit committee financial expert" and are "independent" (as each term is defined in Item 3 of Form N-CSR).

(a) (1) The Registrant's Board of Trustees has determined that the Registrant has at least one audit committee financial expert

serving on its audit committee.

(a) (2) The audit committee financial experts are Dr. Barbara B. Ostdiek, Ph.D. and Dawn M. Hawley, who are "independent" for purposes of this Item 3 of Form N-CSR.

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

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

(a) Audit Fees. Fees for audit services provided to the Registrant were $357,250 for the fiscal year ended April 30, 2025 by Cohen & Company, LTD. and $484,500 for the fiscal year ended April 30, 2024 by Ernst & Young LLP.

(b) Audit-Related Fees. For the fiscal years ended April 30, 2025, and April 30, 2024, there were no audit-related fees billed by Cohen & Company, LTD. and Ernst & Young LLP to the Registrant, respectively.

(c) Tax Fees. Fees for tax services, which consisted of foreign tax compliance and tax consulting services, were $80,250 for the fiscal year ended April 30, 2025 by Cohen & Company, LTD. and $40,770 for the fiscal year ended April 30, 2024 by Ernst & Young LLP.

(d) All Other Fees. For the fiscal years ended April 30, 2025, and April 30, 2024, there were no other fees billed by Cohen & Company, LTD. and Ernst & Young LLP to the Registrant, respectively.

(e) (1) The Registrant's Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant's investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant's operations and financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp; (2) There were no services performed under Rule 2 01(c)(7)(i)(c) of Regulation S-X for the fiscal years ended April 30, 2025, and April 30, 2024.

(f) All of the work in connection with the audit of the Registrant during the years ended April 30, 2025, and April 30, 2024 was performed by full-time employees of the Registrant's principal accountant.

(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $80,250 for the fiscal year ended April 30, 2025 by Cohen & Company, LTD. and $163,034 for the fiscal year April 30, 2024 by Ernst & Young LLP.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor's independence.

(i) Not applicable.

(j) Not applicable.

**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) April

30,

2025

Annual:

Full

Financials

Victory

Target

Retirement

Income

Fund

Victory

Target

Retirement

2030

Fund

Victory

Target

Retirement

2040

Fund

Victory

Target

Retirement

2050

Fund

Victory

Target

Retirement

2060

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

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a

convenient

way

to

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fund

information,

get

guidance,

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*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

Target

Retirement

Income

Fund

Victory

Target

Retirement

2030

Fund

#### 3
Victory

Target

Retirement

2040

Fund

#### 4
Victory

Target

Retirement

2050

Fund

#### 5
Victory

Target

Retirement

2060

Fund

#### 6

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 7
Statements

of

Operations

#### 9
Statements

of

Changes

in

Net

Assets

#### 11
Financial

Highlights

#### 14

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 19

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 33

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 34
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 35
Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### Income

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(23.0%)

VictoryShares

Corporate

Bond

ETF

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

1,899,203

$

40,198

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

256,416

12,128

VictoryShares

Free

Cash

Flow

ETF

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

208,746

6,872

VictoryShares

Free

Cash

Flow

Growth

ETF

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

342,786

7,864

VictoryShares

Hedged

Equity

Income

ETF

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

284,904

7,413

VictoryShares

International

Value

Momentum

ETF

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

267,086

14,307

VictoryShares

International

Volatility

Wtd

ETF

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

154,761

7,342

VictoryShares

Short-Term

Bond

ETF

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

443,598

22,450

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

200,000

4,582

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

106,772

8,158

VictoryShares

US

Value

Momentum

ETF

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

83,804

6,537

VictoryShares

WestEnd

U.S.

Sector

ETF

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

262,123

10,157

Total

Affiliated

Exchange-Traded

Funds

(Cost

$138,147)

a

a

a

148,008

Affiliated

Mutual

Funds

(76.8%)

Victory

500

Index

Fund,

Reward

Shares

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

213,615

14,846

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

7,504,278

69,039

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

2,615,168

29,211

Victory

Government

Securities

Fund,

Institutional

Shares

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

15,608,528

139,228

Victory

Growth

Fund,

Institutional

Shares

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

70,985

2,497

Victory

High

Income

Fund,

Institutional

Shares

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

4,467,542

30,290

Victory

Income

Stock

Fund,

Institutional

Shares

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

259,379

4,472

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

196,639

4,226

Victory

Market

Neutral

Income

Fund,

Class

I

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

4,249,380

37,225

Victory

Index

Fund,

Class

R6

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

119,279

5,750

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

94,664

2,709

Victory

RS

International

Fund,

Class

R6

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

1,886,322

25,145

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

8,308,159

75,853

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

357,379

4,253

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

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

52,911

1,085

Victory

Target

Managed

Allocation

Fund

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

2,861,394

29,787

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

1,953,787

17,193

Total

Affiliated

Mutual

Funds

(Cost

$471,551)

a

a

a

492,809

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(b) ........

101,975

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

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

101,975

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

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

101,975

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(b) .

101,975

Total

Collateral

for

Securities

Loaned

(Cost

$408)

a

a

a

Total

Investments

(Cost

$610,106)

—

99.9%

641,225

Other

assets

in

excess

of

liabilities

— 0.1%

NET

ASSETS

-

100.00%

$

641,679

At

April

30,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

22.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### 2030

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(28.2%)

VictoryShares

Corporate

Bond

ETF

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

2,167,524

$

45,877

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

609,025

28,807

VictoryShares

Free

Cash

Flow

ETF

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

672,759

22,147

VictoryShares

Free

Cash

Flow

Growth

ETF

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

603,261

13,839

VictoryShares

Hedged

Equity

Income

ETF

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

326,000

8,482

VictoryShares

International

Value

Momentum

ETF

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

765,880

41,025

VictoryShares

International

Volatility

Wtd

ETF

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

443,850

21,056

VictoryShares

Short-Term

Bond

ETF

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

1,418,858

71,808

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

493,995

11,318

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

244,422

18,676

VictoryShares

US

Value

Momentum

ETF

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

285,589

22,276

VictoryShares

WestEnd

U.S.

Sector

ETF

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

904,469

35,048

Total

Affiliated

Exchange-Traded

Funds

(Cost

$301,261)

a

a

a

340,359

Affiliated

Mutual

Funds

(71.6%)

Victory

500

Index

Fund,

Reward

Shares

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

691,629

48,068

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

8,929,361

82,150

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

95,740

2,000

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

8,022,964

89,617

Victory

Government

Securities

Fund,

Institutional

Shares

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

22,225,538

198,252

Victory

Growth

Fund,

Institutional

Shares

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

196,626

6,915

Victory

High

Income

Fund,

Institutional

Shares

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

7,134,530

48,372

Victory

Income

Stock

Fund,

Institutional

Shares

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

1,060,264

18,279

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

683,332

14,685

Victory

Market

Neutral

Income

Fund,

Class

I

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

3,893,400

34,106

Victory

Index

Fund,

Class

R6

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

509,566

24,566

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

213,325

6,105

Victory

RS

International

Fund,

Class

R6

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

4,957,924

66,089

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

7,303,013

66,676

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

1,144,623

13,621

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

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

330,068

6,770

Victory

Target

Managed

Allocation

Fund

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

8,973,763

93,417

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

5,037,445

44,330

Total

Affiliated

Mutual

Funds

(Cost

$800,264)

a

a

a

864,018

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(b) ........

353,469

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

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

353,469

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

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

353,469

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(b) .

353,469

Total

Collateral

for

Securities

Loaned

(Cost

$1,414)

a

a

a

1,414

Total

Investments

(Cost

$1,102,939)

—

99.9%

1,205,791

Other

assets

in

excess

of

liabilities

— 0.1%

1,459

NET

ASSETS

-

100.00%

$

1,207,250

At

April

30,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

28.2%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### 2040

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(31.9%)

VictoryShares

Corporate

Bond

ETF

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

1,759,335

$

37,237

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

1,056,858

49,989

VictoryShares

Free

Cash

Flow

ETF

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

1,317,454

43,371

VictoryShares

Free

Cash

Flow

Growth

ETF

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

1,236,473

28,365

VictoryShares

Hedged

Equity

Income

ETF

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

673,761

17,530

VictoryShares

International

Value

Momentum

ETF

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

1,327,800

71,124

VictoryShares

International

Volatility

Wtd

ETF

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

654,183

31,034

VictoryShares

Short-Term

Bond

ETF

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

1,279,554

64,758

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

729,883

16,722

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

400,524

30,604

VictoryShares

US

Value

Momentum

ETF

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

553,927

43,206

VictoryShares

WestEnd

U.S.

Sector

ETF

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

1,704,689

66,057

Total

Affiliated

Exchange-Traded

Funds

(Cost

$429,351)

a

a

a

499,997

Affiliated

Mutual

Funds

(67.7%)

Victory

500

Index

Fund,

Reward

Shares

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

1,254,569

87,193

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

6,893,473

63,420

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

95,740

2,000

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

15,200,470

169,789

Victory

Government

Securities

Fund,

Institutional

Shares

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

11,863,684

105,824

Victory

Growth

Fund,

Institutional

Shares

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

389,787

13,709

Victory

High

Income

Fund,

Institutional

Shares

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

8,610,387

58,378

Victory

Income

Stock

Fund,

Institutional

Shares

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

1,724,324

29,727

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

1,186,292

25,493

Victory

Market

Neutral

Income

Fund,

Class

I

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

2,670,398

23,393

Victory

Index

Fund,

Class

R6

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

957,347

46,154

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

291,216

8,335

Victory

RS

International

Fund,

Class

R6

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

8,515,887

113,517

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

2,760,605

25,204

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

2,516,074

29,941

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

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

674,654

13,837

Victory

Target

Managed

Allocation

Fund

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

16,036,481

166,940

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

8,838,074

77,775

Total

Affiliated

Mutual

Funds

(Cost

$930,224)

a

a

a

1,060,629

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(b) ........

294,056

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

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

294,056

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

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

294,056

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(b) .

294,056

Total

Collateral

for

Securities

Loaned

(Cost

$1,176)

a

a

a

1,176

Total

Investments

(Cost

$1,360,751)

—

99.7%

1,561,802

Other

assets

in

excess

of

liabilities

— 0.3%

4,400

NET

ASSETS

-

100.00%

$

1,566,202

At

April

30,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

35.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### 2050

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(31.3%)

VictoryShares

Corporate

Bond

ETF

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

608,750

$

12,884

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

746,226

35,296

VictoryShares

Free

Cash

Flow

ETF

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

991,090

32,627

VictoryShares

Free

Cash

Flow

Growth

ETF

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

1,014,836

23,280

VictoryShares

International

Value

Momentum

ETF

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

997,283

53,420

VictoryShares

International

Volatility

Wtd

ETF

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

442,741

21,004

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

501,847

11,497

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

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

288,087

13,886

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

281,624

21,519

VictoryShares

US

Value

Momentum

ETF

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

436,053

34,012

VictoryShares

WestEnd

U.S.

Sector

ETF

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

1,272,654

49,315

Total

Affiliated

Exchange-Traded

Funds

(Cost

$253,417)

a

a

a

308,740

Affiliated

Mutual

Funds

(68.3%)

Victory

500

Index

Fund,

Reward

Shares

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

977,661

67,947

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

4,067,158

37,418

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

95,740

2,000

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

11,191,379

125,008

Victory

Government

Securities

Fund,

Institutional

Shares

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

4,580,777

40,861

Victory

Growth

Fund,

Institutional

Shares

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

323,280

11,370

Victory

High

Income

Fund,

Institutional

Shares

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

1,327,511

9,001

Victory

Income

Stock

Fund,

Institutional

Shares

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

1,201,710

20,717

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

894,364

19,220

Victory

Market

Neutral

Income

Fund,

Class

I

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

847,768

7,426

Victory

Index

Fund,

Class

R6

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

792,985

38,230

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

163,609

4,682

Victory

RS

International

Fund,

Class

R6

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

6,170,841

82,257

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

103,435

944

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

1,888,878

22,478

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

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

492,301

10,097

Victory

Target

Managed

Allocation

Fund

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

11,812,736

122,971

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

5,988,923

52,703

Total

Affiliated

Mutual

Funds

(Cost

$580,093)

a

a

a

675,330

Collateral

for

Securities

Loaned

(0.0%)^(b)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(c) ........

42,645

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

42,645

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

42,645

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(c) .

42,645

Total

Collateral

for

Securities

Loaned

(Cost

$171)

a

a

a

Total

Investments

(Cost

$833,681)

—

99.6%

984,241

Other

assets

in

excess

of

liabilities

— 0.4%

4,347

NET

ASSETS

-

100.00%

$

988,588

At

April

30,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

39.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Amount

represents

less

than

0.05%

of

net

assets.

(c) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### 2060

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(33.6%)

VictoryShares

Corporate

Bond

ETF

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

81,206

$

1,719

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

108,347

5,125

VictoryShares

Free

Cash

Flow

ETF

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

165,109

5,435

VictoryShares

Free

Cash

Flow

Growth

ETF

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

172,019

3,946

VictoryShares

International

Value

Momentum

ETF

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

148,180

7,937

VictoryShares

International

Volatility

Wtd

ETF

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

75,768

3,594

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

127,334

2,917

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

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

43,625

2,103

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

54,930

4,197

VictoryShares

US

Value

Momentum

ETF

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

64,597

5,039

VictoryShares

WestEnd

U.S.

Sector

ETF

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

210,979

8,176

Total

Affiliated

Exchange-Traded

Funds

(Cost

$41,611)

a

a

a

50,188

Affiliated

Mutual

Funds

(65.9%)

Victory

500

Index

Fund,

Reward

Shares

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

169,814

11,802

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

380,084

3,497

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

23,935

500

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

1,723,611

19,253

Victory

Government

Securities

Fund,

Institutional

Shares

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

660,316

5,890

Victory

Growth

Fund,

Institutional

Shares

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

62,741

2,207

Victory

Income

Stock

Fund,

Institutional

Shares

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

229,885

3,963

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

129,084

2,774

Victory

Index

Fund,

Class

R6

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

119,715

5,771

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

20,334

582

Victory

RS

International

Fund,

Class

R6

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

938,668

12,512

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

253,894

3,021

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

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

26,383

541

Victory

Target

Managed

Allocation

Fund

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

1,768,110

18,406

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

882,910

7,770

Total

Affiliated

Mutual

Funds

(Cost

$84,950)

a

a

a

98,490

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(b) ........

23,925

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

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

23,925

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

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

23,925

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(b) .

23,925

Total

Collateral

for

Securities

Loaned

(Cost

$96)

a

a

a

Total

Investments

(Cost

$126,657)

—

99.6%

148,774

Other

assets

in

excess

of

liabilities

— 0.4%

591

NET

ASSETS

-

100.00%

$

149,365

At

April

30,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

38.7%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ETF

—

Exchange-Traded

Fund

Statements

of

Assets

and

Liabilities

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Target

Retirement

Income

Fund

Victory

Target

Retirement

2030

Fund

Victory

Target

Retirement

2040

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$609,698,

$1,101,525

and

$1,359,575)

$

640,817(a)

$

1,204,377(b)

$

1,560,626(c)

Unaffiliated

investments,

at

value

(Cost

$408,

$1,414

and

$1,176)

1,414

1,176

Cash

764

1,492

4,257

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

Investments

sold

502

2,007

2,007

From

Adviser

—

—

Prepaid

expenses

Total

Assets

642,549

1,209,724

1,568,576

Liabilities:

Payables:

Collateral

received

on

loaned

securities

1,414

1,176

Capital

shares

redeemed

1,008

1,140

Accrued

expenses

and

other

payables:

Custodian

fees

Transfer

agent

fees

Compliance

fees

—(d)

Trustees'

fees

Other

accrued

expenses

Total

Liabilities

870

2,474

2,374

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

604,933

1,067,398

1,313,161

Total

accumulated

earnings

(loss)

36,746

139,852

253,041

Net

Assets

$

641,679

$

1,207,250

$

1,566,202

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

58,698

96,272

119,412

Net

asset

value,

offering

and

redemption

price

per

share:(e)

$

10.93 $

12.54 $

13.12 (a) Includes

$400

thousand

of

securities

on

loan.

(b) Includes

$1,383

thousand

of

securities

on

loan.

(c) Includes

$1,142

thousand

of

securities

on

loan.

(d) Rounds

to

less

than

$1

thousand.

(e) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Assets

and

Liabilities

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Target

Retirement

2050

Fund

Victory

Target

Retirement

2060

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$833,510

and

$126,561)

$

984,070(a)

$

148,678(b)

Unaffiliated

investments,

at

value

(Cost

$171

and

$96)

Cash

2,718

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

Investments

sold

2,007

502

From

Adviser

—

Prepaid

expenses

Total

Assets

989,109

149,566

Liabilities:

Payables:

Collateral

received

on

loaned

securities

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Custodian

fees

Transfer

agent

fees

Compliance

fees

—(c)

Trustees'

fees

Other

accrued

expenses

Total

Liabilities

521

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

805,974

124,075

Total

accumulated

earnings

(loss)

182,614

25,290

Net

Assets

$

988,588

$

149,365

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

71,703

10,698

Net

asset

value,

offering

and

redemption

price

per

share:(d)

$

13.79 $

13.96 (a) Includes

$166

thousand

of

securities

on

loan.

(b) Includes

$94

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

Year

Ended

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Target

Retirement

Income

Fund

Victory

Target

Retirement

2030

Fund

Victory

Target

Retirement

2040

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

24,114

$

38,696

$

42,897

Interest

from

unaffiliated

investments

Securities

lending

(net

of

fees)

Total

Income

24,229

38,895

43,190

Expenses:

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

Trustees'

fees

Compliance

fees

Printing

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

Expenses

waived/reimbursed

by

Adviser

—

—

(31)

Net

Expenses

Net

Investment

Income

(Loss)

23,977

38,571

42,873

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

9,577

30,824

39,839

Capital

gain

distributions

received

from

affiliated

investment

securities

2,598

8,494

15,856

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

19,738

35,577

52,034

Net

realized/unrealized

gains

(losses)

on

investments

31,913

74,895

107,729

Change

in

net

assets

resulting

from

operations

$

55,890

$

113,466

$

150,602

Statements

of

Operations

For

the

Year

Ended

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Target

Retirement

2050

Fund

Victory

Target

Retirement

2060

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

23,514

$

3,380

Interest

from

unaffiliated

investments

Securities

lending

(net

of

fees)

Total

Income

23,734

3,420

Expenses:

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

Trustees'

fees

Compliance

fees

Printing

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

Expenses

waived/reimbursed

by

Adviser

—

(37)

Net

Expenses

Net

Investment

Income

(Loss)

23,451

3,270

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

22,844

1,062

Capital

gain

distributions

received

from

affiliated

investment

securities

12,013

1,882

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

36,692

7,439

Net

realized/unrealized

gains

(losses)

on

investments

71,549

10,383

Change

in

net

assets

resulting

from

operations

$

95,000

$

13,653

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Target

Retirement

Income

Fund

Victory

Target

Retirement

2030

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

23,977

$

22,883

$

38,571

$

34,496

Net

realized

gains

(losses)

12,175

566

39,318

13,675

Net

change

in

unrealized

appreciation/depreciation

19,738

20,854

35,577

67,203

Change

in

net

assets

resulting

from

operations

55,890

44,303

113,466

115,374

Change

in

net

assets

resulting

from

distributions

to

shareholders

(26,841)

(27,477)

(56,497)

(49,678)

Change

in

net

assets

resulting

from

capital

transactions

(28,221)

(42,363)

(43,793)

(47,778)

Change

in

net

assets

828

(25,537)

13,176

17,918

Net

Assets:

Beginning

of

period

640,851

666,388

1,194,074

1,176,156

End

of

period

$

641,679

$

640,851

$

1,207,250

$

1,194,074

Capital

Transactions:

Proceeds

from

shares

issued

$

51,661

$

46,029

$

92,929

$

82,546

Distributions

reinvested

26,625

27,306

56,356

49,544

Cost

of

shares

redeemed

(106,507)

(115,698)

(193,078)

(179,868)

Change

in

net

assets

resulting

from

capital

transactions

$

(28,221)

$

(42,363)

$

(43,793)

$

(47,778)

Share

Transactions:

Issued

4,749

4,470

7,369

7,069

Reinvested

2,455

2,629

4,528

4,199

Redeemed

(9,792)

(11,247)

(15,322)

(15,415)

Change

in

Shares

(2,588)

(4,148)

(3,425)

(4,147)

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Target

Retirement

2040

Fund

Victory

Target

Retirement

2050

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

42,873

$

36,474

$

23,451

$

19,595

Net

realized

gains

(losses)

55,695

21,980

34,857

9,601

Net

change

in

unrealized

appreciation/depreciation

52,034

122,446

36,692

94,488

Change

in

net

assets

resulting

from

operations

150,602

180,900

95,000

123,684

Change

in

net

assets

resulting

from

distributions

to

shareholders

(67,075)

(57,240)

(36,324)

(30,635)

Change

in

net

assets

resulting

from

capital

transactions

(24,225)

(24,861)

(13,910)

(6,817)

Change

in

net

assets

59,302

98,799

44,766

86,232

Net

Assets:

Beginning

of

period

1,506,900

1,408,101

943,822

857,590

End

of

period

$

1,566,202

$

1,506,900

$

988,588

$

943,822

Capital

Transactions:

Proceeds

from

shares

issued

$

123,201

$

103,275

$

79,654

$

72,944

Distributions

reinvested

66,951

57,139

36,271

30,577

Cost

of

shares

redeemed

(214,377)

(185,275)

(129,835)

(110,338)

Change

in

net

assets

resulting

from

capital

transactions

$

(24,225)

$

(24,861)

$

(13,910)

$

(6,817)

Share

Transactions:

Issued

9,323

8,601

5,722

5,878

Reinvested

5,111

4,718

2,627

2,435

Redeemed

(16,208)

(15,476)

(9,334)

(8,900)

Change

in

Shares

(1,774)

(2,157)

(985)

(587)

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Target

Retirement

2060

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

3,270

$

2,665

Net

realized

gains

(losses)

2,944

773

Net

change

in

unrealized

appreciation/depreciation

7,439

14,729

Change

in

net

assets

resulting

from

operations

13,653

18,167

Change

in

net

assets

resulting

from

distributions

to

shareholders

(4,023)

(3,819)

Change

in

net

assets

resulting

from

capital

transactions

799

(1,203)

Change

in

net

assets

10,429

13,145

Net

Assets:

Beginning

of

period

138,936

125,791

End

of

period

$

149,365

$

138,936

Capital

Transactions:

Proceeds

from

shares

issued

$

17,322

$

14,338

Distributions

reinvested

4,020

3,815

Cost

of

shares

redeemed

(20,543)

(19,356)

Change

in

net

assets

resulting

from

capital

transactions

$

799

$

(1,203)

Share

Transactions:

Issued

1,236

1,151

Reinvested

Redeemed

(1,462)

(1,565)

Change

in

Shares

(111)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Target

Retirement

Income

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.46

$10.18

$9.79

$11.68

$11.71

$11.22

Investment

Activities:

Net

investment

income

(loss)(b)

0.40 0.36 0.08 0.29 0.38 0.38 Net

realized

and

unrealized

gains

(losses)

0.52 0.36 0.37 (1.53)

0.37 0.58 Total

from

Investment

Activities

0.92 0.72 0.45 (1.24)

0.75 0.96 Distributions

to

Shareholders

from:

Net

investment

income

(0.40)

(0.36)

(0.06)

(0.29)

(0.38)

(0.30)

Net

realized

gains

(0.05)

(0.08)

—

(0.36)

(0.40)

(0.17)

Total

Distributions

(0.45)

(0.44)

(0.06)

(0.65)

(0.78)

(0.47)

Net

Asset

Value,

End

of

Period

$10.93

$10.46

$10.18

$9.79

$11.68

$11.71

Total

Return(c)(d)

8.93%

7.15%

4.56%

(10.64)%

6.48%

8.73%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.04%

0.04%

0.05%

0.04%

0.03%

0.06%

Net

Investment

Income

(Loss)(e)

3.69%

3.51%

2.46%

2.75%

3.13%

3.40%

Gross

Expenses(e)(f)

0.04%

0.04%

0.05%

0.04%

0.03%

0.06%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$641,679

$640,851

$666,388

$656,998

$807,636

$827,247

Portfolio

Turnover(c)

10%

5%

2%

13%

16%

15%(g)

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) For

the

year

ended

December

31,

2020,

the

portfolio

turnover

calculation

excludes

the

value

of

securities

purchased

of

$78,972

and

sold

of

$170,937

thousand,

respectively,

in

connection

with

the

Fund's

acquisition

of

USAA®

Target

Retirement

2020

Fund.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Target

Retirement

2030

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$11.98

$11.33

$10.71

$13.57

$13.03

$12.47

Investment

Activities:

Net

investment

income

(loss)(b)

0.40 0.34 0.07 0.31 0.53 0.29 Net

realized

and

unrealized

gains

(losses)

0.75 0.81 0.55 (2.15)

1.05 0.86 Total

from

Investment

Activities

1.15 1.15 0.62 (1.84)

1.58 1.15 Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(0.33)

—

(0.29)

(0.59)

(0.25)

Net

realized

gains

(0.20)

(0.17)

—

(0.73)

(0.45)

(0.34)

Total

Distributions

(0.59)

(0.50)

—

(1.02)

(1.04)

(0.59)

Net

Asset

Value,

End

of

Period

$12.54

$11.98

$11.33

$10.71

$13.57

$13.03

Total

Return(c)(d)

9.67%

10.25%

5.79%

(13.53)%

12.24%

9.25%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.03%

0.03%

0.03%

0.03%

0.02%

0.02%

Net

Investment

Income

(Loss)(e)

3.13%

2.93%

1.78%

2.55%

3.79%

2.41%

Gross

Expenses(e)(f)

0.03%

0.03%

0.04%

0.03%

0.02%

0.02%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,207,250

$1,194,074

$1,176,156

$1,134,657

$1,387,522

$1,330,701

Portfolio

Turnover(c)

10%

8%

2%

13%

18%

19%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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

Target

Retirement

2040

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$12.43

$11.42

$10.71

$13.98

$13.02

$12.58

Investment

Activities:

Net

investment

income

(loss)(b)

0.36 0.30 0.05 0.31 0.60 0.28 Net

realized

and

unrealized

gains

(losses)

0.90 1.19 0.66 (2.43)

1.45 0.88 Total

from

Investment

Activities

1.26 1.49 0.71 (2.12)

2.05 1.16 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.30)

—

(0.29)

(0.67)

(0.22)

Net

realized

gains

(0.22)

(0.18)

—

(0.86)

(0.42)

(0.50)

Total

Distributions

(0.57)

(0.48)

—

(1.15)

(1.09)

(0.72)

Net

Asset

Value,

End

of

Period

$13.12

$12.43

$11.42

$10.71

$13.98

$13.02

Total

Return(c)(d)

10.16%

13.16%

6.63%

(15.15)%

15.88%

9.22%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

Net

Investment

Income

(Loss)(e)

2.70%

2.52%

1.30%

2.49%

4.18%

2.30%

Gross

Expenses(e)(f)

0.02%

0.02%

0.03%

0.02%

0.02%

0.02%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,566,202

$1,506,900

$1,408,101

$1,337,279

$1,644,252

$1,531,320

Portfolio

Turnover(c)

12%

10%

2%

14%

16%

20%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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

Target

Retirement

2050

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$12.98

$11.70

$10.93

$14.51

$13.35

$12.84

Investment

Activities:

Net

investment

income

(loss)(b)

0.33 0.27 0.04 0.30 0.65 0.28 Net

realized

and

unrealized

gains

(losses)

0.99 1.43 0.73 (2.63)

1.69 1.07 Total

from

Investment

Activities

1.32 1.70 0.77 (2.33)

2.34 1.35 Distributions

to

Shareholders

from:

Net

investment

income

(0.34)

(0.25)

—

(0.28)

(0.69)

(0.24)

Net

realized

gains

(0.17)

(0.17)

—

(0.97)

(0.49)

(0.60)

Total

Distributions

(0.51)

(0.42)

—

(1.25)

(1.18)

(0.84)

Net

Asset

Value,

End

of

Period

$13.79

$12.98

$11.70

$10.93

$14.51

$13.35

Total

Return(c)(d)

10.20%

14.72%

7.04%

(16.00)%

17.71%

10.52%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.03%

0.03%

0.04%

0.03%

0.03%

0.03%

Net

Investment

Income

(Loss)(e)

2.34%

2.19%

0.94%

2.41%

4.43%

2.26%

Gross

Expenses(e)(f)

0.03%

0.03%

0.04%

0.03%

0.03%

0.03%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$988,588

$943,822

$857,590

$808,938

$986,077

$893,934

Portfolio

Turnover(c)

11%

9%

3%

13%

17%

21%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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

Target

Retirement

2060

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$13.06

$11.70

$10.92

$14.46

$13.17

$12.53

Investment

Activities:

Net

investment

income

(loss)(b)

0.31 0.25 0.03 0.29 0.64 0.26 Net

realized

and

unrealized

gains

(losses)

0.98 1.47 0.75 (2.63)

1.67 1.01 Total

from

Investment

Activities

1.29 1.72 0.78 (2.34)

2.31 1.27 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.21)

—

(0.26)

(0.69)

(0.20)

Net

realized

gains

(0.04)

(0.15)

—

(0.94)

(0.33)

(0.43)

Total

Distributions

(0.39)

(0.36)

—

(1.20)

(1.02)

(0.63)

Net

Asset

Value,

End

of

Period

$13.96

$13.06

$11.70

$10.92

$14.46

$13.17

Total

Return(c)(d)

9.84%

14.87%

7.14%

(16.12)%

17.69%

10.17%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.10%

0.10%

0.10%

0.10%

0.10%

0.10%

Net

Investment

Income

(Loss)(e)

2.19%

2.04%

0.81%

2.27%

4.41%

2.17%

Gross

Expenses(e)(f)

0.13%

0.15%

0.17%

0.14%

0.13%

0.16%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$149,365

$138,936

$125,791

$116,698

$138,050

$121,007

Portfolio

Turnover(c)

12%

9%

2%

9%

18%

28%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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

April

30,

2025

Victory

Portfolios

III

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.

Each

Fund

is

a

"fund

of

funds"

in

that

it

invests

in

a

selection

of

affiliated

mutual

funds

and

exchange-traded

funds

("ETFs")

managed

by

the

Funds'

Adviser,

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser"),

an

affiliate

of

the

Funds.

VCM

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. Each

Fund

may

rely

on

various

exemptions

contained

in

the

1940

Act

and

in

exemptive

rules

or

orders

thereunder

issued

by

the

Securities

and

Exchange

Commission

("SEC")

that

permit

funds,

subject

to

certain

conditions,

to

invest

in

one

or

more ETFs

and

certain

other

types

of

investment

companies

in

amounts

that

exceed

limits

set

forth

in

the

1940

Act

that

would

otherwise

be

applicable.

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 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

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

ETFs,

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

the

underlying

affiliated

funds

and

other

open-end

investment

companies,

other

than

ETFs,

are

valued

at

their

net

asset

value

("NAV")

at

the

end

of

each

business

day. These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

The

underlying

affiliated

funds

have

specific

valuation

procedures.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

are

not

reflective

of

market

value,

or

a

significant

event

has

been

recognized

in

relation

to

a

security

or

class

of

securities,

the

securities

are

valued

in

good

faith

by

the

Committee

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

fair

value

pricing

is

that

securities

Funds

(Legal

Name)

Funds

(Short

Name)

Victory

Target

Retirement

Income

Fund

Target

Income

Fund

Victory

Target

Retirement

2030

Fund

Target

2030

Fund

Victory

Target

Retirement

2040

Fund

Target

2040

Fund

Victory

Target

Retirement

2050

Fund

Target

2050

Fund

Victory

Target

Retirement

2060

Fund

Target

2060

Fund

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

a

Fund's

NAV

to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

April

30,

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 April

30,

2025,

there

were

no

significant

transfers

into/out

of

Level

3. 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.

Level

Level

Level

Total

Target

Income

Fund

Affiliated

Exchange-Traded

Funds

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

$

148,008

$

—

$

—

$

148,008

Affiliated

Mutual

Funds

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

492,809

—

—

492,809

Collateral

for

Securities

Loaned

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

—

—

Total

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

$

641,225

$

—

$

—

$

641,225

Target

2030

Fund

Affiliated

Exchange-Traded

Funds

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

340,359

—

—

340,359

Affiliated

Mutual

Funds

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

864,018

—

—

864,018

Collateral

for

Securities

Loaned

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

1,414

—

—

1,414

Total

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

$

1,205,791

$

—

$

—

$

1,205,791

Target

2040

Fund

Affiliated

Exchange-Traded

Funds

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

499,997

—

—

499,997

Affiliated

Mutual

Funds

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

1,060,629

—

—

1,060,629

Collateral

for

Securities

Loaned

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

1,176

—

—

1,176

Total

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

$

1,561,802

$

—

$

—

$

1,561,802

Target

2050

Fund

Affiliated

Exchange-Traded

Funds

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

308,740

—

—

308,740

Affiliated

Mutual

Funds

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

675,330

—

—

675,330

Collateral

for

Securities

Loaned

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

—

—

Total

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

$

984,241

$

—

$

—

$

984,241

Target

2060

Fund

Affiliated

Exchange-Traded

Funds

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

50,188

—

—

50,188

Affiliated

Mutual

Funds

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

98,490

—

—

98,490

Collateral

for

Securities

Loaned

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

—

—

Total

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

$

148,774

$

—

$

—

$

148,774

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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.

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

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

April

30,

2025

(amounts

in

thousands):

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

April

30. For

the

year

ended

April

30,

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.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Target

Income

Fund

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

$

$

—

$

Target

2030

Fund

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

1,383

—

1,414

Target

2040

Fund

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

1,142

—

1,176

Target

2050

Fund

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

—

Target

2060

Fund

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

—

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

April

30,

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.

The

Adviser

does

not

receive

any

fees

from

the

Funds

for

these

services.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the

Fund

Administration,

Servicing

and

Accounting

Agreement,

VCM

does

not

receive

any

fees

from

the

Funds

for

these

services.

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 year

ended

April

30,

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 year

ended

April

30,

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

does

not

receive

any fees

from

the

Funds

for

these

services.

The

Funds

pay

for

out-of-pocket

expenses

incurred

and

are

reflected

on

the

Statement

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

year ended

April

30,

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

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 year

ended

April

30,

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

Funds

until

at

least

August

31,

2025. 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

April

30,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Excluding

U.S.

Government

Securities

Purchases

Sales

Target

Income

Fund

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

$

62,110

$

90,184

Target

2030

Fund

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

118,079

171,920

Target

2040

Fund

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

183,554

219,156

Target

2050

Fund

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

107,236

123,478

Target

2060

Fund

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

19,354

17,136

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Under

the

terms

of

the

expense

limitation agreement, the Adviser

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

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

April

30,

2025. For

the

year ended

April

30,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of April

30,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

\*

Amount

expires

by

December

31,

2025. 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 year

ended

April

30,

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

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Affiliated

Funds

Risk

—

The

risks

of

the Funds

directly

correspond

to

the

risks

of

the

underlying

affiliated

funds

in

which

the

Funds

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

Funds

varies

according

to each

Fund's

asset

allocation.

For

instance,

the

more

the

Fund

is

allocated

to

stock

funds,

the

greater

the

risk

associated

with

equity

securities.

The

Funds

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).

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.

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.

Equity

securities

have

the

lowest

priority,

and

the

greatest

risk,

with

respect

to

dividends

and

any

liquidation

payments

in

the

event

of

an

issuer's

bankruptcy.

Debt

Securities

Risk

—

The

Funds

may

invest

in

underlying

affiliated

funds

that

invest

in

debt

securities

or

other

income-producing

securities.

The

value

of

a

debt

security

or

other

income-producing

security

changes

in

response

to

various

factors,

including,

for

example,

market-related

In

Effect

Until

August

31,

2025

Target

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.07%

Target

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.03%

Target

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.02%

Target

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.04%

Target

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10%

Amount

Target

2030

Fund

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

$

Expires

2025\*

Expires

2026

Expires

2027

Expires

2028

Total

Target

2040

Fund

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

$

$

$

$

$

Target

2060

Fund

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

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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.

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,

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.

High-Yield/Junk

Bond

Risk

—

The

Funds

may

invest

in

underlying

affiliated

funds

that

invest

in

fixed

income

securities

that

are

rated

below

investment

grade.

Fixed-income

securities

rated

below

investment

grade,

also

known

as

"junk"

or

high-yield

bonds,

generally

entail

greater

economic,

credit,

and

liquidity

risk

than

investment-grade

securities.

Their

prices

may

be

more

volatile,

especially

during

economic

downturns,

financial

setbacks,

or

liquidity

events.

High-yield

securities

also

can

involve

a

substantially

greater

risk

of

default

than

higher

quality

debt

securities,

and

their

values

can

decline

significantly

over

short

and

longer

periods

of

time.

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

Variable

Insurance

Funds,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"), 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 year

ended

April

30,

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

25,

2024,

the

agreement

was

renewed

with

a

termination

date

of

June

23,

2025,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Additionally,

the

agreement

was

renewed

again

effective

June

24,

2025,

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

remained

unchanged

at

0.15%.

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

year

ended

April

30,

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

year

ended

April

30,

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.

Declared

Paid

Target

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Target

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Target

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Target

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Target

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

As

of

April

30,

2025,

on

the

Statements

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

difference

reclassification

adjustments.

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

April

30,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales.

During

the

tax

year

ended

April

30,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

As

of April

30,

2025,

the

Funds

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of April

30,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(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

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

Year

Ended

April

30,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Target

Income

Fund

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

$

23,963

$

2,878

$

26,841

Target

2030

Fund

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

37,438

19,059

56,497

Target

2040

Fund

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

42,203

24,872

67,075

Target

2050

Fund

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

24,897

11,427

36,324

Target

2060

Fund

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

3,660

4,023

Year

Ended

April

30,

2024

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Target

Income

Fund

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

$

22,766

$

4,711

$

27,477

Target

2030

Fund

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

33,139

16,539

49,678

Target

2040

Fund

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

35,675

21,565

57,240

Target

2050

Fund

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

18,066

12,569

30,635

Target

2060

Fund

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

2,223

1,596

3,819

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

Target

Income

Fund

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

$

2,300

$

8,124

$

10,424

$

26,322

$

36,746

Target

2030

Fund

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

10,608

28,962

39,570

100,282

139,852

Target

2040

Fund

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

9,529

45,137

54,666

198,375

253,041

Target

2050

Fund

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

4,279

30,309

34,588

148,026

182,614

Target

2060

Fund

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

514

2,857

3,371

21,919

25,290

Amount

Target

Income

Fund

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

$

(780) Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Target

Income

Fund

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

$

614,903

$

53,648

$

(27,326)

$

26,322

Target

2030

Fund

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

1,105,509

135,854

(35,572)

100,282

Target

2040

Fund

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

1,363,427

222,211

(23,836)

198,375

Target

2050

Fund

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

836,215

160,256

(12,230)

148,026

Target

2060

Fund

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

126,855

23,524

(1,605)

21,919

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

year

ended

April

30,

2025,

were

as

follows

(amounts

in

thousands,

except

shares):

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

Income

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

15,778

$

598

$

(2,962)

$

520

$

912

$

14,846

213,615

$

$

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

49,546

17,888

—

—\*

1,605

69,039

7,504,278

2,651

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

35,855

1,136

(11,054)

1,896

1,378

29,211

2,615,168

569

568

Victory

Government

Securities

Fund,

Institutional

Shares

.

136,713

5,342

(8,321)

(958) 6,452

139,228

15,608,528

5,342

—

Victory

Growth

Fund,

Institutional

Shares

......

9,257

(8,827)

6,189

(4,475)

2,497

70,985

Victory

High

Income

Fund,

Institutional

Shares

......

40,190

2,993

(12,985)

(963) 1,055

30,290

4,467,542

2,992

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

4,804

827

(644) (4) (511) 4,472

259,379

557

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

4,156

673

—

—

(603) 4,226

196,639

523

Victory

Market

Neutral

Income

Fund,

Class

I

..........

34,611

1,594

—

—

1,020

37,225

4,249,380

1,594

—

Victory

Index

Fund,

Class

R6

.........

2,876

2,579

—

—

5,750

119,279

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

2,646

—

(1,000)

736

2,709

94,664

—

—

Victory

RS

International

Fund,

Class

R6

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

22,024

572

—

—

2,549

25,145

1,886,322

572

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

89,679

3,698

(19,861)

(91) 2,428

75,853

8,308,159

3,698

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

7,820

(3,754)

635

(721) 4,253

357,379

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

3,406

(2,477)

(394) 483

1,085

52,911

—

Victory

Target

Managed

Allocation

Fund

........

31,450

501

(3,493)

1,025

29,787

2,861,394

502

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

15,098

552

—

—\*

1,543

17,193

1,953,787

553

—

VictoryShares

Corporate

Bond

ETF

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

38,927

—

—

—

1,271

40,198

1,899,203

1,603

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

11,949

—

—

—

12,128

256,416

724

—

VictoryShares

Free

Cash

Flow

ETF

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

4,228

2,506

—

—

6,872

208,746

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

—

8,228

—

—

(364) 7,864

342,786

—

VictoryShares

Hedged

Equity

Income

ETF

...........

—

7,210

—

—

7,413

284,904

—

VictoryShares

International

Value

Momentum

ETF

...

14,859

—

(2,217)

(104) 1,769

14,307

267,086

596

—

VictoryShares

International

Volatility

Wtd

ETF

......

6,442

—

—

—

900

7,342

154,761

—

VictoryShares

Short-Term

Bond

ETF

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

21,963

—

—

—

22,450

443,598

1,086

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

2,560

2,527

—

—

(505) 4,582

200,000

—

VictoryShares

THB

Mid

Cap

ETF

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

6,024

—

(6,324)

—

—

—

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

..

$

2,690

$

—

$

(2,976)

$

1,007

$

(721) $

—

—

$

$

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

6,567

1,461

—

—

8,158

106,772

—

VictoryShares

US

Value

Momentum

ETF

........

6,659

532

(1,256)

6,537

83,804

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

10,799

—

(2,033)

598

793

10,157

262,123

—

$

639,576

$

62,110

$

(90,184)

$

9,577

$

19,738

$

640,817

55,329,608

$

24,114

$

2,598

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

2030

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

59,693

$

1,919

$

(19,556)

$

3,341

$

2,671

$

48,068

691,629

$

644

$

1,276

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

63,442

16,634

(2) —\*

2,076

82,150

8,929,361

3,287

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

—

2,000

—

—

—

2,000

95,740

—

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

111,113

3,316

(35,113)

5,839

4,462

89,617

8,022,964

1,650

1,665

Victory

Government

Securities

Fund,

Institutional

Shares

.

184,775

7,373

(1,500)

(186) 7,790

198,252

22,225,538

7,374

—

Victory

Growth

Fund,

Institutional

Shares

......

19,024

835

(16,366)

11,797

(8,375)

6,915

196,626

739

Victory

High

Income

Fund,

Institutional

Shares

......

46,996

3,602

(2,453)

48,372

7,134,530

3,602

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

17,292

2,981

—

—\*

(1,994)

18,279

1,060,264

976

2,005

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

15,558

2,340

(1,260)

(2,414)

14,685

683,332

521

1,818

Victory

Market

Neutral

Income

Fund,

Class

I

..........

29,253

3,905

—

—

948

34,106

3,893,400

1,391

—

Victory

Index

Fund,

Class

R6

.........

23,573

646

(2,209)

2,102

24,566

509,566

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

4,818

—

(1,009)

1,977

6,105

213,325

—

—

Victory

RS

International

Fund,

Class

R6

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

61,142

1,589

(3,548)

6,608

66,089

4,957,924

1,589

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

67,423

3,066

(5,628)

(125) 1,940

66,676

7,303,013

3,067

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

22,310

944

(8,910)

1,047

(1,770)

13,621

1,144,623

649

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

10,497

(4,221)

(1,449)

1,688

6,770

330,068

—

Victory

Target

Managed

Allocation

Fund

........

102,163

1,596

(14,996)

848

3,806

93,417

8,973,763

1,595

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

44,451

1,628

(5,972)

619

3,604

44,330

5,037,445

1,628

—

VictoryShares

Corporate

Bond

ETF

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

41,967

2,515

—

—

1,395

45,877

2,167,524

1,822

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

28,381

—

—

—

28,807

609,025

1,720

—

VictoryShares

Free

Cash

Flow

ETF

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

13,418

8,214

—

—

515

22,147

672,759

—

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

$

—

$

14,907

$

—

$

—

$

(1,068)

$

13,839

603,261

$

$

—

VictoryShares

Hedged

Equity

Income

ETF

...........

—

8,340

—

—

8,482

326,000

—

VictoryShares

International

Value

Momentum

ETF

...

40,564

—

(4,258)

(236) 4,955

41,025

765,880

1,750

—

VictoryShares

International

Volatility

Wtd

ETF

......

18,476

—

—

—

2,580

21,056

443,850

648

—

VictoryShares

Short-Term

Bond

ETF

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

44,810

25,943

—

—

1,055

71,808

1,418,858

2,680

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

9,141

3,531

—

—

(1,354)

11,318

493,995

—

VictoryShares

THB

Mid

Cap

ETF

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

22,843

—

(24,308)

788

677

—

—

—

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

..

9,921

—

(10,833)

3,568

(2,656)

—

—

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

18,498

—

—

—

18,676

244,422

—

VictoryShares

US

Value

Momentum

ETF

........

23,929

—

(3,783)

1,536

594

22,276

285,589

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

36,346

—

(5,995)

1,899

2,798

35,048

904,469

—

$

1,191,817

$

118,079

$

(171,920)

$

30,824

$

35,577

$

1,204,377

90,338,743

$

38,696

$

8,494

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

2040

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

101,375

$

3,563

$

(27,973)

$

4,661

$

5,567

$

87,193

1,254,569

$

1,168

$

2,394

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

40,799

21,287

(2) —\*

1,336

63,420

6,893,473

2,299

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

—

2,000

—

—

—

2,000

95,740

—

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

188,484

6,097

(41,632)

5,948

10,892

169,789

15,200,470

3,026

3,071

Victory

Government

Securities

Fund,

Institutional

Shares

.

97,880

3,911

—

—\*

4,033

105,824

11,863,684

3,911

—

Victory

Growth

Fund,

Institutional

Shares

......

32,994

2,234

(25,741)

17,803

(13,581)

13,709

389,787

1,977

Victory

High

Income

Fund,

Institutional

Shares

......

53,993

4,174

—

—

58,378

8,610,387

4,174

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

28,122

4,848

—

—

(3,243)

29,727

1,724,324

1,587

3,261

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

27,944

4,061

(3,128)

1,072

(4,456)

25,493

1,186,292

905

3,156

Victory

Market

Neutral

Income

Fund,

Class

I

..........

21,750

1,002

—

—

641

23,393

2,670,398

1,002

—

Victory

Index

Fund,

Class

R6

.........

41,145

4,127

(3,576)

598

3,860

46,154

957,347

530

597

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

5,358

—

—

—

2,977

8,335

291,216

—

—

Victory

RS

International

Fund,

Class

R6

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

99,428

2,584

—

—

11,505

113,517

8,515,887

2,584

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

26,371

2,724

(4,594)

(27) 730

25,204

2,760,605

1,130

—

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

$

36,094

$

2,037

$

(5,313)

$

(248) $

(2,629)

$

29,941

2,516,074

$

637

$

1,400

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

15,979

(3,034)

(1,077)

1,583

13,837

674,654

—

Victory

Target

Managed

Allocation

Fund

........

180,539

2,886

(24,464)

(246) 8,225

166,940

16,036,481

2,886

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

72,795

2,667

(5,045)

6,908

77,775

8,838,074

2,667

—

VictoryShares

Corporate

Bond

ETF

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

30,116

6,175

—

—

946

37,237

1,759,335

1,419

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

49,250

—

—

—

739

49,989

1,056,858

2,984

—

VictoryShares

Free

Cash

Flow

ETF

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

22,581

20,097

—

—

693

43,371

1,317,454

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

—

29,362

—

—

(997) 28,365

1,236,473

—

VictoryShares

Hedged

Equity

Income

ETF

...........

—

17,474

—

—

17,530

673,761

—

VictoryShares

International

Value

Momentum

ETF

...

67,736

—

(5,009)

(76) 8,473

71,124

1,327,800

3,089

—

VictoryShares

International

Volatility

Wtd

ETF

......

27,232

—

—

—

3,802

31,034

654,183

956

—

VictoryShares

Short-Term

Bond

ETF

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

32,424

31,542

—

—

792

64,758

1,279,554

2,166

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

14,264

4,529

—

—

(2,071)

16,722

729,883

—

VictoryShares

THB

Mid

Cap

ETF

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

38,676

—

(40,881)

1,050

1,155

—

—

—

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

..

16,058

—

(17,699)

5,939

(4,298)

—

—

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

30,311

—

—

—

30,604

400,524

604

—

VictoryShares

US

Value

Momentum

ETF

........

41,792

2,625

(4,898)

1,954

1,733

43,206

553,927

784

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

62,865

1,162

(6,167)

2,038

6,159

66,057

1,704,689

577

—

$

1,504,355

$

183,554

$

(219,156)

$

39,839

$

52,034

$

1,560,626

103,173,903

$

42,897

$

15,856

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

2050

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

74,403

$

2,738

$

(16,353)

$

2,512

$

4,647

$

67,947

977,661

$

880

$

1,857

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

24,435

12,205

(1) —\*

779

37,418

4,067,158

1,383

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

—

2,000

—

—

—

2,000

95,740

—

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

132,902

4,588

(24,149)

2,160

9,507

125,008

11,191,379

2,278

2,309

Victory

Government

Securities

Fund,

Institutional

Shares

.

32,021

7,424

—

—

1,416

40,861

4,580,777

1,345

—

Victory

Growth

Fund,

Institutional

Shares

......

29,151

1,919

(23,043)

15,659

(12,316)

11,370

323,280

1,698

Victory

High

Income

Fund,

Institutional

Shares

......

8,324

643

—

—

9,001

1,327,511

643

—

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Income

Stock

Fund,

Institutional

Shares

......

$

19,598

$

3,379

$

—

$

—

$

(2,260)

$

20,717

1,201,710

$

1,106

$

2,272

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

18,905

3,062

—

—

(2,747)

19,220

894,364

683

2,380

Victory

Market

Neutral

Income

Fund,

Class

I

..........

6,905

—

—

7,426

847,768

—

Victory

Index

Fund,

Class

R6

.........

29,340

5,804

—

—\*

3,086

38,230

792,985

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

3,010

—

—

—

1,672

4,682

163,609

—

—

Victory

RS

International

Fund,

Class

R6

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

67,365

6,814

—

—

8,078

82,257

6,170,841

1,799

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

879

—

—

944

103,435

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

25,460

1,557

(2,026)

(108) (2,405)

22,478

1,888,878

1,070

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

12,450

(3,034)

(1,092)

1,473

10,097

492,301

—

Victory

Target

Managed

Allocation

Fund

........

125,532

2,117

(9,932)

(156) 5,410

122,971

11,812,736

2,117

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

49,853

1,826

(4,003)

4,756

52,703

5,988,923

1,826

—

VictoryShares

Corporate

Bond

ETF

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

10,530

1,991

—

—

12,884

608,750

508

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

34,774

—

—

—

522

35,296

746,226

2,107

—

VictoryShares

Free

Cash

Flow

ETF

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

16,339

16,140

—

—

32,627

991,090

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

—

24,427

—

—

(1,147)

23,280

1,014,836

—

VictoryShares

International

Value

Momentum

ETF

...

49,142

—

(2,007)

6,272

53,420

997,283

2,311

—

VictoryShares

International

Volatility

Wtd

ETF

......

18,430

—

—

—

2,574

21,004

442,741

647

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

10,038

3,005

—

—

(1,546)

11,497

501,847

—

VictoryShares

THB

Mid

Cap

ETF

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

28,293

—

(29,501)

843

—

—

—

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

..

12,420

—

—

—

1,466

13,886

288,087

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

21,313

—

—

—

21,519

281,624

—

VictoryShares

US

Value

Momentum

ETF

........

31,495

3,775

(4,059)

1,584

1,217

34,012

436,053

587

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

47,469

1,162

(5,370)

1,636

4,418

49,315

1,272,654

—

$

940,776

$

107,236

$

(123,478)

$

22,844

$

36,692

$

984,070

60,502,247

$

23,514

$

12,013

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

2060

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

11,542

$

$

(1,222)

$

$

838

$

11,802

169,814

$

$

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

3,220

661

(501) (100) 217

3,497

380,084

—

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

\*

Rounds

to

less

than

$1

thousand.

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

$

—

$

500

$

—

$

—

$

—

$

500

23,935

$

—

$

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

20,298

715

(3,516)

1,653

19,253

1,723,611

Victory

Government

Securities

Fund,

Institutional

Shares

.

4,526

1,305

(153) (22) 234

5,890

660,316

—

Victory

Growth

Fund,

Institutional

Shares

......

4,257

(2,902)

1,095

(543) 2,207

62,741

Victory

Income

Stock

Fund,

Institutional

Shares

......

3,296

1,068

—

—

(401) 3,963

229,885

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

2,729

—

—

(397) 2,774

129,084

Victory

Index

Fund,

Class

R6

.........

4,667

627

—

—

5,771

119,715

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

—

—

—

582

20,334

—

—

Victory

RS

International

Fund,

Class

R6

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

9,849

1,485

—

—

1,178

12,512

938,668

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

—\*

—

—

—\*

—\*

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

3,725

(608) (92) (232) 3,021

253,894

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

1,811

(1,361)

(262) 309

541

26,383

—

Victory

Target

Managed

Allocation

Fund

........

18,780

(1,483)

(54) 844

18,406

1,768,110

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

7,267

(494) 31

700

7,770

882,910

—

VictoryShares

Corporate

Bond

ETF

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

1,377

—

—

1,719

81,206

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

5,049

—

—

—

5,125

108,347

—

VictoryShares

Free

Cash

Flow

ETF

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

2,467

3,006

—

—

(38) 5,435

165,109

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

—

4,165

—

—

(219) 3,946

172,019

—

VictoryShares

International

Value

Momentum

ETF

...

7,031

—

—

—

906

7,937

148,180

—

VictoryShares

International

Volatility

Wtd

ETF

......

3,154

—

—

—

3,594

75,768

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

1,459

1,768

—

—

(310) 2,917

127,334

—

VictoryShares

THB

Mid

Cap

ETF

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

4,265

—

(4,424)

—

—

—

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

..

1,881

—

—

—

2,103

43,625

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

3,102

1,113

—

—

(18) 4,197

54,930

—

VictoryShares

US

Value

Momentum

ETF

........

4,682

—

—

—

5,039

64,597

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

7,150

598

(472) 145

755

8,176

210,979

—

$

137,959

$

19,354

$

(17,136)

$

1,062

$

7,439

$

148,678

8,641,708

$

3,380

$

1,882

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

9. #### Segment

#### Reporting:
In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

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.

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Target

Retirement

Income

Fund,

Victory

Target

Retirement

2030

Fund,

Victory

Target

Retirement

2040

Fund,

Victory

Target

Retirement

2050

Fund,

and

Victory

Target

Retirement

2060

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios

III,

as

of

April

30,

2025,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

and

financial

highlights

for

the

year

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

April

30,

2025,

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

April

30,

2024,

and

prior,

were

audited

by

other

auditors

whose

report

dated

June

27,

2024,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2025,

by

correspondence

with

the

custodian,

brokers,

and

transfer

agent;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

June

26,

2025

Supplemental

Information

April

30,

2025

Victory

Portfolios

III

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

April

30,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

April

30,

2025,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

For

the

year

ended

April

30,

2025,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

The

following

Funds

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

shares

outstanding

on

April

30,

2025,

were

as

follows:

Percent

Target

Income

Fund

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

%

Target

2030

Fund

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

%

Target

2040

Fund

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

%

Target

2050

Fund

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

%

Target

2060

Fund

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

%

Amount

Target

Income

Fund

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

$

Target

2030

Fund

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

Target

2040

Fund

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

733

Target

2050

Fund

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

606

Target

2060

Fund

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

Amount

Target

Income

Fund

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

$

2,878

Target

2030

Fund

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

19,059

Target

2040

Fund

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

24,872

Target

2050

Fund

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

11,427

Target

2060

Fund

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

Foreign

Source

Income

Foreign

Tax

Expense

Target

Income

Fund

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

$

0.03 $

0.01 Target

2030

Fund

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

0.05 0.01 Target

2040

Fund

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

0.07 0.02 Target

2050

Fund

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

0.09 0.02 Target

2060

Fund

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

0.09 0.02 Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

April

30,

2025

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

Victory

Target

Retirement

Funds

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

12-13,

2024,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

each

of

the

Target

Retirement

Income

Fund,

Target

Retirement

2030

Fund,

Target

Retirement

2040

Fund,

Target

Retirement

2050

Fund

and

Target

Retirement

2060

Fund

(each,

a

"Fund"

and

together,

the

"Funds").

Prior

to

the

December

12-13,

2024

meeting

at

which

the

Advisory

Agreement

was

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

at

a

meeting

held

on

November

20,

2024. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

the

Adviser,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

the

Funds'

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Funds,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Funds

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

each

Fund.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

each

Fund

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

the

Funds'

performance

and

related

services

provided

by

the

Adviser.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

the

Funds.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

each

Fund

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement

with

respect

to

each

Fund.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Fund's

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Fund's

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Fund's

portfolio

as

part

of

a

continuous

investment

program.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Funds

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Funds'

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Funds,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

Adviser's

role

in

coordinating

the

activities

of

the

Funds'

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

that

it

had

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Funds,

as

well

as

the

other

funds

in

the

Trust.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

each

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Funds

as

determined

by

the

independent

third

party

in

its

report.

Each

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

The

Board

noted

that

the

Adviser

does

not

receive

a

management

fee

from

the

Funds.

The

data

indicated

that

each

Fund's

total

expenses,

which

included

underlying

fund

expenses,

and

after

fee

waivers

and

reimbursements,

if

applicable,

were

below

the

medians

of

its

respective

expense

group

and

its

respective

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

each

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Funds.

In

considering

the

Funds'

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Funds'

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

the

Funds'

average

annual

total

returns

relative

to

their

Lipper

indexes

and

other

mutual

funds

deemed

to

be

in

their

peer

groups

by

the

independent

third

party

in

its

report

(the

"performance

universe").

Each

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

and

institutional

open-end

investment

companies

with

the

same

classification/objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

This

comparison

indicated

that,

among

other

data,

the

performance

of

the

Target

Retirement

Income

Fund

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024;

the

performance

of

the

Target

Retirement

2030

Fund

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-

and

three-year

periods

ended

June

30,

2024,

and

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

five-

and

ten-year

periods

ended

June

30,

2024;

the

performance

of

the

Target

Retirement

2040

Fund

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

three-year

period

ended

June

30,

2024,

and

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

five-

and

ten-year

periods

ended

June

30,

2024;

the

performance

of

the

Target

Retirement

2050

Fund

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

three-year

period

ended

June

30,

2024,

and

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

five-

and

ten-year

periods

ended

June

30,

2024;

and

the

performance

of

the

Target

Retirement

2060

Fund

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

three-year

period

ended

June

30,

2024,

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-

and

five-year

periods

ended

June

30,

2024,

and

was

below

the

average

of

its

performance

universe

for

the

ten-year

period

ended

June

30,

2024. As

part

of

its

consideration,

the

Board

received

a

description

of,

and

factored

into

its

evaluation

of

each

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

each

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–

The

Board

took

into

consideration

that

the

Adviser

does

not

receive

a

management

fee

from

the

Funds.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

revenues

from

the

Funds.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

the

Funds.

In

considering

the

profitability

data

with

respect

to

the

Funds,

the

Trustees

noted

that

the

Adviser

reimbursed

or

waived

a

portion

of

its

management

fees

to

certain

Fund(s).

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

the

Funds

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

each

Fund

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

the

Fund

for

which

they

receive

compensation.

The

Board

also

took

into

account

the

Adviser's

receipt

of

management

fees

from

the

underlying

funds

in

which

the

Funds

invest.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

the

Funds

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Economies

of

Scale

–

With

respect

to

the

consideration

of

any

economies

of

scale

to

be

realized

by

the

Funds,

the

Board

took

into

account

that

the

Adviser

does

not

receive

any

management

fees

under

the

Advisory

Agreement.

The

Board

took

into

account

management's

discussion

of

the

Funds'

current

management

fee

structure.

The

Board

also

considered

the

expense

limitation

arrangements

by

the

Adviser.

The

Board

also

considered

the

effect

of

each

Fund's

change

in

size,

if

any,

on

its

performance

and

fees,

noting

that

each

Fund

may

realize

other

economies

of

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

investment

capabilities

and

resources,

improvements

and

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

the

Funds.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

the

Funds'

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

the

Advisory

Agreement

with

the

Adviser

with

respect

to

each

Fund:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

Adviser

maintains

an

appropriate

compliance

program;

(iii) the

overall

performance

of

each

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices

in

view

of

the

Fund's

investment

approach

and

the

Adviser

is

appropriately

monitoring

the

Fund's

performance;

(iv) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(v) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

each

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

funds.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

each

Fund

and

its

shareholders.

Victory

Funds

P.O.

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182593

Columbus,

Ohio

43218-2593

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*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

Aggressive

Growth

Fund

Victory

Capital

Growth

Fund

#### 4
Victory

Global

Managed

Volatility

Fund

#### 19
Victory

Growth

&

Income

Fund

#### 32
Victory

Growth

Fund

#### 40
Victory

Income

Stock

Fund

#### 42
Victory

Science

&

Technology

Fund

#### 45
Victory

Small

Cap

Stock

Fund

#### 52
Victory

Value

Fund

#### 62

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 66
Statements

of

Operations

#### 69
Statements

of

Changes

in

Net

Assets

#### 72
Financial

Highlights

#### 78

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 96

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 110

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 111
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 112
Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Aggressive

#### Growth

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.7%)

Communication

Services

(16.7%):

Alphabet,

Inc.,

Class

C

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

673,235

$

108,317

Meta

Platforms,

Inc.,

Class

A

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

234,609

128,801

Netflix,

Inc.(a)

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

91,369

103,404

Reddit,

Inc.,

Class

A(a)

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

96,458

11,244

The

Trade

Desk,

Inc.,

Class

A(a)

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

306,215

16,422

368,188

Communications

Equipment

(3.7%):

Arista

Networks,

Inc.(a)

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

603,853

49,679

Motorola

Solutions,

Inc.

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

73,746

32,477

82,156

Consumer

Discretionary

(11.5%):

Amazon.com,

Inc.(a)

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

631,655

116,490

Burlington

Stores,

Inc.(a)

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

88,925

20,012

On

Holding

AG,

Class

A(a)

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

588,087

28,293

O'Reilly

Automotive,

Inc.(a)

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

27,983

39,601

Tesla,

Inc.(a)

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

77,792

21,950

Ulta

Beauty,

Inc.(a)

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

65,173

25,785

252,131

Consumer

Staples

(1.2%):

BJ's

Wholesale

Club

Holdings,

Inc.(a)

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

115,220

13,545

Keurig

Dr.

Pepper,

Inc.

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

382,400

13,227

26,772

Energy

(0.2%):

Diamondback

Energy,

Inc.

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

32,408

4,278

Financials

(6.8%):

Fiserv,

Inc.(a)

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

73,656

13,595

The

Progressive

Corp.

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

49,103

13,834

Tradeweb

Markets,

Inc.,

Class

A

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

197,412

27,302

Visa,

Inc.,

Class

A

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

272,858

94,272

149,003

Health

Care

(10.5%):

Boston

Scientific

Corp.(a)

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

244,172

25,118

Dexcom,

Inc.(a)

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

129,907

9,273

Eli

Lilly

&

Co.

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

93,829

84,348

Intuitive

Surgical,

Inc.(a)

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

91,142

47,011

McKesson

Corp.

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

52,199

37,207

Natera,

Inc.(a)

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

107,861

16,279

Vertex

Pharmaceuticals,

Inc.(a)

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

25,001

12,738

231,974

Industrials

(8.2%):

Builders

FirstSource,

Inc.(a)

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

44,464

5,319

BWX

Technologies,

Inc.

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

53,193

5,805

Clean

Harbors,

Inc.(a)

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

68,039

14,556

GE

Vernova,

Inc.

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

15,555

5,768

HEICO

Corp.,

Class

A

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

53,015

10,652

Quanta

Services,

Inc.

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

152,936

44,763

Trane

Technologies

PLC

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

71,140

27,269

Uber

Technologies,

Inc.(a)

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

552,869

44,788

Vertiv

Holdings

Co.,

Class

A

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

258,631

22,082

181,002

IT

Services

(0.9%):

Snowflake,

Inc.,

Class

A(a)

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

117,420

18,727

Semiconductors

&

Semiconductor

Equipment

(15.3%):

Broadcom,

Inc.

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

462,221

88,964

Lam

Research

Corp.

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

142,517

10,214

Monolithic

Power

Systems,

Inc.

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

20,602

12,219

Victory

Portfolios

III

#### Victory

#### Aggressive

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) NVIDIA

Corp.

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

2,058,856

$

224,251

335,648

Software

(18.6%):

Adobe,

Inc.(a)

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

58,335

21,874

AppLovin

Corp.,

Class

A(a)

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

41,478

11,170

Autodesk,

Inc.(a)

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

41,557

11,397

Cadence

Design

Systems,

Inc.(a)

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

98,968

29,467

Crowdstrike

Holdings,

Inc.,

Class

A(a)

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

11,120

4,769

CyberArk

Software

Ltd.(a)

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

49,619

17,474

Fair

Isaac

Corp.(a)

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

4,381

8,717

Intuit,

Inc.

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

18,854

11,830

Microsoft

Corp.

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

383,629

151,633

Oracle

Corp.

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

120,147

16,907

Palo

Alto

Networks,

Inc.(a)

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

245,154

45,827

ServiceNow,

Inc.(a)

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

68,567

65,482

Synopsys,

Inc.(a)

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

30,378

13,944

410,491

Technology

Hardware,

Storage

&

Peripherals

(5.1%):

Apple,

Inc.

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

532,224

113,098

Total

Common

Stocks

(Cost

$960,242)

a

a

a

2,173,468

Total

Investments

(Cost

$960,242)

—

98.7%

2,173,468

Other

assets

in

excess

of

liabilities

— 1.3%

28,557

NET

ASSETS

-

100.00%

$

2,202,025

(a) Non-income

producing

security.

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(99.1%)

Australia

(2.0%):

Consumer

Discretionary

(0.4%):

Aristocrat

Leisure

Ltd.

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

88,915

$

3,797

Financials

(0.4%):

ANZ

Group

Holdings

Ltd.

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

72,344

1,383

Macquarie

Group

Ltd.

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

15,382

1,900

QBE

Insurance

Group

Ltd.

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

46,617

644

3,927

Health

Care

(0.2%):

CSL

Ltd.

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

8,757

1,405

Industrials

(0.2%):

Brambles

Ltd.

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

50,564

664

Qantas

Airways

Ltd.

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

123,601

699

1,363

Materials

(0.4%):

BHP

Group

Ltd.

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

91,981

2,192

Northern

Star

Resources

Ltd.

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

73,904

907

Rio

Tinto

Ltd.

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

11,737

878

3,977

Real

Estate

(0.4%):

Charter

Hall

Group

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

47,455

513

Goodman

Group

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

29,105

557

Scentre

Group

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

1,161,186

2,690

3,760

18,229

Austria

(0.4%):

Financials

(0.4%):

BAWAG

Group

AG

(c) ...................................................

32,103

3,518

Belgium

(0.3%):

Information

Technology

(0.1%):

Melexis

NV

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

15,198

912

Materials

(0.2%):

Solvay

SA

,

Class

A

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

52,594

1,990

2,902

Bermuda

(0.4%):

Financials

(0.4%):

Axis

Capital

Holdings

Ltd.

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

11,939

1,150

Everest

Group

Ltd.

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

8,093

2,904

4,054

Brazil

(0.2%):

Consumer

Discretionary

(0.1%):

Cury

Construtora

e

Incorporadora

SA

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

108,300

526

Smartfit

Escola

de

Ginastica

e

Danca

SA

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

79,400

Vibra

Energia

SA

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

90,213

1,167

Financials

(0.1%):

Banco

ABC

Brasil

SA

,

Preference

Shares

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

97,556

Industrials

(0.0%):(d)

Marcopolo

SA

,

Preference

Shares

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

235,840

Real

Estate

(0.0%):(d)

Multiplan

Empreendimentos

Imobiliarios

SA

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

61,400

2,111

Canada

(2.2%):

Consumer

Staples

(0.3%):

George

Weston

Ltd.

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

15,521

3,025

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Energy

(0.1%):

Parex

Resources,

Inc.

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

75,579

$

609

Financials

(0.6%):

Manulife

Financial

Corp.

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

125,326

3,841

National

Bank

of

Canada

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

20,805

1,828

5,669

Industrials

(0.1%):

Bombardier,

Inc.

,

Class

B

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

17,356

1,147

Information

Technology

(0.6%):

Constellation

Software,

Inc.

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

1,546

5,572

Materials

(0.5%):

Agnico

Eagle

Mines

Ltd.

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

26,527

3,118

Stella-Jones,

Inc.

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

16,968

832

3,950

19,972

Chile

(0.1%):

Consumer

Staples

(0.0%):(d)

SMU

SA

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

2,200,368

Real

Estate

(0.1%):

Parque

Arauco

SA

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

213,859

924

China

(0.6%):

Communication

Services

(0.2%):

Kingnet

Network

Co.

Ltd.

,

Class

A

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

162,800

Tencent

Holdings

Ltd.

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

25,800

1,580

1,960

Consumer

Discretionary

(0.0%):(d)

DPC

Dash

Ltd.

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

23,400

Financials

(0.1%):

Chongqing

Rural

Commercial

Bank

Co.

Ltd.

,

Class

H

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

590,000

Health

Care

(0.1%):

Amoy

Diagnostics

Co.

Ltd.

,

Class

A

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

82,400

Aurisco

Pharmaceutical

Co.

Ltd.

,

Class

A

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

94,700

Gushengtang

Holdings

Ltd.

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

59,423

WuXi

XDC

Cayman,

Inc.

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

49,000

977

Industrials

(0.1%):

Anhui

Expressway

Co.

Ltd.

,

Class

H

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

238,000

China

Communications

Services

Corp.

Ltd.

,

Class

H

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

538,000

CIMC

Enric

Holdings

Ltd.

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

362,000

Henan

Pinggao

Electric

Co.

Ltd.

,

Class

A

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

106,000

1,161

Materials

(0.0%):(d)

Tianshan

Aluminum

Group

Co.

Ltd.

,

Class

A

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

255,200

Real

Estate

(0.1%):

Ever

Sunshine

Services

Group

Ltd.

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

974,000

Greentown

China

Holdings

Ltd.

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

247,000

553

5,664

Denmark

(0.6%):

Consumer

Discretionary

(0.3%):

Pandora

A/S

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

20,589

3,066

Health

Care

(0.3%):

Novo

Nordisk

A/S

,

Class

B

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

39,094

2,614

5,680

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) France

(3.3%):

Communication

Services

(0.1%):

Publicis

Groupe

SA

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

10,318

$

1,050

Consumer

Discretionary

(0.5%):

FDJ

UNITED

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

46,706

1,665

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

4,131

2,288

Renault

SA

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

13,152

698

4,651

Consumer

Staples

(0.4%):

L'Oreal

SA

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

8,566

3,784

Energy

(0.3%):

Gaztransport

Et

Technigaz

SA

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

12,242

1,995

Technip

Energies

NV

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

21,355

729

2,724

Financials

(0.3%):

AXA

SA

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

28,002

1,324

BNP

Paribas

SA

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

12,338

1,045

2,369

Health

Care

(0.1%):

BioMerieux

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

6,075

820

Ipsen

SA

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

4,593

534

1,354

Industrials

(1.1%):

Cie

de

Saint-Gobain

SA

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

12,698

1,380

Eiffage

SA

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

4,811

655

Rexel

SA

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

59,499

1,653

Safran

SA

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

15,428

4,105

Schneider

Electric

SE

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

7,241

1,692

SPIE

SA

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

13,390

656

10,141

Information

Technology

(0.1%):

Capgemini

SE

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

5,279

843

Dassault

Systemes

SE

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

13,213

1,338

Materials

(0.2%):

Arkema

SA

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

18,452

1,402

Real

Estate

(0.1%):

Klepierre

SA

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

15,048

551

Utilities

(0.1%):

Engie

SA

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

33,145

685

30,049

Germany

(3.3%):

Communication

Services

(0.5%):

CTS

Eventim

AG

&

Co.

KGaA

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

17,156

2,033

Deutsche

Telekom

AG

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

60,432

2,170

4,203

Consumer

Discretionary

(0.2%):

Volkswagen

AG

,

Preference

Shares

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

14,772

1,607

Consumer

Staples

(0.1%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

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

10,732

833

Financials

(0.8%):

Allianz

SE

,

Registered

Shares

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

14,946

6,181

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Class

R

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

2,002

1,370

7,551

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Industrials

(0.4%):

Siemens

AG

,

Registered

Shares

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

17,039

$

3,923

Information

Technology

(0.9%):

SAP

SE

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

27,001

7,899

Materials

(0.1%):

Evonik

Industries

AG

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

43,774

984

Utilities

(0.3%):

E.ON

SE

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

46,932

821

RWE

AG

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

52,131

2,024

2,845

29,845

Greece

(0.0%):(d)

Utilities

(0.0%):(d)

Public

Power

Corp.

SA

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

26,499

Hong

Kong

(0.6%):

Financials

(0.3%):

AIA

Group

Ltd.

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

182,600

1,368

BOC

Hong

Kong

Holdings

Ltd.

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

207,500

861

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

13,500

590

2,819

Real

Estate

(0.3%):

CK

Asset

Holdings

Ltd.

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

605,000

2,472

5,291

Hungary

(0.0%):(d)

Health

Care

(0.0%):(d)

Richter

Gedeon

Nyrt

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

11,784

India

(1.2%):

Consumer

Discretionary

(0.1%):

Ceat

Ltd.

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

8,503

Crompton

Greaves

Consumer

Electricals

Ltd.

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

92,890

Welspun

Living

Ltd.

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

283,767

1,134

Financials

(0.3%):

Home

First

Finance

Co.

India

Ltd.

(c) .........................................

37,554

547

LIC

Housing

Finance

Ltd.

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

79,989

570

Manappuram

Finance

Ltd.

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

217,926

595

The

Karur

Vysya

Bank

Ltd.

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

179,257

2,176

Health

Care

(0.2%):

Eris

Lifesciences

Ltd.

(c) ..................................................

23,745

JB

Chemicals

&

Pharmaceuticals

Ltd.

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

23,727

Narayana

Hrudayalaya

Ltd.

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

32,831

683

Neuland

Laboratories

Ltd.

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

2,063

1,830

Industrials

(0.3%):

BLS

International

Services

Ltd.

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

104,040

Elecon

Engineering

Co.

Ltd.

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

72,024

Electrosteel

Castings

Ltd.

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

218,460

ISGEC

Heavy

Engineering

Ltd.

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

27,071

Kirloskar

Pneumatic

Co.

Ltd.

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

19,346

Shaily

Engineering

Plastics

Ltd.

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

16,502

The

Anup

Engineering

Ltd.

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

8,876

Transformers

&

Rectifiers

India

Ltd.

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

64,146

Voltamp

Transformers

Ltd.

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

3,327

3,052

Information

Technology

(0.1%):

KPIT

Technologies

Ltd.

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

29,846

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Mastek

Ltd.

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

12,820

$

762

Materials

(0.2%):

Castrol

India

Ltd.

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

135,971

Gulf

Oil

Lubricants

India

Ltd.

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

23,547

Maharashtra

Seamless

Ltd.

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

50,794

NCL

Industries

Ltd.

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

153,489

Welspun

Corp.

Ltd.

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

42,483

1,812

10,766

Indonesia

(0.1%):

Consumer

Staples

(0.0%):(d)

PT

Cisarua

Mountain

Dairy

Tbk

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

1,031,000

Materials

(0.0%):(d)

PT

Adaro

Minerals

Indonesia

Tbk

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

3,573,200

Real

Estate

(0.1%):

PT

Puradelta

Lestari

Tbk

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

33,156,900

826

Ireland

(0.5%):

Financials

(0.1%):

Bank

of

Cyprus

Holdings

PLC

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

61,808

Bank

of

Ireland

Group

PLC

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

48,439

569

969

Industrials

(0.3%):

AerCap

Holdings

NV

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

6,594

699

Trane

Technologies

PLC

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

4,123

1,580

2,279

Materials

(0.1%):

James

Hardie

Industries

PLC

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

39,022

916

4,164

Israel

(0.0%):(d)

Information

Technology

(0.0%):(d)

Nice

Ltd.

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

2,760

Italy

(0.8%):

Consumer

Discretionary

(0.2%):

Ferrari

NV

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

1,662

761

PRADA

SpA

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

161,300

1,007

1,768

Financials

(0.1%):

Banco

BPM

SpA

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

82,069

916

Health

Care

(0.1%):

Recordati

Industria

Chimica

e

Farmaceutica

SpA

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

12,469

736

Information

Technology

(0.1%):

Reply

SpA

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

3,236

577

Utilities

(0.3%):

Enel

SpA

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

362,960

3,146

7,143

Japan

(7.0%):

Communication

Services

(0.7%):

Capcom

Co.

Ltd.

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

106,000

3,069

Kakaku.com,

Inc.

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

123,600

2,186

Konami

Group

Corp.

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

10,600

1,514

6,769

Consumer

Discretionary

(1.1%):

Asics

Corp.

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

35,600

765

Sony

Group

Corp.

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

69,000

1,821

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Sumitomo

Electric

Industries

Ltd.

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

40,600

$

653

Suzuki

Motor

Corp.

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

67,200

805

Toyota

Motor

Corp.

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

230,900

4,411

ZOZO,

Inc.

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

181,200

1,840

10,295

Consumer

Staples

(0.3%):

Asahi

Group

Holdings

Ltd.

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

49,600

686

Toyo

Suisan

Kaisha

Ltd.

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

37,900

2,450

3,136

Financials

(1.2%):

Mizuho

Financial

Group,

Inc.

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

154,620

3,866

ORIX

Corp.

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

28,500

572

Sumitomo

Mitsui

Financial

Group,

Inc.

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

73,000

1,742

Tokio

Marine

Holdings,

Inc.

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

112,000

4,490

10,670

Health

Care

(0.7%):

Hoya

Corp.

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

19,300

2,271

Otsuka

Holdings

Co.

Ltd.

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

18,500

902

Shionogi

&

Co.

Ltd.

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

162,700

2,734

Terumo

Corp.

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

26,200

502

6,409

Industrials

(1.9%):

Central

Japan

Railway

Co.

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

22,400

Fuji

Electric

Co.

Ltd.

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

35,900

1,597

Fujikura

Ltd.

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

15,600

580

Hitachi

Ltd.

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

36,600

905

ITOCHU

Corp.

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

28,400

1,453

Komatsu

Ltd.

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

34,500

998

MISUMI

Group,

Inc.

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

107,500

1,506

Mitsubishi

Heavy

Industries

Ltd.

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

206,400

4,069

Nippon

Yusen

KK

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

30,200

987

Obayashi

Corp.

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

44,400

689

Sanwa

Holdings

Corp.

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

114,000

3,742

16,997

Information

Technology

(0.9%):

Canon,

Inc.

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

19,100

589

Disco

Corp.

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

6,800

1,316

Fujitsu

Ltd.

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

130,700

2,904

NEC

Corp.

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

70,000

1,704

SCREEN

Holdings

Co.

Ltd.

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

8,700

579

Yokogawa

Electric

Corp.

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

31,000

671

7,763

Materials

(0.1%):

Nippon

Steel

Corp.

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

29,900

630

Tosoh

Corp.

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

39,100

551

1,181

Real

Estate

(0.1%):

Daiwa

House

Industry

Co.

Ltd.

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

18,700

677

63,897

Luxembourg

(0.1%):

Energy

(0.1%):

Tenaris

SA

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

27,945

Malaysia

(0.1%):

Energy

(0.0%):(d)

Petronas

Dagangan

Bhd

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

66,400

Health

Care

(0.1%):

KPJ

Healthcare

Bhd

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

531,900

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Real

Estate

(0.0%):(d)

SP

Setia

Bhd

Group

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

1,315,300

$

994

Mexico

(0.2%):

Consumer

Staples

(0.0%):(d)

Coca-Cola

Femsa

SAB

de

CV

,

ADR

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

3,147

Financials

(0.1%):

Regional

SAB

de

CV

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

56,257

Health

Care

(0.0%):(d)

Genomma

Lab

Internacional

SAB

de

CV

,

Class

B

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

265,833

Real

Estate

(0.1%):

Corp

Inmobiliaria

Vesta

SAB

de

CV

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

126,837

1,349

Netherlands

(2.3%):

Communication

Services

(0.5%):

Koninklijke

KPN

NV

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

1,015,256

4,722

Consumer

Discretionary

(0.1%):

Prosus

NV

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

23,966

1,123

Consumer

Staples

(0.1%):

Koninklijke

Ahold

Delhaize

NV

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

21,907

899

Financials

(0.7%):

Euronext

NV

(c) ........................................................

7,703

1,287

ING

Groep

NV

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

195,809

3,802

NN

Group

NV

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

11,282

692

5,781

Health

Care

(0.1%):

Argenx

SE

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

1,207

780

Industrials

(0.3%):

Wolters

Kluwer

NV

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

16,521

2,917

Information

Technology

(0.5%):

ASM

International

NV

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

3,325

1,625

ASML

Holding

NV

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

4,417

2,957

4,582

20,804

New

Zealand

(0.2%):

Health

Care

(0.2%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

91,707

1,849

Norway

(0.5%):

Consumer

Staples

(0.1%):

Mowi

ASA

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

30,194

554

Energy

(0.1%):

Aker

BP

ASA

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

48,420

1,041

Equinor

ASA

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

17,185

1,430

Industrials

(0.3%):

Kongsberg

Gruppen

ASA

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

18,002

2,903

4,887

Panama

(0.0%):(d)

Industrials

(0.0%):(d)

Copa

Holdings

SA

,

Class

A

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

3,158

Philippines

(0.1%):

Consumer

Discretionary

(0.0%):(d)

Jollibee

Foods

Corp.

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

65,980

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Utilities

(0.1%):

Aboitiz

Power

Corp.

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

505,200

$

608

Poland

(0.0%):(d)

Health

Care

(0.0%):(d)

Synektik

SA

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

6,425

Portugal

(0.1%):

Energy

(0.1%):

Galp

Energia

SGPS

SA

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

33,454

518

Russian

Federation

(0.0%):

Consumer

Discretionary

(0.0%):

Detsky

Mir

PJSC

(a) (e) (f) .................................................

214,920

—

Financials

(0.0%):

Bank

St

Petersburg

PJSC

(a) (e) (f) ............................................

372,110

—

—

Saudi

Arabia

(0.1%):

Consumer

Discretionary

(0.1%):

United

Electronics

Co.

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

15,441

Industrials

(0.0%):(d)

Riyadh

Cables

Group

Co.

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

10,158

731

Singapore

(0.4%):

Communication

Services

(0.1%):

Sea

Ltd.

,

ADR

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

6,979

936

Financials

(0.1%):

DBS

Group

Holdings

Ltd.

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

30,100

978

Industrials

(0.1%):

Singapore

Technologies

Engineering

Ltd.

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

127,200

722

Utilities

(0.1%):

Sembcorp

Industries

Ltd.

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

180,400

913

3,549

South

Africa

(0.2%):

Consumer

Discretionary

(0.1%):

Foschini

Group

Ltd.

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

63,219

Financials

(0.0%):(d)

Investec

PLC

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

69,163

Health

Care

(0.0%):(d)

Netcare

Ltd.

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

444,794

Industrials

(0.0%):(d)

Wilson

Bayly

Holmes-Ovcon

Ltd.

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

29,054

Materials

(0.1%):

Pan

African

Resources

PLC

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

774,855

1,960

South

Korea

(0.5%):

Communication

Services

(0.0%):(d)

SOOP

Co.

Ltd.

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

3,440

Financials

(0.1%):

DB

Insurance

Co.

Ltd.

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

4,442

JB

Financial

Group

Co.

Ltd.

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

28,027

KIWOOM

Securities

Co.

Ltd.

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

4,849

1,089

Health

Care

(0.1%):

Classys,

Inc.

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

7,432

InBody

Co.

Ltd.

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

17,751

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) T&L

Co.

Ltd.

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

5,350

$

909

Industrials

(0.1%):

GS

Holdings

Corp.

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

11,070

Hanwha

Aerospace

Co.

Ltd.

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

597

HD

Hyundai

Electric

Co.

Ltd.

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

901

Hyundai

Rotem

Co.

Ltd.

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

4,233

1,166

Information

Technology

(0.1%):

Innox

Advanced

Materials

Co.

Ltd.

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

16,232

Materials

(0.1%):

Poongsan

Corp.

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

10,143

Wonik

Materials

Co.

Ltd.

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

11,748

590

4,214

Spain

(1.2%):

Energy

(0.0%):(d)

Repsol

SA

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

41,172

503

Financials

(0.8%):

Banco

Bilbao

Vizcaya

Argentaria

SA

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

346,249

4,751

Banco

Santander

SA

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

258,948

1,823

Bankinter

SA

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

64,574

752

7,326

Industrials

(0.3%):

Aena

SME

SA

(c) .......................................................

9,618

2,416

Utilities

(0.1%):

Iberdrola

SA

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

52,845

953

11,198

Sweden

(0.8%):

Consumer

Staples

(0.3%):

Essity

AB

,

Class

B

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

85,510

2,474

Financials

(0.1%):

Swedbank

AB

,

Class

A

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

25,775

644

Industrials

(0.4%):

Atlas

Copco

AB

,

Class

B

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

217,031

3,016

Volvo

AB

,

Class

B

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

27,169

739

3,755

6,873

Switzerland

(3.6%):

Consumer

Staples

(1.0%):

Coca-Cola

HBC

AG

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

111,884

5,825

Nestle

SA

,

Registered

Shares

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

33,788

3,598

9,423

Financials

(0.5%):

Partners

Group

Holding

AG

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

515

675

UBS

Group

AG

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

93,278

2,833

Zurich

Insurance

Group

AG

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

2,160

1,533

5,041

Health

Care

(1.6%):

Novartis

AG

,

Registered

Shares

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

63,929

7,295

Roche

Holding

AG

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

19,351

6,330

Sandoz

Group

AG

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

13,081

568

14,193

Industrials

(0.2%):

ABB

Ltd.

,

Registered

Shares

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

17,160

906

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Sulzer

AG

,

Registered

Shares

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

3,022

$

512

1,418

Materials

(0.2%):

Glencore

PLC

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

126,717

Holcim

AG

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

16,088

1,799

2,214

Real

Estate

(0.1%):

PSP

Swiss

Property

AG

,

Registered

Shares

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

3,616

644

32,933

Taiwan

(0.9%):

Consumer

Discretionary

(0.2%):

Johnson

Health

Tech

Co.

Ltd.

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

57,000

Sports

Gear

Co.

Ltd.

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

85,000

Tong

Yang

Industry

Co.

Ltd.

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

154,000

634

World

Fitness

Services

Ltd.

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

97,000

1,503

Health

Care

(0.0%):(d)

TTY

Biopharm

Co.

Ltd.

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

129,000

Industrials

(0.0%):(d)

Fortune

Electric

Co.

Ltd.

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

21,700

Information

Technology

(0.5%):

Chenbro

Micom

Co.

Ltd.

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

39,000

Chroma

ATE,

Inc.

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

48,000

Compeq

Manufacturing

Co.

Ltd.

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

225,000

Elite

Material

Co.

Ltd.

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

40,000

696

Gold

Circuit

Electronics

Ltd.

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

80,400

King

Yuan

Electronics

Co.

Ltd.

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

171,000

Lotes

Co.

Ltd.

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

14,000

551

Sigurd

Microelectronics

Corp.

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

206,000

Tripod

Technology

Corp.

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

108,000

624

Wiwynn

Corp.

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

4,000

4,667

Materials

(0.2%):

Gloria

Material

Technology

Corp.

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

208,000

Nan

Pao

Resins

Chemical

Co.

Ltd.

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

29,000

Taiwan

Hon

Chuan

Enterprise

Co.

Ltd.

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

71,000

Tung

Ho

Steel

Enterprise

Corp.

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

143,000

1,229

7,996

Turkey

(0.1%):

Consumer

Staples

(0.1%):

Migros

Ticaret

A/S

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

23,955

Financials

(0.0%):(d)

Turkiye

Sigorta

A/S

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

511,210

Health

Care

(0.0%):(d)

MLP

Saglik

Hizmetleri

A/S

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

22,237

Industrials

(0.0%):(d)

Pegasus

Hava

Tasimaciligi

A/S

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

28,453

Information

Technology

(0.0%):(d)

Logo

Yazilim

Sanayi

Ve

Ticaret

A/S

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

57,803

1,093

United

Arab

Emirates

(0.0%):(d)

Real

Estate

(0.0%):(d)

Deyaar

Development

PJSC

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

1,287,512

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) United

Kingdom

(5.5%):

Communication

Services

(0.2%):

Auto

Trader

Group

PLC

(c) ................................................

169,079

$

1,899

Consumer

Discretionary

(0.7%):

Birkenstock

Holding

PLC

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

12,684

652

Greggs

PLC

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

35,646

887

Next

PLC

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

27,223

4,491

6,030

Consumer

Staples

(1.2%):

Coca-Cola

Europacific

Partners

PLC

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

7,795

707

Imperial

Brands

PLC

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

129,531

5,314

Marks

&

Spencer

Group

PLC

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

175,253

911

Tesco

PLC

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

204,742

1,013

Unilever

PLC

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

53,987

3,437

11,382

Energy

(0.8%):

BP

PLC

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

288,649

1,332

Harbour

Energy

PLC

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

219,545

Shell

PLC

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

170,208

5,492

7,273

Financials

(1.2%):

3i

Group

PLC

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

31,390

1,779

Barclays

PLC

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

1,143,008

4,553

HSBC

Holdings

PLC

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

281,079

3,133

Standard

Chartered

PLC

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

113,295

1,631

11,096

Health

Care

(0.3%):

AstraZeneca

PLC

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

14,226

2,038

Hikma

Pharmaceuticals

PLC

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

26,740

708

2,746

Industrials

(0.3%):

easyJet

PLC

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

81,276

539

RELX

PLC

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

12,158

663

Rolls-Royce

Holdings

PLC

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

135,637

1,373

2,575

Information

Technology

(0.1%):

The

Sage

Group

PLC

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

40,318

669

Materials

(0.3%):

Rio

Tinto

PLC

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

46,954

2,798

Real

Estate

(0.1%):

The

British

Land

Co.

PLC

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

104,186

548

Utilities

(0.3%):

Centrica

PLC

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

751,766

1,609

Drax

Group

PLC

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

83,772

691

National

Grid

PLC

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

45,435

656

2,956

49,972

United

States

(58.6%):

Communication

Services

(6.6%):

Alphabet,

Inc.

,

Class

C

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

177,325

28,489

Comcast

Corp.

,

Class

A

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

66,554

2,276

Meta

Platforms,

Inc.

,

Class

A

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

38,155

20,947

Verizon

Communications,

Inc.

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

197,914

8,720

60,432

Consumer

Discretionary

(4.8%):

AutoZone,

Inc.

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

738

Best

Buy

Co.,

Inc.

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

33,004

2,201

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Booking

Holdings,

Inc.

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

802

$

4,090

D.R.

Horton,

Inc.

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

14,234

1,798

Deckers

Outdoor

Corp.

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

17,364

1,924

Expedia

Group,

Inc.

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

18,977

2,978

General

Motors

Co.

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

148,963

6,739

Lennar

Corp.

,

Class

A

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

24,860

2,700

Lowe's

Cos.,

Inc.

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

16,879

3,773

Murphy

USA,

Inc.

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

3,672

1,831

NVR,

Inc.

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

551

3,926

PulteGroup,

Inc.

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

28,673

2,941

Ralph

Lauren

Corp.

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

10,496

2,361

The

Home

Depot,

Inc.

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

8,635

3,113

Toll

Brothers,

Inc.

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

22,737

2,294

43,407

Consumer

Staples

(5.1%):

Altria

Group,

Inc.

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

128,799

7,619

Coca-Cola

Consolidated,

Inc.

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

1,327

1,799

Colgate-Palmolive

Co.

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

34,393

3,171

Costco

Wholesale

Corp.

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

6,165

6,131

Ingredion,

Inc.

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

8,059

1,070

Kimberly-Clark

Corp.

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

41,168

5,425

Philip

Morris

International,

Inc.

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

33,903

5,810

Sysco

Corp.

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

34,373

2,454

Target

Corp.

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

5,617

543

The

Kroger

Co.

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

7,684

555

The

Procter

&

Gamble

Co.

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

19,489

3,168

U.S.

Foods

Holding

Corp.

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

29,590

1,943

Walmart,

Inc.

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

72,529

7,053

46,741

Energy

(1.2%):

Coterra

Energy,

Inc.

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

63,433

1,558

Devon

Energy

Corp.

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

28,185

857

EOG

Resources,

Inc.

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

54,660

6,031

Ovintiv,

Inc.

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

40,111

1,347

Valero

Energy

Corp.

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

10,664

1,238

11,031

Financials

(7.1%):

American

Express

Co.

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

11,407

3,039

Ameriprise

Financial,

Inc.

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

12,969

6,109

Brookfield

Asset

Management

Ltd.

,

Class

A

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

29,062

1,551

Capital

One

Financial

Corp.

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

4,636

836

Cincinnati

Financial

Corp.

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

9,196

1,280

Corebridge

Financial,

Inc.

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

85,777

2,542

East

West

Bancorp,

Inc.

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

30,689

2,626

Fidelity

National

Financial,

Inc.

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

51,475

3,297

Fifth

Third

Bancorp

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

8,218

JPMorgan

Chase

&

Co.

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

52,815

12,920

PayPal

Holdings,

Inc.

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

50,461

3,322

Prudential

Financial,

Inc.

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

7,106

730

Regions

Financial

Corp.

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

24,310

SEI

Investments

Co.

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

9,251

724

Synchrony

Financial

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

82,510

4,286

T. Rowe

Price

Group,

Inc.

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

2,703

The

Allstate

Corp.

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

15,692

3,113

The

Bank

of

New

York

Mellon

Corp.

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

16,361

1,316

The

Goldman

Sachs

Group,

Inc.

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

5,023

2,750

The

Hartford

Insurance

Group,

Inc.

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

25,621

3,143

The

PNC

Financial

Services

Group,

Inc.

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

6,410

1,030

The

Progressive

Corp.

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

12,062

3,398

Visa,

Inc.

,

Class

A

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

5,554

1,919

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) W.R.

Berkley

Corp.

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

50,386

$

3,612

64,573

Health

Care

(8.0%):

AbbVie,

Inc.

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

41,440

8,085

Cardinal

Health,

Inc.

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

51,659

7,299

Centene

Corp.

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

41,109

2,460

Exelixis,

Inc.

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

45,163

1,768

Gilead

Sciences,

Inc.

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

52,697

5,614

HCA

Healthcare,

Inc.

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

2,086

720

Incyte

Corp.

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

28,428

1,781

Johnson

&

Johnson

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

35,237

5,508

McKesson

Corp.

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

10,944

7,801

Merck

&

Co.,

Inc.

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

102,940

8,770

Molina

Healthcare,

Inc.

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

4,655

1,522

Pfizer,

Inc.

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

204,469

4,991

Regeneron

Pharmaceuticals,

Inc.

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

2,432

1,456

Royalty

Pharma

PLC

,

Class

A

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

77,259

2,536

Tenet

Healthcare

Corp.

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

21,867

3,126

The

Cigna

Group

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

4,860

1,653

United

Therapeutics

Corp.

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

8,492

2,574

UnitedHealth

Group,

Inc.

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

10,040

4,131

Universal

Health

Services,

Inc.

,

Class

B

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

6,705

1,187

72,982

Industrials

(5.4%):

Acuity,

Inc.

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

9,207

2,243

Allison

Transmission

Holdings,

Inc.

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

26,602

2,454

Builders

FirstSource,

Inc.

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

1,361

Carlisle

Cos.,

Inc.

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

8,574

3,254

Caterpillar,

Inc.

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

5,888

1,821

Cintas

Corp.

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

8,788

1,860

Comfort

Systems

USA,

Inc.

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

7,595

3,019

Core

&

Main,

Inc.

,

Class

A

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

14,392

758

Cummins,

Inc.

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

18,106

5,320

Delta

Air

Lines,

Inc.

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

70,211

2,923

EMCOR

Group,

Inc.

....................................................

9,741

3,903

Leidos

Holdings,

Inc.

....................................................

22,864

3,365

Lockheed

Martin

Corp.

...................................................

8,070

3,855

Masco

Corp.

..........................................................

28,386

1,721

Owens

Corning

........................................................

16,441

2,391

PACCAR,

Inc.

.........................................................

6,365

574

United

Airlines

Holdings,

Inc.

(a) ............................................

50,740

3,492

United

Rentals,

Inc.

.....................................................

754

Vertiv

Holdings

Co.

,

Class

A

...............................................

23,657

2,020

W.W.

Grainger,

Inc.

.....................................................

2,944

3,016

48,628

Information

Technology

(16.4%):

Amphenol

Corp.

,

Class

A

.................................................

26,164

2,013

Apple,

Inc.

...........................................................

201,214

42,758

Arista

Networks,

Inc.

(a) ..................................................

30,136

2,479

Cisco

Systems,

Inc.

.....................................................

115,143

6,647

Docusign,

Inc.

(a) .......................................................

34,666

2,834

Dropbox,

Inc.

,

Class

A

(a) .................................................

94,767

2,706

F5,

Inc.

(a) ............................................................

11,746

3,110

Fair

Isaac

Corp.

(a) ......................................................

1,179

2,346

Fortinet,

Inc.

(a) ........................................................

19,166

1,989

Gen

Digital,

Inc.

.......................................................

105,961

2,741

GoDaddy,

Inc.

,

Class

A

(a) .................................................

30,570

5,757

Hewlett

Packard

Enterprise

Co.

.............................................

206,810

3,355

International

Business

Machines

Corp.

........................................

6,497

1,571

Jabil,

Inc.

............................................................

1,313

KLA

Corp.

...........................................................

3,493

2,455

Microsoft

Corp.

........................................................

38,272

15,127

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Motorola

Solutions,

Inc.

..................................................

14,774

$

6,506

NetApp,

Inc.

..........................................................

26,816

2,407

NVIDIA

Corp.

.........................................................

314,569

34,263

QUALCOMM,

Inc.

.....................................................

27,066

4,018

TD

SYNNEX

Corp.

.....................................................

11,993

1,329

Zoom

Communications,

Inc.

(a) .............................................

34,445

2,671

149,274

Materials

(1.4%):

CF

Industries

Holdings,

Inc.

...............................................

36,733

2,879

CRH

PLC

............................................................

33,203

3,168

Louisiana-Pacific

Corp.

..................................................

10,817

934

LyondellBasell

Industries

NV

,

Class

A

........................................

39,529

2,301

Packaging

Corp.

of

America

...............................................

9,456

1,755

Reliance,

Inc.

..........................................................

4,032

1,162

Steel

Dynamics,

Inc.

.....................................................

1,857

12,440

Real

Estate

(1.3%):

American

Tower

Corp.

...................................................

11,267

2,540

Crown

Castle,

Inc.

......................................................

29,883

3,160

CubeSmart

...........................................................

26,488

1,077

Equity

LifeStyle

Properties,

Inc.

............................................

20,374

1,320

Essex

Property

Trust,

Inc.

.................................................

1,432

Lamar

Advertising

Co.

,

Class

A

.............................................

14,897

1,695

National

Storage

Affiliates

Trust

............................................

12,756

VICI

Properties,

Inc.

....................................................

12,158

WP

Carey,

Inc.

.........................................................

10,101

631

11,687

Utilities

(1.3%):

DTE

Energy

Co.

.......................................................

21,331

2,922

Edison

International

.....................................................

25,036

1,340

Entergy

Corp.

.........................................................

5,192

Evergy,

Inc.

...........................................................

30,348

2,097

NiSource,

Inc.

.........................................................

58,981

2,307

NRG

Energy,

Inc.

.......................................................

17,308

1,896

OGE

Energy

Corp.

......................................................

20,111

913

11,907

533,102

Total

Common

Stocks

(Cost

$706,078)

902,316

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

,

expiring

3/31/40

(a) (e) ..............................

1,780

—

Total

Warrants

(Cost

$–)

—

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

Core

MSCI

EAFE

ETF

.............................................

8,677

683

Total

Exchange-Traded

Funds

(Cost

$670)

683

Collateral

for

Securities

Loaned

(0.3%)^

United

States

(0.3%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(g) ........

736,157

736

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(g) ............

736,157

737

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(g) ...............

736,157

736

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(g) .

736,157

736

Total

Collateral

for

Securities

Loaned

(Cost

$2,945)

2,945

Total

Investments

(Cost

$709,693)

—

99.5%

905,944

Other

assets

in

excess

of

liabilities

—

0.5%

4,490

NET

ASSETS

-

100.00%

$

910,434

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Bank

St

Petersburg

PJSC

......................................

12/15/2021

$

Detsky

Mir

PJSC

............................................

9/30/2020

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2025,

the

fair

value

of

these

securities

was

$11,924

(thousands)

and

amounted

to

1.3%

of

net

assets.

(d) Amount

represents

less

than

0.05%

of

net

assets.

(e) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

April

30,

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)

(f) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

April

30,

2025

(amounts

in

thousands):

(g) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(99.6%)

Australia

(1.6%):

Consumer

Discretionary

(0.0%):(a)

Aristocrat

Leisure

Ltd.

...................................................

3,065

$

Consumer

Staples

(0.5%):

Coles

Group

Ltd.

(b) .....................................................

94,912

1,288

Woolworths

Group

Ltd.

..................................................

53,124

1,072

2,360

Financials

(0.5%):

Medibank

Pvt.

Ltd.

......................................................

744,302

2,214

Health

Care

(0.0%):(a)

Pro

Medicus

Ltd.

.......................................................

725

Industrials

(0.1%):

Brambles

Ltd.

.........................................................

12,096

Qantas

Airways

Ltd.

.....................................................

18,021

Materials

(0.5%):

BHP

Group

Ltd.

........................................................

84,775

2,020

Fortescue

Ltd.

.........................................................

14,223

2,167

7,239

Austria

(0.0%):(a)

Financials

(0.0%):(a)

Erste

Group

Bank

AG

....................................................

2,742

Bermuda

(0.0%):(a)

Financials

(0.0%):(a)

Everest

Group

Ltd.

......................................................

Brazil

(0.7%):

Energy

(0.2%):

Petroleo

Brasileiro

SA

,

Preference

Shares

.....................................

207,700

1,098

Financials

(0.4%):

Itau

Unibanco

Holding

SA

,

Preference

Shares

..................................

246,120

1,543

Industrials

(0.1%):

WEG

SA

.............................................................

52,900

Materials

(0.0%):(a)

Vale

SA

..............................................................

15,197

3,199

Canada

(2.8%):

Consumer

Discretionary

(0.6%):

Dollarama,

Inc.

........................................................

20,245

2,498

Gildan

Activewear,

Inc.

..................................................

2,802

2,627

Consumer

Staples

(0.3%):

Alimentation

Couche-Tard,

Inc.

.............................................

13,669

714

George

Weston

Ltd.

.....................................................

645

Loblaw

Cos.

Ltd.

.......................................................

2,003

1,165

Energy

(0.8%):

Canadian

Natural

Resources

Ltd.

............................................

37,731

1,083

Cenovus

Energy,

Inc.

....................................................

26,487

MEG

Energy

Corp.

.....................................................

48,403

679

Suncor

Energy,

Inc.

.....................................................

42,736

1,509

3,583

Financials

(0.4%):

Canadian

Imperial

Bank

of

Commerce

........................................

10,490

662

iA

Financial

Corp.,

Inc.

...................................................

1,856

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Manulife

Financial

Corp.

.................................................

6,792

$

Sun

Life

Financial,

Inc.

..................................................

4,624

The

Toronto-Dominion

Bank

...............................................

9,411

601

1,927

Industrials

(0.1%):

TFI

International,

Inc.

....................................................

5,125

Information

Technology

(0.6%):

CGI,

Inc.

.............................................................

5,428

576

Constellation

Software,

Inc.

...............................................

531

1,914

2,490

12,209

China

(2.3%):

Communication

Services

(0.2%):

NetEase,

Inc.

..........................................................

23,400

503

Tencent

Holdings

Ltd.

...................................................

10,400

637

1,140

Consumer

Discretionary

(0.9%):

ANTA

Sports

Products

Ltd.

................................................

82,600

976

BYD

Co.

Ltd.

.........................................................

33,000

1,567

Haidilao

International

Holding

Ltd.

(c) ........................................

182,000

JD.com,

Inc.

,

Class

SW

..................................................

8,300

Meituan

,

Class

W

(b) (c) ...................................................

8,900

Topsports

International

Holdings

Ltd.

(c) ......................................

339,000

Vipshop

Holdings

Ltd.

,

ADR

..............................................

35,070

3,848

Consumer

Staples

(0.2%):

Giant

Biogene

Holding

Co.

Ltd.

(c) ..........................................

60,800

628

Tingyi

Cayman

Islands

Holding

Corp.

........................................

138,000

878

Energy

(0.5%):

China

Shenhua

Energy

Co.

Ltd.

,

Class

H

......................................

188,000

706

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

,

Class

B

....................................

403,100

802

PetroChina

Co.

Ltd.

,

Class

H

..............................................

848,000

648

2,156

Financials

(0.3%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

342,000

Bank

of

China

Ltd.

,

Class

H

...............................................

650,000

China

Construction

Bank

Corp.

,

Class

H

......................................

293,000

China

Life

Insurance

Co.

Ltd.

,

Class

H

.......................................

86,000

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

.............................

425,000

1,261

Industrials

(0.0%):(a)

Yangzijiang

Shipbuilding

Holdings

Ltd.

(b) .....................................

106,200

Information

Technology

(0.2%):

Lenovo

Group

Ltd.

......................................................

360,000

Shanghai

Baosight

Software

Co.

Ltd.

,

Class

B

..................................

128,000

Xiaomi

Corp.

,

Class

W

(b) (c) ...............................................

33,400

818

Materials

(0.0%):(a)

Aluminum

Corp.

of

China

Ltd.

,

Class

H

.......................................

202,000

10,391

Denmark

(0.5%):

Consumer

Discretionary

(0.3%):

Pandora

A/S

..........................................................

7,080

1,054

Health

Care

(0.2%):

Novo

Nordisk

A/S

,

Class

B

................................................

15,045

1,006

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Industrials

(0.0%):(a)

AP

Moller

-

Maersk

A/S

,

Class

B

...........................................

$

2,139

Finland

(1.2%):

Communication

Services

(0.2%):

Elisa

Oyj

.............................................................

17,934

957

Health

Care

(0.4%):

Orion

Oyj

,

Class

B

......................................................

30,854

1,931

Industrials

(0.5%):

Kone

Oyj

,

Class

B

......................................................

37,094

2,297

Information

Technology

(0.1%):

Nokia

Oyj

............................................................

43,744

5,404

France

(1.4%):

Consumer

Discretionary

(0.6%):

Cie

Generale

des

Etablissements

Michelin

SCA

.................................

2,394

FDJ

UNITED

(b) (c) .....................................................

25,595

912

Hermes

International

SCA

................................................

559

1,537

2,537

Consumer

Staples

(0.1%):

L'Oreal

SA

(b) .........................................................

1,121

Energy

(0.3%):

TotalEnergies

SE

.......................................................

26,458

1,507

Health

Care

(0.1%):

Ipsen

SA

.............................................................

3,695

Industrials

(0.2%):

Cie

de

Saint-Gobain

SA

..................................................

3,757

Schneider

Electric

SE

....................................................

1,004

643

Utilities

(0.1%):

Engie

SA

.............................................................

18,331

5,990

Germany

(1.0%):

Communication

Services

(0.1%):

CTS

Eventim

AG

&

Co.

KGaA

.............................................

3,122

Deutsche

Telekom

AG

...................................................

6,907

618

Financials

(0.4%):

Allianz

SE

,

Registered

Shares

..............................................

Deutsche

Bank

AG

,

Registered

Shares

........................................

8,312

Deutsche

Boerse

AG

....................................................

Talanx

AG

............................................................

11,080

1,271

1,754

Industrials

(0.4%):

Deutsche

Post

AG

......................................................

16,655

712

GEA

Group

AG

........................................................

13,940

909

Rational

AG

..........................................................

1,878

Materials

(0.1%):

Heidelberg

Materials

AG

.................................................

1,710

4,592

Hong

Kong

(0.8%):

Communication

Services

(0.0%):(a)

HKT

Trust

&

HKT

Ltd.

,

Class

SS

...........................................

75,000

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Consumer

Discretionary

(0.2%):

Bosideng

International

Holdings

Ltd.

.........................................

922,000

$

Chow

Tai

Fook

Jewellery

Group

Ltd.

(d) .......................................

485,800

649

1,126

Consumer

Staples

(0.1%):

Want

Want

China

Holdings

Ltd.

............................................

260,000

WH

Group

Ltd.

........................................................

165,500

Financials

(0.3%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

317,000

1,315

Industrials

(0.2%):

SITC

International

Holdings

Co.

Ltd.

.........................................

145,000

Techtronic

Industries

Co.

Ltd.

..............................................

36,500

769

3,635

India

(2.7%):

Communication

Services

(0.2%):

Bharti

Airtel

Ltd.

.......................................................

6,187

Tata

Communications

Ltd.

................................................

29,219

550

687

Consumer

Discretionary

(0.2%):

Bajaj

Auto

Ltd.

(b) ......................................................

4,751

Jubilant

Foodworks

Ltd.

(b) ................................................

20,546

Page

Industries

Ltd.

.....................................................

832

Consumer

Staples

(0.5%):

Britannia

Industries

Ltd.

..................................................

10,744

692

Colgate-Palmolive

India

Ltd.

..............................................

10,038

ITC

Ltd.

.............................................................

212,509

1,070

Marico

Ltd.

...........................................................

36,224

2,374

Financials

(0.4%):

ICICI

Bank

Ltd.

........................................................

90,460

1,521

Health

Care

(0.1%):

Sun

Pharmaceutical

Industries

Ltd.

..........................................

8,901

Torrent

Pharmaceuticals

Ltd.

...............................................

7,102

Industrials

(0.3%):

Bharat

Electronics

Ltd.

...................................................

39,714

CG

Power

&

Industrial

Solutions

Ltd.

........................................

33,983

Cummins

India

Ltd.

.....................................................

6,235

Havells

India

Ltd.

(b) ....................................................

33,209

629

InterGlobe

Aviation

Ltd.

(b) (c) ..............................................

4,138

1,500

Information

Technology

(0.7%):

HCL

Technologies

Ltd.

...................................................

24,535

Infosys

Ltd.

...........................................................

70,319

1,243

Tata

Consultancy

Services

Ltd.

.............................................

28,738

1,173

2,871

Materials

(0.3%):

Asian

Paints

Ltd.

.......................................................

4,870

Pidilite

Industries

Ltd.

...................................................

19,094

687

Tata

Steel

Ltd.

.........................................................

52,482

Vedanta

Ltd.

..........................................................

101,083

502

1,416

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Utilities

(0.0%):(a)

Power

Grid

Corp.

of

India

Ltd.

.............................................

44,709

$

11,835

Indonesia

(0.8%):

Communication

Services

(0.1%):

PT

Telkom

Indonesia

Persero

Tbk

...........................................

2,981,000

Consumer

Staples

(0.0%):(a)

PT

Sumber

Alfaria

Trijaya

Tbk

.............................................

839,900

Energy

(0.1%):

PT

Alamtri

Resources

Indonesia

Tbk

.........................................

2,210,200

Financials

(0.6%):

PT

Bank

Central

Asia

Tbk

.................................................

2,207,000

1,174

PT

Bank

Mandiri

Persero

Tbk

..............................................

2,974,800

879

PT

Bank

Rakyat

Indonesia

Persero

Tbk

.......................................

3,030,300

702

2,755

3,587

Ireland

(1.3%):

Consumer

Discretionary

(0.1%):

PDD

Holdings,

Inc.

,

ADR

(b) ...............................................

5,721

604

Industrials

(0.5%):

Trane

Technologies

PLC

..................................................

5,671

2,173

Information

Technology

(0.7%):

Accenture

PLC

,

Class

A

..................................................

8,157

2,440

TE

Connectivity

PLC

....................................................

2,928

2,869

5,646

Israel

(0.4%):

Financials

(0.0%):(a)

Bank

Leumi

Le-Israel

BM

................................................

12,994

Health

Care

(0.0%):(a)

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(b) ...................................

10,544

Information

Technology

(0.4%):

Check

Point

Software

Technologies

Ltd.

(b) ....................................

7,245

1,591

1,939

Italy

(0.5%):

Consumer

Discretionary

(0.2%):

Ferrari

NV

............................................................

1,982

907

Financials

(0.2%):

FinecoBank

Banca

Fineco

SpA

.............................................

40,301

806

Industrials

(0.0%):(a)

Prysmian

SpA

.........................................................

2,040

Utilities

(0.1%):

Enel

SpA

.............................................................

29,490

2,081

Japan

(3.5%):

Communication

Services

(0.2%):

Nintendo

Co.

Ltd.

......................................................

11,200

930

Consumer

Discretionary

(0.6%):

Asics

Corp.

...........................................................

36,500

785

Bandai

Namco

Holdings,

Inc.

..............................................

5,300

Fast

Retailing

Co.

Ltd.

...................................................

2,400

789

Isuzu

Motors

Ltd.

.......................................................

11,600

Subaru

Corp.

..........................................................

50,900

922

2,836

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Financials

(0.2%):

SBI

Holdings,

Inc.

......................................................

5,400

$

Sompo

Holdings,

Inc.

....................................................

7,500

Tokio

Marine

Holdings,

Inc.

...............................................

6,400

644

Health

Care

(0.6%):

Chugai

Pharmaceutical

Co.

Ltd.

............................................

20,300

1,170

Hoya

Corp.

...........................................................

12,500

1,471

Otsuka

Holdings

Co.

Ltd.

.................................................

3,800

2,826

Industrials

(0.6%):

Hitachi

Ltd.

...........................................................

9,765

Nippon

Yusen

KK

......................................................

4,800

Recruit

Holdings

Co.

Ltd.

.................................................

34,400

1,907

Toyota

Tsusho

Corp.

.....................................................

10,500

2,514

Information

Technology

(1.1%):

Canon,

Inc.

(d) .........................................................

5,400

Nomura

Research

Institute

Ltd.

.............................................

30,500

1,155

Oracle

Corp.

..........................................................

18,200

2,188

Tokyo

Electron

Ltd.

.....................................................

3,200

Trend

Micro,

Inc.

.......................................................

11,500

825

4,812

Materials

(0.1%):

Nitto

Denko

Corp.

......................................................

32,300

568

Utilities

(0.1%):

Chubu

Electric

Power

Co.,

Inc.

.............................................

7,700

The

Kansai

Electric

Power

Co.,

Inc.

..........................................

6,900

15,315

Luxembourg

(0.0%):(a)

Energy

(0.0%):(a)

Tenaris

SA

............................................................

8,067

Malaysia

(0.1%):

Consumer

Discretionary

(0.0%):(a)

MR

DIY

Group

M

Bhd

(c) .................................................

419,900

Materials

(0.1%):

Press

Metal

Aluminium

Holdings

Bhd

........................................

225,200

Mexico

(0.4%):

Consumer

Staples

(0.3%):

Gruma

SAB

de

CV

,

Class

B

...............................................

8,873

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

.................................

106,286

Wal-Mart

de

Mexico

SAB

de

CV

...........................................

278,577

883

1,240

Financials

(0.1%):

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.................................

54,732

Materials

(0.0%):(a)

Grupo

Mexico

SAB

de

CV

,

Class

B

..........................................

26,764

1,849

Netherlands

(1.5%):

Communication

Services

(0.3%):

Koninklijke

KPN

NV

....................................................

273,774

1,274

Consumer

Staples

(0.3%):

Koninklijke

Ahold

Delhaize

NV

............................................

30,863

1,267

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Industrials

(0.5%):

Wolters

Kluwer

NV

.....................................................

12,237

$

2,160

Information

Technology

(0.4%):

ASML

Holding

NV

.....................................................

2,497

1,671

BE

Semiconductor

Industries

NV

...........................................

1,178

1,799

6,500

Norway

(0.4%):

Communication

Services

(0.1%):

Telenor

ASA

..........................................................

12,212

Industrials

(0.3%):

Kongsberg

Gruppen

ASA

.................................................

7,664

1,236

Materials

(0.0%):(a)

Norsk

Hydro

ASA

......................................................

27,829

1,567

Philippines

(0.1%):

Industrials

(0.1%):

International

Container

Terminal

Services,

Inc.

..................................

83,250

509

Poland

(0.3%):

Financials

(0.3%):

Santander

Bank

Polska

SA

................................................

7,257

1,117

Portugal

(0.0%):(a)

Energy

(0.0%):(a)

Galp

Energia

SGPS

SA

...................................................

4,775

Russian

Federation

(0.0%):

Consumer

Staples

(0.0%):

X5

Retail

Group

NV

,

GDR

(b) (e) (f) ..........................................

18,705

—

Energy

(0.0%):

LUKOIL

PJSC

(b) (e) (f) ...................................................

34,009

—

Tatneft

PJSC

(b) (e) (f) ....................................................

90,761

—

—

Financials

(0.0%):

Sberbank

of

Russia

PJSC

(b) (e) (f) ...........................................

409,312

—

Materials

(0.0%):

MMC

Norilsk

Nickel

PJSC

(b) (e) (f) ..........................................

524,900

—

—

Singapore

(0.9%):

Financials

(0.9%):

DBS

Group

Holdings

Ltd.

.................................................

5,100

Oversea-Chinese

Banking

Corp.

Ltd.

.........................................

130,000

1,609

Singapore

Exchange

Ltd.

.................................................

202,700

2,230

4,005

South

Africa

(0.3%):

Consumer

Staples

(0.1%):

Clicks

Group

Ltd.

......................................................

20,014

Financials

(0.1%):

Capitec

Bank

Holdings

Ltd.

...............................................

1,730

FirstRand

Ltd.

.........................................................

20,352

Standard

Bank

Group

Ltd.

................................................

10,189

528

Materials

(0.1%):

Gold

Fields

Ltd.

........................................................

6,529

1,101

South

Korea

(0.4%):

Consumer

Discretionary

(0.2%):

Hyundai

Motor

Co.

.....................................................

581

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Kia

Corp.

............................................................

18,194

$

1,156

1,234

Financials

(0.1%):

DB

Insurance

Co.

Ltd.

...................................................

3,221

KB

Financial

Group,

Inc.

.................................................

2,285

Industrials

(0.1%):

Hyundai

Rotem

Co.

Ltd.

..................................................

4,636

1,952

Spain

(1.3%):

Consumer

Discretionary

(0.5%):

Industria

de

Diseno

Textil

SA

(d) ............................................

43,066

2,316

Financials

(0.6%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

173,432

2,380

Banco

Santander

SA

.....................................................

31,300

2,600

Industrials

(0.1%):

Aena

SME

SA

(c) .......................................................

627

Utilities

(0.1%):

Endesa

SA

............................................................

6,296

Iberdrola

SA

..........................................................

16,296

5,556

Sweden

(0.1%):

Industrials

(0.1%):

Atlas

Copco

AB

,

Class

A

.................................................

8,773

Volvo

AB

,

Class

B

......................................................

7,009

Information

Technology

(0.0%):(a)

Telefonaktiebolaget

LM

Ericsson

,

Class

B

.....................................

24,805

536

Switzerland

(3.9%):

Consumer

Staples

(0.7%):

Coca-Cola

HBC

AG

.....................................................

4,289

Nestle

SA

,

Registered

Shares

..............................................

24,965

2,659

2,882

Financials

(0.0%):(a)

Partners

Group

Holding

AG

...............................................

Zurich

Insurance

Group

AG

...............................................

Health

Care

(1.7%):

Novartis

AG

,

Registered

Shares

.............................................

31,644

3,611

Roche

Holding

AG

......................................................

11,858

3,899

7,510

Industrials

(1.2%):

ABB

Ltd.

,

Registered

Shares

...............................................

22,684

1,199

Geberit

AG

,

Registered

Shares

.............................................

3,299

2,286

Kuehne

+

Nagel

International

AG

,

Class

R

.....................................

2,180

502

Schindler

Holding

AG

,

Class

PC

............................................

SGS

SA

,

Registered

Shares

(b) ..............................................

8,715

852

VAT

Group

AG

(c) ......................................................

776

5,235

Information

Technology

(0.1%):

Logitech

International

SA

,

Class

R

..........................................

7,808

594

Materials

(0.2%):

EMS-Chemie

Holding

AG

................................................

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Glencore

PLC

.........................................................

40,419

$

Holcim

AG

...........................................................

1,429

654

17,078

Taiwan

(1.6%):

Consumer

Staples

(0.1%):

Uni-President

Enterprises

Corp.

............................................

186,730

Industrials

(0.1%):

Eva

Airways

Corp.

......................................................

188,000

Information

Technology

(1.4%):

Advantech

Co.

Ltd.

.....................................................

75,295

789

ASE

Technology

Holding

Co.

Ltd.

...........................................

19,000

Delta

Electronics,

Inc.

...................................................

11,000

MediaTek,

Inc.

.........................................................

19,000

808

Quanta

Computer,

Inc.

(b) .................................................

10,000

Realtek

Semiconductor

Corp.

..............................................

66,000

1,086

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

26,000

737

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.............................

16,320

2,720

6,411

7,086

Thailand

(0.0%):(a)

Health

Care

(0.0%):(a)

Bumrungrad

Hospital

PCL

................................................

24,900

United

Kingdom

(4.0%):

Consumer

Discretionary

(0.8%):

Compass

Group

PLC

....................................................

9,332

InterContinental

Hotels

Group

PLC

..........................................

12,200

1,302

Next

PLC

............................................................

12,826

2,116

3,732

Consumer

Staples

(1.1%):

British

American

Tobacco

PLC

.............................................

3,863

Imperial

Brands

PLC

....................................................

61,852

2,538

Tesco

PLC

............................................................

29,324

Unilever

PLC

.........................................................

35,025

2,230

5,081

Energy

(0.6%):

BP

PLC

..............................................................

161,938

748

Shell

PLC

(b) ..........................................................

53,132

1,714

2,462

Financials

(0.1%):

HSBC

Holdings

PLC

....................................................

28,600

Standard

Chartered

PLC

..................................................

11,213

Health

Care

(0.5%):

GSK

PLC

............................................................

106,226

2,101

Industrials

(0.7%):

Intertek

Group

PLC

.....................................................

5,594

RELX

PLC

...........................................................

46,351

2,529

Rolls-Royce

Holdings

PLC

................................................

33,407

3,211

Materials

(0.1%):

Anglo

American

PLC

....................................................

5,922

Anglogold

Ashanti

PLC

..................................................

3,068

Rio

Tinto

PLC

.........................................................

4,454

555

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Utilities

(0.1%):

Centrica

PLC

..........................................................

102,384

$

17,841

United

States

(62.2%):

Communication

Services

(5.4%):

Alphabet,

Inc.

,

Class

C

...................................................

70,277

11,277

AT&T,

Inc.

...........................................................

23,496

651

Meta

Platforms,

Inc.

,

Class

A

..............................................

17,590

9,657

Netflix,

Inc.

(b) .........................................................

1,096

1,240

T-Mobile

US,

Inc.

......................................................

1,652

Verizon

Communications,

Inc.

..............................................

11,463

505

23,738

Consumer

Discretionary

(6.7%):

Airbnb,

Inc.

,

Class

A

(b) ..................................................

15,076

1,838

Amazon.com,

Inc.

(b) ....................................................

1,207

AutoZone,

Inc.

(b) ......................................................

1,855

Best

Buy

Co.,

Inc.

......................................................

4,055

Booking

Holdings,

Inc.

...................................................

1,146

5,844

Chipotle

Mexican

Grill,

Inc.

(b) .............................................

21,819

1,102

D.R.

Horton,

Inc.

.......................................................

612

Deckers

Outdoor

Corp.

(b) .................................................

11,231

1,245

Domino's

Pizza,

Inc.

.....................................................

2,267

1,112

Expedia

Group,

Inc.

.....................................................

7,993

1,254

General

Motors

Co.

.....................................................

8,340

Lennar

Corp.

,

Class

A

....................................................

2,008

Lowe's

Cos.,

Inc.

.......................................................

13,895

3,106

Marriott

International,

Inc.

,

Class

A

..........................................

872

NVR,

Inc.

(b) ..........................................................

O'Reilly

Automotive,

Inc.

(b) ...............................................

3,789

5,362

PulteGroup,

Inc.

........................................................

3,373

Starbucks

Corp.

........................................................

5,220

The

Home

Depot,

Inc.

...................................................

4,341

1,565

The

TJX

Cos.,

Inc.

......................................................

11,410

1,468

Ulta

Beauty,

Inc.

(b) .....................................................

3,255

1,288

29,569

Consumer

Staples

(7.1%):

Altria

Group,

Inc.

.......................................................

107,542

6,361

Colgate-Palmolive

Co.

...................................................

57,730

5,322

Costco

Wholesale

Corp.

..................................................

3,262

3,244

Kimberly-Clark

Corp.

....................................................

16,015

2,111

Philip

Morris

International,

Inc.

.............................................

45,423

7,784

The

Kroger

Co.

........................................................

1,342

The

Procter

&

Gamble

Co.

................................................

36,871

5,994

Walmart,

Inc.

..........................................................

7,549

734

31,647

Energy

(2.0%):

ConocoPhillips

Co.

.....................................................

13,556

1,208

Coterra

Energy,

Inc.

.....................................................

11,158

Devon

Energy

Corp.

.....................................................

43,215

1,314

EOG

Resources,

Inc.

....................................................

42,530

4,693

Expand

Energy

Corp.

....................................................

3,289

Marathon

Petroleum

Corp.

................................................

5,977

821

8,652

Financials

(6.5%):

American

Express

Co.

...................................................

1,684

Ameriprise

Financial,

Inc.

.................................................

6,602

3,110

Capital

One

Financial

Corp.

...............................................

1,780

Fidelity

National

Financial,

Inc.

............................................

5,160

Fifth

Third

Bancorp

.....................................................

7,881

JPMorgan

Chase

&

Co.

..................................................

4,308

1,054

Loews

Corp.

..........................................................

1,924

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) M&T

Bank

Corp.

.......................................................

1,605

$

Mastercard,

Inc.

,

Class

A

.................................................

12,503

6,852

MSCI,

Inc.

...........................................................

5,435

2,963

Northern

Trust

Corp.

....................................................

2,874

PayPal

Holdings,

Inc.

(b) ..................................................

5,294

SEI

Investments

Co.

.....................................................

9,822

769

Synchrony

Financial

.....................................................

7,201

T. Rowe

Price

Group,

Inc.

.................................................

733

The

Allstate

Corp.

......................................................

1,934

The

Goldman

Sachs

Group,

Inc.

............................................

784

The

Progressive

Corp.

...................................................

20,240

5,702

Visa,

Inc.

,

Class

A

......................................................

8,275

2,859

W.R.

Berkley

Corp.

.....................................................

27,081

1,941

28,944

Health

Care

(7.2%):

AbbVie,

Inc.

..........................................................

25,251

4,926

Bristol-Myers

Squibb

Co.

.................................................

19,712

990

Cardinal

Health,

Inc.

....................................................

3,042

Cencora,

Inc.

..........................................................

1,433

DaVita,

Inc.

(b) .........................................................

Eli

Lilly

&

Co.

.........................................................

3,068

2,758

Gilead

Sciences,

Inc.

....................................................

40,314

4,295

HCA

Healthcare,

Inc.

....................................................

1,286

IDEXX

Laboratories,

Inc.

(b) ...............................................

3,087

1,336

Johnson

&

Johnson

.....................................................

26,328

4,115

McKesson

Corp.

.......................................................

4,968

3,541

Merck

&

Co.,

Inc.

......................................................

40,565

3,456

Mettler-Toledo

International,

Inc.

(b) .........................................

1,475

1,579

Pfizer,

Inc.

............................................................

18,889

The

Cigna

Group

.......................................................

1,343

United

Therapeutics

Corp.

(b) ..............................................

839

UnitedHealth

Group,

Inc.

.................................................

5,298

2,180

31,708

Industrials

(7.0%):

3M

Co.

..............................................................

3,232

A.O.

Smith

Corp.

.......................................................

1,209

Automatic

Data

Processing,

Inc.

............................................

12,756

3,835

Builders

FirstSource,

Inc.

(b) ...............................................

2,309

Carlisle

Cos.,

Inc.

.......................................................

3,624

1,375

Caterpillar,

Inc.

........................................................

2,312

715

Cintas

Corp.

..........................................................

24,553

5,197

Cummins,

Inc.

.........................................................

1,050

Delta

Air

Lines,

Inc.

.....................................................

3,204

EMCOR

Group,

Inc.

....................................................

4,009

1,606

Expeditors

International

of

Washington,

Inc.

....................................

2,803

Ferguson

Enterprises,

Inc.

.................................................

2,787

Leidos

Holdings,

Inc.

....................................................

2,542

Lennox

International,

Inc.

.................................................

620

Lockheed

Martin

Corp.

...................................................

12,105

5,783

Masco

Corp.

..........................................................

2,185

Otis

Worldwide

Corp.

....................................................

27,680

2,665

Owens

Corning

........................................................

1,727

Rollins,

Inc.

...........................................................

20,081

1,147

Verisk

Analytics,

Inc.

....................................................

6,009

1,781

Vertiv

Holdings

Co.

,

Class

A

...............................................

10,064

859

W.W.

Grainger,

Inc.

.....................................................

2,989

3,062

31,152

Information

Technology

(18.1%):

Adobe,

Inc.

(b) .........................................................

8,326

3,122

Apple,

Inc.

...........................................................

92,069

19,565

Applied

Materials,

Inc.

...................................................

13,186

1,987

AppLovin

Corp.

,

Class

A

(b) ...............................................

4,071

1,096

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Arista

Networks,

Inc.

(b) ..................................................

13,644

$

1,123

Autodesk,

Inc.

(b) .......................................................

1,986

545

Broadcom,

Inc.

........................................................

8,984

1,729

Cadence

Design

Systems,

Inc.

(b) ............................................

8,067

2,402

Cisco

Systems,

Inc.

.....................................................

9,726

562

Dell

Technologies,

Inc.

,

Class

C

............................................

3,438

Docusign,

Inc.

(b) .......................................................

5,416

Dropbox,

Inc.

,

Class

A

(b) .................................................

2,514

F5,

Inc.

(b) ............................................................

1,157

Fair

Isaac

Corp.

(b) ......................................................

1,892

3,764

Fortinet,

Inc.

(b) ........................................................

31,462

3,265

Gartner,

Inc.

(b) ........................................................

4,102

1,727

GoDaddy,

Inc.

,

Class

A

(b) ................................................

7,692

1,449

HP,

Inc.

..............................................................

12,552

International

Business

Machines

Corp.

........................................

2,276

550

Jabil,

Inc.

............................................................

2,230

KLA

Corp.

...........................................................

4,970

3,492

Lam

Research

Corp.

.....................................................

35,135

2,518

Manhattan

Associates,

Inc.

(b) ..............................................

4,232

751

Microsoft

Corp.

........................................................

22,760

8,996

Monolithic

Power

Systems,

Inc.

............................................

1,610

955

Motorola

Solutions,

Inc.

..................................................

958

NetApp,

Inc.

..........................................................

3,167

NVIDIA

Corp.

.........................................................

133,749

14,568

QUALCOMM,

Inc.

.....................................................

17,380

2,580

VeriSign,

Inc.

(b) .......................................................

3,077

868

80,104

Materials

(1.0%):

CF

Industries

Holdings,

Inc.

...............................................

16,050

1,258

CRH

PLC

............................................................

3,993

LyondellBasell

Industries

NV

,

Class

A

........................................

4,130

Packaging

Corp.

of

America

...............................................

1,783

Reliance,

Inc.

..........................................................

1,095

The

Sherwin-Williams

Co.

................................................

5,038

1,778

4,304

Real

Estate

(0.7%):

American

Tower

Corp.

...................................................

2,491

561

Camden

Property

Trust

...................................................

4,811

547

Equinix,

Inc.

..........................................................

Healthpeak

Properties,

Inc.

................................................

33,383

596

Prologis,

Inc.

..........................................................

4,119

Welltower,

Inc.

.........................................................

4,089

624

3,002

Utilities

(0.5%):

Dominion

Energy,

Inc.

...................................................

6,991

DTE

Energy

Co.

.......................................................

3,273

Edison

International

.....................................................

7,384

Evergy,

Inc.

...........................................................

4,568

NiSource,

Inc.

.........................................................

8,909

The

Southern

Co.

.......................................................

4,429

2,295

275,115

Uruguay

(0.6%):

Consumer

Discretionary

(0.6%):

MercadoLibre,

Inc.

(b) ...................................................

1,100

2,564

Total

Common

Stocks

(Cost

$343,041)

440,603

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

LUKOIL

PJSC

..............................................

4/22/2020

$

2,312

MMC

Norilsk

Nickel

PJSC

.....................................

9/30/2019

1,604

Sberbank

of

Russia

PJSC

......................................

4/22/2020

1,393

Tatneft

PJSC

...............................................

12/21/2020

608

X5

Retail

Group

NV

,

GDR

.....................................

11/11/2021

637

Security

Description

Shares

Value

(000) Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

,

expiring

3/31/40

(b) (e) ..............................

1,403

$

—

Total

Warrants

(Cost

$–)

—

Collateral

for

Securities

Loaned

(0.5%)^

United

States

(0.5%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(g) ........

590,008

590

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(g) ............

590,008

590

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(g) ...............

590,008

590

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(g) .

590,008

590

Total

Collateral

for

Securities

Loaned

(Cost

$2,360)

2,360

Total

Investments

(Cost

$345,401)

—

100.1%

442,963

Liabilities

in

excess

of

other

assets

—

(0.1)%

(590)

NET

ASSETS

-

100.00%

$

442,373

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Amount

represents

less

than

0.05%

of

net

assets.

(b) Non-income

producing

security.

(c) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2025,

the

fair

value

of

these

securities

was

$3,305

(thousands)

and

amounted

to

0.7%

of

net

assets.

(d) All

or

a

portion

of

this

security

is

on

loan.

(e) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

April

30,

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)

(f) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

April

30,

2025

(amounts

in

thousands):

(g) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.8%)

Communication

Services

(9.1%):

Alphabet,

Inc.

,

Class

A

...................................................

36,988

$

5,874

Alphabet,

Inc.

,

Class

C

...................................................

286,917

46,162

AT&T,

Inc.

...........................................................

111,625

3,092

Charter

Communications,

Inc.

,

Class

A

(a) .....................................

1,531

600

Comcast

Corp.

,

Class

A

..................................................

346,023

11,834

Electronic

Arts,

Inc.

.....................................................

23,813

3,455

Fox

Corp.

,

Class

A

......................................................

3,479

Fox

Corp.

,

Class

B

......................................................

2,128

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a) ............................

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

(a) ............................

3,496

Live

Nation

Entertainment,

Inc.

(a) ...........................................

2,503

Meta

Platforms,

Inc.

,

Class

A

..............................................

81,811

44,914

Netflix,

Inc.

(a) .........................................................

22,794

25,796

Omnicom

Group,

Inc.

....................................................

12,287

936

Pinterest,

Inc.

,

Class

A

(a) .................................................

7,565

ROBLOX

Corp.

,

Class

A

(a) ...............................................

9,041

606

Spotify

Technology

SA

(a) .................................................

2,345

1,440

Take-Two

Interactive

Software,

Inc.

(a) ........................................

2,626

613

The

New

York

Times

Co.

,

Class

A

...........................................

33,500

1,744

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

50,054

2,684

The

Walt

Disney

Co.

....................................................

29,219

2,657

T-Mobile

US,

Inc.

......................................................

7,302

1,803

Verizon

Communications,

Inc.

..............................................

340,827

15,017

Warner

Bros

Discovery,

Inc.

(a) .............................................

35,732

170,671

Consumer

Discretionary

(8.0%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

4,280

522

Amazon.com,

Inc.

(a) ....................................................

213,551

39,383

AutoZone,

Inc.

(a) .......................................................

640

Best

Buy

Co.,

Inc.

......................................................

45,695

3,047

Booking

Holdings,

Inc.

...................................................

1,698

Burlington

Stores,

Inc.

(a) .................................................

37,616

8,465

Carnival

Corp.

(a) .......................................................

11,117

Carvana

Co.

(a) .........................................................

1,244

Chipotle

Mexican

Grill,

Inc.

(a) .............................................

13,992

707

D.R.

Horton,

Inc.

.......................................................

19,997

2,526

Darden

Restaurants,

Inc.

..................................................

1,183

Deckers

Outdoor

Corp.

(a) .................................................

1,556

Domino's

Pizza,

Inc.

.....................................................

DoorDash,

Inc.

,

Class

A

(a) ................................................

3,447

665

DraftKings,

Inc.

(a) ......................................................

4,872

eBay,

Inc.

............................................................

4,759

Expedia

Group,

Inc.

.....................................................

1,281

Ford

Motor

Co.

........................................................

39,285

Garmin

Ltd.

...........................................................

16,489

3,081

General

Motors

Co.

.....................................................

10,007

Genuine

Parts

Co.

......................................................

1,403

Hilton

Worldwide

Holdings,

Inc.

............................................

2,365

533

Las

Vegas

Sands

Corp.

...................................................

3,796

Lennar

Corp.

,

Class

A

....................................................

26,655

2,895

Lennar

Corp.

,

Class

B

...................................................

Lowe's

Cos.,

Inc.

.......................................................

61,357

13,717

Lululemon

Athletica,

Inc.

(a) ...............................................

1,070

Marriott

International,

Inc.

,

Class

A

..........................................

2,446

584

McDonald's

Corp.

......................................................

7,280

2,327

NIKE,

Inc.

,

Class

B

.....................................................

11,840

668

NVR,

Inc.

(a) ..........................................................

O'Reilly

Automotive,

Inc.

(a) ...............................................

579

819

Pool

Corp.

............................................................

PulteGroup,

Inc.

........................................................

24,659

2,530

Ross

Stores,

Inc.

.......................................................

3,330

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Royal

Caribbean

Cruises

Ltd.

..............................................

2,500

$

537

Starbucks

Corp.

........................................................

11,404

913

Tesla,

Inc.

(a) ..........................................................

59,181

16,699

Texas

Roadhouse,

Inc.

...................................................

12,223

2,029

The

Home

Depot,

Inc.

...................................................

47,625

17,168

The

TJX

Cos.,

Inc.

......................................................

84,129

10,826

Toll

Brothers,

Inc.

......................................................

7,705

777

Tractor

Supply

Co.

......................................................

5,367

Ulta

Beauty,

Inc.

(a) .....................................................

27,595

10,918

Williams-Sonoma,

Inc.

...................................................

1,195

Wyndham

Hotels

&

Resorts,

Inc.

............................................

13,800

1,177

Yum!

Brands,

Inc.

......................................................

2,815

150,735

Consumer

Staples

(9.2%):

Altria

Group,

Inc.

.......................................................

407,123

24,081

Archer-Daniels-Midland

Co.

...............................................

97,045

4,634

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

47,645

5,601

Brown-Forman

Corp.

,

Class

A

..............................................

743

Brown-Forman

Corp.

,

Class

B

.............................................

4,911

Church

&

Dwight

Co.,

Inc.

................................................

4,057

Colgate-Palmolive

Co.

...................................................

143,495

13,229

Constellation

Brands,

Inc.

,

Class

A

..........................................

2,309

Costco

Wholesale

Corp.

..................................................

7,394

7,353

Dollar

General

Corp.

....................................................

3,658

Dollar

Tree,

Inc.

(a) ......................................................

3,630

General

Mills,

Inc.

......................................................

9,059

514

Hormel

Foods

Corp.

.....................................................

4,785

Ingredion,

Inc.

.........................................................

10,100

1,341

Kellanova

............................................................

4,872

Kenvue,

Inc.

..........................................................

31,112

734

Keurig

Dr.

Pepper,

Inc.

...................................................

177,898

6,153

Kimberly-Clark

Corp.

....................................................

125,114

16,487

McCormick

&

Co.,

Inc.

..................................................

4,364

Mondelez

International,

Inc.

,

Class

A

.........................................

21,345

1,454

Monster

Beverage

Corp.

(a) ................................................

11,653

701

PepsiCo,

Inc.

..........................................................

59,834

8,112

Philip

Morris

International,

Inc.

.............................................

129,626

22,213

Sysco

Corp.

...........................................................

144,865

10,343

Target

Corp.

..........................................................

26,124

2,526

The

Campbell's

Company

.................................................

3,253

The

Clorox

Co.

........................................................

40,220

5,723

The

Coca-Cola

Co.

......................................................

70,021

5,080

The

Estee

Lauder

Cos.,

Inc.

...............................................

3,858

The

Hershey

Co.

.......................................................

2,475

The

Kraft

Heinz

Co.

.....................................................

19,848

578

The

Kroger

Co.

........................................................

39,507

2,853

The

Procter

&

Gamble

Co.

................................................

136,726

22,228

Tyson

Foods,

Inc.

,

Class

A

................................................

4,631

Walmart,

Inc.

..........................................................

74,692

7,264

172,804

Energy

(3.3%):

Chevron

Corp.

.........................................................

55,045

7,489

Coterra

Energy,

Inc.

.....................................................

257,647

6,328

Devon

Energy

Corp.

.....................................................

222,871

6,778

Diamondback

Energy,

Inc.

................................................

13,431

1,773

EOG

Resources,

Inc.

....................................................

156,072

17,219

Marathon

Petroleum

Corp.

................................................

58,667

8,061

Ovintiv,

Inc.

..........................................................

103,978

3,492

Valero

Energy

Corp.

.....................................................

100,739

11,695

62,835

Financials

(15.3%):

Affirm

Holdings,

Inc.

(a) ..................................................

2,857

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Aflac,

Inc.

............................................................

5,144

$

559

American

Express

Co.

...................................................

33,086

8,814

American

Financial

Group,

Inc.

.............................................

19,731

2,499

American

International

Group,

Inc.

..........................................

6,219

507

Ameriprise

Financial,

Inc.

.................................................

13,826

6,512

Aon

PLC

,

Class

A

......................................................

2,176

772

Apollo

Global

Management,

Inc.

............................................

4,227

577

Arch

Capital

Group

Ltd.

..................................................

3,815

Ares

Management

Corp.

,

Class

A

...........................................

2,001

Arthur

J. Gallagher

&

Co.

.................................................

2,630

843

Axis

Capital

Holdings

Ltd.

................................................

13,000

1,252

Bank

of

America

Corp.

...................................................

77,503

3,091

Bank

OZK

............................................................

66,992

2,854

Berkshire

Hathaway,

Inc.

,

Class

A

(a) .........................................

2,402

Berkshire

Hathaway,

Inc.

,

Class

B

(a) .........................................

13,988

7,459

Blackrock,

Inc.

........................................................

1,527

1,396

Blackstone,

Inc.

........................................................

7,617

1,003

Block,

Inc.

(a) ..........................................................

5,785

Brown

&

Brown,

Inc.

....................................................

2,477

Capital

One

Financial

Corp.

...............................................

3,910

705

Cboe

Global

Markets,

Inc.

................................................

1,085

Chubb

Ltd.

...........................................................

4,169

1,193

Cincinnati

Financial

Corp.

................................................

30,452

4,239

Citigroup,

Inc.

.........................................................

19,342

1,323

Citizens

Financial

Group,

Inc.

..............................................

92,826

3,424

CME

Group,

Inc.

.......................................................

3,752

1,040

Coinbase

Global,

Inc.

,

Class

A

(a) ...........................................

2,191

Corebridge

Financial,

Inc.

.................................................

3,767

Discover

Financial

Services

...............................................

2,603

East

West

Bancorp,

Inc.

..................................................

50,932

4,357

Equitable

Holdings,

Inc.

..................................................

53,800

2,660

Erie

Indemnity

Co.

,

Class

A

...............................................

Evercore,

Inc.

.........................................................

15,317

3,144

Everest

Group

Ltd.

......................................................

15,749

5,651

FactSet

Research

Systems,

Inc.

.............................................

Fidelity

National

Financial,

Inc.

............................................

92,873

5,949

Fidelity

National

Information

Services,

Inc.

....................................

5,525

Fifth

Third

Bancorp

.....................................................

33,263

1,195

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

First

Horizon

Corp.

.....................................................

227,382

4,111

Fiserv,

Inc.

(a) ..........................................................

36,349

6,709

Global

Payments,

Inc.

....................................................

2,589

Huntington

Bancshares,

Inc.

...............................................

15,022

Interactive

Brokers

Group,

Inc.

.............................................

14,615

2,512

Intercontinental

Exchange,

Inc.

.............................................

5,918

994

Janus

Henderson

Group

PLC

..............................................

63,449

2,107

JPMorgan

Chase

&

Co.

..................................................

199,949

48,912

KeyCorp

.............................................................

11,399

KKR

&

Co.,

Inc.

.......................................................

7,122

814

Loews

Corp.

..........................................................

1,845

LPL

Financial

Holdings,

Inc.

...............................................

765

M&T

Bank

Corp.

.......................................................

1,715

Markel

Group,

Inc.

(a) ....................................................

Marsh

&

McLennan

Cos.,

Inc.

.............................................

5,158

1,163

Mastercard,

Inc.

,

Class

A

.................................................

8,584

4,705

MetLife,

Inc.

..........................................................

5,940

Moody's

Corp.

.........................................................

1,876

850

Morgan

Stanley

........................................................

73,039

8,430

MSCI,

Inc.

...........................................................

782

Nasdaq,

Inc.

..........................................................

4,356

Northern

Trust

Corp.

....................................................

25,014

2,351

PayPal

Holdings,

Inc.

(a) ..................................................

10,369

683

Principal

Financial

Group,

Inc.

.............................................

30,751

2,280

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Prudential

Financial,

Inc.

.................................................

3,682

$

Raymond

James

Financial,

Inc.

.............................................

1,956

Regions

Financial

Corp.

..................................................

9,476

Robinhood

Markets,

Inc.

,

Class

A

(a) .........................................

7,552

S&P

Global,

Inc.

.......................................................

3,195

1,598

SoFi

Technologies,

Inc.

(a) .................................................

11,532

State

Street

Corp.

.......................................................

46,992

4,140

Synchrony

Financial

.....................................................

138,374

7,189

T. Rowe

Price

Group,

Inc.

.................................................

11,091

982

The

Allstate

Corp.

......................................................

70,474

13,981

The

Bank

of

New

York

Mellon

Corp.

.........................................

117,570

9,454

The

Carlyle

Group,

Inc.

..................................................

2,633

The

Charles

Schwab

Corp.

................................................

17,995

1,465

The

Goldman

Sachs

Group,

Inc.

............................................

31,821

17,424

The

Hartford

Insurance

Group,

Inc.

..........................................

2,988

The

PNC

Financial

Services

Group,

Inc.

......................................

56,571

9,090

The

Progressive

Corp.

...................................................

26,565

7,484

The

Travelers

Cos.,

Inc.

..................................................

2,367

625

Toast,

Inc.

,

Class

A

(a) ....................................................

4,684

Tradeweb

Markets,

Inc.

,

Class

A

............................................

26,142

3,615

Truist

Financial

Corp.

....................................................

13,516

518

U.S.

Bancorp

..........................................................

16,227

655

Unum

Group

..........................................................

47,066

3,655

Visa,

Inc.

,

Class

A

......................................................

69,995

24,183

W.R.

Berkley

Corp.

.....................................................

84,882

6,085

Wells

Fargo

&

Co.

......................................................

33,859

2,404

Willis

Towers

Watson

PLC

................................................

1,040

Zions

Bancorp

NA

......................................................

33,263

1,496

286,681

Health

Care

(16.1%):

Abbott

Laboratories

.....................................................

31,430

4,109

AbbVie,

Inc.

..........................................................

137,964

26,917

Agilent

Technologies,

Inc.

.................................................

5,144

553

Align

Technology,

Inc.

(a) .................................................

1,278

Alnylam

Pharmaceuticals,

Inc.

(a) ...........................................

2,156

568

Amgen,

Inc.

...........................................................

9,596

2,792

Avantor,

Inc.

(a) ........................................................

12,125

Baxter

International,

Inc.

.................................................

9,060

Becton

Dickinson

&

Co.

..................................................

5,152

1,067

Biogen,

Inc.

(a) .........................................................

2,616

Boston

Scientific

Corp.

(a) .................................................

26,575

2,734

Bristol-Myers

Squibb

Co.

.................................................

448,086

22,494

Cardinal

Health,

Inc.

....................................................

66,068

9,335

Cencora,

Inc.

..........................................................

3,313

970

Centene

Corp.

(a) .......................................................

8,865

531

CVS

Health

Corp.

......................................................

101,250

6,754

Danaher

Corp.

.........................................................

11,864

2,365

Dexcom,

Inc.

(a) ........................................................

61,312

4,376

Edwards

Lifesciences

Corp.

(a) .............................................

10,662

805

Elevance

Health,

Inc.

....................................................

15,099

6,350

Eli

Lilly

&

Co.

.........................................................

36,863

33,138

GE

HealthCare

Technologies,

Inc.

...........................................

8,456

595

Gilead

Sciences,

Inc.

....................................................

238,465

25,406

HCA

Healthcare,

Inc.

....................................................

3,150

1,087

Hologic,

Inc.

(a) ........................................................

4,092

Humana,

Inc.

..........................................................

8,482

2,224

IDEXX

Laboratories,

Inc.

(a) ...............................................

1,504

651

Illumina,

Inc.

(a) ........................................................

2,934

Incyte

Corp.

(a) .........................................................

3,376

Insulet

Corp.

(a) ........................................................

1,284

Intuitive

Surgical,

Inc.

(a) .................................................

16,929

8,732

IQVIA

Holdings,

Inc.

(a) ..................................................

3,137

Johnson

&

Johnson

.....................................................

214,787

33,573

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Labcorp

Holdings,

Inc.

...................................................

1,536

$

McKesson

Corp.

.......................................................

7,908

5,637

Medtronic

PLC

........................................................

82,666

7,007

Merck

&

Co.,

Inc.

......................................................

195,942

16,694

Mettler-Toledo

International,

Inc.

(a) .........................................

Moderna,

Inc.

(a) .......................................................

6,313

Molina

Healthcare,

Inc.

(a) ................................................

1,018

Natera,

Inc.

(a) .........................................................

47,303

7,139

Pfizer,

Inc.

............................................................

478,558

11,682

Quest

Diagnostics,

Inc.

...................................................

31,472

5,609

Regeneron

Pharmaceuticals,

Inc.

............................................

1,860

1,114

ResMed,

Inc.

..........................................................

2,696

638

Revvity,

Inc.

..........................................................

2,194

Royalty

Pharma

PLC

,

Class

A

..............................................

157,447

5,167

STERIS

PLC

..........................................................

1,806

Stryker

Corp.

..........................................................

6,533

2,443

The

Cigna

Group

.......................................................

26,549

9,028

The

Cooper

Cos.,

Inc.

(a) ..................................................

3,626

Thermo

Fisher

Scientific,

Inc.

..............................................

6,878

2,951

UnitedHealth

Group,

Inc.

.................................................

33,448

13,762

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

2,705

632

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

14,939

7,611

Viatris,

Inc.

...........................................................

21,060

Waters

Corp.

(a) ........................................................

1,078

West

Pharmaceutical

Services,

Inc.

..........................................

1,323

Zimmer

Biomet

Holdings,

Inc.

.............................................

3,597

Zoetis,

Inc.

...........................................................

8,140

1,273

302,371

Industrials

(8.0%):

3M

Co.

..............................................................

56,826

7,894

Allison

Transmission

Holdings,

Inc.

.........................................

11,576

1,068

Automatic

Data

Processing,

Inc.

............................................

57,821

17,381

Broadridge

Financial

Solutions,

Inc.

.........................................

8,200

1,988

Builders

FirstSource,

Inc.

(a) ...............................................

18,517

2,215

BWX

Technologies,

Inc.

..................................................

22,105

2,412

C.H.

Robinson

Worldwide,

Inc.

.............................................

21,300

1,900

Carlisle

Cos.,

Inc.

.......................................................

15,908

6,037

Caterpillar,

Inc.

........................................................

16,372

5,063

Clean

Harbors,

Inc.

(a) ...................................................

28,323

6,059

Comfort

Systems

USA,

Inc.

...............................................

4,700

1,868

Cummins,

Inc.

.........................................................

28,042

8,240

Expeditors

International

of

Washington,

Inc.

....................................

45,225

4,971

FedEx

Corp.

..........................................................

36,653

7,709

Flowserve

Corp.

........................................................

24,007

1,086

GE

Vernova,

Inc.

.......................................................

6,444

2,390

HEICO

Corp.

,

Class

A

...................................................

22,069

4,434

Leidos

Holdings,

Inc.

....................................................

15,600

2,296

Lockheed

Martin

Corp.

...................................................

35,609

17,012

Masco

Corp.

..........................................................

77,120

4,674

Northrop

Grumman

Corp.

.................................................

11,122

5,411

Otis

Worldwide

Corp.

....................................................

142,637

13,732

Owens

Corning

........................................................

23,733

3,451

PACCAR,

Inc.

.........................................................

23,700

2,138

Pentair

PLC

...........................................................

16,600

1,506

Quanta

Services,

Inc.

....................................................

11,516

3,371

SS&C

Technologies

Holdings,

Inc.

..........................................

36,510

2,760

Trane

Technologies

PLC

..................................................

16,258

6,232

United

Parcel

Service,

Inc.

,

Class

B

..........................................

28,533

2,719

W.W.

Grainger,

Inc.

.....................................................

2,800

2,868

150,885

Information

Technology

(24.4%):

Accenture

PLC

,

Class

A

..................................................

21,347

6,386

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Adobe,

Inc.

(a) .........................................................

6,553

$

2,457

Advanced

Micro

Devices,

Inc.

(a) ............................................

13,511

1,315

Akamai

Technologies,

Inc.

(a) ..............................................

1,184

Amphenol

Corp.

,

Class

A

.................................................

9,637

742

Analog

Devices,

Inc.

....................................................

3,991

778

ANSYS,

Inc.

(a) ........................................................

1,348

Apple,

Inc.

...........................................................

344,998

73,312

Applied

Materials,

Inc.

...................................................

33,835

5,099

AppLovin

Corp.

,

Class

A

(a) ...............................................

19,742

5,317

Arista

Networks,

Inc.

(a) ..................................................

57,249

4,710

Atlassian

Corp.

,

Class

A

(a) ................................................

2,381

544

Autodesk,

Inc.

(a) .......................................................

20,602

5,650

Bentley

Systems,

Inc.

,

Class

B

.............................................

2,131

Broadcom,

Inc.

........................................................

98,113

18,884

Cadence

Design

Systems,

Inc.

(a) ............................................

4,171

1,242

CDW

Corp.

...........................................................

1,032

Cisco

Systems,

Inc.

.....................................................

306,888

17,717

Cloudflare,

Inc.

,

Class

A

(a) ................................................

2,421

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

67,963

5,000

Corning,

Inc.

..........................................................

48,854

2,168

Corpay,

Inc.

(a) .........................................................

705

Crowdstrike

Holdings,

Inc.

,

Class

A

(a) .......................................

8,382

3,595

Datadog,

Inc.

,

Class

A

(a) .................................................

4,673

Dell

Technologies,

Inc.

,

Class

C

............................................

2,459

Dynatrace,

Inc.

(a) ......................................................

4,448

Entegris,

Inc.

..........................................................

1,188

Fair

Isaac

Corp.

(a) ......................................................

2,182

4,341

First

Solar,

Inc.

(a) ......................................................

790

Fortinet,

Inc.

(a) ........................................................

9,857

1,023

Gartner,

Inc.

(a) ........................................................

587

Gen

Digital,

Inc.

.......................................................

8,547

GoDaddy,

Inc.

,

Class

A

(a) .................................................

1,114

Hewlett

Packard

Enterprise

Co.

.............................................

346,320

5,617

HP,

Inc.

..............................................................

147,155

3,763

HubSpot,

Inc.

(a) .......................................................

760

Intel

Corp.

............................................................

35,243

708

International

Business

Machines

Corp.

........................................

7,305

1,766

Intuit,

Inc.

............................................................

12,048

7,560

Jabil,

Inc.

............................................................

867

Keysight

Technologies,

Inc.

(a) .............................................

1,365

KLA

Corp.

...........................................................

6,948

4,882

Lam

Research

Corp.

.....................................................

134,695

9,654

Marvell

Technology,

Inc.

.................................................

6,937

Microchip

Technology,

Inc.

................................................

4,245

Micron

Technology,

Inc.

..................................................

8,764

674

Microsoft

Corp.

........................................................

242,668

95,917

MicroStrategy,

Inc.

(a) ....................................................

3,539

1,345

MongoDB,

Inc.

(a) ......................................................

574

Monolithic

Power

Systems,

Inc.

............................................

8,972

5,321

Motorola

Solutions,

Inc.

..................................................

13,678

6,024

NetApp,

Inc.

..........................................................

74,532

6,689

NVIDIA

Corp.

.........................................................

616,934

67,196

ON

Semiconductor

Corp.

(a) ...............................................

3,403

Oracle

Corp.

..........................................................

75,857

10,675

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

32,853

3,891

Palo

Alto

Networks,

Inc.

(a) ................................................

37,261

6,965

PTC,

Inc.

(a) ...........................................................

1,807

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

2,488

QUALCOMM,

Inc.

.....................................................

101,133

15,014

Roper

Technologies,

Inc.

..................................................

1,633

915

Salesforce,

Inc.

........................................................

14,274

3,836

Seagate

Technology

Holdings

PLC

..........................................

1,622

ServiceNow,

Inc.

(a) .....................................................

10,249

9,788

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Skyworks

Solutions,

Inc.

.................................................

74,226

$

4,771

Snowflake,

Inc.

,

Class

A

(a) ................................................

51,237

8,172

Super

Micro

Computer,

Inc.

(a) .............................................

2,995

Synopsys,

Inc.

(a) .......................................................

15,001

6,886

TE

Connectivity

PLC

....................................................

2,360

Teledyne

Technologies,

Inc.

(a) .............................................

Teradyne,

Inc.

.........................................................

1,292

Texas

Instruments,

Inc.

...................................................

7,264

1,163

Trimble,

Inc.

(a) ........................................................

1,935

Tyler

Technologies,

Inc.

(a) ................................................

659

VeriSign,

Inc.

(a) ........................................................

737

Western

Digital

Corp.

(a) ..................................................

2,686

Workday,

Inc.

,

Class

A

(a) .................................................

3,266

800

Zebra

Technologies

Corp.

(a) ...............................................

Zoom

Communications,

Inc.

(a) .............................................

4,000

Zscaler,

Inc.

(a) .........................................................

1,486

457,788

Materials

(1.7%):

CF

Industries

Holdings,

Inc.

...............................................

62,087

4,866

CRH

PLC

............................................................

33,082

3,157

Louisiana-Pacific

Corp.

..................................................

10,100

872

LyondellBasell

Industries

NV

,

Class

A

........................................

93,574

5,447

Olin

Corp.

............................................................

38,442

831

Packaging

Corp.

of

America

...............................................

31,727

5,889

Reliance,

Inc.

..........................................................

18,947

5,461

RPM

International,

Inc.

..................................................

13,100

1,398

Steel

Dynamics,

Inc.

.....................................................

27,708

3,594

31,515

Real

Estate

(2.4%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

30,087

2,186

AvalonBay

Communities,

Inc.

..............................................

22,360

4,695

BXP,

Inc.

.............................................................

19,940

1,271

Crown

Castle,

Inc.

......................................................

40,520

4,285

CubeSmart

...........................................................

77,860

3,167

Equinix,

Inc.

..........................................................

4,147

3,570

Extra

Space

Storage,

Inc.

.................................................

19,719

2,889

Healthpeak

Properties,

Inc.

................................................

257,251

4,589

Host

Hotels

&

Resorts,

Inc.

................................................

187,205

2,643

Kimco

Realty

Corp.

.....................................................

185,218

3,701

Prologis,

Inc.

..........................................................

52,761

5,392

Simon

Property

Group,

Inc.

...............................................

22,636

3,563

VICI

Properties,

Inc.

....................................................

132,299

4,236

46,187

Utilities

(2.3%):

Duke

Energy

Corp.

......................................................

60,300

7,358

Edison

International

.....................................................

135,911

7,273

Entergy

Corp.

.........................................................

9,519

792

Evergy,

Inc.

...........................................................

64,026

4,424

NRG

Energy,

Inc.

.......................................................

53,558

5,869

OGE

Energy

Corp.

......................................................

81,903

3,717

Public

Service

Enterprise

Group,

Inc.

.........................................

52,827

4,222

The

Southern

Co.

.......................................................

93,800

8,619

UGI

Corp.

............................................................

8,413

42,550

Total

Common

Stocks

(Cost

$1,430,621)

a

a

a

1,875,022

Total

Investments

(Cost

$1,430,621)

—

99.8%

1,875,022

Other

assets

in

excess

of

liabilities

— 0.2%

3,446

NET

ASSETS

-

100.00%

$

1,878,468

(a) Non-income

producing

security.

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Growth

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.4%)

Communication

Services

(19.1%):

Alphabet,

Inc.,

Class

A

...................................................

320,380

$

50,877

Alphabet,

Inc.,

Class

C

...................................................

449,924

72,388

Meta

Platforms,

Inc.,

Class

A

..............................................

242,407

133,082

Netflix,

Inc.(a)

.........................................................

119,786

135,564

The

Trade

Desk,

Inc.,

Class

A(a)

............................................

124,283

6,665

The

Walt

Disney

Co.

....................................................

288,149

26,207

424,783

Communications

Equipment

(0.5%):

Arista

Networks,

Inc.(a)

..................................................

122,210

10,054

Consumer

Discretionary

(13.6%):

Alibaba

Group

Holding

Ltd.,

ADR

..........................................

68,362

8,164

Amazon.com,

Inc.(a)

....................................................

642,279

118,449

Burlington

Stores,

Inc.(a)

.................................................

92,097

20,725

NIKE,

Inc.,

Class

B

.....................................................

136,410

7,694

Starbucks

Corp.

........................................................

188,765

15,111

Tesla,

Inc.(a)

..........................................................

320,346

90,389

Ulta

Beauty,

Inc.(a)

.....................................................

67,520

26,714

Yum

China

Holdings,

Inc.

.................................................

91,806

3,976

Yum!

Brands,

Inc.

......................................................

78,462

11,804

303,026

Consumer

Staples

(2.6%):

BJ's

Wholesale

Club

Holdings,

Inc.(a)

........................................

118,954

13,984

Keurig

Dr.

Pepper,

Inc.

...................................................

394,490

13,645

Monster

Beverage

Corp.(a)

................................................

512,449

30,809

58,438

Energy

(0.2%):

Diamondback

Energy,

Inc.

................................................

33,600

4,435

Financials

(8.5%):

Block,

Inc.(a)

..........................................................

144,134

8,428

FactSet

Research

Systems,

Inc.

.............................................

29,878

12,914

Fiserv,

Inc.(a)

..........................................................

76,367

14,095

PayPal

Holdings,

Inc.(a)

..................................................

130,721

8,607

SEI

Investments

Co.

.....................................................

170,174

13,323

The

Progressive

Corp.

...................................................

50,849

14,326

Tradeweb

Markets,

Inc.,

Class

A

............................................

65,042

8,995

Visa,

Inc.,

Class

A

......................................................

318,119

109,910

190,598

Health

Care

(10.7%):

Dexcom

,

Inc.(a)

........................................................

136,887

9,771

Eli

Lilly

&

Co.

.........................................................

54,106

48,639

Illumina,

Inc.(a)

........................................................

84,246

6,538

Intuitive

Surgical,

Inc.(a)

.................................................

60,839

31,381

Natera

,

Inc.(a)

.........................................................

111,747

16,866

Novartis

AG,

ADR

......................................................

113,384

12,868

Novo

Nordisk

A/S,

ADR

..................................................

259,690

17,256

Regeneron

Pharmaceuticals,

Inc.

............................................

33,273

19,923

Roche

Holding

AG,

ADR

.................................................

257,915

10,515

Thermo

Fisher

Scientific,

Inc.

..............................................

29,560

12,681

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

104,097

53,037

239,475

Industrials

(5.9%):

Builders

FirstSource

,

Inc.(a)

...............................................

46,186

5,525

BWX

Technologies,

Inc.

..................................................

55,004

6,002

Clean

Harbors,

Inc.(a)

...................................................

70,592

15,103

Deere

&

Co.

..........................................................

27,298

12,654

Expeditors

International

of

Washington,

Inc.

....................................

113,374

12,461

GE

Vernova

,

Inc.

.......................................................

16,121

5,978

HEICO

Corp.,

Class

A

...................................................

55,005

11,052

Victory

Portfolios

III

#### Victory

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Quanta

Services,

Inc.

....................................................

29,083

$

8,512

The

Boeing

Co.(a)

......................................................

293,259

53,737

131,024

IT

Services

(2.0%):

Shopify,

Inc.,

Class

A(a)

..................................................

276,069

26,227

Snowflake,

Inc.,

Class

A(a)

................................................

121,596

19,393

45,620

Semiconductors

&

Semiconductor

Equipment

(12.5%):

Broadcom,

Inc.

........................................................

153,626

29,568

Lam

Research

Corp.

.....................................................

151,427

10,853

Monolithic

Power

Systems,

Inc.

............................................

21,774

12,914

NVIDIA

Corp.

.........................................................

1,935,336

210,797

QUALCOMM,

Inc.

.....................................................

92,356

13,711

277,843

Software

(18.4%):

AppLovin

Corp.,

Class

A(a)

...............................................

42,958

11,569

Autodesk,

Inc.(a)

.......................................................

158,244

43,398

Crowdstrike

Holdings,

Inc.,

Class

A(a)

.......................................

11,515

4,939

Fair

Isaac

Corp.(a)

......................................................

4,543

9,039

Intuit,

Inc.

............................................................

20,249

12,706

Microsoft

Corp.

........................................................

450,595

178,102

Oracle

Corp.

..........................................................

464,753

65,400

Palo

Alto

Networks,

Inc.(a)

................................................

67,450

12,609

Salesforce,

Inc.

........................................................

114,798

30,847

ServiceNow

,

Inc.(a)

.....................................................

17,639

16,845

Synopsys,

Inc.(a)

.......................................................

31,571

14,491

Workday,

Inc.,

Class

A(a)

.................................................

39,839

9,761

409,706

Technology

Hardware,

Storage

&

Peripherals

(5.4%):

Apple,

Inc.

...........................................................

568,663

120,841

Total

Common

Stocks

(Cost

$846,135)

a

a

a

2,215,843

Total

Investments

(Cost

$846,135)

—

99.4%

2,215,843

Other

assets

in

excess

of

liabilities

— 0.6%

13,572

NET

ASSETS

-

100.00%

$

2,229,415

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Income

#### Stock

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.6%)

Communication

Services

(2.9%):

Comcast

Corp.,

Class

A

..................................................

724,856

$

24,790

Electronic

Arts,

Inc.

.....................................................

50,500

7,327

Omnicom

Group,

Inc.

....................................................

19,224

1,464

The

New

York

Times

Co.,

Class

A

...........................................

80,400

4,186

Verizon

Communications,

Inc.

..............................................

698,296

30,767

68,534

Consumer

Discretionary

(5.5%):

Best

Buy

Co.,

Inc.

......................................................

112,061

7,473

D.R.

Horton,

Inc.

.......................................................

43,264

5,466

Garmin

Ltd.

...........................................................

38,358

7,168

Lennar

Corp.,

Class

A

....................................................

59,127

6,422

Lowe's

Cos.,

Inc.

.......................................................

141,703

31,679

PulteGroup,

Inc.

........................................................

58,971

6,049

Texas

Roadhouse,

Inc.

...................................................

32,261

5,354

The

Home

Depot,

Inc.

...................................................

95,631

34,474

The

TJX

Cos.,

Inc.

......................................................

184,783

23,778

Toll

Brothers,

Inc.

......................................................

19,968

2,014

Wyndham

Hotels

&

Resorts,

Inc.

............................................

35,200

3,003

132,880

Consumer

Staples

(12.1%):

Altria

Group,

Inc.

.......................................................

969,978

57,374

Archer-Daniels-Midland

Co.

...............................................

227,031

10,841

Colgate-Palmolive

Co.

...................................................

331,940

30,602

Ingredion,

Inc.

.........................................................

23,200

3,081

Kimberly-Clark

Corp.

....................................................

305,948

40,318

PepsiCo,

Inc.

..........................................................

95,182

12,905

Philip

Morris

International,

Inc.

.............................................

263,932

45,227

Sysco

Corp.

...........................................................

348,631

24,892

Target

Corp.

..........................................................

48,186

4,660

The

Clorox

Co.

........................................................

97,437

13,865

The

Kroger

Co.

........................................................

65,919

4,760

The

Procter

&

Gamble

Co.

................................................

249,358

40,538

289,063

Energy

(6.5%):

Chevron

Corp.

.........................................................

140,702

19,144

Coterra

Energy,

Inc.

.....................................................

650,813

15,984

Devon

Energy

Corp.

.....................................................

567,403

17,255

EOG

Resources,

Inc.

....................................................

397,518

43,858

Marathon

Petroleum

Corp.

................................................

149,382

20,526

Ovintiv,

Inc.

..........................................................

264,967

8,898

Valero

Energy

Corp.

.....................................................

256,416

29,767

155,432

Financials

(19.4%):

American

Express

Co.

...................................................

65,329

17,404

American

Financial

Group,

Inc.

.............................................

51,317

6,500

Ameriprise

Financial,

Inc.

.................................................

32,540

15,327

Axis

Capital

Holdings

Ltd.

................................................

33,022

3,181

Bank

OZK

............................................................

170,321

7,256

Cincinnati

Financial

Corp.

................................................

73,465

10,227

Citizens

Financial

Group,

Inc.

..............................................

229,824

8,478

East

West

Bancorp,

Inc.

..................................................

129,806

11,105

Equitable

Holdings,

Inc.

..................................................

136,991

6,774

Evercore,

Inc.

.........................................................

39,642

8,138

Everest

Group

Ltd.

......................................................

39,177

14,058

Fidelity

National

Financial,

Inc.

............................................

236,060

15,120

Fifth

Third

Bancorp

.....................................................

67,114

2,412

First

Horizon

Corp.

.....................................................

567,625

10,263

Interactive

Brokers

Group,

Inc.

.............................................

35,107

6,033

Janus

Henderson

Group

PLC

..............................................

161,661

5,369

Victory

Portfolios

III

#### Victory

#### Income

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) JPMorgan

Chase

&

Co.

..................................................

434,293

$

106,237

Morgan

Stanley

........................................................

195,681

22,586

Northern

Trust

Corp.

....................................................

60,538

5,689

Principal

Financial

Group,

Inc.

.............................................

72,424

5,370

State

Street

Corp.

.......................................................

112,035

9,870

Synchrony

Financial

.....................................................

342,135

17,774

T. Rowe

Price

Group,

Inc.

.................................................

22,777

2,017

The

Allstate

Corp.

......................................................

172,287

34,180

The

Bank

of

New

York

Mellon

Corp.

.........................................

295,027

23,723

The

Goldman

Sachs

Group,

Inc.

............................................

72,806

39,865

The

PNC

Financial

Services

Group,

Inc.

......................................

133,675

21,480

Unum

Group

..........................................................

119,764

9,301

W.R.

Berkley

Corp.

.....................................................

208,514

14,948

Zions

Bancorp

NA

......................................................

87,817

3,949

464,634

Health

Care

(18.1%):

AbbVie,

Inc.

..........................................................

272,393

53,144

Bristol-Myers

Squibb

Co.

.................................................

1,050,124

52,716

Cardinal

Health,

Inc.

....................................................

156,611

22,128

CVS

Health

Corp.

......................................................

198,955

13,272

Elevance

Health,

Inc.

....................................................

27,019

11,364

Gilead

Sciences,

Inc.

....................................................

594,116

63,297

Humana,

Inc.

..........................................................

16,074

4,215

Johnson

&

Johnson

.....................................................

437,508

68,387

McKesson

Corp.

.......................................................

14,200

10,122

Medtronic

PLC

........................................................

149,525

12,674

Merck

&

Co.,

Inc.

......................................................

427,257

36,402

Pfizer,

Inc.

............................................................

947,479

23,128

Quest

Diagnostics,

Inc.

...................................................

75,335

13,426

Royalty

Pharma

PLC,

Class

A

..............................................

397,102

13,033

The

Cigna

Group

.......................................................

55,200

18,770

UnitedHealth

Group,

Inc.

.................................................

42,000

17,280

433,358

Industrials

(13.8%):

3M

Co.

..............................................................

144,440

20,064

Allison

Transmission

Holdings,

Inc.

.........................................

27,015

2,492

Automatic

Data

Processing,

Inc.

............................................

147,525

44,346

Broadridge

Financial

Solutions,

Inc.

.........................................

19,800

4,800

C.H.

Robinson

Worldwide,

Inc.

.............................................

54,300

4,845

Carlisle

Cos.,

Inc.

.......................................................

40,334

15,306

Caterpillar,

Inc.

........................................................

41,754

12,913

Comfort

Systems

USA,

Inc.

...............................................

11,800

4,691

Cummins,

Inc.

.........................................................

71,581

21,033

Expeditors

International

of

Washington,

Inc.

....................................

116,023

12,752

FedEx

Corp.

..........................................................

92,990

19,559

Flowserve

Corp.

........................................................

64,047

2,897

Leidos

Holdings,

Inc.

....................................................

40,200

5,917

Lockheed

Martin

Corp.

...................................................

90,771

43,366

Masco

Corp.

..........................................................

196,102

11,886

Northrop

Grumman

Corp.

.................................................

28,255

13,746

Otis

Worldwide

Corp.

....................................................

363,078

34,953

Owens

Corning

........................................................

59,995

8,724

PACCAR,

Inc.

.........................................................

60,442

5,452

Pentair

PLC

...........................................................

43,188

3,918

SS&C

Technologies

Holdings,

Inc.

..........................................

93,688

7,083

Trane

Technologies

PLC

..................................................

41,432

15,881

United

Parcel

Service,

Inc.,

Class

B

..........................................

72,441

6,904

W.W.

Grainger,

Inc.

.....................................................

7,040

7,211

330,739

Information

Technology

(8.5%):

Accenture

PLC,

Class

A

..................................................

41,612

12,448

Applied

Materials,

Inc.

...................................................

69,660

10,498

Victory

Portfolios

III

#### Victory

#### Income

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Cisco

Systems,

Inc.

.....................................................

700,671

$

40,450

Cognizant

Technology

Solutions

Corp.,

Class

A

.................................

164,663

12,114

Corning,

Inc.

..........................................................

108,395

4,810

Hewlett

Packard

Enterprise

Co.

.............................................

852,630

13,830

HP,

Inc.

..............................................................

351,880

8,998

KLA

Corp.

...........................................................

14,813

10,409

Lam

Research

Corp.

.....................................................

165,711

11,876

Motorola

Solutions,

Inc.

..................................................

31,424

13,839

NetApp,

Inc.

..........................................................

185,312

16,632

QUALCOMM,

Inc.

.....................................................

234,338

34,790

Skyworks

Solutions,

Inc.

.................................................

185,464

11,922

202,616

Materials

(3.4%):

CF

Industries

Holdings,

Inc.

...............................................

158,015

12,384

CRH

PLC

............................................................

85,879

8,194

Louisiana-Pacific

Corp.

..................................................

26,800

2,313

LyondellBasell

Industries

NV,

Class

A

........................................

237,164

13,805

Olin

Corp.

............................................................

100,092

2,164

Packaging

Corp.

of

America

...............................................

80,781

14,994

Reliance,

Inc.

..........................................................

48,582

14,003

RPM

International,

Inc.

..................................................

31,800

3,395

Steel

Dynamics,

Inc.

.....................................................

70,359

9,126

80,378

Real

Estate

(4.9%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

78,125

5,677

AvalonBay

Communities,

Inc.

..............................................

57,003

11,970

BXP,

Inc.

.............................................................

50,719

3,232

Crown

Castle,

Inc.

......................................................

103,745

10,972

CubeSmart

...........................................................

198,134

8,058

Equinix,

Inc.

..........................................................

10,654

9,170

Extra

Space

Storage,

Inc.

.................................................

50,054

7,334

Healthpeak

Properties,

Inc.

................................................

661,878

11,808

Host

Hotels

&

Resorts,

Inc.

................................................

486,407

6,868

Kimco

Realty

Corp.

.....................................................

471,029

9,411

Prologis,

Inc.

..........................................................

134,217

13,717

Simon

Property

Group,

Inc.

...............................................

57,469

9,045

VICI

Properties,

Inc.

....................................................

344,423

11,028

118,290

Utilities

(4.5%):

Duke

Energy

Corp.

......................................................

155,130

18,929

Edison

International

.....................................................

346,546

18,544

Entergy

Corp.

.........................................................

26,370

2,193

Evergy,

Inc.

...........................................................

161,592

11,166

NRG

Energy,

Inc.

.......................................................

137,695

15,089

OGE

Energy

Corp.

......................................................

212,311

9,635

Public

Service

Enterprise

Group,

Inc.

.........................................

134,489

10,750

The

Southern

Co.

.......................................................

238,862

21,949

UGI

Corp.

............................................................

21,336

699

108,954

Total

Common

Stocks

(Cost

$2,131,581)

a

a

a

2,384,878

Total

Investments

(Cost

$2,131,581)

—

99.6%

2,384,878

Other

assets

in

excess

of

liabilities

— 0.4%

10,368

NET

ASSETS

-

100.00%

$

2,395,246

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(97.8%)

Australia

(0.1%):

Information

Technology

(0.1%):

Atlassian

Corp.

,

Class

A

(a) ................................................

4,450

$

1,016

Belgium

(0.0%):(b)

Health

Care

(0.0%):(b)

UCB

SA

.............................................................

529

Canada

(0.2%):

Health

Care

(0.0%):(b)

Xenon

Pharmaceuticals,

Inc.

(a) .............................................

881

Information

Technology

(0.2%):

Shopify,

Inc.

,

Class

A

(a) ..................................................

25,708

2,442

2,476

China

(0.0%):(b)

Health

Care

(0.0%):(b)

Sichuan

Kelun-Biotech

Biopharmaceutical

Co.

Ltd.

(a) ............................

767

Zai

Lab

Ltd.

,

ADR

(a) (c) ..................................................

885

Denmark

(0.0%):(b)

Health

Care

(0.0%):(b)

Ascendis

Pharma

A/S

,

ADR

(a) .............................................

Novo

Nordisk

A/S

,

Class

B

................................................

528

Germany

(0.4%):

Information

Technology

(0.4%):

Infineon

Technologies

AG

.................................................

31,998

1,060

SAP

SE

,

ADR

.........................................................

9,910

2,895

3,955

Ireland

(0.5%):

Health

Care

(0.0%):(b)

ICON

PLC

(a) .........................................................

642

Medtronic

PLC

........................................................

1,213

Information

Technology

(0.5%):

Accenture

PLC

,

Class

A

..................................................

16,590

4,963

5,163

Israel

(1.8%):

Information

Technology

(1.8%):

CyberArk

Software

Ltd.

(a) ................................................

20,181

7,107

Monday.com

Ltd.

(a) .....................................................

16,195

4,550

Sapiens

International

Corp.

NV

.............................................

9,669

Wix.com

Ltd.

(a) ........................................................

46,180

7,832

19,754

Italy

(0.0%):(b)

Health

Care

(0.0%):(b)

DiaSorin

SpA

.........................................................

Japan

(0.1%):

Health

Care

(0.0%):(b)

Astellas

Pharma,

Inc.

....................................................

2,265

Daiichi

Sankyo

Co.

Ltd.

..................................................

2,861

Industrials

(0.1%):

FANUC

Corp.

.........................................................

61,600

1,563

1,659

Netherlands

(0.7%):

Health

Care

(0.4%):

Argenx

SE

,

ADR

(a) .....................................................

5,468

3,527

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Merus

NV

(a) ..........................................................

26,690

$

1,215

QIAGEN

NV

(a) ........................................................

1,311

4,798

Information

Technology

(0.3%):

NXP

Semiconductors

NV

.................................................

15,527

2,862

7,660

Singapore

(0.1%):

Information

Technology

(0.1%):

Canaan,

Inc.

,

ADR

(a) ....................................................

1,116,464

786

South

Korea

(0.1%):

Information

Technology

(0.1%):

SK

Hynix,

Inc.

.........................................................

7,540

941

Switzerland

(0.3%):

Health

Care

(0.3%):

Galderma

Group

AG

....................................................

896

MoonLake

Immunotherapeutics

(a) ..........................................

72,828

3,065

Tecan

Group

AG

,

Class

R

.................................................

3,189

Taiwan

(0.7%):

Information

Technology

(0.7%):

ASPEED

Technology,

Inc.

................................................

28,740

2,705

Chroma

ATE,

Inc.

......................................................

223,000

2,039

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

110,700

3,138

7,882

Thailand

(0.1%):

Information

Technology

(0.1%):

Fabrinet

(a) ............................................................

4,157

852

United

Kingdom

(0.0%):(b)

Health

Care

(0.0%):(b)

AstraZeneca

PLC

,

ADR

..................................................

2,580

GSK

PLC

............................................................

3,143

Immunocore

Holdings

PLC

,

ADR

(a) (c) .......................................

724

Verona

Pharma

PLC

,

ADR

(a) ..............................................

1,033

United

States

(92.7%):

Communication

Services

(15.9%):

Alphabet,

Inc.

,

Class

A

...................................................

240,151

38,136

Cargurus,

Inc.

(a) .......................................................

32,394

906

EverQuote,

Inc.

,

Class

A

(a) ................................................

25,879

614

Grindr,

Inc.

(a) .........................................................

26,870

590

Live

Nation

Entertainment,

Inc.

(a) ...........................................

12,342

1,635

MediaAlpha,

Inc.

,

Class

A

(a) ..............................................

32,620

Meta

Platforms,

Inc.

,

Class

A

..............................................

142,207

78,072

Netflix,

Inc.

(a) .........................................................

25,037

28,335

Pinterest,

Inc.

,

Class

A

(a) .................................................

104,428

2,644

Reddit,

Inc.

,

Class

A

(a) ...................................................

27,899

3,252

Take-Two

Interactive

Software,

Inc.

(a) ........................................

52,529

12,256

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

115,625

6,201

Yelp,

Inc.

(a) ...........................................................

62,001

2,175

175,090

Consumer

Discretionary

(3.2%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

14,157

1,726

Amazon.com,

Inc.

(a) ....................................................

184,097

33,951

35,677

Financials

(2.6%):

Block,

Inc.

(a) ..........................................................

26,740

1,563

Shift4

Payments,

Inc.

,

Class

A

(a) (c) ..........................................

77,880

6,371

Visa,

Inc.

,

Class

A

......................................................

54,124

18,700

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) WEX,

Inc.

(a) ..........................................................

11,025

$

1,437

28,071

Health

Care

(14.3%):

Abbott

Laboratories

.....................................................

1,406

AbbVie,

Inc.

..........................................................

1,195

Absci

Corp.

(a) (c) .......................................................

365,635

1,123

Acadia

Healthcare

Co.,

Inc.

(a) ..............................................

2,816

Addus

HomeCare

Corp.

(a) ................................................

564

Agilent

Technologies,

Inc.

.................................................

781

agilon

health,

Inc.

(a) .....................................................

8,730

Akero

Therapeutics,

Inc.

(a) ................................................

786

Align

Technology,

Inc.

(a) .................................................

Alignment

Healthcare,

Inc.

(a) ..............................................

3,384

Alnylam

Pharmaceuticals,

Inc.

(a) ...........................................

Amgen,

Inc.

...........................................................

Amicus

Therapeutics,

Inc.

(a) ...............................................

2,894

AnaptysBio,

Inc.

(a) (c) ...................................................

170,246

3,783

Apellis

Pharmaceuticals,

Inc.

(a) ............................................

977

Apogee

Therapeutics,

Inc.

(a) ...............................................

98,519

3,867

Arcellx,

Inc.

(a) ........................................................

63,373

4,116

Ardent

Health

Partners,

Inc.

(a) .............................................

3,074

Avidity

Biosciences,

Inc.

(a) ...............................................

40,229

1,313

Axsome

Therapeutics,

Inc.

(a) ..............................................

Bicara

Therapeutics,

Inc.

(a) (c) .............................................

96,379

1,385

Biogen,

Inc.

(a) .........................................................

Biohaven

Ltd.

(a) .......................................................

100,410

2,221

Bio-Techne

Corp.

.......................................................

549

Blueprint

Medicines

Corp.

(a) ..............................................

Boston

Scientific

Corp.

(a) .................................................

5,037

518

Bridgebio

Pharma,

Inc.

(a) .................................................

107,420

4,121

Bristol-Myers

Squibb

Co.

.................................................

3,170

CAMP4

Therapeutics

Corp.

(a) (c) ...........................................

228,835

Celldex

Therapeutics,

Inc.

(a) ...............................................

1,123

Cencora,

Inc.

..........................................................

973

Centene

Corp.

(a) .......................................................

2,338

Crinetics

Pharmaceuticals,

Inc.

(a) ...........................................

143,975

4,807

Cytokinetics,

Inc.

(a) .....................................................

835

Danaher

Corp.

.........................................................

748

Dexcom,

Inc.

(a) ........................................................

1,615

Disc

Medicine,

Inc.

(a) ...................................................

92,684

4,580

Dyne

Therapeutics,

Inc.

(a) ................................................

103,670

1,222

Edwards

Lifesciences

Corp.

(a) .............................................

1,452

Elanco

Animal

Health,

Inc.

(a) ..............................................

3,641

Elevance

Health,

Inc.

....................................................

Eli

Lilly

&

Co.

.........................................................

33,905

30,479

Encompass

Health

Corp.

..................................................

913

Evolent

Health,

Inc.

,

Class

A

(a) .............................................

3,357

Exact

Sciences

Corp.

(a) ..................................................

1,947

Gilead

Sciences,

Inc.

....................................................

1,287

Glaukos

Corp.

(a) .......................................................

738

HCA

Healthcare,

Inc.

....................................................

543

Hologic,

Inc.

(a) ........................................................

Humana,

Inc.

..........................................................

Ideaya

Biosciences,

Inc.

(a) ................................................

117,511

2,366

Insmed,

Inc.

(a) .........................................................

105,850

7,621

Insulet

Corp.

(a) ........................................................

Intuitive

Surgical,

Inc.

(a) .................................................

738

Ionis

Pharmaceuticals,

Inc.

(a) ..............................................

629

Janux

Therapeutics,

Inc.

(a) ................................................

60,639

2,013

Johnson

&

Johnson

.....................................................

1,654

Krystal

Biotech,

Inc.

(a) ...................................................

21,173

3,597

Kymera

Therapeutics,

Inc.

(a) ..............................................

27,377

938

Labcorp

Holdings,

Inc.

...................................................

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) LifeStance

Health

Group,

Inc.

(a) ............................................

10,197

$

Madrigal

Pharmaceuticals,

Inc.

(a) ...........................................

15,020

5,015

Merck

&

Co.,

Inc.

......................................................

4,706

Molina

Healthcare,

Inc.

(a) ................................................

Natera,

Inc.

(a) .........................................................

53,582

8,087

Nurix

Therapeutics,

Inc.

(a) ................................................

81,833

944

Nuvalent,

Inc.

,

Class

A

(a) .................................................

59,740

4,585

Olema

Pharmaceuticals,

Inc.

(a) .............................................

257,293

1,328

Option

Care

Health,

Inc.

(a) ................................................

2,591

ORIC

Pharmaceuticals,

Inc.

(a) .............................................

348,877

1,992

PACS

Group,

Inc.

(a) .....................................................

1,833

Privia

Health

Group,

Inc.

(a) ...............................................

2,366

Protagonist

Therapeutics,

Inc.

(a) ............................................

44,525

2,040

PTC

Therapeutics,

Inc.

(a) .................................................

811

Replimune

Group,

Inc.

(a) .................................................

210,400

2,058

Revolution

Medicines,

Inc.

(a) ..............................................

155,165

6,266

Sarepta

Therapeutics,

Inc.

(a) ...............................................

16,290

1,016

Savara,

Inc.

(a) .........................................................

6,692

Scholar

Rock

Holding

Corp.

(a) .............................................

1,275

Soleno

Therapeutics,

Inc.

(a) ...............................................

641

SpringWorks

Therapeutics,

Inc.

(a) ...........................................

73,716

3,413

Spyre

Therapeutics,

Inc.

(a) ................................................

78,915

1,202

Structure

Therapeutics,

Inc.

,

ADR

(a) (c) .......................................

1,302

Stryker

Corp.

..........................................................

Surgery

Partners,

Inc.

(a) ..................................................

1,839

Thermo

Fisher

Scientific,

Inc.

..............................................

599

Twist

Bioscience

Corp.

(a) .................................................

83,948

3,217

Tyra

Biosciences,

Inc.

(a) (c) ................................................

107,503

1,107

Ultragenyx

Pharmaceutical,

Inc.

(a) ..........................................

87,262

3,401

United

Therapeutics

Corp.

(a) ..............................................

UnitedHealth

Group,

Inc.

.................................................

2,206

908

Vaxcyte,

Inc.

(a) ........................................................

77,735

2,786

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

16,369

3,825

Vera

Therapeutics,

Inc.

(a) .................................................

13,000

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

27,663

14,094

Viridian

Therapeutics,

Inc.

(a) ..............................................

249,733

3,384

Waters

Corp.

(a) ........................................................

Zymeworks,

Inc.

(a) .....................................................

83,299

1,084

157,929

Industrials

(0.3%):

Dayforce,

Inc.

(a) .......................................................

28,629

1,657

Uber

Technologies,

Inc.

(a) ................................................

25,864

2,095

3,752

Information

Technology

(56.4%):

A10

Networks,

Inc.

.....................................................

35,890

591

Adobe,

Inc.

(a) .........................................................

12,379

4,642

Agilysys,

Inc.

(a) .......................................................

10,675

794

Amphenol

Corp.

,

Class

A

.................................................

72,352

5,567

Appfolio,

Inc.

,

Class

A

(a) .................................................

11,793

2,436

Apple,

Inc.

...........................................................

154,555

32,843

Applied

Materials,

Inc.

...................................................

37,904

5,713

AppLovin

Corp.

,

Class

A

(a) ...............................................

130,791

35,223

Arista

Networks,

Inc.

(a) ..................................................

104,955

8,635

Arlo

Technologies,

Inc.

(a) .................................................

48,087

Autodesk,

Inc.

(a) .......................................................

17,598

4,826

Axcelis

Technologies,

Inc.

(a) ..............................................

6,551

Badger

Meter,

Inc.

......................................................

4,097

905

Bel

Fuse,

Inc.

,

Class

B

...................................................

11,639

766

Box,

Inc.

,

Class

A

(a) ....................................................

64,477

2,013

Broadcom,

Inc.

........................................................

124,571

23,976

Cadence

Design

Systems,

Inc.

(a) ............................................

3,715

1,106

CDW

Corp.

...........................................................

6,603

1,060

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Cirrus

Logic,

Inc.

(a) .....................................................

24,651

$

2,367

Clear

Secure,

Inc.

,

Class

A

................................................

35,604

879

Coherent

Corp.

(a) ......................................................

147,243

9,471

Commvault

Systems,

Inc.

(a) ...............................................

13,852

2,315

Confluent,

Inc.

,

Class

A

(a) ................................................

320,992

7,643

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

217,205

9,351

Daktronics,

Inc.

(a) (c) ....................................................

54,450

691

DigitalOcean

Holdings,

Inc.

(a) .............................................

12,836

Docusign,

Inc.

(a) .......................................................

61,807

5,053

Dropbox,

Inc.

,

Class

A

(a) .................................................

181,713

5,188

Dynatrace,

Inc.

(a) ......................................................

107,078

5,029

ePlus,

Inc.

(a) ..........................................................

5,805

Extreme

Networks,

Inc.

(a) ................................................

54,208

713

F5,

Inc.

(a) ............................................................

8,595

2,275

Fair

Isaac

Corp.

(a) ......................................................

11,634

23,148

First

Solar,

Inc.

(a) ......................................................

14,538

1,829

Flex

Ltd.

(a) ...........................................................

79,637

2,735

Fortinet,

Inc.

(a) ........................................................

61,615

6,393

Gartner,

Inc.

(a) ........................................................

11,089

4,669

Gitlab,

Inc.

,

Class

A

(a) ...................................................

73,539

3,432

GoDaddy,

Inc.

,

Class

A

(a) .................................................

30,573

5,758

HubSpot,

Inc.

(a) .......................................................

2,378

1,454

Impinj,

Inc.

(a) .........................................................

33,436

3,080

Insight

Enterprises,

Inc.

(a) ................................................

4,013

555

InterDigital,

Inc.

(c) .....................................................

5,446

1,095

Intuit,

Inc.

............................................................

14,048

8,815

Jabil,

Inc.

............................................................

28,094

4,117

KLA

Corp.

...........................................................

9,068

6,372

Lam

Research

Corp.

.....................................................

141,216

10,121

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

142,697

14,805

Manhattan

Associates,

Inc.

(a) ..............................................

5,650

1,002

Marvell

Technology,

Inc.

.................................................

202,198

11,802

MaxLinear,

Inc.

(a) ......................................................

534,188

5,337

Microchip

Technology,

Inc.

................................................

4,019

Microsoft

Corp.

........................................................

204,449

80,811

MKS

Instruments,

Inc.

...................................................

17,119

1,201

MongoDB,

Inc.

(a) ......................................................

20,709

3,565

Monolithic

Power

Systems,

Inc.

............................................

24,191

14,348

Motorola

Solutions,

Inc.

..................................................

14,071

6,197

Napco

Security

Technologies,

Inc.

...........................................

20,363

NetApp,

Inc.

..........................................................

20,960

1,881

Novanta,

Inc.

(a) ........................................................

1,621

Nutanix,

Inc.

,

Class

A

(a) ..................................................

72,701

4,995

NVIDIA

Corp.

.........................................................

771,593

84,042

Oracle

Corp.

..........................................................

24,284

3,417

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

27,746

3,286

PC

Connection,

Inc.

.....................................................

8,612

534

Pegasystems,

Inc.

.......................................................

50,786

4,676

Photronics,

Inc.

(a) ......................................................

36,871

674

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

70,276

3,188

QUALCOMM,

Inc.

.....................................................

35,731

5,305

Qualys,

Inc.

(a) .........................................................

12,453

1,565

Rambus,

Inc.

(a) ........................................................

18,991

927

Rapid7,

Inc.

(a) .........................................................

9,959

RingCentral,

Inc.

,

Class

A

(a) ...............................................

83,896

2,139

Salesforce,

Inc.

........................................................

24,275

6,523

Samsara,

Inc.

,

Class

A

(a) .................................................

30,754

1,220

Semtech

Corp.

(a) .......................................................

226,853

7,089

ServiceNow,

Inc.

(a) .....................................................

31,336

29,926

Snowflake,

Inc.

,

Class

A

(a) ................................................

83,697

13,349

Sprout

Social,

Inc.

,

Class

A

(a) ..............................................

140,042

2,928

SPS

Commerce,

Inc.

(a) ...................................................

4,656

668

Synopsys,

Inc.

(a) .......................................................

10,666

4,896

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Regulus

Therapeutics,

Inc.

.....................................

12/1/2020

$

588

Security

Description

Shares

Value

(000) The

Hackett

Group,

Inc.

..................................................

9,402

$

Trimble,

Inc.

(a) ........................................................

165,852

10,306

Varonis

Systems,

Inc.

(a) ..................................................

426,715

18,280

Vertex,

Inc.

,

Class

A

(a) ...................................................

9,352

Yext,

Inc.

(a) ...........................................................

55,768

Zeta

Global

Holdings

Corp.

,

Class

A

(a) .......................................

21,406

Zoom

Communications,

Inc.

(a) .............................................

6,685

518

Zscaler,

Inc.

(a) .........................................................

9,336

2,113

623,061

1,023,580

Total

Common

Stocks

(Cost

$640,265)

1,079,569

Rights

(0.0%)(b)

Italy

(0.0%):

Health

Care

(0.0%):

DiaSorin

SpA,

RTS

,

expiring

5/1/25

(a) .......................................

—

United

States

(0.0%):(b)

Health

Care

(0.0%):(b)

ABIOMED,

Inc.,

CVR

,

expiring

1/2/26

(a) (d) ...................................

—

(e) Total

Rights

(Cost

$–)

—

(e) Warrants

(0.0%)(b)

United

States

(0.0%):(b)

Health

Care

(0.0%):(b)

Athenex,

Inc.

,

expiring

8/15/27

(a) (d) .........................................

5,153,482

—

(e) Regulus

Therapeutics,

Inc.

,

expiring

12/4/25

(a) (c) (f) (g) ............................

470,257

Total

Warrants

(Cost

$639)

Exchange-Traded

Funds

(0.4%)

United

States

(0.4%):

iShares

Expanded

Tech

Sector

ETF

(c) ........................................

52,545

4,867

Total

Exchange-Traded

Funds

(Cost

$4,503)

4,867

Collateral

for

Securities

Loaned

(1.4%)^

United

States

(1.4%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(h) ........

3,936,107

3,936

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(h) ............

3,936,107

3,936

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(h) ...............

3,936,107

3,936

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(h) .

3,936,107

3,936

Total

Collateral

for

Securities

Loaned

(Cost

$15,744)

15,744

Total

Investments

(Cost

$661,151)

—

99.6%

1,100,423

Other

assets

in

excess

of

liabilities

—

0.4%

3,647

NET

ASSETS

-

100.00%

$

1,104,070

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) Amount

represents

less

than

0.05%

of

net

assets.

(c) All

or

a

portion

of

this

security

is

on

loan.

(d) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

April

30,

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) Rounds

to

less

than

$1

thousand.

(f) Restricted

security

that

is

not

registered

under

the

Securities

Act

of

1933. (g) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

at

April

30,

2025. (amounts

in

thousands):

(h) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

ADR

—

American

Depositary

Receipt

CVR

—

Contingent

Value

Right

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.3%)

Communication

Services

(1.8%):

Cargurus,

Inc.

(a) .......................................................

37,965

$

1,062

Cogent

Communications

Holdings,

Inc.

.......................................

29,684

1,613

IDT

Corp.

,

Class

B

......................................................

11,958

601

Lions

Gate

Entertainment

Corp.

,

Class

B

(a) ....................................

110,500

882

Lumen

Technologies,

Inc.

(a) ...............................................

121,000

Madison

Square

Garden

Sports

Corp.

(a) .......................................

4,390

846

Magnite,

Inc.

(a) ........................................................

197,506

2,348

Nexstar

Media

Group,

Inc.

................................................

6,449

965

Reddit,

Inc.

,

Class

A

(a) ...................................................

2,219

TEGNA,

Inc.

..........................................................

92,787

1,506

Vivid

Seats,

Inc.

,

Class

A

(a) (b) .............................................

155,930

Yelp,

Inc.

(a) ...........................................................

36,007

1,263

Ziff

Davis,

Inc.

(a) .......................................................

30,040

887

13,098

Consumer

Discretionary

(11.1%):

Abercrombie

&

Fitch

Co.

(a) ...............................................

13,558

941

American

Eagle

Outfitters,

Inc.

.............................................

156,791

1,651

Asbury

Automotive

Group,

Inc.

(a) ...........................................

4,827

1,053

Atmus

Filtration

Technologies,

Inc.

..........................................

132,005

4,577

Beazer

Homes

USA,

Inc.

(a) ...............................................

33,890

663

Boot

Barn

Holdings,

Inc.

(a) ...............................................

3,327

Brunswick

Corp.

.......................................................

58,814

2,708

Build-A-Bear

Workshop,

Inc.

..............................................

26,238

926

Caleres,

Inc.

..........................................................

28,330

Cavco

Industries,

Inc.

(a) ..................................................

5,466

2,699

Century

Communities,

Inc.

................................................

15,383

839

Dorman

Products,

Inc.

(a) .................................................

11,382

1,289

First

Watch

Restaurant

Group,

Inc.

(a) ........................................

53,776

950

Garrett

Motion,

Inc.

.....................................................

126,110

1,163

Genius

Sports

Ltd.

(a) ....................................................

219,149

2,365

G-III

Apparel

Group

Ltd.

(a) ...............................................

63,955

1,613

Global-e

Online

Ltd

(a) ...................................................

36,199

1,300

Green

Brick

Partners,

Inc.

(a) ...............................................

21,028

1,240

Group

Automotive,

Inc.

.................................................

1,680

678

Installed

Building

Products,

Inc.

............................................

17,691

2,934

JAKKS

Pacific,

Inc.

.....................................................

18,198

KB

Home

............................................................

16,632

899

KinderCare

Learning

Cos.,

Inc.

(a) ...........................................

41,814

513

Kontoor

Brands,

Inc.

....................................................

14,379

865

Kura

Sushi

USA,

Inc.

,

Class

A

(a) (b) .........................................

6,330

Latham

Group,

Inc.

(a) ...................................................

593,336

3,242

LCI

Industries

.........................................................

25,501

1,966

Life

Time

Group

Holdings,

Inc.

(a) ...........................................

61,355

1,881

M/I

Homes,

Inc.

(a) ......................................................

14,235

1,519

Marriott

Vacations

Worldwide

Corp.

.........................................

18,400

1,008

Modine

Manufacturing

Co.

(a) ..............................................

34,411

2,809

Newell

Brands,

Inc.

.....................................................

166,331

795

Norwegian

Cruise

Line

Holdings

Ltd.

(a) ......................................

72,199

1,157

Penn

Entertainment,

Inc.

(a) ................................................

45,864

698

Perdoceo

Education

Corp.

.................................................

19,943

501

Phinia,

Inc.

...........................................................

13,745

552

Portillo's,

Inc.

,

Class

A

(a) (b) ...............................................

26,875

PVH

Corp.

...........................................................

11,020

760

RH

(a) ...............................................................

10,963

2,017

Sally

Beauty

Holdings,

Inc.

(a) ..............................................

113,500

924

SharkNinja,

Inc.

(a) ......................................................

22,764

1,832

Shoe

Carnival,

Inc.

......................................................

44,515

774

Signet

Jewelers

Ltd.

.....................................................

8,650

513

Sportradar

Group

AG

(a) ..................................................

114,310

2,642

Steven

Madden

Ltd.

.....................................................

107,359

2,254

Sweetgreen,

Inc.

,

Class

A

(a) ...............................................

33,273

648

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

a

Value

(000) Taylor

Morrison

Home

Corp.

(a) ............................................

75,871

$

4,351

The

Buckle,

Inc.

........................................................

51,944

1,805

The

Cheesecake

Factory,

Inc.

(b) ............................................

22,710

1,144

The

Goodyear

Tire

&

Rubber

Co.

(a) .........................................

138,500

1,507

Thor

Industries,

Inc.

.....................................................

24,469

1,772

Tri

Pointe

Homes,

Inc.

(a) .................................................

107,597

3,309

Under

Armour,

Inc.

,

Class

C

(a) .............................................

74,982

Universal

Technical

Institute,

Inc.

(a) .........................................

6,511

Victoria's

Secret

&

Co.

(a) .................................................

50,520

950

Visteon

Corp.

(a) ........................................................

12,964

1,027

Winnebago

Industries,

Inc.

................................................

20,913

665

Worthington

Enterprises,

Inc.

..............................................

11,340

574

79,834

Consumer

Staples

(2.9%):

Cal-Maine

Foods,

Inc.

...................................................

18,792

1,755

Edgewell

Personal

Care

Co.

...............................................

51,120

1,562

elf

Beauty,

Inc.

(a) .......................................................

14,504

897

Fresh

Del

Monte

Produce,

Inc.

.............................................

25,544

869

Ingles

Markets,

Inc.

,

Class

A

...............................................

15,802

975

Lancaster

Colony

Corp.

..................................................

4,193

683

Nomad

Foods

Ltd.

......................................................

119,550

2,390

Oddity

Tech

Ltd.

(a) (b) ...................................................

48,036

2,951

Sprouts

Farmers

Market,

Inc.

(a) ............................................

12,042

2,059

SunOpta,

Inc.

(a) ........................................................

533,128

2,303

The

Andersons,

Inc.

.....................................................

21,800

822

The

Chefs'

Warehouse,

Inc.

(a) ..............................................

27,900

1,589

The

Vita

Coco

Co.,

Inc.

(a) ................................................

24,394

806

U.S.

Foods

Holding

Corp.

(a) ...............................................

15,040

988

20,649

Energy

(4.1%):

Atlas

Energy

Solutions,

Inc.

(b) .............................................

63,660

861

Cactus,

Inc.

,

Class

A

.....................................................

63,132

2,395

California

Resources

Corp.

................................................

50,367

1,738

Centrus

Energy

Corp.

,

Class

A

(a) ...........................................

11,432

792

Core

Natural

Resources,

Inc.

...............................................

35,393

2,556

Expro

Group

Holdings

NV

(a) ..............................................

178,431

1,476

Gulfport

Energy

Corp.

(a) .................................................

14,305

2,468

Kodiak

Gas

Services,

Inc.

.................................................

62,876

2,138

Liberty

Energy,

Inc.

.....................................................

152,959

1,759

Magnolia

Oil

&

Gas

Corp.

,

Class

A

..........................................

41,466

851

Matador

Resources

Co.

...................................................

12,364

Murphy

Oil

Corp.

......................................................

60,400

1,240

Northern

Oil

&

Gas,

Inc.

..................................................

39,930

970

NPK

International,

Inc.

(a) .................................................

100,889

583

Oceaneering

International,

Inc.

(a) ...........................................

90,760

1,611

Plains

GP

Holdings

LP

,

Class

A

.............................................

84,020

1,566

RPC,

Inc.

............................................................

165,215

782

Scorpio

Tankers,

Inc.

....................................................

16,202

611

SM

Energy

Co.

........................................................

33,230

757

Talos

Energy,

Inc.

(a) .....................................................

98,000

674

Teekay

Corp.

Ltd.

......................................................

145,883

1,052

Teekay

Tankers

Ltd.

,

Class

A

...............................................

27,448

1,169

Uranium

Energy

Corp.

(a) .................................................

195,447

1,026

29,564

Financials

(20.5%):

Acadian

Asset

Management,

Inc.

............................................

202,349

5,451

AGNC

Investment

Corp.

(b) ...............................................

123,400

1,090

Amalgamated

Financial

Corp.

..............................................

10,503

Ameris

Bancorp

........................................................

68,740

4,028

Apollo

Commercial

Real

Estate

Finance,

Inc.

...................................

49,814

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

59,237

2,191

Atlantic

Union

Bankshares

Corp.

............................................

64,225

1,779

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

a

Value

(000) BancFirst

Corp.

........................................................

9,898

$

1,166

Bank

of

Hawaii

Corp.

....................................................

28,000

1,851

Banner

Corp.

..........................................................

25,850

1,581

Bread

Financial

Holdings,

Inc.

.............................................

44,547

2,114

Brighthouse

Financial,

Inc.

(a) ..............................................

25,750

1,499

Cadence

Bank

.........................................................

43,166

1,263

Cathay

General

Bancorp

..................................................

26,588

1,108

CNO

Financial

Group,

Inc.

................................................

61,039

2,316

Cullen/Frost

Bankers,

Inc.

.................................................

7,486

872

CVB

Financial

Corp.

....................................................

138,931

2,576

Donnelley

Financial

Solutions,

Inc.

(a) ........................................

19,284

930

Dynex

Capital,

Inc.

.....................................................

88,000

1,085

Enova

International,

Inc.

(a) ................................................

9,296

853

Enterprise

Financial

Services

Corp.

..........................................

8,397

Essent

Group

Ltd.

......................................................

57,075

3,249

Euronet

Worldwide,

Inc.

(a) ................................................

18,520

1,835

EVERTEC,

Inc.

........................................................

91,531

3,107

First

Bancorp

..........................................................

32,200

1,303

First

Bancorp

Puerto

Rico

.................................................

88,670

1,742

First

Busey

Corp.

.......................................................

154,159

3,205

First

Financial

Bancorp

...................................................

22,438

519

First

Interstate

BancSystem,

Inc.

,

Class

A

......................................

49,000

1,284

First

Merchants

Corp.

....................................................

44,900

1,600

Flagstar

Financial,

Inc.

...................................................

162,363

1,901

FNB

Corp.

............................................................

84,260

1,103

Franklin

BSP

Realty

Trust,

Inc.

.............................................

64,785

737

GCM

Grosvenor,

Inc.

,

Class

A

(b) ...........................................

58,034

728

Glacier

Bancorp,

Inc.

....................................................

46,120

1,880

Globe

Life,

Inc.

........................................................

25,570

3,154

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a) ....................................

103,938

1,923

Hancock

Whitney

Corp.

..................................................

56,849

2,961

Home

Bancshares,

Inc.

...................................................

105,992

2,941

Hope

Bancorp,

Inc.

.....................................................

10,639

Horace

Mann

Educators

Corp.

..............................................

21,165

879

Houlihan

Lokey,

Inc.

....................................................

16,488

2,672

Independent

Bank

Corp.

..................................................

24,025

1,420

International

Bancshares

Corp.

.............................................

26,443

1,614

Jackson

Financial,

Inc.

,

Class

A

.............................................

20,774

1,619

Kemper

Corp.

.........................................................

41,860

2,475

Kinsale

Capital

Group,

Inc.

................................................

942

Ladder

Capital

Corp.

....................................................

107,250

1,120

Live

Oak

Bancshares,

Inc.

................................................

24,374

637

Marex

Group

PLC

......................................................

50,687

2,248

Metropolitan

Bank

Holding

Corp.

(a) .........................................

15,423

955

NBT

Bancorp,

Inc.

......................................................

35,850

1,518

Northeast

Community

Bancorp,

Inc.

.........................................

1,587

Northwest

Bancshares,

Inc.

................................................

129,500

1,599

OFG

Bancorp

.........................................................

101,705

4,002

Old

National

Bancorp

....................................................

126,840

2,612

Pacific

Premier

Bancorp,

Inc.

..............................................

71,200

1,448

Palomar

Holdings,

Inc.

(a) .................................................

9,220

1,337

Pathward

Financial,

Inc.

..................................................

21,289

1,690

PJT

Partners,

Inc.

,

Class

A

................................................

7,519

1,066

Primerica,

Inc.

.........................................................

5,560

1,457

PROG

Holdings,

Inc.

....................................................

12,672

Prosperity

Bancshares,

Inc.

................................................

48,460

3,290

Renasant

Corp.

........................................................

43,690

1,401

RLI

Corp.

............................................................

13,230

979

Shift4

Payments,

Inc.

,

Class

A

(a) (b) .........................................

30,482

2,493

Simmons

First

National

Corp.

,

Class

A

.......................................

Skyward

Specialty

Insurance

Group,

Inc.

(a) ....................................

57,418

3,048

SouthState

Corp.

.......................................................

44,344

3,848

StepStone

Group,

Inc.

,

Class

A

.............................................

27,462

1,373

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

a

Value

(000) Stewart

Information

Services

Corp.

..........................................

31,105

$

2,037

Stifel

Financial

Corp.

....................................................

18,406

1,577

Texas

Capital

Bancshares,

Inc.

(a) ...........................................

96,188

6,555

The

Bank

of

NT

Butterfield

&

Son

Ltd.

.......................................

89,495

3,596

Toast,

Inc.

,

Class

A

(a) ....................................................

50,660

1,803

UMB

Financial

Corp.

....................................................

26,350

2,492

Valley

National

Bancorp

..................................................

215,726

1,855

Veritex

Holdings,

Inc.

....................................................

113,183

2,635

Virtus

Investment

Partners,

Inc.

.............................................

6,370

978

Walker

&

Dunlop,

Inc.

...................................................

10,970

840

Westamerica

Bancorp

....................................................

21,627

1,047

White

Mountains

Insurance

Group

Ltd.

.......................................

1,220

2,156

147,391

Health

Care

(15.0%):

ACADIA

Pharmaceuticals,

Inc.

(a) ...........................................

31,888

AdaptHealth

Corp.

(a) ....................................................

117,132

997

Addus

HomeCare

Corp.

(a) ................................................

13,697

1,432

ADMA

Biologics,

Inc.

(a) .................................................

33,439

796

Agios

Pharmaceuticals,

Inc.

(a) .............................................

26,805

796

Alignment

Healthcare,

Inc.

(a) ..............................................

20,169

Alkermes

PLC

(a) .......................................................

21,784

627

AnaptysBio,

Inc.

(a) (b) ...................................................

29,654

659

Apogee

Therapeutics,

Inc.

(a) ...............................................

22,248

873

Arcellx,

Inc.

(a) ........................................................

14,639

951

Arcus

Biosciences,

Inc.

(a) .................................................

157,400

1,377

Arrowhead

Pharmaceuticals,

Inc.

(a) ..........................................

21,639

Avanos

Medical,

Inc.

(a) ..................................................

39,637

Avidity

Biosciences,

Inc.

(a) ...............................................

13,708

Biohaven

Ltd.

(a) .......................................................

13,286

BioLife

Solutions,

Inc.

(a) .................................................

98,236

2,368

Blueprint

Medicines

Corp.

(a) ..............................................

27,183

2,433

Bridgebio

Pharma,

Inc.

(a) .................................................

31,619

1,213

Brookdale

Senior

Living,

Inc.

(a) ............................................

136,800

897

Catalyst

Pharmaceuticals,

Inc.

(a) ............................................

120,723

2,932

Certara,

Inc.

(a) .........................................................

42,601

590

Collegium

Pharmaceutical,

Inc.

(a) ...........................................

23,686

639

Corcept

Therapeutics,

Inc.

(a) ..............................................

25,107

1,805

CorVel

Corp.

(a) ........................................................

58,748

6,389

Crinetics

Pharmaceuticals,

Inc.

(a) ...........................................

14,243

Denali

Therapeutics,

Inc.

(a) ...............................................

24,785

Dynavax

Technologies

Corp.

(a) .............................................

41,376

Dyne

Therapeutics,

Inc.

(a) ................................................

11,480

Edgewise

Therapeutics,

Inc.

(a) .............................................

65,246

1,070

Encompass

Health

Corp.

..................................................

14,780

1,729

Enovis

Corp.

(a) ........................................................

21,130

731

Envista

Holdings

Corp.

(a) .................................................

56,198

904

Exact

Sciences

Corp.

(a) ..................................................

53,416

2,438

Geron

Corp.

(a) .........................................................

96,678

Halozyme

Therapeutics,

Inc.

(a) .............................................

71,220

4,374

Harmony

Biosciences

Holdings,

Inc.

(a) .......................................

41,979

1,237

Harvard

Bioscience,

Inc.

(a) ................................................

223,499

HealthEquity,

Inc.

(a) ....................................................

17,508

1,501

ICU

Medical,

Inc.

(a) ....................................................

7,880

1,076

Immunome,

Inc.

(a) ......................................................

87,861

772

Immunovant,

Inc.

(a) .....................................................

42,014

679

Inmode

Ltd.

(a) .........................................................

57,016

804

Innoviva,

Inc.

(a) .......................................................

45,130

844

Insmed,

Inc.

(a) .........................................................

44,106

3,176

Integer

Holdings

Corp.

(a) .................................................

27,849

3,518

Integra

LifeSciences

Holdings

Corp.

(a) .......................................

50,215

823

Intellia

Therapeutics,

Inc.

(a) ...............................................

91,716

814

iRadimed

Corp.

........................................................

2,948

iRhythm

Technologies,

Inc.

(a) ..............................................

1,651

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

a

Value

(000) iTeos

Therapeutics,

Inc.

(a) ................................................

91,952

$

667

Kiniksa

Pharmaceuticals

International

PLC

(a) ..................................

62,891

1,696

LENZ

Therapeutics,

Inc.

(a) ................................................

34,873

994

LivaNova

PLC

(a) .......................................................

28,100

1,040

Madrigal

Pharmaceuticals,

Inc.

(a) ...........................................

1,627

543

Merit

Medical

Systems,

Inc.

(a) .............................................

22,722

2,146

Merus

NV

(a) ..........................................................

21,312

970

MoonLake

Immunotherapeutics

(a) ..........................................

24,725

1,040

Myriad

Genetics,

Inc.

(a) ..................................................

39,278

Natera,

Inc.

(a) .........................................................

5,195

784

Neogen

Corp.

(a) .......................................................

202,292

1,022

Option

Care

Health,

Inc.

(a) ................................................

26,643

861

OrthoPediatrics

Corp.

(a) ..................................................

96,003

1,999

Owens

&

Minor,

Inc.

(a) ..................................................

41,852

Pacira

BioSciences,

Inc.

(a) ................................................

40,037

1,077

Pediatrix

Medical

Group,

Inc.

(a) ............................................

27,805

Perrigo

Co.

PLC

.......................................................

31,900

820

Prestige

Consumer

Healthcare,

Inc.

(a) ........................................

16,628

1,351

Privia

Health

Group,

Inc.

(a) ...............................................

133,174

3,127

Progyny,

Inc.

(a) ........................................................

48,193

1,101

Repligen

Corp.

(a) .......................................................

18,352

2,532

Revolution

Medicines,

Inc.

(a) ..............................................

45,500

1,837

Rhythm

Pharmaceuticals,

Inc.

(a) ............................................

9,850

642

Scholar

Rock

Holding

Corp.

(a) .............................................

9,513

SI-BONE,

Inc.

(a) .......................................................

206,943

2,825

SIGA

Technologies,

Inc.

..................................................

162,092

895

Soleno

Therapeutics,

Inc.

(a) ...............................................

9,428

706

STAAR

Surgical

Co.

(a) ..................................................

51,496

940

Stevanato

Group

SpA

(b) ..................................................

34,029

710

Stoke

Therapeutics,

Inc.

(a) ................................................

118,417

1,156

Summit

Therapeutics,

Inc.

(a) (b) ............................................

25,540

616

Supernus

Pharmaceuticals,

Inc.

(a) ...........................................

34,600

1,124

Surgery

Partners,

Inc.

(a) ..................................................

48,170

1,057

Syndax

Pharmaceuticals,

Inc.

(a) ............................................

91,918

1,301

Taysha

Gene

Therapies,

Inc.

(a) .............................................

319,469

620

The

Ensign

Group,

Inc.

...................................................

8,770

1,131

Twist

Bioscience

Corp.

(a) .................................................

15,802

606

Vaxcyte,

Inc.

(a) ........................................................

11,336

Veracyte,

Inc.

(a) ........................................................

25,779

786

Vericel

Corp.

(a) ........................................................

84,109

3,198

Viking

Therapeutics,

Inc.

(a) ...............................................

56,234

1,623

Xenon

Pharmaceuticals,

Inc.

(a) .............................................

29,454

1,125

Zymeworks,

Inc.

(a) .....................................................

87,411

1,137

108,152

Industrials

(16.4%):

AAON,

Inc.

...........................................................

17,637

1,610

ABM

Industries,

Inc.

....................................................

42,968

2,094

ACCO

Brands

Corp.

....................................................

222,586

859

ACV

Auctions,

Inc.

,

Class

A

(a) .............................................

45,194

664

Alamo

Group,

Inc.

......................................................

18,002

3,006

Ameresco,

Inc.

,

Class

A

(a) ................................................

57,015

606

American

Woodmark

Corp.

(a) ..............................................

26,685

1,574

Apogee

Enterprises,

Inc.

..................................................

20,690

821

Applied

Industrial

Technologies,

Inc.

.........................................

8,848

2,153

ArcBest

Corp.

.........................................................

12,321

721

Archer

Aviation,

Inc.

,

Class

A

(a) ............................................

191,914

1,599

Arcosa,

Inc.

...........................................................

30,296

2,426

Argan,

Inc.

...........................................................

8,335

1,276

ASGN,

Inc.

(a) .........................................................

17,773

895

BlueLinx

Holdings,

Inc.

(a) ................................................

25,791

1,680

Boise

Cascade

Co.

......................................................

15,274

1,425

Casella

Waste

Systems,

Inc.

(a) .............................................

55,082

6,469

CECO

Environmental

Corp.

(a) .............................................

50,713

1,206

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

a

Value

(000) Chart

Industries,

Inc.

(a) ..................................................

3,564

$

Columbus

McKinnon

Corp.

...............................................

97,986

1,455

Comfort

Systems

USA,

Inc.

...............................................

5,576

2,217

CRA

International,

Inc.

...................................................

3,497

567

Deluxe

Corp.

..........................................................

59,595

870

DNOW,

Inc.

(a) ........................................................

61,273

972

Enovix

Corp.

(a) (b) ......................................................

117,541

787

ESCO

Technologies,

Inc.

.................................................

23,458

3,670

ExlService

Holdings,

Inc.

(a) ...............................................

49,321

2,391

Exponent,

Inc.

.........................................................

14,227

1,119

Fluor

Corp.

(a) .........................................................

25,770

899

FTAI

Aviation

Ltd.

......................................................

17,869

1,914

Gates

Industrial

Corp.

PLC

(a) ..............................................

233,763

4,423

Genco

Shipping

&

Trading

Ltd.

.............................................

66,402

861

GMS,

Inc.

(a) ..........................................................

34,659

2,539

Granite

Construction,

Inc.

.................................................

10,500

854

Griffon

Corp.

..........................................................

16,369

1,115

Hayward

Holdings,

Inc.

(a) ................................................

69,810

931

Hub

Group,

Inc.

,

Class

A

.................................................

26,400

834

ICF

International,

Inc.

...................................................

12,510

1,063

JBT

Marel

Corp.

.......................................................

11,717

1,233

Kforce,

Inc.

...........................................................

18,684

714

Korn

Ferry

...........................................................

36,512

2,253

Kornit

Digital

Ltd.

(a) ....................................................

36,010

680

Limbach

Holdings,

Inc.

(a) ................................................

1,807

Liquidity

Services,

Inc.

(a) .................................................

30,053

955

ManpowerGroup,

Inc.

...................................................

16,970

731

Masterbrand,

Inc.

(a) .....................................................

72,722

884

Matson,

Inc.

..........................................................

12,719

1,387

Mayville

Engineering

Co.,

Inc.

(a) ...........................................

74,108

947

McGrath

RentCorp

......................................................

22,048

2,352

MillerKnoll,

Inc.

.......................................................

25,523

Mueller

Industries,

Inc.

...................................................

27,377

2,014

NEXTracker,

Inc.

,

Class

A

(a) ..............................................

17,190

698

Paylocity

Holding

Corp.

(a) ................................................

2,213

Powell

Industries,

Inc.

...................................................

5,162

945

Quanex

Building

Products

Corp.

............................................

18,210

RBC

Bearings,

Inc.

(a) ...................................................

19,938

6,551

Redwire

Corp.

(a) (b) .....................................................

10,669

Resideo

Technologies,

Inc.

(a) ..............................................

63,441

1,065

Rush

Enterprises,

Inc.

,

Class

A

.............................................

46,748

2,384

Ryder

System,

Inc.

......................................................

7,550

1,039

Science

Applications

International

Corp.

......................................

8,400

1,017

Sensata

Technologies

Holding

PLC

..........................................

39,600

847

SkyWest,

Inc.

(a) ........................................................

12,630

1,126

Spire

Global,

Inc.

(a) (b) ...................................................

131,067

1,231

SPX

Technologies,

Inc.

(a) .................................................

12,064

1,618

Standex

International

Corp.

................................................

9,868

1,395

Steelcase,

Inc.

,

Class

A

...................................................

85,955

853

Sterling

Infrastructure,

Inc.

(a) ..............................................

24,357

3,640

Sun

Country

Airlines

Holdings,

Inc.

(a) ........................................

41,467

Terex

Corp.

...........................................................

47,247

1,663

The

Brink's

Co.

........................................................

13,394

1,195

The

Greenbrier

Cos.,

Inc.

.................................................

23,000

976

The

Manitowoc

Co.,

Inc.

(a) ...............................................

36,530

The

Timken

Co.

........................................................

35,000

2,249

Titan

International,

Inc.

(a) .................................................

95,900

705

Titan

Machinery,

Inc.

(a) ..................................................

38,297

635

Transcat,

Inc.

(a) ........................................................

14,359

1,139

UFP

Industries,

Inc.

.....................................................

27,432

2,712

V2X,

Inc.

(a) ..........................................................

41,950

2,087

Wabash

National

Corp.

...................................................

48,995

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

a

Value

(000) WillScot

Holdings

Corp.

..................................................

107,433

$

2,699

118,129

Information

Technology

(14.0%):

A10

Networks,

Inc.

.....................................................

77,710

1,281

ACI

Worldwide,

Inc.

(a) ..................................................

22,240

1,187

Adeia,

Inc.

............................................................

31,715

Advanced

Energy

Industries,

Inc.

...........................................

26,075

2,540

Alarm.com

Holdings,

Inc.

(a) ...............................................

34,089

1,827

Astera

Labs,

Inc.

(a) .....................................................

22,542

1,472

AvePoint,

Inc.

(a) .......................................................

13,308

Badger

Meter,

Inc.

......................................................

5,515

1,218

Bel

Fuse,

Inc.

,

Class

B

...................................................

22,222

1,461

Belden,

Inc.

...........................................................

26,981

2,782

Benchmark

Electronics,

Inc.

...............................................

23,106

752

Box,

Inc.

,

Class

A

(a) ....................................................

53,515

1,671

Celestica,

Inc.

(a) .......................................................

2,134

Cellebrite

DI

Ltd.

(a) .....................................................

18,880

Ciena

Corp.

(a) .........................................................

9,035

607

Clear

Secure,

Inc.

,

Class

A

................................................

26,964

665

Commvault

Systems,

Inc.

(a) ...............................................

12,289

2,054

Confluent,

Inc.

,

Class

A

(a) ................................................

89,571

2,133

Core

Scientific,

Inc.

(a) ...................................................

42,073

Crane

NXT

Co.

........................................................

28,020

1,315

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

15,127

651

CyberArk

Software

Ltd.

(a) ................................................

5,426

1,911

Digital

Turbine,

Inc.

(a) ...................................................

91,521

Diodes,

Inc.

(a) .........................................................

72,704

2,792

DoubleVerify

Holdings,

Inc.

(a) .............................................

112,590

1,493

ePlus,

Inc.

(a) ..........................................................

47,993

2,993

Extreme

Networks,

Inc.

(a) ................................................

148,564

1,955

indie

Semiconductor,

Inc.

,

Class

A

(a) (b) ......................................

1,143,541

2,276

Insight

Enterprises,

Inc.

(a) ................................................

9,618

1,330

Intapp,

Inc.

(a) .........................................................

20,698

1,123

InterDigital,

Inc.

.......................................................

877

JFrog

Ltd.

(a) ..........................................................

67,952

2,295

Klaviyo,

Inc.

,

Class

A

(a) ..................................................

7,009

Knowles

Corp.

(a) .......................................................

116,521

1,834

Kulicke

&

Soffa

Industries,

Inc.

.............................................

50,938

1,642

Lattice

Semiconductor

Corp.

(a) .............................................

24,716

1,209

MaxLinear,

Inc.

(a) ......................................................

52,800

527

Napco

Security

Technologies,

Inc.

...........................................

19,494

nCino,

Inc.

(a) .........................................................

16,017

NetScout

Systems,

Inc.

(a) .................................................

45,444

955

Nova

Ltd.

(a) ..........................................................

11,287

2,215

Novanta,

Inc.

(a) ........................................................

7,152

850

Nutanix,

Inc.

,

Class

A

(a) ..................................................

32,398

2,226

Okta,

Inc.

(a) ..........................................................

13,305

1,492

Onto

Innovation,

Inc.

(a) ..................................................

8,065

984

PC

Connection,

Inc.

.....................................................

15,471

960

Photronics,

Inc.

(a) ......................................................

39,712

725

Plexus

Corp.

(a) ........................................................

25,620

3,137

Porch

Group,

Inc.

(a) .....................................................

766,565

4,446

Progress

Software

Corp.

..................................................

47,562

2,852

PROS

Holdings,

Inc.

(a) ..................................................

37,544

641

PTC,

Inc.

(a) ...........................................................

4,910

761

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

44,186

2,004

Qualys,

Inc.

(a) .........................................................

19,697

2,476

Rambus,

Inc.

(a) ........................................................

31,168

1,521

Sanmina

Corp.

(a) .......................................................

36,033

2,767

ScanSource,

Inc.

(a) .....................................................

59,105

1,950

Semtech

Corp.

(a) .......................................................

58,415

1,825

Silicon

Laboratories,

Inc.

(a) ...............................................

7,732

787

SPS

Commerce,

Inc.

(a) ...................................................

27,779

3,986

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

a

Value

(000) Synaptics,

Inc.

(a) .......................................................

19,399

$

1,080

The

Descartes

Systems

Group,

Inc.

(a) ........................................

22,802

2,403

The

Hackett

Group,

Inc.

..................................................

14,749

Tower

Semiconductor

Ltd.

(a) ..............................................

36,749

1,315

TTM

Technologies,

Inc.

(a) ................................................

42,700

855

Varonis

Systems,

Inc.

(a) ..................................................

34,866

1,494

Veeco

Instruments,

Inc.

(a) .................................................

76,713

1,434

Verint

Systems,

Inc.

(a) ...................................................

35,948

634

Vertex,

Inc.

,

Class

A

(a) (b) .................................................

18,739

750

Vishay

Intertechnology,

Inc.

...............................................

41,563

540

Zeta

Global

Holdings

Corp.

,

Class

A

(a) .......................................

16,222

100,635

Materials

(4.8%):

AdvanSix,

Inc.

.........................................................

19,769

Avient

Corp.

..........................................................

26,750

891

Axalta

Coating

Systems

Ltd.

(a) .............................................

15,250

Balchem

Corp.

.........................................................

16,603

2,599

Cabot

Corp.

...........................................................

11,743

922

Carpenter

Technology

Corp.

...............................................

17,258

3,376

Commercial

Metals

Co.

..................................................

41,860

1,864

Graphic

Packaging

Holding

Co.

............................................

53,070

1,343

Hawkins,

Inc.

.........................................................

42,279

5,149

Ingevity

Corp.

(a) .......................................................

24,551

810

Knife

River

Corp.

(a) ....................................................

20,252

1,891

Materion

Corp.

........................................................

19,509

1,619

Metallus,

Inc.

(a) ........................................................

42,860

542

Minerals

Technologies,

Inc.

................................................

16,240

838

NewMarket

Corp.

......................................................

3,943

2,426

O-I

Glass,

Inc.

(a) .......................................................

103,483

1,310

Orion

SA

.............................................................

66,150

796

Ryerson

Holding

Corp.

...................................................

85,314

1,995

Sealed

Air

Corp.

.......................................................

95,206

2,624

SunCoke

Energy,

Inc.

....................................................

78,045

707

Sylvamo

Corp.

.........................................................

16,943

1,010

Warrior

Met

Coal,

Inc.

...................................................

7,321

Worthington

Steel,

Inc.

...................................................

36,511

937

34,919

Real

Estate

(4.8%):

Alexander

&

Baldwin,

Inc.

................................................

1,519

Broadstone

Net

Lease,

Inc.

................................................

93,800

1,518

CareTrust

REIT,

Inc.

....................................................

77,643

2,273

Compass,

Inc.

,

Class

A

(a) .................................................

209,323

1,616

COPT

Defense

Properties

.................................................

20,560

537

Curbline

Properties

Corp.

.................................................

65,800

1,506

Cushman

&

Wakefield

PLC

(a) .............................................

135,500

1,270

DiamondRock

Hospitality

Co.

..............................................

241,579

1,773

Douglas

Emmett,

Inc.

....................................................

90,615

1,253

Easterly

Government

Properties,

Inc.

(a) .......................................

76,131

1,536

Empire

State

Realty

Trust,

Inc.

.............................................

98,635

702

Essential

Properties

Realty

Trust,

Inc.

........................................

140,045

4,505

Four

Corners

Property

Trust,

Inc.

............................................

70,330

1,966

Howard

Hughes

Holdings,

Inc.

(a) (b) .........................................

28,960

1,927

Independence

Realty

Trust,

Inc.

.............................................

62,820

1,221

Innovative

Industrial

Properties,

Inc.

.........................................

6,745

Kite

Realty

Group

Trust

..................................................

57,358

1,242

LXP

Industrial

Trust

.....................................................

150,000

1,183

PotlatchDeltic

Corp.

.....................................................

19,818

761

RE/MAX

Holdings,

Inc.

(a) ................................................

3,372

Sabra

Health

Care

REIT,

Inc.

..............................................

128,594

2,295

Sila

Realty

Trust,

Inc.

....................................................

39,580

1,020

STAG

Industrial,

Inc.

....................................................

28,200

931

Summit

Hotel

Properties,

Inc.

..............................................

149,027

606

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

OmniAb

Operations,

Inc.,

12.50 Earnout

Shares

......................

11/3/2022

$

–

OmniAb

Operations,

Inc.,

15.00 Earnout

Shares

......................

11/3/2022

–

Security

Description

a

Value

(000) The

Macerich

Co.

......................................................

57,349

$

841

The

Real

Brokerage,

Inc.

(a) ...............................................

37,330

Veris

Residential,

Inc.

....................................................

72,500

1,125

Xenia

Hotels

&

Resorts,

Inc.

...............................................

34,866

34,562

Utilities

(2.9%):

Avista

Corp.

..........................................................

27,968

1,160

Black

Hills

Corp.

.......................................................

61,377

3,738

National

Fuel

Gas

Co.

...................................................

11,000

845

Northwestern

Energy

Group,

Inc.

...........................................

50,372

2,933

ONE

Gas,

Inc.

.........................................................

36,856

2,893

Portland

General

Electric

Co.

..............................................

39,575

1,667

SJW

Group

...........................................................

21,430

1,216

Spire,

Inc.

............................................................

43,983

3,366

TXNM

Energy,

Inc.

.....................................................

62,876

3,345

21,163

Total

Common

Stocks

(Cost

$678,343)

a

a

a

708,096

Shares

Rights

(0.0%)(c)

Health

Care

(0.0%):(c)

Flexion

Therapeutics,

Inc.,

CVR

,

expiring

1/1/26

(a) (d) ............................

58,207

OmniAb

Operations,

Inc.,

12.50 Earnout

Shares

,

expiring

11/1/27

(a) (d) (e) (f) ............

7,105

—

OmniAb

Operations,

Inc.,

15.00 Earnout

Shares

,

expiring

11/1/27

(a) (d) (e) (f) ............

7,105

—

Total

Rights

(Cost

$36)

a

a

a

Shares

Exchange-Traded

Funds

(0.2%)

iShares

Russell

2000

ETF

(b) ...............................................

6,031

1,175

Total

Exchange-Traded

Funds

(Cost

$1,273)

a

a

a

1,175

Shares

Collateral

for

Securities

Loaned

(2.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(g) ........

4,327,855

4,327

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(g) ............

4,327,855

4,328

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(g) ...............

4,327,855

4,328

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(g) .

4,327,855

4,328

Total

Collateral

for

Securities

Loaned

(Cost

$17,311)

a

a

a

17,311

Total

Investments

(Cost

$696,963)

—

100.9%

726,583

Liabilities

in

excess

of

other

assets

— (0.9)%

(6,467)

NET

ASSETS

-

100.00%

$

720,116

At

April

30,

2025,

the

Fund's

investments

in

foreign

securities

were

7.0%

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) 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

April

30,

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) Restricted

security

that

is

not

registered

under

the

Securities

Act

of

1933. (f) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

at

April

30,

2025. (g) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

CVR

—

Contingent

Value

Right

ETF

—

Exchange-Traded

Fund

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Value

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.6%)

Communication

Services

(4.8%):

Alphabet,

Inc.

,

Class

A

...................................................

101,014

$

16,041

AT&T,

Inc.

...........................................................

258,895

7,172

Comcast

Corp.

,

Class

A

..................................................

165,263

5,652

Electronic

Arts,

Inc.

.....................................................

36,078

5,235

Match

Group,

Inc.

......................................................

78,469

2,327

Meta

Platforms,

Inc.

,

Class

A

..............................................

4,550

2,498

Nexstar

Media

Group,

Inc.

................................................

17,134

2,564

Take-Two

Interactive

Software,

Inc.

(a) ........................................

47,400

11,059

Verizon

Communications,

Inc.

..............................................

147,982

6,520

59,068

Consumer

Discretionary

(6.9%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

17,717

2,160

Aptiv

PLC

(a) ..........................................................

39,717

2,266

Booking

Holdings,

Inc.

...................................................

711

3,626

BorgWarner,

Inc.

.......................................................

96,367

2,735

Etsy,

Inc.

(a) ...........................................................

59,227

2,575

Expedia

Group,

Inc.

.....................................................

24,405

3,830

H&R

Block,

Inc.

.......................................................

54,279

3,277

Lear

Corp.

............................................................

33,114

2,839

LKQ

Corp.

...........................................................

480,271

18,351

Lowe's

Cos.,

Inc.

.......................................................

27,234

6,088

Mattel,

Inc.

(a) .........................................................

377,500

5,998

NIKE,

Inc.

,

Class

B

.....................................................

27,822

1,569

NVR,

Inc.

(a) ..........................................................

817

5,822

PulteGroup,

Inc.

........................................................

52,355

5,371

PVH

Corp.

...........................................................

34,628

2,389

The

Home

Depot,

Inc.

...................................................

13,841

4,990

Toll

Brothers,

Inc.

......................................................

72,800

7,343

Ulta

Beauty,

Inc.

(a) .....................................................

9,716

3,844

85,073

Consumer

Staples

(7.0%):

Altria

Group,

Inc.

.......................................................

129,528

7,662

Archer-Daniels-Midland

Co.

...............................................

64,158

3,063

Coca-Cola

Consolidated,

Inc.

..............................................

2,122

2,877

Colgate-Palmolive

Co.

...................................................

71,793

6,619

Ingredion,

Inc.

.........................................................

22,966

3,050

Keurig

Dr.

Pepper,

Inc.

...................................................

559,192

19,342

Mondelez

International,

Inc.

,

Class

A

.........................................

179,600

12,236

Philip

Morris

International,

Inc.

.............................................

50,200

8,602

Sysco

Corp.

...........................................................

66,885

4,776

The

Procter

&

Gamble

Co.

................................................

37,115

6,034

U.S.

Foods

Holding

Corp.

(a) ...............................................

185,500

12,180

86,441

Energy

(5.0%):

ConocoPhillips

Co.

.....................................................

50,910

4,537

Devon

Energy

Corp.

.....................................................

184,247

5,603

Enterprise

Products

Partners

LP

.............................................

429,524

12,843

EOG

Resources,

Inc.

....................................................

61,391

6,773

Exxon

Mobil

Corp.

.....................................................

166,500

17,587

Marathon

Petroleum

Corp.

................................................

33,183

4,560

Valero

Energy

Corp.

.....................................................

89,324

10,370

62,273

Financials

(20.1%):

Affiliated

Managers

Group,

Inc.

............................................

29,596

4,902

American

Express

Co.

...................................................

17,032

4,537

American

Financial

Group,

Inc.

.............................................

18,661

2,364

Ameriprise

Financial,

Inc.

.................................................

15,117

7,120

Axis

Capital

Holdings

Ltd.

................................................

31,556

3,039

Cboe

Global

Markets,

Inc.

................................................

85,400

18,942

Victory

Portfolios

III

#### Victory

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Citigroup,

Inc.

.........................................................

243,300

$

16,637

East

West

Bancorp,

Inc.

..................................................

49,209

4,210

Evercore,

Inc.

.........................................................

20,306

4,169

Everest

Group

Ltd.

......................................................

72,874

26,149

Fairfax

Financial

Holdings

Ltd.

.............................................

11,600

18,113

Fidelity

National

Financial,

Inc.

............................................

142,905

9,153

Fifth

Third

Bancorp

.....................................................

59,270

2,130

JPMorgan

Chase

&

Co.

..................................................

120,731

29,533

KeyCorp

.............................................................

1,078,700

16,008

MarketAxess

Holdings,

Inc.

...............................................

11,923

2,642

MGIC

Investment

Corp.

..................................................

170,527

4,248

Northern

Trust

Corp.

....................................................

21,270

1,999

Popular,

Inc.

..........................................................

2,604

Regions

Financial

Corp.

..................................................

195,455

3,989

SEI

Investments

Co.

.....................................................

75,821

5,936

Synchrony

Financial

.....................................................

107,712

5,596

Synovus

Financial

Corp.

..................................................

59,248

2,567

The

Allstate

Corp.

......................................................

25,537

5,066

The

Goldman

Sachs

Group,

Inc.

............................................

13,192

7,223

The

PNC

Financial

Services

Group,

Inc.

......................................

73,400

11,795

The

Progressive

Corp.

...................................................

36,078

10,165

Unum

Group

..........................................................

126,500

9,824

Voya

Financial,

Inc.

.....................................................

45,435

2,690

W.R.

Berkley

Corp.

.....................................................

97,718

7,005

247,999

Health

Care

(16.6%):

AbbVie,

Inc.

..........................................................

73,970

14,432

Agilent

Technologies,

Inc.

.................................................

32,199

3,465

Bristol-Myers

Squibb

Co.

.................................................

165,247

8,295

Cardinal

Health,

Inc.

....................................................

13,336

1,884

Cencora,

Inc.

..........................................................

9,898

2,897

Centene

Corp.

(a) .......................................................

51,798

3,100

CVS

Health

Corp.

......................................................

53,714

3,583

Elevance

Health,

Inc.

....................................................

10,816

4,549

Exelixis,

Inc.

(a) ........................................................

99,122

3,881

GE

HealthCare

Technologies,

Inc.

...........................................

78,700

5,535

Gilead

Sciences,

Inc.

....................................................

118,392

12,614

Hologic,

Inc.

(a) ........................................................

43,339

2,522

Humana,

Inc.

..........................................................

12,123

3,179

Incyte

Corp.

(a) .........................................................

36,652

2,297

Johnson

&

Johnson

.....................................................

118,978

18,597

McKesson

Corp.

.......................................................

22,160

15,795

Medpace

Holdings,

Inc.

(a) ................................................

9,747

3,006

Medtronic

PLC

........................................................

140,600

11,917

Merck

&

Co.,

Inc.

......................................................

192,787

16,426

Pfizer,

Inc.

............................................................

207,776

5,072

Regeneron

Pharmaceuticals,

Inc.

............................................

6,331

3,791

Royalty

Pharma

PLC

,

Class

A

..............................................

220,728

7,244

Tenet

Healthcare

Corp.

(a) .................................................

20,657

2,953

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a) ...................................

812,400

12,600

The

Cigna

Group

.......................................................

70,072

23,827

UnitedHealth

Group,

Inc.

.................................................

28,721

11,817

205,278

Industrials

(15.6%):

A.O.

Smith

Corp.

.......................................................

67,650

4,591

Acuity,

Inc.

...........................................................

12,305

2,998

Automatic

Data

Processing,

Inc.

............................................

20,448

6,147

Builders

FirstSource,

Inc.

(a) ...............................................

33,087

3,958

CACI

International,

Inc.

,

Class

A

(a) .........................................

29,600

13,553

Carlisle

Cos.,

Inc.

.......................................................

21,470

8,147

Caterpillar,

Inc.

........................................................

24,487

7,573

Comfort

Systems

USA,

Inc.

...............................................

8,287

3,294

Victory

Portfolios

III

#### Victory

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Core

&

Main,

Inc.

,

Class

A

(a) ..............................................

48,502

$

2,555

Delta

Air

Lines,

Inc.

.....................................................

96,597

4,021

Eaton

Corp.

PLC

.......................................................

25,300

7,447

EMCOR

Group,

Inc.

....................................................

9,559

3,830

Expeditors

International

of

Washington,

Inc.

....................................

34,459

3,787

FedEx

Corp.

..........................................................

48,461

10,193

Ferguson

Enterprises,

Inc.

.................................................

25,689

4,358

General

Dynamics

Corp.

..................................................

25,400

6,912

Genpact

Ltd.

..........................................................

78,227

3,932

Honeywell

International,

Inc.

..............................................

28,700

6,041

Johnson

Controls

International

PLC

..........................................

91,000

7,635

Leidos

Holdings,

Inc.

....................................................

71,721

10,556

Lockheed

Martin

Corp.

...................................................

15,614

7,460

ManpowerGroup,

Inc.

...................................................

49,198

2,119

Masco

Corp.

..........................................................

78,595

4,764

Oshkosh

Corp.

.........................................................

20,254

1,696

Otis

Worldwide

Corp.

....................................................

64,936

6,251

Owens

Corning

........................................................

32,891

4,783

PACCAR,

Inc.

.........................................................

24,815

2,239

Robert

Half,

Inc.

.......................................................

80,218

3,554

RTX

Corp.

............................................................

61,767

7,791

Snap-on,

Inc.

..........................................................

6,369

1,999

SS&C

Technologies

Holdings,

Inc.

..........................................

199,500

15,082

The

Toro

Co.

..........................................................

78,400

5,353

United

Airlines

Holdings,

Inc.

(a) ............................................

30,959

2,131

United

Parcel

Service,

Inc.

,

Class

B

..........................................

29,251

2,788

WESCO

International,

Inc.

................................................

14,299

2,330

191,868

Information

Technology

(9.6%):

Adobe,

Inc.

(a) .........................................................

7,185

2,694

Amdocs

Ltd.

..........................................................

62,375

5,525

Amphenol

Corp.

,

Class

A

.................................................

71,700

5,517

Analog

Devices,

Inc.

....................................................

36,300

7,076

Apple,

Inc.

...........................................................

16,261

3,455

Applied

Materials,

Inc.

...................................................

77,032

11,610

Cisco

Systems,

Inc.

.....................................................

144,244

8,327

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

68,971

5,074

Corpay,

Inc.

(a) .........................................................

26,700

8,687

Dell

Technologies,

Inc.

,

Class

C

............................................

18,049

1,656

Dropbox,

Inc.

,

Class

A

(a) .................................................

153,880

4,393

Gen

Digital,

Inc.

.......................................................

134,240

3,473

Jabil,

Inc.

............................................................

25,079

3,676

KLA

Corp.

...........................................................

5,278

3,709

Lam

Research

Corp.

.....................................................

72,623

5,205

Microchip

Technology,

Inc.

................................................

43,427

2,001

NetApp,

Inc.

..........................................................

52,601

4,721

ON

Semiconductor

Corp.

(a) ...............................................

77,238

3,066

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

29,667

1,346

QUALCOMM,

Inc.

.....................................................

40,888

6,070

Salesforce,

Inc.

........................................................

27,200

7,309

Teradata

Corp.

(a) .......................................................

111,336

2,394

Zebra

Technologies

Corp.

(a) ...............................................

32,900

8,236

Zoom

Communications,

Inc.

(a) .............................................

34,870

2,704

117,924

Materials

(3.7%):

Avery

Dennison

Corp.

...................................................

30,225

5,172

CF

Industries

Holdings,

Inc.

...............................................

68,647

5,380

Eagle

Materials,

Inc.

.....................................................

17,560

3,975

Louisiana-Pacific

Corp.

..................................................

48,151

4,156

LyondellBasell

Industries

NV

,

Class

A

........................................

46,801

2,724

Olin

Corp.

............................................................

112,486

2,432

PPG

Industries,

Inc.

.....................................................

82,800

9,014

Victory

Portfolios

III

#### Victory

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Sealed

Air

Corp.

.......................................................

252,629

$

6,962

Steel

Dynamics,

Inc.

.....................................................

23,644

3,067

The

Mosaic

Co.

........................................................

99,227

3,017

45,899

Real

Estate

(3.8%):

AvalonBay

Communities,

Inc.

..............................................

23,432

4,920

Camden

Property

Trust

...................................................

128,789

14,656

Equity

LifeStyle

Properties,

Inc.

............................................

169,600

10,987

Extra

Space

Storage,

Inc.

.................................................

29,868

4,376

Healthpeak

Properties,

Inc.

................................................

199,875

3,566

Mid-America

Apartment

Communities,

Inc.

....................................

24,879

3,972

Prologis,

Inc.

..........................................................

44,189

4,516

46,993

Utilities

(4.5%):

American

Electric

Power

Co.,

Inc.

...........................................

98,300

10,650

Consolidated

Edison,

Inc.

.................................................

46,919

5,290

DTE

Energy

Co.

.......................................................

24,369

3,339

Evergy,

Inc.

...........................................................

79,472

5,492

Exelon

Corp.

..........................................................

329,900

15,472

National

Fuel

Gas

Co.

...................................................

115,921

8,900

OGE

Energy

Corp.

......................................................

142,679

6,475

55,618

Total

Common

Stocks

(Cost

$1,073,649)

a

a

a

1,204,434

Total

Investments

(Cost

$1,073,649)

—

97.6%

1,204,434

Other

assets

in

excess

of

liabilities

— 2.4%

29,444

NET

ASSETS

-

100.00%

$

1,233,878

At

April

30,

2025,

the

Fund's

investments

in

foreign

securities

were

6.6%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Statements

of

Assets

and

Liabilities

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Aggressive

Growth

Fund

Victory

Capital

Growth

Fund

Victory

Global

Managed

Volatility

Fund

Assets:

Investments,

at

value

(Cost

$960,242,

$709,693

and

$345,401)

$

2,173,468

$

905,944(a)

$

442,963(b)

Foreign

currency,

at

value

(Cost

$—,

$727

and

$128)

—

728

Cash

30,890

5,112

753

Deposit

with

broker

for

futures

contracts

—

—

Receivables:

Dividends,

interest,

and

securities

lending

income

1,476

Capital

shares

issued

—(c)

From

Adviser

Reclaims

—

1,325

806

Other

—

—

Prepaid

expenses

Total

Assets

2,205,065

914,738

445,229

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

2,945

2,360

Investments

purchased

909

—

—

Capital

shares

redeemed

902

—

Accrued

foreign

capital

gains

taxes

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

773

538

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—(c)

Trustees'

fees

Other

accrued

expenses

Total

Liabilities

3,040

4,304

2,856

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

958,018

675,652

316,876

Total

accumulated

earnings

(loss)

1,244,007

234,782

125,497

Net

Assets

$

2,202,025

$

910,434

$

442,373

Net

Assets:

Fund

Shares

$

2,192,112

$

908,212

$

9,564

Institutional

Shares

9,913

2,222

432,809

Total

$

2,202,025

$

910,434

$

442,373

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

35,454

72,075

875

Institutional

Shares

38,754

Total

35,611

72,249

39,629

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

61.83 $

12.60 $

10.93 Institutional

Shares

63.16 12.74 11.17 (a) Includes

$4,454

thousand

of

securities

on

loan.

(b) Includes

$2,532

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

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Growth

&

Income

Fund

Victory

Growth

Fund

Victory

Income

Stock

Fund

Assets:

Investments,

at

value

(Cost

$1,430,621,

$846,135

and

$2,131,581)

$

1,875,022

$

2,215,843

$

2,384,878

Cash

2,642

16,238

8,034

Receivables:

Dividends,

interest,

and

securities

lending

income

1,631

3,333

Capital

shares

issued

646

778

Investments

sold

1,388

—

—

From

Adviser

Reclaims

—

—

Prepaid

expenses

Total

Assets

1,880,830

2,233,104

2,397,405

Liabilities:

Payables:

Investments

purchased

875

—

Capital

shares

redeemed

640

1,142

703

Accrued

expenses

and

other

payables:

Investment

advisory

fees

957

1,211

964

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

Trustees'

fees

Other

accrued

expenses

Total

Liabilities

2,362

3,689

2,159

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

1,369,401

732,319

2,003,279

Total

accumulated

earnings

(loss)

509,067

1,497,096

391,967

Net

Assets

$

1,878,468

$

2,229,415

$

2,395,246

Net

Assets:

Fund

Shares

$

1,873,985

$

2,037,463

$

1,669,943

Institutional

Shares

4,483

191,952

725,303

Total

$

1,878,468

$

2,229,415

$

2,395,246

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

83,130

57,763

96,674

Institutional

Shares

5,458

42,078

Total

83,329

63,221

138,752

Net

asset

value,

offering

and

redemption

price

per

share:(a)

Fund

Shares

$

22.54 $

35.27 $

17.27 Institutional

Shares

22.59 35.17 17.24 (a) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Assets

and

Liabilities

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Science

&

Technology

Fund

Victory

Small

Cap

Stock

Fund

Victory

Value

Fund

Assets:

Investments,

at

value

(Cost

$661,151,

$696,963

and

$1,073,649)

$

1,100,423(a)

$

726,583(b)

$

1,204,434

Foreign

currency,

at

value

(Cost

$62,

$—

and

$—)

—

—

Cash

15,162

10,550

29,138

Receivables:

Dividends,

interest,

and

securities

lending

income

1,189

Capital

shares

issued

1,464

525

Investments

sold

6,471

1,501

—

Reclaims

—

—

Prepaid

expenses

Total

Assets

1,122,256

740,442

1,235,314

Liabilities:

Payables:

Collateral

received

on

loaned

securities

15,744

17,311

—

Investments

purchased

980

2,048

—

Capital

shares

redeemed

574

Accrued

expenses

and

other

payables:

Investment

advisory

fees

599

647

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

Trustees'

fees

12b-1

fees

—

—

Other

accrued

expenses

Total

Liabilities

18,186

20,326

1,436

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

645,691

692,698

1,012,795

Total

accumulated

earnings

(loss)

458,379

27,418

221,083

Net

Assets

$

1,104,070

$

720,116

$

1,233,878

Net

Assets:

Fund

Shares

$

1,059,822

$

463,935

$

744,091

Institutional

Shares

—

256,181

489,787

Class

A

44,248

—

—

Total

$

1,104,070

$

720,116

$

1,233,878

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

39,350

39,914

40,706

Institutional

Shares

—

21,534

26,769

Class

A

1,758

—

—

Total

41,108

61,448

67,475

Net

asset

value,

offering

and

redemption

price

per

share:(c)

Fund

Shares

$

26.93 $

11.62 $

18.28 Institutional

Shares

—

11.90 18.30 Class

A

25.17 —

—

Maximum

Sales

Charge

—

Class

A

5.75%

—%

—%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

26.71 $

—

$

—

(a) Includes

$12,295

thousand

of

securities

on

loan.

(b) Includes

$16,925

thousand

of

securities

on

loan.

(c) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Operations

For

the

Year

Ended

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Aggressive

Growth

Fund

Victory

Capital

Growth

Fund

Victory

Global

Managed

Volatility

Fund

Investment

Income:

Dividends

$

8,116

$

20,215

$

11,098

Interest

1,646

Securities

lending

(net

of

fees)

Foreign

tax

withholding

—

(1,311)

(849)

Total

Income

9,764

19,166

10,336

Expenses:

Investment

advisory

fees

9,573

7,386

2,970

Administration

fees

—

Fund

Shares

3,451

1,407

Administration

fees

—

Institutional

Shares

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

1,442

969

Transfer

agent

fees

—

Institutional

Shares

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Line

of

credit

fees

—

—

(a) —

Other

expenses

Total

Expenses

14,927

10,279

3,929

Expenses

waived/reimbursed

by

Adviser

(16)

(16)

(445)

Net

Expenses

14,911

10,263

3,484

Net

Investment

Income

(Loss)

(5,147)

8,903

6,852

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

114,349

102,633

52,304

Foreign

taxes

on

realized

gains

—

(343)

(148)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

180,463

(24,741)

1,518

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—

Net

realized/unrealized

gains

(losses)

on

investments

294,812

78,015

53,695

Change

in

net

assets

resulting

from

operations

$

289,665

$

86,918

$

60,547

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Year

Ended

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Growth

&

Income

Fund

Victory

Growth

Fund

Victory

Income

Stock

Fund

Investment

Income:

Dividends

$

37,386

$

11,806

$

75,568

Interest

1,126

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(14)

—

(39)

Total

Income

37,706

12,946

75,862

Expenses:

Investment

advisory

fees

12,560

16,829

13,953

Administration

fees

—

Fund

Shares

2,984

3,263

2,673

Administration

fees

—

Institutional

Shares

836

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

1,189

1,159

935

Transfer

agent

fees

—

Institutional

Shares

874

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

Line

of

credit

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

Total

Expenses

17,162

22,464

19,720

Expenses

waived/reimbursed

by

Adviser

(20)

(16)

(27)

Net

Expenses

17,142

22,448

19,693

Net

Investment

Income

(Loss)

20,564

(9,502)

56,169

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

196,046

300,655

303,190

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(36,760)

57,467

(201,011)

Net

realized/unrealized

gains

(losses)

on

investments

159,286

358,122

102,179

Change

in

net

assets

resulting

from

operations

$

179,850

$

348,620

$

158,348

Statements

of

Operations

For

the

Year

Ended

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Science

&

Technology

Fund

Victory

Small

Cap

Stock

Fund

Victory

Value

Fund

Investment

Income:

Dividends

$

3,579

$

10,200

$

27,786

Interest

898

Securities

lending

(net

of

fees)

—

(a) Foreign

tax

withholding

(54)

(34)

(36)

Total

Income

3,934

10,554

28,648

Expenses:

Investment

advisory

fees

8,544

6,023

8,859

Administration

fees

—

Fund

Shares

1,752

835

1,189

Administration

fees

—

Institutional

Shares

—

503

Administration

fees

—

Class

A

—

—

Sub-Administration

fees

12b-1

fees

—

Class

A

—

—

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

949

644

681

Transfer

agent

fees

—

Institutional

Shares

—

526

Transfer

agent

fees

—

Class

A

—

—

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

(a) —

(a) 1

Line

of

credit

fees

—

(a) —

—

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

Total

Expenses

11,887

8,471

12,104

Expenses

waived/reimbursed

by

Adviser

—

(48)

(8)

Net

Expenses

11,887

8,423

12,096

Net

Investment

Income

(Loss)

(7,953)

2,131

16,552

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

106,036

59,868

159,743

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

25,448

(90,372)

(91,790)

Net

realized/unrealized

gains

(losses)

on

investments

131,484

(30,504)

67,953

Change

in

net

assets

resulting

from

operations

$

123,531

$

(28,373)

$

84,505

(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

Aggressive

Growth

Fund

Victory

Capital

Growth

Fund

Victory

Global

Managed

Volatility

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(5,147)

$

(3,233)

$

8,903

$

10,451

$

6,852

$

8,028

Net

realized

gains

(losses)

114,349

102,827

102,290

41,336

52,156

(5,167)

Net

change

in

unrealized

appreciation/depreciation

180,463

466,022

(24,275)

90,994

1,539

59,662

Change

in

net

assets

resulting

from

operations

289,665

565,616

86,918

142,781

60,547

62,523

Distributions

to

Shareholders:

Fund

Shares

(119,506)

—

(106,775)

(9,128)

(335)

(158)

Institutional

Shares

(518)

—

(267)

(21)

(15,850)

(8,723)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(120,024)

—

(107,042)

(9,149)

(16,185)

(8,881)

Change

in

net

assets

resulting

from

capital

transactions

(25,164)

(112,121)

40,785

(48,299)

(100,546)

(56,344)

Change

in

net

assets

144,477

453,495

20,661

85,333

(56,184)

(2,702)

Net

Assets:

Beginning

of

period

2,057,548

1,604,053

889,773

804,440

498,557

501,259

End

of

period

$

2,202,025

$

2,057,548

$

910,434

$

889,773

$

442,373

$

498,557

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Aggressive

Growth

Fund

Victory

Capital

Growth

Fund

Victory

Global

Managed

Volatility

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

133,187

$

97,107

$

50,589

$

42,640

$

$

708

Distributions

reinvested

117,605

—

105,913

9,060

Cost

of

shares

redeemed

(277,941)

(212,037)

(115,814)

(99,712)

(1,709)

(1,756)

Total

Fund

Shares

$

(27,149)

$

(114,930)

$

40,688

$

(48,012)

$

(932)

$

(891)

Institutional

Shares

Proceeds

from

shares

issued

$

4,665

$

4,828

$

$

1,047

$

—

(a) $

—

Distributions

reinvested

—

15,850

8,723

Cost

of

shares

redeemed

(3,168)

(2,019)

(555)

(1,354)

(115,464)

(64,176)

Total

Institutional

Shares

$

1,985

$

2,809

$

$

(287)

$

(99,614)

$

(55,453)

Change

in

net

assets

resulting

from

capital

transactions

$

(25,164)

$

(112,121)

$

40,785

$

(48,299)

$

(100,546)

$

(56,344)

Share

Transactions:

Fund

Shares

Issued

2,057

1,902

3,772

3,566

Reinvested

1,703

—

8,099

753

Redeemed

(4,303)

(4,186)

(8,660)

(8,397)

(158)

(184)

Total

Fund

Shares

(543)

(2,284)

3,211

(4,078)

(87)

(93)

Institutional

Shares

Issued

—

(b) —

Reinvested

—

1,404

875

Redeemed

(48)

(38)

(41)

(117)

(10,092)

(6,543)

Total

Institutional

Shares

(27)

(8,688)

(5,668)

Change

in

Shares

(512)

(2,231)

3,218

(4,105)

(8,775)

(5,761)

(a) Rounds

to

less

than

$1

thousand.

(b) 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

Growth

&

Income

Fund

Victory

Growth

Fund

Victory

Income

Stock

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

20,564

$

16,390

$

(9,502)

$

(8,081)

$

56,169

$

56,639

Net

realized

gains

(losses)

196,046

242,291

300,655

262,939

303,190

212,518

Net

change

in

unrealized

appreciation/depreciation

(36,760)

122,038

57,467

363,365

(201,011)

130,033

Change

in

net

assets

resulting

from

operations

179,850

380,719

348,620

618,223

158,348

399,190

Distributions

to

Shareholders:

Fund

Shares

(349,659)

(17,103)

(220,322)

(115,819)

(284,645)

(95,582)

Institutional

Shares

(923)

(33)

(31,159)

(26,689)

(131,974)

(48,930)

Class

A

—

(2)

(a) —

—

—

—

Change

in

net

assets

resulting

from

distributions

to

shareholders

(350,582)

(17,138)

(251,481)

(142,508)

(416,619)

(144,512)

Change

in

net

assets

resulting

from

capital

transactions

182,368

(118,005)

(226,536)

(154,362)

56,165

(65,766)

Change

in

net

assets

11,636

245,576

(129,397)

321,353

(202,106)

188,912

Net

Assets:

Beginning

of

period

1,866,832

1,621,256

2,358,812

2,037,459

2,597,352

2,408,440

End

of

period

$

1,878,468

$

1,866,832

$

2,229,415

$

2,358,812

$

2,395,246

$

2,597,352

(a) Class

A

activity

is

for

the

period

May

1,

2023,

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

Growth

&

Income

Fund

Victory

Growth

Fund

Victory

Income

Stock

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

85,197

$

80,820

$

100,193

$

93,982

$

69,581

$

67,252

Distributions

reinvested

342,743

16,779

217,024

114,021

275,249

92,132

Cost

of

shares

redeemed

(246,197)

(214,358)

(285,907)

(230,892)

(219,570)

(204,034)

Total

Fund

Shares

$

181,743

$

(116,759)

$

31,310

$

(22,889)

$

125,260

$

(44,650)

Institutional

Shares

Proceeds

from

shares

issued

$

1,965

$

3,352

$

25,296

$

33,276

$

65,183

$

54,012

Distributions

reinvested

890

30,960

26,617

131,709

48,854

Cost

of

shares

redeemed

(2,230)

(3,797)

(314,102)

(191,366)

(265,987)

(123,982)

Total

Institutional

Shares

$

625

$

(413)

$

(257,846)

$

(131,473)

$

(69,095)

$

(21,116)

Class

A

Proceeds

from

shares

issued

$

—

$

(a) $

—

$

—

$

—

$

—

Distributions

reinvested

—

(a) —

—

—

—

Cost

of

shares

redeemed

—

(863)

(a) —

—

—

—

Total

Class

A

$

—

$

(833)

(a) $

—

$

—

$

—

$

—

Change

in

net

assets

resulting

from

capital

transactions

$

182,368

$

(118,005)

$

(226,536)

$

(154,362)

$

56,165

$

(65,766)

Share

Transactions:

Fund

Shares

Issued

3,345

3,583

2,626

2,959

3,599

3,676

Reinvested

14,074

727

5,443

3,631

15,009

5,068

Redeemed

(9,711)

(9,517)

(7,525)

(7,241)

(11,434)

(11,249)

Total

Fund

Shares

7,708

(5,207)

544

(651)

7,174

(2,505)

Institutional

Shares

Issued

700

1,073

3,517

3,000

Reinvested

779

850

7,194

2,692

Redeemed

(86)

(171)

(8,008)

(6,047)

(13,753)

(6,764)

Total

Institutional

Shares

(24)

(6,529)

(4,124)

(3,042)

(1,072)

Class

A

Issued

—

(a) —

—

—

—

Reinvested

—

—

(a) (b) —

—

—

—

Redeemed

—

(40)

(a) —

—

—

—

Total

Class

A

—

(39)

(a) —

—

—

—

Change

in

Shares

7,734

(5,270)

(5,985)

(4,775)

4,132

(3,577)

(a) Class

A

activity

is

for

the

period

May

1,

2023,

to

March

28,

2024

(date

of

termination).

(b) 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

Science

&

Technology

Fund

Victory

Small

Cap

Stock

Fund

Victory

Value

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(7,953)

$

(7,834)

$

2,131

$

2,954

$

16,552

$

16,514

Net

realized

gains

(losses)

106,036

84,108

59,868

39,633

159,743

93,018

Net

change

in

unrealized

appreciation/depreciation

25,448

186,936

(90,372)

64,215

(91,790)

88,848

Change

in

net

assets

resulting

from

operations

123,531

263,210

(28,373)

106,802

84,505

198,380

Distributions

to

Shareholders:

Fund

Shares

—

—

(32,013)

(1,075)

(99,163)

(9,127)

Institutional

Shares

—

—

(16,423)

(1,098)

(62,200)

(5,989)

Class

A

—

—

—

—

—

(13)

(a) Change

in

net

assets

resulting

from

distributions

to

shareholders

—

—

(48,436)

(2,173)

(161,363)

(15,129)

Change

in

net

assets

resulting

from

capital

transactions

(134,845)

(129,895)

(57,447)

(171,917)

59,609

(98,773)

Change

in

net

assets

(11,314)

133,315

(134,256)

(67,288)

(17,249)

84,478

Net

Assets:

Beginning

of

period

1,115,384

982,069

854,372

921,660

1,251,127

1,166,649

End

of

period

$

1,104,070

$

1,115,384

$

720,116

$

854,372

$

1,233,878

$

1,251,127

(a) Class

A

activity

is

for

the

period

May

1,

2023,

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

Science

&

Technology

Fund

Victory

Small

Cap

Stock

Fund

Victory

Value

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

54,895

$

44,307

$

26,072

$

26,396

$

35,717

$

31,329

Distributions

reinvested

—

—

31,583

1,060

97,962

8,999

Cost

of

shares

redeemed

(179,908)

(164,634)

(99,393)

(94,598)

(113,856)

(110,874)

Total

Fund

Shares

$

(125,013)

$

(120,327)

$

(41,738)

$

(67,142)

$

19,823

$

(70,546)

Institutional

Shares

Proceeds

from

shares

issued

$

—

$

—

$

14,385

$

25,457

$

18,378

$

15,649

Distributions

reinvested

—

—

16,415

1,097

62,173

5,987

Cost

of

shares

redeemed

—

—

(46,509)

(131,329)

(40,765)

(49,626)

Total

Institutional

Shares

$

—

$

—

$

(15,709)

$

(104,775)

$

39,786

$

(27,990)

Class

A

Proceeds

from

shares

issued

$

1,019

$

1,548

$

—

$

—

$

—

$

927

(a) Distributions

reinvested

—

—

—

—

—

(a) Cost

of

shares

redeemed

(10,851)

(11,116)

—

—

—

(1,176)

(a) Total

Class

A

$

(9,832)

$

(9,568)

$

—

$

—

$

—

$

(237)

(a) Change

in

net

assets

resulting

from

capital

transactions

$

(134,845)

$

(129,895)

$

(57,447)

$

(171,917)

$

59,609

$

(98,773)

Share

Transactions:

Fund

Shares

Issued

1,940

1,974

1,926

2,113

1,790

1,746

Reinvested

—

—

2,266

5,087

Redeemed

(6,390)

(7,388)

(7,371)

(7,570)

(5,723)

(6,221)

Total

Fund

Shares

(4,450)

(5,414)

(3,179)

(5,377)

1,154

(3,978)

Institutional

Shares

Issued

—

—

1,115

2,061

962

904

Reinvested

—

—

1,151

3,224

Redeemed

—

—

(3,192)

(10,162)

(1,968)

(2,700)

Total

Institutional

Shares

—

—

(926)

(8,020)

2,218

(1,465)

Class

A

Issued

—

—

—

(a) Reinvested

—

—

—

—

—

(a) Redeemed

(418)

(521)

—

—

—

(58)

(a) Total

Class

A

(379)

(448)

—

—

—

(6)

(a) Change

in

Shares

(4,829)

(5,862)

(4,105)

(13,397)

3,372

(5,449)

(a) Class

A

activity

is

for

the

period

May

1,

2023,

to

March

28,

2024

(date

of

termination).

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Aggressive

Growth

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$56.96

$41.82

$41.79

$61.22

$46.02

$43.91

Investment

Activities:

Net

investment

income

(loss)(b)

(0.14)

(0.09)

(0.03)

(0.15)

(0.15)

(0.07)

Net

realized

and

unrealized

gains

(losses)

8.46 15.23 0.90 (12.92)

15.45 9.82 Total

from

Investment

Activities

8.32 15.14 0.87 (13.07)

15.30 9.75 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—

—

(0.04)

Net

realized

gains

(3.45)

—

(0.84)

(6.36)

(0.10)

(7.60)

Total

Distributions

(3.45)

—

(0.84)

(6.36)

(0.10)

(7.64)

Net

Asset

Value,

End

of

Period

$61.83

$56.96

$41.82

$41.79

$61.22

$46.02

Total

Return(c)(d)

13.97%

36.20%

2.31%

(23.75)%

33.27%

26.30%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.64%

0.64%

0.68%

0.63%

0.63%

0.72%

Net

Investment

Income

(Loss)(e)

(0.22)%

(0.17)%

(0.12)%

(0.29)%

(0.28)%

(0.17)%

Gross

Expenses(e)(f)

0.64%

0.64%

0.68%

0.63%

0.63%

0.72%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,192,112

$2,050,192

$1,600,944

$1,648,078

$2,307,263

$1,861,282

Portfolio

Turnover(c)(g)

30%

45%

37%

65%

46%

64%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Aggressive

Growth

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$58.16

$42.69

$42.60

$62.27

$46.82

$44.54

Investment

Activities:

Net

investment

income

(loss)(b)

(0.19)

(0.08)

0.01 (0.18)

(0.17)

(0.05)

Net

realized

and

unrealized

gains

(losses)

8.64 15.55 0.92 (13.13)

15.72 9.98 Total

from

Investment

Activities

8.45 15.47 0.93 (13.31)

15.55 9.93 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—

—

(0.05)

Net

realized

gains

(3.45)

—

(0.84)

(6.36)

(0.10)

(7.60)

Total

Distributions

(3.45)

—

(0.84)

(6.36)

(0.10)

(7.65)

Net

Asset

Value,

End

of

Period

$63.16

$58.16

$42.69

$42.60

$62.27

$46.82

Total

Return(c)(d)

13.90%

36.24%

2.41%

(23.73)%

33.24%

26.33%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.71%

0.63%

0.53%

0.66%

0.66%

0.70%

Net

Investment

Income

(Loss)(e)

(0.29)%

(0.16)%

0.03%

(0.33)%

(0.32)%

(0.13)%

Gross

Expenses(e)(f)

0.87%

0.91%

1.28%

0.72%

0.73%

0.81%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$9,913

$7,356

$3,109

$3,706

$20,405

$12,287

Portfolio

Turnover(c)(g)

30%

45%

37%

65%

46%

64%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Capital

Growth

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$12.89

$11.00

$11.30

$13.67

$10.62

$11.36

Investment

Activities:

Net

investment

income

(loss)(b)

0.13 0.15 0.12 0.19 0.13 0.14 Net

realized

and

unrealized

gains

(losses)

1.17 1.87 0.38 (0.95)

3.28 0.13 Total

from

Investment

Activities

1.30 2.02 0.50 (0.76)

3.41 0.27 Distributions

to

Shareholders

from:

Net

investment

income

(0.26)

(0.13)

(0.11)

(0.16)

(0.12)

(0.17)

Net

realized

gains

(1.33)

—

(0.69)

(1.45)

(0.24)

(0.84)

Total

Distributions

(1.59)

(0.13)

(0.80)

(1.61)

(0.36)

(1.01)

Net

Asset

Value,

End

of

Period

$12.60

$12.89

$11.00

$11.30

$13.67

$10.62

Total

Return(c)(d)

9.80%

18.46%

4.63%

(6.74)%

32.74%

2.14%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.09%

1.13%

1.16%

1.09%

1.07%

1.12%

Net

Investment

Income

(Loss)(e)

0.95%

1.25%

1.49%

1.52%

1.04%

1.35%

Gross

Expenses(e)(f)

1.09%

1.13%

1.16%

1.09%

1.07%

1.13%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$908,212

$887,600

$802,284

$799,210

$899,767

$755,102

Portfolio

Turnover(c)(g)

57%

59%

41%

58%

67%(h)

152%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(h) 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

Capital

Growth

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$13.02

$11.10

$11.39

$13.81

$10.66

$11.39

Investment

Activities:

Net

investment

income

(loss)(b)

0.12 0.15 0.11 0.20 0.15 0.14 Net

realized

and

unrealized

gains

(losses)

1.18 1.89 0.37 (0.95)

3.35 0.14 Total

from

Investment

Activities

1.30 2.04 0.48 (0.75)

3.50 0.28 Distributions

to

Shareholders

from:

Net

investment

income

(0.25)

(0.12)

(0.08)

(0.22)

(0.11)

(0.17)

Net

realized

gains

(1.33)

—

(0.69)

(1.45)

(0.24)

(0.84)

Total

Distributions

(1.58)

(0.12)

(0.77)

(1.67)

(0.35)

(1.01)

Net

Asset

Value,

End

of

Period

$12.74

$13.02

$11.10

$11.39

$13.81

$10.66

Total

Return(c)(d)

9.74%

18.40%

4.50%

(6.68)%

33.45%

2.20%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.13%

1.16%

1.25%

1.06%

0.77%

1.01%

Net

Investment

Income

(Loss)(e)

0.90%

1.22%

1.35%

1.58%

1.30%

1.31%

Gross

Expenses(e)(f)

1.83%

1.80%

1.83%

1.66%

0.92%

1.01%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,222

$2,173

$2,156

$2,251

$1,766

$11,559

Portfolio

Turnover(c)(g)

57%

59%

41%

58%

67%(h)

152%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(h) 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

Managed

Volatility

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.09

$9.07

$8.38

$10.78

$11.20

$10.97

Investment

Activities:

Net

investment

income

(loss)(b)

0.13 0.13 0.05 0.17 0.15 0.12 Net

realized

and

unrealized

gains

(losses)

1.07 1.05 0.64 (1.85)

2.15 0.56 Total

from

Investment

Activities

1.20 1.18 0.69 (1.68)

2.30 0.68 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.16)

—

(0.20)

(0.11)

(0.15)

Net

realized

gains

(0.19)

—

—

(0.52)

(2.61)

(0.30)

Total

Distributions

(0.36)

(0.16)

—

(0.72)

(2.72)

(0.45)

Net

Asset

Value,

End

of

Period

$10.93

$10.09

$9.07

$8.38

$10.78

$11.20

Total

Return(c)(d)

11.89%

13.07%

8.23%

(15.78)%

21.00%

6.25%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.90%

0.90%

0.90%

0.90%

0.90%

0.90%

Net

Investment

Income

(Loss)(e)

1.20%

1.40%

1.78%

1.77%

1.26%

1.14%

Gross

Expenses(e)(f)

1.15%

1.24%

1.39%

1.13%

1.05%

1.15%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$9,564

$9,709

$9,574

$9,065

$12,183

$10,414

Portfolio

Turnover(c)(g)

37%

24%

7%

26%

40%

86%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) 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

Global

Managed

Volatility

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.30

$9.26

$8.54

$10.98

$11.35

$11.11

Investment

Activities:

Net

investment

income

(loss)(b)

0.16 0.16 0.06 0.19 0.18 0.14 Net

realized

and

unrealized

gains

(losses)

1.09 1.06 0.66 (1.90)

2.19 0.57 Total

from

Investment

Activities

1.25 1.22 0.72 (1.71)

2.37 0.71 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.18)

—

(0.21)

(0.13)

(0.17)

Net

realized

gains

(0.19)

—

—

(0.52)

(2.61)

(0.30)

Total

Distributions

(0.38)

(0.18)

—

(0.73)

(2.74)

(0.47)

Net

Asset

Value,

End

of

Period

$11.17

$10.30

$9.26

$8.54

$10.98

$11.35

Total

Return(c)(d)

12.15%

13.22%

8.43%

(15.70)%

21.34%

6.44%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.70%

0.70%

0.70%

0.70%

0.70%

0.70%

Net

Investment

Income

(Loss)(e)

1.39%

1.60%

1.98%

1.96%

1.45%

1.34%

Gross

Expenses(e)(f)

0.79%

0.77%

0.80%

0.78%

0.77%

0.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$432,809

$488,848

$491,685

$471,568

$594,164

$725,204

Portfolio

Turnover(c)(g)

37%

24%

7%

26%

40%

86%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) 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

Growth

&

Income

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$24.70

$20.05

$22.05

$26.78

$20.41

$23.70

Investment

Activities:

Net

investment

income

(loss)(b)

0.26 0.21 0.19 0.21 0.15 0.22 Net

realized

and

unrealized

gains

(losses)

2.39 4.66 0.12 (1.86)

6.40 1.45 Total

from

Investment

Activities

2.65 4.87 0.31 (1.65)

6.55 1.67 Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

(0.22)

(0.16)

(0.22)

(0.18)

(0.23)

Net

realized

gains

(4.57)

—

(2.15)

(2.86)

—

(4.73)

Total

Distributions

(4.81)

(0.22)

(2.31)

(3.08)

(0.18)

(4.96)

Net

Asset

Value,

End

of

Period

$22.54

$24.70

$20.05

$22.05

$26.78

$20.41

Total

Return(c)(d)

9.45%

24.37%

1.84%

(7.41)%

32.24%

7.81%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.86%

0.85%

0.82%

0.81%

0.81%

0.87%

Net

Investment

Income

(Loss)(e)

1.03%

0.93%

1.27%

0.84%

0.63%

1.05%

Gross

Expenses(e)(f)

0.86%

0.85%

0.82%

0.81%

0.81%

0.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,873,985

$1,862,561

$1,616,531

$1,672,669

$1,934,246

$1,605,020

Portfolio

Turnover(c)(g)

61%

75%

43%

71%

62%

74%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

&

Income

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$24.74

$20.10

$22.12

$26.75

$20.38

$23.68

Investment

Activities:

Net

investment

income

(loss)(b)

0.25 0.17 0.31 0.16 0.15 0.23 Net

realized

and

unrealized

gains

(losses)

2.39 4.67 0.12 (1.67)

6.40 1.44 Total

from

Investment

Activities

2.64 4.84 0.43 (1.51)

6.55 1.67 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.20)

(0.30)

(0.26)

(0.18)

(0.24)

Net

realized

gains

(4.57)

—

(2.15)

(2.86)

—

(4.73)

Total

Distributions

(4.79)

(0.20)

(2.45)

(3.12)

(0.18)

(4.97)

Net

Asset

Value,

End

of

Period

$22.59

$24.74

$20.10

$22.12

$26.75

$20.38

Total

Return(c)(d)

9.43%

24.17%

2.47%

(6.77)%

32.32%

7.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.93%

1.01%

0.04%

0.72%

0.79%

0.83%

Net

Investment

Income

(Loss)(e)

0.96%

0.76%

2.07%

0.59%

0.65%

1.09%

Gross

Expenses(e)(f)

1.32%

1.37%

0.44%

0.74%

0.79%

0.83%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,483

$4,271

$3,958

$5,193

$213,041

$172,787

Portfolio

Turnover(c)(g)

61%

75%

43%

71%

62%

74%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Growth

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$34.10

$27.55

$27.66

$39.27

$30.85

$31.54

Investment

Activities:

Net

investment

income

(loss)(b)

(0.14)

(0.11)

(0.06)

(0.14)

(0.13)

(0.05)

Net

realized

and

unrealized

gains

(losses)

5.34 8.75 1.55 (7.72)

10.03 6.18 Total

from

Investment

Activities

5.20 8.64 1.49 (7.86)

9.90 6.13 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—

—

(0.08)

Net

realized

gains

(4.03)

(2.09)

(1.60)

(3.75)

(1.48)

(6.74)

Total

Distributions

(4.03)

(2.09)

(1.60)

(3.75)

(1.48)

(6.82)

Net

Asset

Value,

End

of

Period

$35.27

$34.10

$27.55

$27.66

$39.27

$30.85

Total

Return(c)(d)

13.90%

31.96%

6.19%

(22.11)%

32.87%

23.71%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.89%

0.89%

0.88%

0.84%

0.84%

0.91%

Net

Investment

Income

(Loss)(e)

(0.38)%

(0.36)%

(0.33)%

(0.43)%

(0.38)%

(0.16)%

Gross

Expenses(e)(f)

0.89%

0.89%

0.88%

0.84%

0.84%

0.91%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,037,463

$1,951,058

$1,594,565

$1,606,239

$2,224,130

$1,841,547

Portfolio

Turnover(c)(g)

22%

35%

33%

62%

40%

59%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$34.02

$27.49

$27.59

$39.17

$30.77

$31.47

Investment

Activities:

Net

investment

income

(loss)(b)

(0.15)

(0.11)

(0.05)

(0.13)

(0.13)

(0.04)

Net

realized

and

unrealized

gains

(losses)

5.33 8.73 1.55 (7.70)

10.01 6.16 Total

from

Investment

Activities

5.18 8.62 1.50 (7.83)

9.88 6.12 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—

—

(0.08)

Net

realized

gains

(4.03)

(2.09)

(1.60)

(3.75)

(1.48)

(6.74)

Total

Distributions

(4.03)

(2.09)

(1.60)

(3.75)

(1.48)

(6.82)

Net

Asset

Value,

End

of

Period

$35.17

$34.02

$27.49

$27.59

$39.17

$30.77

Total

Return(c)(d)

13.87%

32.00%

6.21%

(22.09)%

32.89%

23.75%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.91%

0.88%

0.82%

0.83%

0.83%

0.87%

Net

Investment

Income

(Loss)(e)

(0.39)%

(0.35)%

(0.25)%

(0.41)%

(0.36)%

(0.13)%

Gross

Expenses(e)(f)

0.92%

0.89%

0.83%

0.83%

0.83%

0.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$191,952

$407,754

$442,894

$1,199,990

$1,338,685

$1,175,311

Portfolio

Turnover(c)(g)

22%

35%

33%

62%

40%

59%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Income

Stock

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$19.31

$17.44

$18.75

$20.18

$15.73

$19.78

Investment

Activities:

Net

investment

income

(loss)(b)

0.42 0.42 0.34 0.40 0.34 0.40 Net

realized

and

unrealized

gains

(losses)

0.81 2.52 0.01 0.21 4.45 (0.87)

Total

from

Investment

Activities

1.23 2.94 0.35 0.61 4.79 (0.47)

Distributions

to

Shareholders

from:

Net

investment

income

(0.40)

(0.44)

(0.29)

(0.43)

(0.33)

(0.36)

Net

realized

gains

(2.87)

(0.63)

(1.37)

(1.61)

(0.01)

(3.22)

Total

Distributions

(3.27)

(1.07)

(1.66)

(2.04)

(0.34)

(3.58)

Net

Asset

Value,

End

of

Period

$17.27

$19.31

$17.44

$18.75

$20.18

$15.73

Total

Return(c)(d)

5.65%

17.37%

1.82%

2.75%

30.75%

(3.84)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.75%

0.75%

0.74%

0.70%

0.70%

0.74%

Net

Investment

Income

(Loss)(e)

2.15%

2.32%

2.55%

2.04%

1.90%

2.31%

Gross

Expenses(e)(f)

0.75%

0.75%

0.74%

0.70%

0.70%

0.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,669,943

$1,727,892

$1,604,350

$1,670,838

$1,740,731

$1,482,959

Portfolio

Turnover(c)(g)

76%

58%

32%

50%

53%

64%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Income

Stock

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$19.27

$17.41

$18.72

$20.15

$15.71

$19.76

Investment

Activities:

Net

investment

income

(loss)(b)

0.41 0.42 0.34 0.40 0.34 0.40 Net

realized

and

unrealized

gains

(losses)

0.82 2.51 0.02 0.21 4.44 (0.86)

Total

from

Investment

Activities

1.23 2.93 0.36 0.61 4.78 (0.46)

Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(0.44)

(0.30)

(0.43)

(0.33)

(0.37)

Net

realized

gains

(2.87)

(0.63)

(1.37)

(1.61)

(0.01)

(3.22)

Total

Distributions

(3.26)

(1.07)

(1.67)

(2.04)

(0.34)

(3.59)

Net

Asset

Value,

End

of

Period

$17.24

$19.27

$17.41

$18.72

$20.15

$15.71

Total

Return(c)(d)

5.71%

17.35%

1.83%

2.77%

30.75%

(3.81)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.76%

0.74%

0.72%

0.68%

0.68%

0.72%

Net

Investment

Income

(Loss)(e)

2.14%

2.33%

2.57%

2.05%

1.91%

2.34%

Gross

Expenses(e)(f)

0.76%

0.75%

0.73%

0.69%

0.69%

0.72%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$725,303

$869,460

$804,090

$953,444

$1,078,555

$1,028,803

Portfolio

Turnover(c)(g)

76%

58%

32%

50%

53%

64%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Science

&

Technology

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$24.35

$19.02

$19.87

$36.68

$28.93

$28.39

Investment

Activities:

Net

investment

income

(loss)(b)

(0.18)

(0.16)

(0.09)

(0.17)

(0.26)

(0.17)

Net

realized

and

unrealized

gains

(losses)

2.76 5.49 (0.76)

(12.03)

9.92 7.26 Total

from

Investment

Activities

2.58 5.33 (0.85)

(12.20)

9.66 7.09 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(4.61)

(1.91)

(6.55)

Total

Distributions

—

—

—

(4.61)

(1.91)

(6.55)

Net

Asset

Value,

End

of

Period

$26.93

$24.35

$19.02

$19.87

$36.68

$28.93

Total

Return(c)(d)

10.64%

28.02%

(4.33)%

(37.07)%

33.71%

30.85%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.96%

0.97%

0.97%

0.95%

0.99%

1.04%

Net

Investment

Income

(Loss)(e)

(0.64)%

(0.71)%

(0.63)%

(0.64)%

(0.76)%

(0.66)%

Gross

Expenses(e)(f)

0.96%

0.97%

0.97%

0.95%

0.99%

1.04%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,059,822

$1,066,594

$935,858

$1,067,016

$1,923,477

$1,559,222

Portfolio

Turnover(c)(g)

31%

75%

56%

46%

43%

44%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Science

&

Technology

Fund

Class

A

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.83

$17.88

$18.72

$34.93

$27.71

$27.53

Investment

Activities:

Net

investment

income

(loss)(b)

(0.25)

(0.21)

(0.12)

(0.24)

(0.35)

(0.23)

Net

realized

and

unrealized

gains

(losses)

2.59 5.16 (0.72)

(11.36)

9.48 6.96 Total

from

Investment

Activities

2.34 4.95 (0.84)

(11.60)

9.13 6.73 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(4.61)

(1.91)

(6.55)

Total

Distributions

—

—

—

(4.61)

(1.91)

(6.55)

Net

Asset

Value,

End

of

Period

$25.17

$22.83

$17.88

$18.72

$34.93

$27.71

Total

Return(c)(d)

10.25%

27.68%

(4.49)%

(37.26)%

33.27%

30.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.28%

1.26%(g)

1.24%

1.24%

1.30%

1.33%

Net

Investment

Income

(Loss)(e)

(0.96)%

(1.00)%

(0.90)%

(0.93)%

(1.07)%

(0.94)%

Gross

Expenses(e)(f)

1.28%

1.26%

1.25%

1.24%

1.30%

1.33%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$44,248

$48,790

$46,211

$56,350

$109,245

$93,813

Portfolio

Turnover(c)(h)

31%

75%

56%

46%

43%

44%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) Includes

impact

of

interest

fees.

Without

these

interest

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(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

Small

Cap

Stock

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$12.94

$11.58

$12.63

$21.25

$14.88

$16.74

Investment

Activities:

Net

investment

income

(loss)(b)

0.02 0.03 0.03 (0.01)

(0.01)

0.05 Net

realized

and

unrealized

gains

(losses)

(0.55)

1.35 (0.38)

(2.14)

7.95 (0.28)

Total

from

Investment

Activities

(0.53)

1.38 (0.35)

(2.15)

7.94 (0.23)

Distributions

to

Shareholders

from:

Net

investment

income

(0.13)

(0.02)

—

—

(0.14)

(0.03)

Net

realized

gains

(0.66)

—

(0.70)

(6.47)

(1.43)

(1.60)

Total

Distributions

(0.79)

(0.02)

(0.70)

(6.47)

(1.57)

(1.63)

Net

Asset

Value,

End

of

Period

$11.62

$12.94

$11.58

$12.63

$21.25

$14.88

Total

Return(c)(d)

(5.05)%

11.95%

(2.83)%

(13.71)%

55.25%

(2.21)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.01%

1.02%

1.06%

1.08%

1.10%

1.10%

Net

Investment

Income

(Loss)(e)

0.22%

0.28%

0.28%

(0.09)%

(0.04)%

0.33%

Gross

Expenses(e)(f)

1.01%

1.02%

1.06%

1.08%

1.10%

1.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$463,935

$557,429

$561,071

$623,725

$818,576

$595,019

Portfolio

Turnover(c)(g)

70%

62%

55%

77%

85%

71%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Small

Cap

Stock

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$13.22

$11.83

$12.88

$21.53

$15.06

$16.91

Investment

Activities:

Net

investment

income

(loss)(b)

0.04 0.05 0.04 (0.01)

—(c)

0.07 Net

realized

and

unrealized

gains

(losses)

(0.56)

1.38 (0.39)

(2.17)

8.04 (0.28)

Total

from

Investment

Activities

(0.52)

1.43 (0.35)

(2.18)

8.04 (0.21)

Distributions

to

Shareholders

from:

Net

investment

income

(0.14)

(0.04)

—

—

(0.14)

(0.04)

Net

realized

gains

(0.66)

—

(0.70)

(6.47)

(1.43)

(1.60)

Total

Distributions

(0.80)

(0.04)

(0.70)

(6.47)

(1.57)

(1.64)

Net

Asset

Value,

End

of

Period

$11.90

$13.22

$11.83

$12.88

$21.53

$15.06

Total

Return(d)(e)

(4.88)%

12.05%

(2.85)%

(13.60)%

55.30%

(2.08)%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.93%

0.93%

0.96%

1.03%

1.04%

0.98%

Net

Investment

Income

(Loss)(f)

0.30%

0.38%

0.38%

(0.06)%

0.02%

0.45%

Gross

Expenses(f)(g)

0.95%

0.95%

0.99%

1.04%

1.05%

0.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$256,181

$296,943

$360,589

$351,835

$644,802

$557,173

Portfolio

Turnover(d)(h)

70%

62%

55%

77%

85%

71%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (b) Per

share

net

investment

income

(loss)

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) 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

Value

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$19.51

$16.77

$17.79

$18.65

$13.57

$19.32

Investment

Activities:

Net

investment

income

(loss)(b)

0.25 0.24 0.18 0.23 0.21 0.26 Net

realized

and

unrealized

gains

(losses)

1.13 2.72 0.12 0.03 5.12 (1.39)

Total

from

Investment

Activities

1.38 2.96 0.30 0.26 5.33 (1.13)

Distributions

to

Shareholders

from:

Net

investment

income

(0.27)

(0.22)

(0.20)

(0.24)

(0.19)

(0.21)

Net

realized

gains

(2.34)

—

(1.12)

(0.88)

(0.06)

(4.41)

Total

Distributions

(2.61)

(0.22)

(1.32)

(1.12)

(0.25)

(4.62)

Net

Asset

Value,

End

of

Period

$18.28

$19.51

$16.77

$17.79

$18.65

$13.57

Total

Return(c)(d)

6.58%

17.78%

1.81%

1.23%

39.66%

(9.43)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.95%

0.94%

0.91%

0.91%

0.92%

0.96%

Net

Investment

Income

(Loss)(e)

1.26%

1.36%

1.41%

1.28%

1.29%

1.69%

Gross

Expenses(e)(f)

0.95%

0.94%

0.91%

0.91%

0.92%

0.97%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$744,091

$771,747

$729,941

$767,351

$833,149

$711,182

Portfolio

Turnover(c)(g)

50%

42%

43%

69%

55%

74%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Value

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$19.53

$16.78

$17.80

$18.67

$13.58

$19.33

Investment

Activities:

Net

investment

income

(loss)(b)

0.26 0.25 0.18 0.24 0.22 0.27 Net

realized

and

unrealized

gains

(losses)

1.13 2.73 0.12 0.03 5.13 (1.39)

Total

from

Investment

Activities

1.39 2.98 0.30 0.27 5.35 (1.12)

Distributions

to

Shareholders

from:

Net

investment

income

(0.28)

(0.23)

(0.20)

(0.26)

(0.20)

(0.22)

Net

realized

gains

(2.34)

—

(1.12)

(0.88)

(0.06)

(4.41)

Total

Distributions

(2.62)

(0.23)

(1.32)

(1.14)

(0.26)

(4.63)

Net

Asset

Value,

End

of

Period

$18.30

$19.53

$16.78

$17.80

$18.67

$13.58

Total

Return(c)(d)

6.60%

17.90%

1.81%

1.28%

39.83%

(9.40)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.91%

0.89%

0.86%

0.86%

0.84%

0.88%

Net

Investment

Income

(Loss)(e)

1.30%

1.41%

1.46%

1.33%

1.36%

1.75%

Gross

Expenses(e)(f)

0.91%

0.90%

0.87%

0.86%

0.85%

0.89%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$489,787

$479,380

$436,604

$352,564

$273,446

$215,830

Portfolio

Turnover(c)(g)

50%

42%

43%

69%

55%

74%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

April

30,

2025

Victory

Portfolios

III

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 nine funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

\*

Effective

March

28,

2024,

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

Aggressive

Growth

Fund

Aggressive

Growth

Fund

Fund

Shares

and

Institutional

Shares

Victory

Capital

Growth

Fund

Capital

Growth

Fund

Fund

Shares

and

Institutional

Shares

Victory

Global

Managed

Volatility

Fund

Global

Managed

Volatility

Fund

Fund

Shares

and

Institutional

Shares

Victory

Growth

&

Income

Fund\*

Growth

&

Income

Fund

Fund

Shares

and

Institutional

Shares

Victory

Growth

Fund

Growth

Fund

Fund

Shares

and

Institutional

Shares

Victory

Income

Stock

Fund

Income

Stock

Fund

Fund

Shares

and

Institutional

Shares

Victory

Science

&

Technology

Fund

Science

&

Technology

Fund

Fund

Shares

and

Class

A

Victory

Small

Cap

Stock

Fund

Small

Cap

Stock

Fund

Fund

Shares

and

Institutional

Shares

Victory

Value

Fund\*

Value

Fund

Fund

Shares

and

Institutional

Shares

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

April

30,

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

Aggressive

Growth

Fund

Common

Stocks

...............................................

$

2,173,468

$

—

$

—

$

2,173,468

Total

.......................................................

$

2,173,468

$

—

$

—

$

2,173,468

Capital

Growth

Fund

Common

Stocks

...............................................

566,376

335,940

—(a)

902,316

Warrants

....................................................

—

—

—(a)

—(a)

Exchange-Traded

Funds

.........................................

683

—

—

683

Collateral

for

Securities

Loaned

...................................

2,945

—

—

2,945

Total

.......................................................

$

570,004

$

335,940

$

—(a)

$

905,944

Global

Managed

Volatility

Fund

Common

Stocks

...............................................

305,624

134,979

—(a)

440,603

Warrants

....................................................

—

—

—(a)

—(a)

Collateral

for

Securities

Loaned

...................................

2,360

—

—

2,360

Total

.......................................................

$

307,984

$

134,979

$

—(a)

$

442,963

Growth

&

Income

Fund

Common

Stocks

...............................................

1,875,022

—

—

1,875,022

Total

.......................................................

$

1,875,022

$

—

$

—

$

1,875,022

Growth

Fund

Common

Stocks

...............................................

2,215,843

—

—

2,215,843

Total

.......................................................

$

2,215,843

$

—

$

—

$

2,215,843

Income

Stock

Fund

Common

Stocks

...............................................

2,384,878

—

—

2,384,878

Total

.......................................................

$

2,384,878

$

—

$

—

$

2,384,878

Science

&

Technology

Fund

Common

Stocks

...............................................

1,067,623

11,946

—

1,079,569

Rights

......................................................

—

—(a)

—(b)

—(b)

Warrants

....................................................

—

—(b)

Exchange-Traded

Funds

.........................................

4,867

—

—

4,867

Collateral

for

Securities

Loaned

...................................

15,744

—

—

15,744

Total

.......................................................

$

1,088,234

$

12,189

$

—(b)

$

1,100,423

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

As

of April

30,

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:

Foreign

Exchange

Currency

Contracts:

The Funds

may

enter

into

foreign

exchange

currency

contracts

to

convert

U.S.

dollars

to

and

from

various

foreign

currencies.

A

foreign

exchange

currency

contract

is

an

obligation

by the

Funds

to

purchase

or

sell

a

specific

currency

at

a

future

date

at

a

price

(in

U.S.

dollars)

set

at

the

time

of

the

contract.

The

Funds

do

not

engage

in

"cross-currency"

foreign

exchange

contracts

(i.e.,

contracts

to

purchase

or

sell

one

foreign

currency

in

exchange

for

another

foreign

currency).

The

Funds'

foreign

exchange

currency

contracts

might

be

considered

spot

contracts

(typically

a

contract

of

one

week

or

less)

or

forward

contracts

(typically

a

contract

term

over

one

week).

A

spot

contract

is

entered

into

for

purposes

of

hedging

against

foreign

currency

fluctuations

relating

to

a

specific

portfolio

transaction,

such

as

the

delay

between

a

security

transaction

trade

date

and

settlement

date.

Forward

contracts

are

entered

into

for

purposes

of

hedging

portfolio

holdings

or

concentrations

of

such

holdings.

Each

foreign

exchange

currency

contract

is

adjusted

daily

by

the

prevailing

spot

or

forward

rate

of

the

underlying

currency,

and

any

appreciation

or

depreciation

is

recorded

for

financial

statement

purposes

as

unrealized

until

the

contract

settlement

date,

at

which

time

the

Funds

record

realized

gains

or

losses

equal

to

the

difference

between

the

value

of

a

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed. The

Funds

could

be

exposed

to

risk

if

a

counterparty

is

unable

to

meet

the

terms

of

a

foreign

exchange

currency

contract

or

if

the

value

of

the

foreign

currency

changes

unfavorably.

In

addition,

the

use

of

foreign

exchange

currency

contracts

does

not

eliminate

fluctuations

in

the

underlying

prices

of

the

securities.

The

Funds

enter

into

foreign

exchange

currency

contracts

solely

for

spot

or

forward

hedging

purposes,

and

not

for

speculative

purposes

(i.e.,

the

Funds

do

not

enter

into

such

contracts

solely

for

the

purpose

of

earning

foreign

currency

gains).

As

of April

30,

2025,

the

Funds

had

no

open

forward

foreign

exchange

currency

contracts.

Level

Level

Level

Total

Small

Cap

Stock

Fund

Common

Stocks

...............................................

$

708,096

$

—

$

—

$

708,096

Rights

......................................................

—

—

Exchange-Traded

Funds

.........................................

1,175

—

—

1,175

Collateral

for

Securities

Loaned

...................................

17,311

—

—

17,311

Total

.......................................................

$

726,582

$

—

$

$

726,583

Value

Fund

Common

Stocks

...............................................

1,204,434

—

—

1,204,434

Total

.......................................................

$

1,204,434

$

—

$

—

$

1,204,434

(a) Zero

market

value

securities.

(b) Rounds

to

less

than

$1

thousand.

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

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.

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

April

30,

2025

(amounts

in

thousands):

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Capital

Growth

Fund

..............................................

$

4,454

$

1,856

$

2,945

Global

Managed

Volatility

Fund

......................................

2,532

2,360

Science

&

Technology

Fund

.........................................

12,295

—

15,744

Small

Cap

Stock

Fund

.............................................

16,925

—

17,311

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of

a

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.

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

April

30. For

the

year

ended

April

30,

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.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

April

30,

2025,

were

as

follows

(amounts

in

thousands):

Excluding

U.S.

Government

Securities

Purchases

Sales

Aggressive

Growth

Fund

....................................................................

$

679,837

$

833,076

Capital

Growth

Fund

.......................................................................

529,588

584,225

Global

Managed

Volatility

Fund

...............................................................

182,869

291,834

Growth

&

Income

Fund

.....................................................................

1,208,480

1,343,365

Growth

Fund

.............................................................................

541,261

997,830

Income

Stock

Fund

........................................................................

1,990,510

2,293,859

Science

&

Technology

Fund

..................................................................

372,032

532,664

Small

Cap

Stock

Fund

......................................................................

594,332

699,847

Value

Fund

..............................................................................

642,550

744,113

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

April

30,

2025,

certain

affiliated fund-of-funds

owned

total

outstanding

shares

of

the

Funds

as

follows:

\*

Rounds

to

0.00%

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

fees

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.

Global

Managed

Volatility

Fund

Ownership

%

Victory

Target

Retirement

Income

Fund

.

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6.6 Victory

Target

Retirement

2030

Fund

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20.2 Victory

Target

Retirement

2040

Fund

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38.4 Victory

Target

Retirement

2050

Fund

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28.2 Victory

Target

Retirement

2060

Fund

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4.3 Growth

Fund

Ownership

%

Victory

Target

Retirement

Income

Fund

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Target

Retirement

2030

Fund

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Target

Retirement

2040

Fund

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0.6 Victory

Target

Retirement

2050

Fund

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Target

Retirement

2060

Fund

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0.1 Income

Stock

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

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0.1 Victory

Cornerstone

Equity

Fund

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0.5 Victory

Target

Retirement

Income

Fund

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0.2 Victory

Target

Retirement

2030

Fund

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0.8 Victory

Target

Retirement

2040

Fund

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.2 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2 Small

Cap

Stock

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0\*

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0\*

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.6 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.9 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.1 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.1 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4 Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Amounts

incurred

and

paid

to

VCM

for

the

year ended

April

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

For

the

Funds

below,

the

performance

adjustment

for

each

share

class

is

accrued

daily

and

calculated

monthly

by

comparing

the

respective

class' performance

per

the

table

below.

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

each

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

year ended April

30,

2025,

performance adjustments were

(amounts

in

thousands):

Adviser

Fee

Tier

Rates

Up

to

$750

million

Next

$750

million

Over

$1.5

billion

Aggressive

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.33%

Flat

Rate

Capital

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Global

Managed

Volatility

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Growth

&

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

Income

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Science

&

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Small

Cap

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

Comparative

Index

Aggressive

Growth

Fund

...............................................

Lipper

Large-Cap

Growth

Funds

Capital

Growth

Fund

..................................................

Lipper

Global

Funds

Growth

&

Income

Fund

................................................

Lipper

Multi-Cap

Core

Funds

Growth

Fund

........................................................

Lipper

Large-Cap

Growth

Funds

Income

Stock

Fund

...................................................

Lipper

Equity

Income

Funds

Science

&

Technology

Fund

.............................................

Lipper

Science

&

Technology

Funds

Small

Cap

Stock

Fund

.................................................

Lipper

Small-Cap

Core

Funds

Value

Fund

.........................................................

Lipper

Multi-Cap

Value

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

April

30,

2025

Victory

Portfolios

III

Amounts

incurred

and

paid

to

VCM

for

the

year ended

April

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

For

the

Funds

below,

the

performance

adjustment

for

each

share

class

is

accrued

daily

and

calculated

monthly

by

comparing

the

respective

class' performance

per

the

table

below.

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

each

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

year ended April

30,

2025,

performance adjustments were

(amounts

in

thousands):

Adviser

Fee

Tier

Rates

Up

to

$750

million

Next

$750

million

Over

$1.5

billion

Aggressive

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.33%

Flat

Rate

Capital

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Global

Managed

Volatility

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Growth

&

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

Income

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Science

&

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Small

Cap

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

Comparative

Index

Aggressive

Growth

Fund

...............................................

Lipper

Large-Cap

Growth

Funds

Capital

Growth

Fund

..................................................

Lipper

Global

Funds

Growth

&

Income

Fund

................................................

Lipper

Multi-Cap

Core

Funds

Growth

Fund

........................................................

Lipper

Large-Cap

Growth

Funds

Income

Stock

Fund

...................................................

Lipper

Equity

Income

Funds

Science

&

Technology

Fund

.............................................

Lipper

Science

&

Technology

Funds

Small

Cap

Stock

Fund

.................................................

Lipper

Small-Cap

Core

Funds

Value

Fund

.........................................................

Lipper

Multi-Cap

Value

Funds

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

700

+/-

+/-

701

and

greater

+/-

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

a

Subadvisory

Agreement

with

Loomis,

Sayles

&

Company,

L.P.

("Loomis

Sayles") under

which

Loomis

Sayles directs

the

investment

and

reinvestment

of

a

portion

of

the

Growth

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

a

Subadvisory

Agreement

with

Wellington

Management

Company

LLP

("Wellington

Management"),

under

which

Wellington

directs

the

investment

and

reinvestment

of

a

portion

of

the

Science

&

Technology 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

a

Subadvisory

Agreement

with

Granahan

Investment

Management,

Inc.

("GIMI"),

under

which

GIMI directs

the

investment

and

reinvestment

of

a

portion

of

the

Small

Cap

Stock

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

year

ended

April

30,

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 year

ended

April

30,

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 year

ended

April

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Fund

Shares

Institutional

Shares

Class

A

Aggressive

Growth

Fund

...........................................................

$

N/A

as

annual

%

rate

................................................................

0.01%

0.01%

N/A

Capital

Growth

Fund

..............................................................

$

N/A

as

annual

%

rate

................................................................

0.04%

0.03%

N/A

Growth

&

Income

Fund

............................................................

$

587

N/A

as

annual

%

rate

................................................................

0.03%

0.09%

N/A

Growth

Fund

....................................................................

$

N/A

as

annual

%

rate

................................................................

0.02%

0.03%

N/A

Income

Stock

Fund

...............................................................

$

560

N/A

as

annual

%

rate

................................................................

0.03%

0.04%

N/A

Science

&

Technology

Fund

.........................................................

$

(573) N/A

(29) as

annual

%

rate

................................................................

(0.05)%

N/A

(0.06)%

Small

Cap

Stock

Fund

.............................................................

$

(247) (143) N/A

as

annual

%

rate

................................................................

(0.04)%

(0.05)%

N/A

Value

Fund

.....................................................................

$

N/A

as

annual

%

rate

................................................................

0.04%

0.03%

N/A

Annual

Charge

Fund

Shares

Institutional

Shares

Class

A

Aggressive

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

Capital

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

Global

Managed

Volatility

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.05%

N/A

Growth

&

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

Income

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

Science

&

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

N/A

0.15%

Small

Cap

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA") provides

transfer

agent

services

to

the

Fund

Shares 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

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

year ended

April

30,

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

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

For

Funds

with

Fund

Shares

and

Institutional

Shares

the

Distributor

receives

no

fee

or

other

compensation

for

these

services.

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

year

ended

April

30,

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

the

Class

A. For

the

year

ended

April

30,

2025,

the

Distributor

did

not

receive

any

commissions.

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

April

30,

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. 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

April

30,

2025,

the

expense

limits

(excluding

voluntary

waivers) are

as

follows:

Institutional

Shares

Class

A

Aggressive

Growth

Fund

.........................................................................

0.10%

N/A

Capital

Growth

Fund

............................................................................

0.10%

N/A

Global

Managed

Volatility

Fund

....................................................................

0.05%

N/A

Growth

&

Income

Fund

..........................................................................

0.10%

N/A

Growth

Fund

..................................................................................

0.10%

N/A

Income

Stock

Fund

.............................................................................

0.10%

N/A

Science

&

Technology

Fund

.......................................................................

N/A

0.10%

Small

Cap

Stock

Fund

...........................................................................

0.10%

N/A

Value

Fund

...................................................................................

0.10%

N/A

Class

A

Science

&

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

In

effect

until

August

31,

2025

Fund

Shares

Institutional

Shares

Class

A

Aggressive

Growth

Fund

.............................................................

0.75%

0.70%

N/A

Capital

Growth

Fund

................................................................

1.12%

1.10%

N/A

Global

Managed

Volatility

Fund

........................................................

0.90%

0.70%

N/A

Growth

&

Income

Fund

..............................................................

0.88%

0.84%

N/A

Growth

Fund

......................................................................

0.92%

0.88%

N/A

Income

Stock

Fund

.................................................................

0.76%

0.72%

N/A

Science

&

Technology

Fund

...........................................................

1.06%

N/A

1.34%

Small

Cap

Stock

Fund

...............................................................

1.10%

0.98%

N/A

Value

Fund

.......................................................................

0.96%

0.88%

N/A

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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.

For

the

year ended

April

30,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of April

30,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

\*

Amount

expires

by July

31,

2025. \*\*

Amount

expires

by

December

31,

2025. 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 year

ended

April

30,

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

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.

Equity

securities

have

the

lowest

priority,

and

the

greatest

risk,

with

respect

to

dividends

and

any

liquidation

payments

in

the

event

of

an

issuer's

bankruptcy.

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.

Investment

Style

Risk

—

The

Value

Fund

uses

a

value-oriented

investment

strategy

to

select

investments.

The

strategy

may

be

out

of

favor

or

may

not

produce

the

intended

results

over

short

or

longer

time

periods.

The

strategy

may,

at

times,

substantially

underperform

funds

that

utilize

other

investment

strategies,

such

as

growth.

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,

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.

Amount

Growth

Fund

........................................................................................

$

Income

Stock

Fund

...................................................................................

Small

Cap

Stock

Fund

.................................................................................

Value

Fund

.........................................................................................

Expires

2025\*

Expires

2026

Expires

2027

Expires

2028

Total

Aggressive

Growth

Fund

...................................

$

$

$

$

$

Capital

Growth

Fund

......................................

Global

Managed

Volatility

Fund

..............................

\*\*

1,291

Growth

&

Income

Fund

....................................

Growth

Fund

............................................

—

Income

Stock

Fund

.......................................

Small

Cap

Stock

Fund

.....................................

Value

Fund

.............................................

—

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Sector Risk

—

A

mutual

funds

portfolio

consisting

of

investments

related

to

the

fields

of

science

and

technology

is

likely

to

be

more

volatile

than

a

portfolio

that

is

more

widely

diversified

in

other

economic

sectors.

There

is

a

possibility

that

the

Funds'

investments

in

companies

whose

values

are

highly

dependent

on

scientific

and

technological

developments

may

be

more

volatile

because

of

the

short

life

cycles

and

competitive

pressures

of

many

of

the

products

or

services

of

these

companies.

Because

of

the

competitiveness

and

rapid

changes

in

the

fields

of

science

and

technology,

many

of

the

companies

in

the

Funds'

portfolio

are

subject

to

distinctive

risks.

The

products

and

services

of

these

companies

may

not

be

economically

successful

or

may

quickly

become

outdated.

Additionally,

many

of

these

companies

must

comply

with

significant

governmental

regulations

and

may

need

governmental

approval

of

their

products

and

services.

Financial

Sector Risk

—

For

the

Income

Stock

Fund,

investments

in

companies

within

the

financials

sector

means

that

market

or

economic

factors

impacting

that

sector

could

have

a

significant

effect

on

the

value

of

the

Fund's

investments

and

could

make

the

Fund's

performance

more

volatile.

Financial

companies,

such

as

retail

and

commercial

banks,

insurance

companies,

and

financial

services

companies,

are

especially

subject

to

the

adverse

effects

of

economic

recession,

currency

exchange

rates,

extensive

government

regulation,

decreases

in

the

availability

of

capital,

volatile

interest

rates,

portfolio

concentrations

in

geographic

markets,

industries

or

products

(such

as

commercial

and

residential

real

estate

loans),

and

competition

from

new

entrants

in

their

fields

of

business.

Science

and

Technology

Investment Risk

—

For

the

Science

and

Technology

Fund,

investments

in

science

and

technology

companies

(including

those

within

the

health

care

sector)

may

be

highly

volatile.

Their

values

may

be

adversely

affected

by

such

factors

as,

for

example,

rapid

technological

change,

changes

in

management

personnel,

changes

in

the

competitive

environment,

and

changes

in

investor

sentiment.

Many

science

and

technology

companies

are

small

or

mid-sized

companies

and

may

be

newly

organized.

Large-Capitalization

Stock

Risk

—

The

securities

of

large-sized

companies

held

in

the

Aggressive

Growth

Fund

may

underperform

the

securities

of

smaller-sized

companies

or

the

market

as

a

whole.

The

growth

rate

of

larger,

more

established

companies

may

lag

those

of

smaller

companies,

especially

during

periods

of

economic

expansion.

Smaller-Capitalization

Stock

Risk

—

Small-

and

mid-sized

companies

held

in

the

Small

Cap

Stock

Fund

are

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Smaller

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

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

Variable

Insurance

Funds,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"), 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 year

ended

April

30,

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

25,

2024,

the

agreement

was

renewed

with

a

termination

date

of

June

23,

2025,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Additionally,

the

agreement

was

renewed

again

effective

June

24,

2025,

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

remained

unchanged

at

0.15%.

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

year

ended

April

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

April

30,

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

Amount

Outstanding

at

April

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Capital

Growth

Fund

......................................

$

—

$

900

5.54%

$

900

Growth

&

Income

Fund

....................................

—

8,500

5.50%

8,500

Growth

Fund

............................................

—

10,400

5.50%

10,400

Income

Stock

Fund

.......................................

—

30,550

5.50%

35,700

Science

&

Technology

Fund

.................................

—

1,700

6.71%

1,700

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

year

ended

April

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

April

30,

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.

As

of

April

30,

2025,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Borrower

or

Lender

Amount

Outstanding

at

April

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Growth

&

Income

Fund

...........................

Borrower

$

—

$

1,110

5.49%

$

2,082

Growth

Fund

...................................

Borrower

—

10,373

5.41%

24,356

Science

&

Technology

Fund

........................

Borrower

—

998

5.85%

998

Small

Cap

Stock

Fund

............................

Borrower

—

986

4.86%

986

Value

Fund

....................................

Borrower

—

1,403

5.50%

1,851

Declared

Paid

Aggressive

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Capital

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Global

Managed

Volatility

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Growth

&

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Income

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Science

&

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Small

Cap

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Total

Accumulated

Earnings

(Loss)

Capital

Aggressive

Growth

Fund

.....................................................................

$

1,686

$

(1,686)

Capital

Growth

Fund

........................................................................

(2,775)

2,775

Global

Managed

Volatility

Fund

................................................................

(3,219)

3,219

Growth

&

Income

Fund

......................................................................

(5,302)

5,302

Growth

Fund

..............................................................................

(15,982)

15,982

Income

Stock

Fund

.........................................................................

(15,252)

15,252

Science

&

Technology

Fund

...................................................................

7,441

(7,441)

Small

Cap

Stock

Fund

.......................................................................

(2,495)

2,495

Value

Fund

...............................................................................

(4,420)

4,420

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

As

of

April

30,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

Qualified

late-year

losses

are

comprised

of

post-October

capital

losses

incurred

after

October

and

certain

late-year

ordinary

losses.

Late-

year

ordinary

losses

represent

ordinary

losses

incurred

after

December

and

specified

losses

incurred

after

October

31. These

losses

are

deemed

to

arise

on

the

first

day

of

the

Fund's

next

taxable

year.

\*\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

REIT

adjustments,

non-REIT

return

of

capital

adjustments,

passive

foreign

investment

company

adjustments,

and

partner-

ship

basis

adjustments.

During

the

tax

year

ended

April

30,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

As

of April

30,

2025,

the

Funds

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of April

30,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

Year

Ended

April

30,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Aggressive

Growth

Fund

....................................................

$

—

$

120,024

$

120,024

Capital

Growth

Fund

.......................................................

31,254

75,788

107,042

Global

Managed

Volatility

Fund

...............................................

8,034

8,151

16,185

Growth

&

Income

Fund

.....................................................

50,610

299,972

350,582

Growth

Fund

.............................................................

28,930

222,551

251,481

Income

Stock

Fund

........................................................

136,833

279,786

416,619

Small

Cap

Stock

Fund

......................................................

13,818

34,618

48,436

Value

Fund

..............................................................

37,355

124,008

161,363

Year

Ended

April

30,

2024

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Capital

Growth

Fund

.......................................................

$

9,149

$

—

$

9,149

Global

Managed

Volatility

Fund

...............................................

8,881

—

8,881

Growth

&

Income

Fund

.....................................................

17,138

—

17,138

Growth

Fund

.............................................................

—

142,508

142,508

Income

Stock

Fund

........................................................

69,398

75,114

144,512

Small

Cap

Stock

Fund

......................................................

2,173

—

2,173

Value

Fund

..............................................................

15,129

—

15,129

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Other

Earnings

(Loss)

Qualified

Late-Year

Losses\*

Unrealized

Appreciation

(Depreciation)\*\*

Total

Accumulated

Earnings

(Loss)

Aggressive

Growth

Fund

......

$

—

$

39,805

$

39,805

$

—

$

(2,267)

$

1,206,469

$

1,244,007

Capital

Growth

Fund

.........

7,541

38,363

45,904

—

188,807

234,782

Global

Managed

Volatility

Fund

.

1,567

27,246

28,813

(115) —

96,799

125,497

Growth

&

Income

Fund

.......

22,227

46,602

68,829

—

—

440,238

509,067

Growth

Fund

...............

—

173,330

173,330

—

(2,925)

1,326,691

1,497,096

Income

Stock

Fund

..........

39,868

101,435

141,303

—

—

250,664

391,967

Science

&

Technology

Fund

....

—

26,902

26,902

(3,097)

434,572

458,379

Small

Cap

Stock

Fund

........

—

24,014

24,014

—

(13,045)

16,449

27,418

Value

Fund

................

13,468

81,658

95,126

—

—

125,957

221,083

Amount

Global

Managed

Volatility

Fund

..........................................................................

$

(13,182)

Science

&

Technology

Fund

.............................................................................

(76,445)

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

9. #### Segment

#### Reporting:
In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

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.

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Aggressive

Growth

Fund

..............................

$

966,999

$

1,234,975

$

(28,506)

$

1,206,469

Capital

Growth

Fund

.................................

717,137

229,812

(41,005)

188,807

Global

Managed

Volatility

Fund

.........................

346,164

119,512

(22,713)

96,799

Growth

&

Income

Fund

...............................

1,434,784

514,621

(74,383)

440,238

Growth

Fund

.......................................

889,152

1,408,804

(82,113)

1,326,691

Income

Stock

Fund

..................................

2,134,214

358,564

(107,900)

250,664

Science

&

Technology

Fund

............................

665,851

495,310

(60,738)

434,572

Small

Cap

Stock

Fund

................................

710,134

115,327

(98,878)

16,449

Value

Fund

........................................

1,078,477

201,174

(75,217)

125,957

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Aggressive

Growth

Fund,

Victory

Capital

Growth

Fund,

Victory

Global

Managed

Volatility

Fund,

Victory

Growth

&

Income

Fund,

Victory

Growth

Fund,

Victory

Income

Stock

Fund,

Victory

Science

&

Technology

Fund,

Victory

Small

Cap

Stock

Fund,

and

Victory

Value

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios

III,

as

of

April

30,

2025,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

and

financial

highlights

for

the

year

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

April

30,

2025,

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

April

30,

2024,

and

prior,

were

audited

by

other

auditors

whose

reports

dated

June

27,

2024,

expressed

unqualified

opinions

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2025,

by

correspondence

with

the

custodian,

brokers,

and

issuers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

June

26,

2025

Supplemental

Information

April

30,

2025

Victory

Portfolios

III

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

April

30,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

April

30,

2025,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

For

the

year

ended

April

30,

2025,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

Percent

Capital

Growth

Fund

................................................................................

%

Global

Managed

Volatility

Fund

........................................................................

%

Growth

&

Income

Fund

..............................................................................

%

Growth

Fund

......................................................................................

%

Income

Stock

Fund

.................................................................................

%

Small

Cap

Stock

Fund

...............................................................................

%

Value

Fund

.......................................................................................

%

Amount

Capital

Growth

Fund

................................................................................

12,969

Global

Managed

Volatility

Fund

........................................................................

Growth

&

Income

Fund

..............................................................................

32,401

Growth

Fund

......................................................................................

28,930

Income

Stock

Fund

.................................................................................

87,505

Small

Cap

Stock

Fund

...............................................................................

7,180

Value

Fund

.......................................................................................

19,524

Amount

Aggressive

Growth

Fund

.............................................................................

$

122,924

Capital

Growth

Fund

................................................................................

78,122

Global

Managed

Volatility

Fund

........................................................................

11,361

Growth

&

Income

Fund

..............................................................................

304,269

Growth

Fund

......................................................................................

238,533

Income

Stock

Fund

.................................................................................

290,579

Small

Cap

Stock

Fund

...............................................................................

37,113

Value

Fund

.......................................................................................

127,648

Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

April

30,

2025

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

Victory

Aggressive

Growth

Fund

Victory

Capital

Growth

Fund

Victory

Global

Managed

Volatility

Fund

Victory

Growth

Fund

Victory

Growth

&

Income

Fund

Victory

Income

Stock

Fund

Victory

Science

&

Technology

Fund

Victory

Small

Cap

Stock

Fund

Victory

Value

Fund

(each,

a

"Fund"

and

collectively,

the

"Funds")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

12-13,

2024,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

and

the

Subadvisory

Agreements

between:

(i) the

Adviser

and

Loomis,

Sayles

&

Company,

LP

(the

"Loomis,

Sayles")

with

respect

to

the

Victory

Growth

Fund,

(ii) the

Adviser

and

Granahan

Investment

Management,

Inc.

("Granahan")

with

respect

to

the

Victory

Small

Cap

Stock

Fund,

and

(iii) the

Adviser

and

Wellington

Management

Company

LLP

("Wellington,"

and

together

with

Loomis,

Sayles

and

Granahan,

the

"Subadvisers")

with

respect

to

the

Victory

Science

&

Technology

Fund.

Prior

to

the

December

12-13,

2024

meeting

at

which

the

Advisory

Agreement

and

Subadvisory

Agreements

were

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

and

Subadvisory

Agreements

at

a

meeting

held

on

November

20,

2024. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

Subadvisory

Agreements

and

the

Adviser

and

the

Subadvisers,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

each

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Funds,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Funds

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

and

the

Subadvisers'

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

and

Subadvisory

Agreements

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

and

the

Subadvisory

Agreements

with

respect

to

the

Funds.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

and

the

Subadvisory

Agreements

with

respect

to

the

Funds

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

The

Board

considered

the

Advisory

Agreement

and

the

Subadvisory

Agreements

separately

in

the

course

of

its

review.

In

doing

so,

the

Board

noted

the

respective

roles

of

the

Adviser

and

the

Subadvisers

in

providing

services

to

the

applicable

Funds.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

each

Fund's

performance

and

related

services

provided

by

the

Adviser

and

the

Subadvisers.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

and

Subadvisory

Agreements

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

each

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

and

the

Subadvisers

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

and

Subadvisory

Agreements

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Funds

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

and

Subadvisers

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Funds'

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Funds'

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Funds'

portfolios

as

part

of

a

continuous

investment

program.

The

Board

took

into

account

that

the

Adviser's

investment

management

services

include

the

regular

and

ongoing

oversight

of

the

Subadvisers

and

the

sub-advised

portion

of

the

applicable

Funds.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Funds

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Funds'

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Funds,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

Board

considered

the

Adviser's

process

for

monitoring

the

performance

of

the

Subadvisers

and

the

Adviser's

timeliness

in

responding

to

performance

issues.

The

allocation

of

the

Funds'

brokerage,

including

the

Adviser's

process

for

monitoring

"best

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Funds'

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Funds,

as

well

as

the

other

funds

in

the

Trust.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

each

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

Each

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Victory

Aggressive

Growth

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Capital

Growth

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

took

into

account

management's

discussion

of

the

Fund's

expenses.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

Victory

Global

Managed

Volatility

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

underlying

fund

expenses

and

after

any

reimbursements,

were

equal

to

the

median

of

its

expense

group

and

were

below

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Growth

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares,

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

was

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses

were

above

the

median

of

its

expense

group

and

were

below

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

The

Board

also

took

into

account

that

the

subadvisory

fees

under

the

Subadvisory

Agreement

are

paid

by

the

Adviser.

The

Board

also

considered

and

discussed

information

about

the

Subadviser's

fees,

including

the

amount

of

management

fees

retained

by

the

Adviser

after

payment

of

the

subadvisory

fees.

Victory

Growth

&

Income

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

equal

to

the

median

of

its

expense

group

and

was

below

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Income

Stock

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Science

&

Technology

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

was

above

the

median

of

its

expense

group

and

was

below

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses

were

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

The

Board

also

took

into

account

that

the

subadvisory

fees

under

the

Subadvisory

Agreement

are

paid

by

the

Adviser.

The

Board

also

considered

and

discussed

information

about

the

Subadviser's

fees,

including

the

amount

of

management

fees

retained

by

the

Adviser

after

payment

of

the

subadvisory

fees.

Victory

Small

Cap

Stock

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

equal

to

the

median

of

its

expense

group

and

were

below

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

also

took

into

account

that

the

subadvisory

fees

under

the

Subadvisory

Agreement

are

paid

by

the

Adviser.

The

Board

also

considered

and

discussed

information

about

the

Subadviser's

fees,

including

the

amount

of

management

fees

retained

by

the

Adviser

after

payment

of

the

subadvisory

fees.

Victory

Value

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

above

the

median

of

its

expense

group

and

were

below

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

In

considering

each

Fund's

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Fund's

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

each

Fund's

average

annual

total

returns

relative

to

its

Lipper

index

and

other

mutual

funds

deemed

to

be

in

its

peer

group

by

the

independent

third

party

in

its

report

(the

"performance

universe").

Each

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

and

institutional

open-end

investment

companies

with

the

same

classification/objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

Victory

Aggressive

Growth

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

one-

and

three-year

periods

ended

June

30,

2024,

was

below

the

average

of

its

performance

universe

for

the

five-

and

ten-year

periods

ended

June

30,

2024,

was

above

its

Lipper

index

for

the

one-year

period

ended

June

30,

2024,

and

was

below

its

Lipper

index

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2024. Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

Victory

Capital

Growth

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. Victory

Global

Managed

Volatility

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. Victory

Growth

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

three-year

period

ended

June

30,

2024,

and

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

five-

and

ten-year

periods

ended

June

30,

2024. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

Victory

Growth

&

Income

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024,

was

above

its

Lipper

index

for

the

one-

and

three-year

periods

ended

June

30,

2024,

and

was

below

its

Lipper

index

for

the

five-

and

ten-year

periods

ended

June

30,

2024. Victory

Income

Stock

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024,

was

above

its

Lipper

index

for

the

one-

and

three-year

periods

ended

June

30,

2024,

was

below

its

Lipper

index

for

the

five-year

period

ended

June

30,

2024,

and

was

equal

to

its

Lipper

index

for

the

ten-year

period

ended

June

30,

2024. Victory

Science

&

Technology

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance.

Victory

Small

Cap

Stock

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

for

the

one-,

three-

and

five-year

periods

ended

June

30,

2024,

was

above

the

average

of

its

performance

universe

for

the

ten-year

period

ended

June

30,

2024,

and

was

below

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

time

periods.

Victory

Value

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-

and

three-year

periods

ended

June

30,

2024,

and

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

five-

and

ten-year

periods

ended

June

30,

2024. As

part

of

its

consideration,

the

Board

received

a

description

of,

and

factored

into

its

evaluation

of

each

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

each

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–

The

Board

took

into

consideration

the

level

and

method

of

computing

each

Fund's

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

each

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

each

Fund.

In

considering

the

profitability

data

with

respect

to

the

Funds,

the

Trustees

noted

that

the

Adviser

waived

a

portion

of

its

management

fee

and/or

reimbursed

certain

expenses

with

respect

to

certain

Funds.

The

Trustees

also

noted

that,

where

applicable,

the

Adviser

pays

the

Funds'

subadvisory

fees.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

each

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

each

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

each

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

Economies

of

Scale

–

The

Board

noted

that

the

Victory

Aggressive

Growth

Fund

has

advisory

fee

breakpoints

that

allow

the

Fund

to

participate

in

economies

of

scale

and

that

such

economies

were

currently

reflected

in

the

advisory

fee.

With

respect

to

the

other

Funds,

the

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

such

Funds

to

participate

in

any

economies

of

scale.

The

Board

took

into

account

management's

discussion

of

the

current

advisory

fee

structure.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

considered

the

fact

that

the

Adviser

also

pays

the

applicable

Funds'

subadvisory

fees.

The

Board

also

considered

the

effect

of

the

change

in

size,

if

any,

of

each

of

the

Funds'

classes

on

its

performance

and

fees,

noting

that

the

Funds

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

investment

capabilities

and

resources,

improvements

and

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

each

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

each

Fund's

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

each

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

Adviser

maintains

an

appropriate

compliance

program;

(iii) the

overall

performance

of

each

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices

and

the

Adviser

is

appropriately

monitoring

each

Fund's

performance,

as

applicable;

(iv) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(v) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

each

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

each

Fund

and

its

shareholders.

SUBADVISORY

AGREEMENTS

In

approving

the

Subadvisory

Agreements

with

respect

to

applicable

Funds,

the

Board

considered

various

factors,

among

them:

(i) the

nature,

extent,

and

quality

of

services

provided

to

the

Funds

by

the

Subadvisers,

including

the

personnel

providing

services;

(ii) the

Subadvisers'

compensation

and

any

other

benefits

derived

from

the

subadvisory

relationship;

(iii) comparisons,

to

the

extent

applicable,

of

subadvisory

fees

and

performance

to

comparable

investment

companies;

and

(iv) the

terms

of

the

Subadvisory

Agreements.

A

summary

of

the

Board's

analysis

of

these

factors

is

set

forth

below.

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Subadvisory

Agreements.

In

approving

the

Subadvisory

Agreements,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

Provided;

Investment

Personnel

–

The

Trustees

considered

information

provided

to

them

regarding

the

services

provided

by

the

Subadvisers,

including

information

presented

periodically

throughout

the

previous

year.

The

Board

considered

each

Subadviser's

level

of

knowledge

and

investment

style.

The

Board

reviewed

the

experience

and

credentials

of

the

investment

personnel

who

are

responsible

for

managing

the

investment

of

portfolio

securities

with

respect

to

the

Funds

and

the

Subadvisers

level

of

staffing.

The

Trustees

considered,

based

on

the

materials

provided

to

them

by

the

Subadvisers,

whether

the

method

of

compensating

portfolio

managers

is

reasonable

and

includes

mechanisms

to

prevent

a

manager

with

underperformance

from

taking

undue

risks.

The

Trustees

also

noted

the

Subadvisers'

brokerage

practices.

The

Board

also

considered

the

Subadvisers'

regulatory

and

compliance

history.

The

Board

also

took

into

account

the

Subadvisers'

risk

management

processes.

The

Board

noted

that

the

Adviser's

monitoring

processes

of

the

Subadvisers

include:

(i) regular

telephonic

meetings

to

discuss,

among

other

matters,

investment

strategies,

and

to

review

portfolio

performance;

(ii) quarterly

portfolio

compliance

checklists

and

quarterly

compliance

certifications

to

the

Board;

and

(iii) due

diligence

visits

to

the

Subadvisers.

Subadviser

Compensation

–

The

Board

also

took

into

consideration

the

financial

condition

of

each

Subadviser.

In

considering

the

cost

of

services

to

be

provided

by

each

Subadviser

and

the

profitability

to

the

Subadviser

of

its

relationship

with

the

applicable

Fund,

the

Trustees

noted

that

the

fees

under

the

applicable

Subadvisory

Agreement

were

paid

by

the

Adviser.

The

Trustees

also

relied

on

the

ability

of

the

Adviser

to

negotiate

the

Subadvisory

Agreements

and

the

fees

thereunder

at

arm's

length.

For

the

above

reasons,

the

Board

determined

that

the

profitability

of

the

Subadvisers

from

their

relationship

with

the

Funds

was

not

a

material

factor

in

its

deliberations

with

respect

to

the

consideration

of

the

approval

of

the

Subadvisory

Agreements.

For

similar

reasons,

the

Board

concluded

that

the

potential

for

economies

of

scale

in

the

Subadvisers'

management

of

the

Funds

was

not

a

material

factor

in

considering

the

Subadvisory

Agreements.

Subadvisory

Fees

and

Fund

Performance

–

The

Board

compared

the

subadvisory

fees

for

the

applicable

Funds

with

the

fees

that

the

Subadvisers

charge

to

comparable

clients,

as

applicable.

The

Board

considered

that

the

Funds

pay

a

management

fee

to

the

Adviser

and

that,

in

turn,

the

Adviser

pays

a

subadvisory

fee

to

the

Subadvisers.

As

noted

above,

the

Board

considered

each

Fund's

performance

during

the

one-,

three-,

five-,

and

ten-year

periods

ended

June

30,

2024,

as

compared

to

each

Fund's

peer

group

and

noted

that

the

Board

reviews

at

its

regularly

scheduled

meetings

information

about

each

Fund's

performance

results.

The

Board

also

considered

the

performance

of

each

Subadviser.

The

Board

noted

the

Adviser's

experience

and

resources

in

monitoring

the

performance,

investment

style,

and

risk-adjusted

performance

of

the

Subadvisers.

The

Board

was

mindful

of

the

Adviser's

focus

on

each

Subadviser's

performance.

The

Board

also

noted

each

Subadviser's

performance

record

for

similar

accounts,

as

applicable.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

each

Subadvisory

Agreement:

(i) each

Subadviser

is

qualified

to

manage

the

applicable

Fund's

assets

in

accordance

with

its

investment

objectives

and

policies;

(ii) each

Subadviser

maintains

an

appropriate

compliance

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

program;

(iii) the

overall

performance

of

each

applicable

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

relevant

indices

and

the

Adviser

is

appropriately

monitoring

each

Fund's

performance,

as

applicable;

and

(iv) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser

and

the

Subadvisers.

Based

on

its

conclusions,

the

Board

determined

that

approval

of

the

Subadvisory

Agreements

with

respect

to

the

applicable

Funds

would

be

in

the

best

interests

of

the

Funds

and

their

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-Equity-0625

April

30,

2025

Annual:

Full

Financials

Victory

500

Index

Fund

Victory

Extended

Market

Index

Fund

Victory

Index

Fund

vcm.com

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*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
Victory

500

Index

Fund

Victory

Extended

Market

Index

Fund

#### 12
Victory

Index

Fund

#### 53

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 56
Statements

of

Operations

#### 58
Statements

of

Changes

in

Net

Assets

#### 59
Financial

Highlights

#### 62

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 70

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 80

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Tax

Information

#### 81
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 82
Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.7%)

Communication

Services

(9.5%):

Alphabet,

Inc.

,

Class

A

...................................................

1,455,120

$

231,073

Alphabet,

Inc.

,

Class

C

...................................................

1,277,054

205,465

AT&T,

Inc.

...........................................................

1,791,564

49,626

Charter

Communications,

Inc.

,

Class

A

(a) .....................................

23,908

9,369

Comcast

Corp.

,

Class

A

..................................................

935,272

31,986

Electronic

Arts,

Inc.

.....................................................

58,421

8,476

Fox

Corp.

,

Class

A

......................................................

52,714

2,625

Fox

Corp.

,

Class

B

......................................................

31,558

1,459

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a) ............................

4,777

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

(a) ............................

53,803

4,771

Live

Nation

Entertainment,

Inc.

(a) ...........................................

38,151

5,053

Meta

Platforms,

Inc.

,

Class

A

..............................................

546,974

300,289

Netflix,

Inc.

(a) .........................................................

106,234

120,227

Omnicom

Group,

Inc.

....................................................

47,756

3,637

Pinterest,

Inc.

,

Class

A

(a) .................................................

143,923

3,644

ROBLOX

Corp.

,

Class

A

(a) ...............................................

137,490

9,219

Snap,

Inc.

,

Class

A

(a) ....................................................

265,128

2,111

Spotify

Technology

SA

(a) .................................................

38,028

23,349

Take-Two

Interactive

Software,

Inc.

(a) ........................................

40,375

9,420

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

111,285

5,968

The

Walt

Disney

Co.

....................................................

451,413

41,056

T-Mobile

US,

Inc.

......................................................

115,705

28,573

Verizon

Communications,

Inc.

..............................................

1,051,792

46,342

Warner

Bros

Discovery,

Inc.

(a) .............................................

548,003

4,751

1,148,874

Communications

Equipment

(0.8%):

Arista

Networks,

Inc.

(a) ..................................................

258,105

21,234

Cisco

Systems,

Inc.

.....................................................

992,335

57,288

Motorola

Solutions,

Inc.

..................................................

41,436

18,248

96,770

Consumer

Discretionary

(10.0%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

103,571

12,627

Amazon.com,

Inc.

(a) ....................................................

2,371,041

437,267

AutoZone,

Inc.

(a) .......................................................

4,167

15,679

Best

Buy

Co.,

Inc.

......................................................

48,174

3,213

Booking

Holdings,

Inc.

...................................................

8,179

41,707

Burlington

Stores,

Inc.

(a) .................................................

15,519

3,492

Carnival

Corp.

(a) .......................................................

265,572

4,871

Carvana

Co.

(a) .........................................................

30,021

7,336

Chipotle

Mexican

Grill,

Inc.

(a) .............................................

335,267

16,938

D.R.

Horton,

Inc.

.......................................................

69,089

8,729

Darden

Restaurants,

Inc.

..................................................

28,871

5,793

Deckers

Outdoor

Corp.

(a) .................................................

37,122

4,114

Domino's

Pizza,

Inc.

.....................................................

8,395

4,117

DoorDash,

Inc.

,

Class

A

(a) ................................................

83,128

16,034

DraftKings,

Inc.

(a) ......................................................

115,805

3,855

eBay,

Inc.

............................................................

115,222

7,853

Expedia

Group,

Inc.

.....................................................

30,168

4,734

Ford

Motor

Co.

........................................................

964,602

9,656

Garmin

Ltd.

...........................................................

38,480

7,191

General

Motors

Co.

.....................................................

247,061

11,177

Genuine

Parts

Co.

......................................................

34,051

4,003

Hilton

Worldwide

Holdings,

Inc.

............................................

58,522

13,195

Las

Vegas

Sands

Corp.

...................................................

91,189

3,344

Lennar

Corp.

,

Class

A

....................................................

56,727

6,161

Lennar

Corp.

,

Class

B

...................................................

1,885

Lowe's

Cos.,

Inc.

.......................................................

140,901

31,500

Lululemon

Athletica,

Inc.

(a) ...............................................

26,341

7,132

Marriott

International,

Inc.

,

Class

A

..........................................

60,037

14,324

McDonald's

Corp.

......................................................

178,567

57,079

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) NIKE,

Inc.

,

Class

B

.....................................................

289,514

$

16,329

NVR,

Inc.

(a) ..........................................................

705

5,024

O'Reilly

Automotive,

Inc.

(a) ...............................................

14,171

20,055

Pool

Corp.

............................................................

8,922

2,615

PulteGroup,

Inc.

........................................................

49,623

5,090

Ross

Stores,

Inc.

.......................................................

80,345

11,168

Royal

Caribbean

Cruises

Ltd.

..............................................

60,896

13,087

Starbucks

Corp.

........................................................

282,985

22,653

Tesla,

Inc.

(a) ..........................................................

701,071

197,814

The

Home

Depot,

Inc.

...................................................

248,309

89,513

The

TJX

Cos.,

Inc.

......................................................

280,515

36,097

Tractor

Supply

Co.

......................................................

131,365

6,650

Ulta

Beauty,

Inc.

(a) .....................................................

11,393

4,507

Williams-Sonoma,

Inc.

...................................................

29,191

4,509

Yum!

Brands,

Inc.

......................................................

69,299

10,425

1,208,852

Consumer

Staples

(6.0%):

Altria

Group,

Inc.

.......................................................

421,428

24,927

Archer-Daniels-Midland

Co.

...............................................

117,720

5,621

Brown-Forman

Corp.

,

Class

A

..............................................

9,084

Brown-Forman

Corp.

,

Class

B

.............................................

70,566

2,459

Church

&

Dwight

Co.,

Inc.

................................................

60,867

6,047

Colgate-Palmolive

Co.

...................................................

202,120

18,633

Constellation

Brands,

Inc.

,

Class

A

..........................................

34,388

6,449

Costco

Wholesale

Corp.

..................................................

110,785

110,176

Dollar

General

Corp.

....................................................

54,195

5,078

Dollar

Tree,

Inc.

(a) ......................................................

52,884

4,324

General

Mills,

Inc.

......................................................

136,392

7,739

Hormel

Foods

Corp.

.....................................................

70,795

2,117

Kellanova

............................................................

72,893

6,033

Kenvue,

Inc.

..........................................................

475,185

11,214

Keurig

Dr.

Pepper,

Inc.

...................................................

300,155

10,382

Kimberly-Clark

Corp.

....................................................

82,411

10,860

McCormick

&

Co.,

Inc.

..................................................

65,402

5,014

Mondelez

International,

Inc.

,

Class

A

.........................................

322,200

21,952

Monster

Beverage

Corp.

(a) ................................................

171,946

10,337

PepsiCo,

Inc.

..........................................................

341,690

46,326

Philip

Morris

International,

Inc.

.............................................

388,073

66,500

Sysco

Corp.

...........................................................

121,243

8,657

Target

Corp.

..........................................................

113,723

10,997

The

Campbell's

Company

.................................................

47,504

1,732

The

Clorox

Co.

........................................................

30,287

4,310

The

Coca-Cola

Co.

......................................................

1,067,312

77,433

The

Estee

Lauder

Cos.,

Inc.

...............................................

57,097

3,424

The

Hershey

Co.

.......................................................

36,435

6,092

The

Kraft

Heinz

Co.

.....................................................

295,757

8,607

The

Kroger

Co.

........................................................

178,733

12,906

The

Procter

&

Gamble

Co.

................................................

586,177

95,295

Tyson

Foods,

Inc.

,

Class

A

................................................

68,711

4,208

Walmart,

Inc.

..........................................................

1,090,672

106,068

722,231

Electronic

Equipment,

Instruments

&

Components

(0.6%):

Amphenol

Corp.

,

Class

A

.................................................

300,380

23,114

CDW

Corp.

...........................................................

32,616

5,237

Corning,

Inc.

..........................................................

193,549

8,590

Jabil,

Inc.

............................................................

26,123

3,829

Keysight

Technologies,

Inc.

(a) .............................................

42,481

6,177

TE

Connectivity

PLC

....................................................

74,076

10,843

Teledyne

Technologies,

Inc.

(a) .............................................

11,454

5,338

Trimble,

Inc.

(a) ........................................................

60,183

3,740

Zebra

Technologies

Corp.

(a) ...............................................

12,474

3,122

69,990

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Energy

(3.2%):

Baker

Hughes

Co.

......................................................

245,735

$

8,699

Cheniere

Energy,

Inc.

....................................................

55,130

12,741

Chevron

Corp.

.........................................................

440,031

59,871

ConocoPhillips

Co.

.....................................................

317,403

28,287

Coterra

Energy,

Inc.

.....................................................

185,026

4,544

Devon

Energy

Corp.

.....................................................

151,849

4,618

Diamondback

Energy,

Inc.

................................................

45,976

6,069

EOG

Resources,

Inc.

....................................................

137,698

15,192

EQT

Corp.

............................................................

147,064

7,271

Expand

Energy

Corp.

....................................................

51,124

5,312

Exxon

Mobil

Corp.

.....................................................

1,083,487

114,449

Halliburton

Co.

........................................................

213,114

4,224

Hess

Corp.

............................................................

71,126

9,179

Kinder

Morgan,

Inc.

.....................................................

482,754

12,696

Marathon

Petroleum

Corp.

................................................

77,249

10,615

Occidental

Petroleum

Corp.

...............................................

232,390

9,158

ONEOK,

Inc.

..........................................................

155,140

12,746

Phillips

Co.

.........................................................

101,094

10,520

Schlumberger

NV

......................................................

337,747

11,230

Targa

Resources

Corp.

...................................................

53,270

9,104

Texas

Pacific

Land

Corp.

.................................................

5,686

7,329

The

Williams

Cos.,

Inc.

..................................................

302,551

17,720

Valero

Energy

Corp.

.....................................................

77,811

9,033

390,607

Financials

(14.7%):

Affirm

Holdings,

Inc.

(a) ..................................................

64,857

3,227

Aflac,

Inc.

............................................................

122,037

13,263

American

Express

Co.

...................................................

175,315

46,706

American

International

Group,

Inc.

..........................................

147,128

11,994

Ameriprise

Financial,

Inc.

.................................................

24,888

11,723

Aon

PLC

,

Class

A

......................................................

52,159

18,506

Apollo

Global

Management,

Inc.

............................................

100,032

13,652

Arch

Capital

Group

Ltd.

..................................................

90,023

8,163

Ares

Management

Corp.

,

Class

A

...........................................

47,491

7,244

Arthur

J. Gallagher

&

Co.

.................................................

62,866

20,161

Bank

of

America

Corp.

...................................................

1,898,021

75,693

Berkshire

Hathaway,

Inc.

,

Class

A

(a) .........................................

66,445

Berkshire

Hathaway,

Inc.

,

Class

B

(a) .........................................

333,476

177,826

Blackrock,

Inc.

........................................................

35,976

32,891

Blackstone,

Inc.

........................................................

180,281

23,745

Block,

Inc.

(a) ..........................................................

135,104

7,900

Brown

&

Brown,

Inc.

....................................................

58,736

6,496

Capital

One

Financial

Corp.

...............................................

93,766

16,902

Cboe

Global

Markets,

Inc.

................................................

25,784

5,719

Chubb

Ltd.

...........................................................

99,450

28,451

Cincinnati

Financial

Corp.

................................................

37,995

5,289

Citigroup,

Inc.

.........................................................

469,175

32,082

Citizens

Financial

Group,

Inc.

..............................................

106,589

3,932

CME

Group,

Inc.

.......................................................

89,667

24,845

Coinbase

Global,

Inc.

,

Class

A

(a) ...........................................

49,648

10,073

Corebridge

Financial,

Inc.

.................................................

88,795

2,631

Discover

Financial

Services

...............................................

62,193

11,361

Erie

Indemnity

Co.

,

Class

A

...............................................

6,135

2,200

Everest

Group

Ltd.

......................................................

7,985

2,865

FactSet

Research

Systems,

Inc.

.............................................

9,341

4,037

Fidelity

National

Information

Services,

Inc.

....................................

131,521

10,374

Fifth

Third

Bancorp

.....................................................

164,405

5,909

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

2,318

4,124

Fiserv,

Inc.

(a) ..........................................................

139,086

25,671

Global

Payments,

Inc.

....................................................

60,651

4,628

Huntington

Bancshares,

Inc.

...............................................

356,505

5,180

Interactive

Brokers

Group,

Inc.

.............................................

25,879

4,447

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Intercontinental

Exchange,

Inc.

.............................................

142,318

$

23,905

JPMorgan

Chase

&

Co.

..................................................

697,040

170,510

KeyCorp

.............................................................

270,826

4,019

KKR

&

Co.,

Inc.

.......................................................

168,663

19,273

Loews

Corp.

..........................................................

43,111

3,743

LPL

Financial

Holdings,

Inc.

...............................................

18,323

5,860

M&T

Bank

Corp.

.......................................................

40,551

6,884

Markel

Group,

Inc.

(a) ....................................................

3,096

5,630

Marsh

&

McLennan

Cos.,

Inc.

.............................................

122,539

27,629

Mastercard,

Inc.

,

Class

A

.................................................

204,814

112,250

MetLife,

Inc.

..........................................................

141,370

10,655

Moody's

Corp.

.........................................................

44,820

20,309

Morgan

Stanley

........................................................

307,736

35,519

MSCI,

Inc.

...........................................................

18,654

10,168

Nasdaq,

Inc.

..........................................................

102,249

7,792

Northern

Trust

Corp.

....................................................

47,412

4,456

PayPal

Holdings,

Inc.

(a) ..................................................

245,615

16,171

Principal

Financial

Group,

Inc.

.............................................

55,157

4,090

Prudential

Financial,

Inc.

.................................................

87,762

9,014

Raymond

James

Financial,

Inc.

.............................................

45,660

6,257

Regions

Financial

Corp.

..................................................

222,483

4,541

Robinhood

Markets,

Inc.

,

Class

A

(a) .........................................

182,708

8,973

S&P

Global,

Inc.

.......................................................

76,820

38,414

SoFi

Technologies,

Inc.

(a) .................................................

262,376

3,282

State

Street

Corp.

.......................................................

70,920

6,248

Synchrony

Financial

.....................................................

95,350

4,953

T. Rowe

Price

Group,

Inc.

.................................................

53,693

4,755

The

Allstate

Corp.

......................................................

65,633

13,021

The

Bank

of

New

York

Mellon

Corp.

.........................................

178,322

14,339

The

Carlyle

Group,

Inc.

..................................................

62,111

2,400

The

Charles

Schwab

Corp.

................................................

426,564

34,722

The

Goldman

Sachs

Group,

Inc.

............................................

77,583

42,481

The

Hartford

Insurance

Group,

Inc.

..........................................

70,592

8,660

The

PNC

Financial

Services

Group,

Inc.

......................................

98,222

15,783

The

Progressive

Corp.

...................................................

146,084

41,158

The

Travelers

Cos.,

Inc.

..................................................

56,229

14,852

Toast,

Inc.

,

Class

A

(a) ....................................................

109,019

3,879

Truist

Financial

Corp.

....................................................

324,301

12,434

U.S.

Bancorp

..........................................................

387,293

15,623

Visa,

Inc.

,

Class

A

......................................................

430,052

148,583

W.R.

Berkley

Corp.

.....................................................

71,471

5,124

Wells

Fargo

&

Co.

......................................................

820,689

58,277

Willis

Towers

Watson

PLC

................................................

24,628

7,581

1,770,572

Health

Care

(10.8%):

Abbott

Laboratories

.....................................................

430,702

56,314

AbbVie,

Inc.

..........................................................

440,967

86,033

Agilent

Technologies,

Inc.

.................................................

70,444

7,580

Align

Technology,

Inc.

(a) .................................................

16,833

2,917

Alnylam

Pharmaceuticals,

Inc.

(a) ...........................................

30,698

8,081

Amgen,

Inc.

...........................................................

133,990

38,980

Avantor,

Inc.

(a) ........................................................

161,795

2,102

Baxter

International,

Inc.

.................................................

124,759

3,889

Becton

Dickinson

&

Co.

..................................................

71,414

14,789

Biogen,

Inc.

(a) .........................................................

35,896

4,346

Boston

Scientific

Corp.

(a) .................................................

366,966

37,750

Bristol-Myers

Squibb

Co.

.................................................

506,350

25,419

Cardinal

Health,

Inc.

....................................................

59,802

8,449

Cencora,

Inc.

..........................................................

44,978

13,164

Centene

Corp.

(a) .......................................................

121,800

7,290

CVS

Health

Corp.

......................................................

314,241

20,963

Danaher

Corp.

.........................................................

161,821

32,256

Dexcom,

Inc.

(a) ........................................................

95,480

6,815

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Edwards

Lifesciences

Corp.

(a) .............................................

143,364

$

10,823

Elevance

Health,

Inc.

....................................................

56,658

23,829

Eli

Lilly

&

Co.

.........................................................

212,616

191,131

GE

HealthCare

Technologies,

Inc.

...........................................

113,127

7,956

Gilead

Sciences,

Inc.

....................................................

310,515

33,082

HCA

Healthcare,

Inc.

....................................................

43,492

15,008

Hologic,

Inc.

(a) ........................................................

54,638

3,180

Humana,

Inc.

..........................................................

29,922

7,847

IDEXX

Laboratories,

Inc.

(a) ...............................................

19,980

8,644

Illumina,

Inc.

(a) ........................................................

38,591

2,995

Incyte

Corp.

(a) .........................................................

46,605

2,920

Insulet

Corp.

(a) ........................................................

17,247

4,351

Intuitive

Surgical,

Inc.

(a) .................................................

88,574

45,686

IQVIA

Holdings,

Inc.

(a) ..................................................

43,320

6,718

Johnson

&

Johnson

.....................................................

601,434

94,010

Labcorp

Holdings,

Inc.

...................................................

20,595

4,964

McKesson

Corp.

.......................................................

31,246

22,272

Medtronic

PLC

........................................................

319,897

27,115

Merck

&

Co.,

Inc.

......................................................

630,911

53,754

Mettler-Toledo

International,

Inc.

(a) .........................................

5,090

5,449

Moderna,

Inc.

(a) .......................................................

83,057

2,370

Molina

Healthcare,

Inc.

(a) ................................................

13,542

4,428

Natera,

Inc.

(a) .........................................................

31,566

4,764

Pfizer,

Inc.

............................................................

1,415,078

34,542

Quest

Diagnostics,

Inc.

...................................................

27,252

4,857

Regeneron

Pharmaceuticals,

Inc.

............................................

26,267

15,728

ResMed,

Inc.

..........................................................

36,197

8,564

Revvity,

Inc.

..........................................................

29,278

2,735

STERIS

PLC

..........................................................

24,210

5,441

Stryker

Corp.

..........................................................

89,189

33,350

The

Cigna

Group

.......................................................

67,217

22,856

The

Cooper

Cos.,

Inc.

(a) ..................................................

48,868

3,991

Thermo

Fisher

Scientific,

Inc.

..............................................

94,120

40,378

UnitedHealth

Group,

Inc.

.................................................

228,361

93,957

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

36,718

8,581

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

63,944

32,579

Viatris,

Inc.

...........................................................

282,914

2,382

Waters

Corp.

(a) ........................................................

14,635

5,089

West

Pharmaceutical

Services,

Inc.

..........................................

17,667

3,733

Zimmer

Biomet

Holdings,

Inc.

.............................................

49,127

5,063

Zoetis,

Inc.

...........................................................

111,542

17,445

1,301,704

Industrials

(8.7%):

3M

Co.

..............................................................

135,268

18,790

AMETEK,

Inc.

........................................................

57,052

9,675

Automatic

Data

Processing,

Inc.

............................................

101,482

30,505

Axon

Enterprise,

Inc.

(a) ..................................................

18,109

11,106

Booz

Allen

Hamilton

Holding

Corp.

.........................................

30,636

3,677

Broadridge

Financial

Solutions,

Inc.

.........................................

28,794

6,980

Builders

FirstSource,

Inc.

(a) ...............................................

27,284

3,264

Carlisle

Cos.,

Inc.

.......................................................

10,844

4,115

Carrier

Global

Corp.

.....................................................

200,161

12,518

Caterpillar,

Inc.

........................................................

119,154

36,851

Cintas

Corp.

..........................................................

85,534

18,106

Copart,

Inc.

(a) .........................................................

220,046

13,429

CSX

Corp.

............................................................

471,043

13,222

Cummins,

Inc.

.........................................................

33,613

9,877

Deere

&

Co.

..........................................................

62,756

29,091

Delta

Air

Lines,

Inc.

.....................................................

159,417

6,637

Dover

Corp.

...........................................................

33,774

5,764

Eaton

Corp.

PLC

.......................................................

97,650

28,745

EMCOR

Group,

Inc.

....................................................

11,054

4,429

Emerson

Electric

Co.

....................................................

140,094

14,725

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Equifax,

Inc.

..........................................................

30,560

$

7,950

Expeditors

International

of

Washington,

Inc.

....................................

33,698

3,704

Fastenal

Co.

...........................................................

142,404

11,530

FedEx

Corp.

..........................................................

54,847

11,536

Ferguson

Enterprises,

Inc.

.................................................

48,720

8,266

Fortive

Corp.

..........................................................

83,797

5,840

GE

Vernova,

Inc.

.......................................................

68,815

25,518

General

Dynamics

Corp.

..................................................

66,995

18,231

General

Electric

Co.

.....................................................

267,578

53,928

Graco,

Inc.

...........................................................

41,181

3,361

HEICO

Corp.

..........................................................

10,331

2,591

HEICO

Corp.

,

Class

A

...................................................

18,724

3,762

Honeywell

International,

Inc.

..............................................

161,882

34,076

Howmet

Aerospace,

Inc.

..................................................

99,620

13,805

Hubbell,

Inc.

..........................................................

13,191

4,791

IDEX

Corp.

...........................................................

18,549

3,227

Illinois

Tool

Works,

Inc.

..................................................

72,923

17,495

Ingersoll

Rand,

Inc.

.....................................................

99,735

7,523

J.B.

Hunt

Transport

Services,

Inc.

...........................................

19,376

2,530

Jacobs

Solutions,

Inc.

....................................................

30,182

3,737

Johnson

Controls

International

PLC

..........................................

163,763

13,740

L3Harris

Technologies,

Inc.

...............................................

46,670

10,268

Leidos

Holdings,

Inc.

....................................................

31,196

4,591

Lennox

International,

Inc.

.................................................

7,945

4,344

Lockheed

Martin

Corp.

...................................................

58,735

28,061

Nordson

Corp.

.........................................................

12,557

2,380

Norfolk

Southern

Corp.

..................................................

56,339

12,623

Northrop

Grumman

Corp.

.................................................

36,024

17,526

Old

Dominion

Freight

Line,

Inc.

............................................

45,494

6,973

Otis

Worldwide

Corp.

....................................................

98,442

9,477

PACCAR,

Inc.

.........................................................

128,283

11,572

Parker-Hannifin

Corp.

...................................................

31,953

19,333

Paychex,

Inc.

..........................................................

80,189

11,797

Pentair

PLC

...........................................................

40,221

3,649

Quanta

Services,

Inc.

....................................................

36,375

10,647

Republic

Services,

Inc.

...................................................

50,269

12,605

Rockwell

Automation,

Inc.

................................................

27,958

6,925

Rollins,

Inc.

...........................................................

71,381

4,078

RTX

Corp.

............................................................

333,386

42,050

Snap-on,

Inc.

..........................................................

12,636

3,965

Southwest

Airlines

Co.

...................................................

144,230

4,033

SS&C

Technologies

Holdings,

Inc.

..........................................

52,695

3,984

Stanley

Black

&

Decker,

Inc.

..............................................

37,403

2,245

Textron,

Inc.

..........................................................

44,156

3,107

The

Boeing

Co.

(a) ......................................................

187,610

34,378

Trane

Technologies

PLC

..................................................

55,780

21,381

TransDigm

Group,

Inc.

...................................................

13,757

19,440

TransUnion

...........................................................

47,622

3,951

Uber

Technologies,

Inc.

(a) ................................................

501,411

40,619

Union

Pacific

Corp.

.....................................................

151,916

32,762

United

Airlines

Holdings,

Inc.

(a) ............................................

80,322

5,528

United

Parcel

Service,

Inc.

,

Class

B

..........................................

184,481

17,581

United

Rentals,

Inc.

.....................................................

16,145

10,195

Veralto

Corp.

..........................................................

58,710

5,630

Verisk

Analytics,

Inc.

....................................................

34,798

10,315

Vertiv

Holdings

Co.

,

Class

A

...............................................

92,542

7,901

W.W.

Grainger,

Inc.

.....................................................

11,270

11,544

Waste

Management,

Inc.

..................................................

100,128

23,366

Watsco,

Inc.

...........................................................

8,546

3,930

Westinghouse

Air

Brake

Technologies

Corp.

....................................

41,892

7,739

XPO,

Inc.

(a) ..........................................................

27,879

2,958

Xylem,

Inc.

...........................................................

59,818

7,212

1,041,310

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) IT

Services

(1.3%):

Accenture

PLC

,

Class

A

..................................................

155,929

$

46,646

Akamai

Technologies,

Inc.

(a) ..............................................

35,994

2,901

Cloudflare,

Inc.

,

Class

A

(a) ................................................

75,072

9,067

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

122,239

8,993

Gartner,

Inc.

(a) ........................................................

18,522

7,799

GoDaddy,

Inc.

,

Class

A

(a) .................................................

34,791

6,552

International

Business

Machines

Corp.

........................................

231,595

56,004

MongoDB,

Inc.

(a) ......................................................

17,559

3,023

Snowflake,

Inc.

,

Class

A

(a) ................................................

76,484

12,199

VeriSign,

Inc.

(a) ........................................................

23,157

6,533

159,717

Materials

(1.9%):

Air

Products

and

Chemicals,

Inc.

............................................

54,982

14,905

Amcor

PLC

(b) .........................................................

353,209

3,249

Avery

Dennison

Corp.

...................................................

19,069

3,263

Ball

Corp.

............................................................

68,980

3,583

CF

Industries

Holdings,

Inc.

...............................................

41,166

3,226

Corteva,

Inc.

..........................................................

170,162

10,548

Dow,

Inc.

............................................................

173,084

5,295

DuPont

de

Nemours,

Inc.

.................................................

103,210

6,811

Ecolab,

Inc.

...........................................................

63,135

15,874

Freeport-McMoRan,

Inc.

.................................................

355,398

12,805

International

Flavors

&

Fragrances,

Inc.

.......................................

62,098

4,872

International

Paper

Co.

...................................................

128,937

5,890

Linde

PLC

............................................................

117,374

53,197

LyondellBasell

Industries

NV

,

Class

A

........................................

63,298

3,685

Martin

Marietta

Materials,

Inc.

.............................................

15,009

7,864

Newmont

Corp.

........................................................

280,360

14,769

Nucor

Corp.

...........................................................

56,713

6,770

Packaging

Corp.

of

America

...............................................

21,683

4,025

PPG

Industries,

Inc.

.....................................................

55,876

6,083

Reliance,

Inc.

..........................................................

12,933

3,728

RPM

International,

Inc.

..................................................

31,135

3,324

Smurfit

WestRock

PLC

...................................................

126,239

5,305

Steel

Dynamics,

Inc.

.....................................................

34,664

4,496

The

Sherwin-Williams

Co.

................................................

58,371

20,600

Vulcan

Materials

Co.

....................................................

32,710

8,581

Westlake

Corp.

........................................................

7,522

695

233,443

Real

Estate

(2.2%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

41,941

3,047

American

Tower

Corp.

...................................................

116,387

26,235

AvalonBay

Communities,

Inc.

..............................................

35,130

7,377

CBRE

Group,

Inc.

,

Class

A

(a) ..............................................

73,959

9,036

CoStar

Group,

Inc.

(a) ....................................................

103,233

7,657

Crown

Castle,

Inc.

......................................................

107,824

11,403

Digital

Realty

Trust,

Inc.

..................................................

83,700

13,437

Equinix,

Inc.

..........................................................

24,153

20,790

Equity

Residential

......................................................

93,224

6,550

Essex

Property

Trust,

Inc.

.................................................

15,729

4,391

Extra

Space

Storage,

Inc.

.................................................

51,862

7,599

Gaming

and

Leisure

Properties,

Inc.

.........................................

64,442

3,084

Invitation

Homes,

Inc.

...................................................

150,728

5,153

Iron

Mountain,

Inc.

.....................................................

72,189

6,473

Mid-America

Apartment

Communities,

Inc.

....................................

28,592

4,565

Prologis,

Inc.

..........................................................

230,283

23,535

Public

Storage

.........................................................

39,199

11,776

Realty

Income

Corp.

....................................................

221,668

12,826

SBA

Communications

Corp.

...............................................

26,236

6,386

Simon

Property

Group,

Inc.

...............................................

80,532

12,674

Sun

Communities,

Inc.

...................................................

30,956

3,852

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) UDR,

Inc.

............................................................

80,851

$

3,386

Ventas,

Inc.

...........................................................

107,888

7,561

VICI

Properties,

Inc.

....................................................

261,499

8,373

Welltower,

Inc.

.........................................................

159,999

24,414

Weyerhaeuser

Co.

......................................................

178,313

4,620

Zillow

Group,

Inc.

,

Class

A

(a) ..............................................

12,013

793

Zillow

Group,

Inc.

,

Class

C

(a) ..............................................

39,391

2,652

259,645

Semiconductors

&

Semiconductor

Equipment

(9.6%):

Advanced

Micro

Devices,

Inc.

(a) ............................................

402,384

39,172

Analog

Devices,

Inc.

....................................................

123,486

24,070

Applied

Materials,

Inc.

...................................................

202,374

30,500

Broadcom,

Inc.

........................................................

1,152,872

221,893

Entegris,

Inc.

..........................................................

36,378

2,878

First

Solar,

Inc.

(a) ......................................................

24,417

3,072

Intel

Corp.

............................................................

1,079,848

21,705

KLA

Corp.

...........................................................

33,103

23,261

Lam

Research

Corp.

.....................................................

318,835

22,851

Marvell

Technology,

Inc.

.................................................

214,277

12,507

Microchip

Technology,

Inc.

................................................

130,034

5,992

Micron

Technology,

Inc.

..................................................

276,694

21,292

Monolithic

Power

Systems,

Inc.

............................................

11,363

6,740

NVIDIA

Corp.

.........................................................

5,860,807

638,359

ON

Semiconductor

Corp.

(a) ...............................................

102,849

4,083

QUALCOMM,

Inc.

.....................................................

276,081

40,987

Skyworks

Solutions,

Inc.

.................................................

38,855

2,498

Teradyne,

Inc.

.........................................................

38,531

2,859

Texas

Instruments,

Inc.

...................................................

226,961

36,325

1,161,044

Software

(10.9%):

Adobe,

Inc.

(a) .........................................................

108,312

40,615

ANSYS,

Inc.

(a) ........................................................

21,647

6,968

AppLovin

Corp.

,

Class

A

(a) ...............................................

52,920

14,252

Atlassian

Corp.

,

Class

A

(a) ................................................

38,819

8,863

Autodesk,

Inc.

(a) .......................................................

52,930

14,516

Bentley

Systems,

Inc.

,

Class

B

.............................................

33,137

1,425

Cadence

Design

Systems,

Inc.

(a) ............................................

68,137

20,287

Corpay,

Inc.

(a) .........................................................

16,735

5,445

Crowdstrike

Holdings,

Inc.

,

Class

A

(a) .......................................

59,430

25,488

Datadog,

Inc.

,

Class

A

(a) .................................................

75,596

7,723

Dynatrace,

Inc.

(a) ......................................................

71,468

3,357

Fair

Isaac

Corp.

(a) ......................................................

5,907

11,753

Fortinet,

Inc.

(a) ........................................................

159,016

16,499

Gen

Digital,

Inc.

.......................................................

137,075

3,546

HubSpot,

Inc.

(a) .......................................................

12,427

7,599

Intuit,

Inc.

............................................................

68,187

42,785

Microsoft

Corp.

........................................................

1,832,620

724,361

MicroStrategy,

Inc.

(a) ....................................................

59,233

22,515

Oracle

Corp.

..........................................................

412,203

58,005

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

530,901

62,880

Palo

Alto

Networks,

Inc.

(a) ................................................

163,506

30,564

PTC,

Inc.

(a) ...........................................................

29,330

4,545

Roper

Technologies,

Inc.

..................................................

26,662

14,933

Salesforce,

Inc.

........................................................

234,087

62,902

ServiceNow,

Inc.

(a) .....................................................

51,257

48,951

Synopsys,

Inc.

(a) .......................................................

38,363

17,609

Tyler

Technologies,

Inc.

(a) ................................................

10,574

5,745

Workday,

Inc.

,

Class

A

(a) .................................................

52,952

12,973

Zoom

Communications,

Inc.

(a) .............................................

64,681

5,015

Zscaler,

Inc.

(a) .........................................................

23,649

5,349

1,307,468

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Technology

Hardware,

Storage

&

Peripherals

(7.0%):

Apple,

Inc.

...........................................................

3,755,099

$

797,959

Dell

Technologies,

Inc.

,

Class

C

............................................

76,749

7,042

Hewlett

Packard

Enterprise

Co.

.............................................

321,904

5,221

HP,

Inc.

..............................................................

232,523

5,946

NetApp,

Inc.

..........................................................

49,927

4,481

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

75,640

3,431

Seagate

Technology

Holdings

PLC

..........................................

51,673

4,704

Super

Micro

Computer,

Inc.

(a) (b) ...........................................

125,529

3,999

Western

Digital

Corp.

(a) ..................................................

84,347

3,699

836,482

Utilities

(2.5%):

Alliant

Energy

Corp.

....................................................

63,017

3,847

Ameren

Corp.

.........................................................

66,565

6,606

American

Electric

Power

Co.,

Inc.

...........................................

132,408

14,345

American

Water

Works

Co.,

Inc.

............................................

48,222

7,089

Atmos

Energy

Corp.

.....................................................

39,127

6,285

CenterPoint

Energy,

Inc.

..................................................

160,658

6,230

CMS

Energy

Corp.

......................................................

73,380

5,404

Consolidated

Edison,

Inc.

.................................................

87,598

9,877

Constellation

Energy

Corp.

................................................

77,846

17,394

Dominion

Energy,

Inc.

...................................................

211,698

11,512

DTE

Energy

Co.

.......................................................

51,189

7,013

Duke

Energy

Corp.

......................................................

193,436

23,603

Edison

International

.....................................................

95,029

5,085

Entergy

Corp.

.........................................................

106,647

8,870

Evergy,

Inc.

...........................................................

55,773

3,854

Eversource

Energy

......................................................

90,394

5,377

Exelon

Corp.

..........................................................

250,011

11,725

FirstEnergy

Corp.

.......................................................

142,523

6,111

NextEra

Energy,

Inc.

....................................................

513,349

34,333

NiSource,

Inc.

.........................................................

115,536

4,519

NRG

Energy,

Inc.

.......................................................

47,824

5,240

PG&E

Corp.

..........................................................

527,471

8,714

PPL

Corp.

............................................................

182,685

6,668

Public

Service

Enterprise

Group,

Inc.

.........................................

123,818

9,897

Sempra

..............................................................

161,976

12,030

The

Southern

Co.

.......................................................

273,241

25,108

Vistra

Corp.

...........................................................

83,484

10,822

WEC

Energy

Group,

Inc.

.................................................

78,314

8,577

Xcel

Energy,

Inc.

.......................................................

142,405

10,068

296,203

Total

Common

Stocks

(Cost

$3,016,419)

a

a

a

12,004,912

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(c) ........

1,550,585

1,551

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

1,550,585

1,551

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

1,550,585

1,550

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(c) .

1,550,585

1,550

Total

Collateral

for

Securities

Loaned

(Cost

$6,202)

a

a

a

6,202

Total

Investments

(Cost

$3,022,621)

—

99.8%

12,011,114

Other

assets

in

excess

of

liabilities

— 0.2%

28,840

NET

ASSETS

-

100.00%

$

12,039,954

^

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

April

30,

2025. PLC

—

Public

Limited

Company

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

..............

6/20/25

$

29,027,172

$

32,125,250

$

3,098,078

Total

unrealized

appreciation

$

3,098,078

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

3,098,078

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.6%)

Communication

Services

(3.5%):

Advantage

Solutions,

Inc.

(a) ...............................................

9,363

$

Altice

USA,

Inc.

,

Class

A

(a) ...............................................

27,272

AMC

Entertainment

Holdings,

Inc.

(a) (b) ......................................

51,252

AMC

Networks,

Inc.

,

Class

A

(a) ............................................

3,578

Angi,

Inc.

(a) ..........................................................

5,567

Anterix,

Inc.

(a) ........................................................

2,115

AST

SpaceMobile,

Inc.

(a) (b) ..............................................

19,521

Atlanta

Braves

Holdings,

Inc.

(a) ............................................

6,784

ATN

International,

Inc.

...................................................

1,114

Bandwidth,

Inc.

,

Class

A

(a) ................................................

2,915

Boston

Omaha

Corp.

,

Class

A

(a) ............................................

3,415

Bumble,

Inc.

,

Class

A

(a) ..................................................

8,216

BuzzFeed,

Inc.

(a) .......................................................

1,465

Cable

One,

Inc.

........................................................

543

Cardlytics,

Inc.

(a) ......................................................

4,918

Cargurus,

Inc.

(a) .......................................................

10,191

Cars.com,

Inc.

(a) .......................................................

6,882

Cinemark

Holdings,

Inc.

..................................................

13,181

Clear

Channel

Outdoor

Holdings,

Inc.

(a) ......................................

40,180

Cogent

Communications

Holdings,

Inc.

.......................................

5,212

Daily

Journal

Corp.

(a) ...................................................

EchoStar

Corp.

,

Class

A

(a) ................................................

15,835

Emerald

Holding,

Inc.

...................................................

18,085

Entravision

Communications

Corp.

,

Class

A

....................................

6,517

Eventbrite,

Inc.

,

Class

A

(a) ................................................

8,003

EverQuote,

Inc.

,

Class

A

(a) ................................................

3,046

Frontier

Communications

Parent,

Inc.

(a) ......................................

25,016

907

fuboTV,

Inc.

(a) ........................................................

39,186

Gannett

Co.,

Inc.

(a) .....................................................

13,944

GCI

Liberty,

Inc.

(a) (c) ...................................................

12,260

—

(d) Getty

Images

Holdings,

Inc.

(a) (b) ...........................................

12,554

Globalstar,

Inc.

(a) ......................................................

5,907

Gogo,

Inc.

(a) ..........................................................

7,160

Gray

Media,

Inc.

.......................................................

9,947

IAC,

Inc.

(a) ...........................................................

9,075

Ibotta,

Inc.

,

Class

A

(a) (b) .................................................

1,504

IDT

Corp.

,

Class

B

......................................................

2,422

iHeartMedia,

Inc.

,

Class

A

(a) ..............................................

12,711

Integral

Ad

Science

Holding

Corp.

(a) .........................................

8,767

Iridium

Communications,

Inc.

..............................................

11,423

John

Wiley

&

Sons,

Inc.

,

Class

A

............................................

5,111

Liberty

Broadband

Corp.

,

Class

C

(a) .........................................

15,692

1,418

Liberty

Global

Ltd.

,

Class

C

(a) .............................................

36,274

Liberty

Latin

America

Ltd.

,

Class

C

(a) ........................................

19,005

Liberty

Media

Corp.-Liberty

Live

(a) .........................................

9,852

705

Lions

Gate

Entertainment

Corp.

,

Class

A

(a) (b) ..................................

20,039

Lumen

Technologies,

Inc.

(a) ...............................................

112,494

Madison

Square

Garden

Entertainment

Corp.

(a) .................................

4,761

Madison

Square

Garden

Sports

Corp.

(a) .......................................

1,998

Magnite,

Inc.

(a) ........................................................

16,559

Match

Group,

Inc.

......................................................

29,987

889

MediaAlpha,

Inc.

,

Class

A

(a) ..............................................

3,651

National

CineMedia,

Inc.

.................................................

7,867

News

Corp.

,

Class

A

.....................................................

59,627

1,617

Nexstar

Media

Group,

Inc.

................................................

3,445

516

Nextdoor

Holdings,

Inc.

(a) ................................................

24,269

Ooma,

Inc.

(a) .........................................................

2,742

Outbrain,

Inc.

(a) .......................................................

3,169

Paramount

Global

,

Class

B

(b) ..............................................

73,750

866

Playstudios,

Inc.

(a) ......................................................

8,931

PubMatic,

Inc.

,

Class

A

(a) ................................................

4,641

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) QuinStreet,

Inc.

(a) ......................................................

6,140

$

Reddit,

Inc.

,

Class

A

(a) ...................................................

13,273

1,547

Roku,

Inc.

(a) ..........................................................

15,420

1,051

Rumble,

Inc.

(a) (b) ......................................................

24,371

Scholastic

Corp.

........................................................

2,673

Shenandoah

Telecommunications

Co.

........................................

5,881

Shutterstock,

Inc.

.......................................................

2,761

Sinclair,

Inc.

..........................................................

4,525

Sphere

Entertainment

Co.

(a) ...............................................

3,233

Spok

Holdings,

Inc.

.....................................................

2,298

Stagwell,

Inc.

(a) ........................................................

12,976

TEGNA,

Inc.

..........................................................

18,997

Telephone

and

Data

Systems,

Inc.

...........................................

11,900

The

E.W.

Scripps

Co.

,

Class

A

(a) ...........................................

8,055

The

Interpublic

Group

of

Cos.,

Inc.

..........................................

44,761

1,124

The

Marcus

Corp.

......................................................

2,684

The

New

York

Times

Co.

,

Class

A

...........................................

19,253

1,002

Thryv

Holdings,

Inc.

(a) ..................................................

4,672

TKO

Group

Holdings,

Inc.

................................................

8,213

1,338

Townsquare

Media,

Inc.

,

Class

A

(b) ..........................................

1,190

Travelzoo

(a) ..........................................................

742

TripAdvisor,

Inc.

(a) .....................................................

12,925

TrueCar,

Inc.

(a) ........................................................

6,920

Trump

Media

&

Technology

Group

Corp.

(a) (b) .................................

12,312

United

States

Cellular

Corp.

(a) .............................................

1,646

Vimeo,

Inc.

(a) .........................................................

16,765

Vivid

Seats,

Inc.

,

Class

A

(a) (b) .............................................

7,854

Warner

Music

Group

Corp.

,

Class

A

.........................................

16,387

WideOpenWest,

Inc.

(a) ...................................................

5,672

Yelp,

Inc.

(a) ...........................................................

7,563

Ziff

Davis,

Inc.

(a) .......................................................

5,050

ZipRecruiter,

Inc.

(a) .....................................................

8,186

ZoomInfo

Technologies,

Inc.

(a) .............................................

35,915

23,139

Consumer

Discretionary

(12.7%):

1-800-Flowers.com,

Inc.

,

Class

A

(a) (b) .......................................

2,923

1stdibs.com,

Inc.

(a) .....................................................

2,346

Abercrombie

&

Fitch

Co.

(a) ...............................................

5,953

Academy

Sports

&

Outdoors,

Inc.

...........................................

8,232

Accel

Entertainment,

Inc.

(a) ...............................................

5,980

Acushnet

Holdings

Corp.

.................................................

3,253

ADT,

Inc.

............................................................

55,543

Adtalem

Global

Education,

Inc.

(a) ...........................................

4,378

Advance

Auto

Parts,

Inc.

.................................................

7,094

American

Axle

&

Manufacturing

Holdings,

Inc.

(a) ...............................

12,654

American

Eagle

Outfitters,

Inc.

.............................................

21,167

American

Outdoor

Brands,

Inc.

(a) ...........................................

1,171

American

Public

Education,

Inc.

(a) ..........................................

1,941

America's

Car-Mart,

Inc.

(a) ................................................

888

AMMO,

Inc.

(a) (b) ......................................................

9,070

Aptiv

PLC

(a) ..........................................................

27,332

1,560

Aramark

.............................................................

31,760

1,062

Arhaus,

Inc.

(a) .........................................................

5,883

Arko

Corp.

...........................................................

8,474

Asbury

Automotive

Group,

Inc.

(a) ...........................................

2,330

508

Atmus

Filtration

Technologies,

Inc.

..........................................

9,908

AutoNation,

Inc.

(a) .....................................................

3,450

601

BARK,

Inc.

(a) (b) .......................................................

11,280

Barnes

&

Noble

Education,

Inc.

(a) (b) ........................................

1,302

Bassett

Furniture

Industries,

Inc.

............................................

758

Bath

&

Body

Works,

Inc.

.................................................

25,796

787

Beazer

Homes

USA,

Inc.

(a) ...............................................

3,360

Beyond,

Inc.

(a) (b) ......................................................

5,922

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Biglari

Holdings,

Inc.

,

Class

B

(a) ...........................................

$

BJ's

Restaurants,

Inc.

(a) ..................................................

2,421

Bloomin'

Brands,

Inc.

....................................................

9,795

Boot

Barn

Holdings,

Inc.

(a) ...............................................

3,654

BorgWarner,

Inc.

.......................................................

26,113

741

Boyd

Gaming

Corp.

.....................................................

6,859

Bright

Horizons

Family

Solutions,

Inc.

(a) .....................................

6,848

859

Brinker

International,

Inc.

(a) ...............................................

5,268

707

Brunswick

Corp.

.......................................................

7,746

Build-A-Bear

Workshop,

Inc.

..............................................

1,510

Caesars

Entertainment,

Inc.

(a) ..............................................

23,959

648

Caleres,

Inc.

..........................................................

3,795

Camping

World

Holdings,

Inc.

,

Class

A

.......................................

6,848

Capri

Holdings

Ltd.

(a) ...................................................

13,802

CarMax,

Inc.

(a) ........................................................

18,464

1,194

Carriage

Services,

Inc.

...................................................

1,515

Carter's,

Inc.

..........................................................

4,159

Cava

Group,

Inc.

(a) .....................................................

11,917

1,101

Cavco

Industries,

Inc.

(a) ..................................................

906

Century

Casinos,

Inc.

(a) ..................................................

1,990

Century

Communities,

Inc.

................................................

3,275

Champion

Homes,

Inc.

(a) .................................................

6,729

582

Chegg,

Inc.

(a) .........................................................

8,603

Chewy,

Inc.

,

Class

A

(a) ..................................................

19,246

722

Choice

Hotels

International,

Inc.

(b) ..........................................

3,169

Churchill

Downs,

Inc.

....................................................

7,985

722

Citi

Trends,

Inc.

(a) ......................................................

836

Clarus

Corp.

..........................................................

2,999

Columbia

Sportswear

Co.

.................................................

3,247

ContextLogic,

Inc.

,

Class

A

(a) ..............................................

2,571

Cooper-Standard

Holdings,

Inc.

(a) ...........................................

1,879

Coursera,

Inc.

(a) .......................................................

15,750

Cracker

Barrel

Old

Country

Store,

Inc.

(b) .....................................

2,582

Cricut,

Inc.

,

Class

A

.....................................................

4,992

Crocs,

Inc.

(a) ..........................................................

6,500

627

Dana,

Inc.

............................................................

15,479

Dave

&

Buster's

Entertainment,

Inc.

(a) .......................................

4,455

Denny's

Corp.

(a) .......................................................

5,510

Designer

Brands,

Inc.

,

Class

A

(b) ...........................................

3,509

Destination

XL

Group,

Inc.

(a) ..............................................

4,653

Dick's

Sporting

Goods,

Inc.

................................................

6,729

1,263

Dillard's,

Inc.

,

Class

A

...................................................

950

Dine

Brands

Global,

Inc.

.................................................

1,708

Dorman

Products,

Inc.

(a) .................................................

3,124

Dream

Finders

Homes,

Inc.

,

Class

A

(a) (b) .....................................

3,500

Duluth

Holdings,

Inc.

,

Class

B

(a) ...........................................

1,162

Duolingo,

Inc.

(a) .......................................................

4,503

1,754

Dutch

Bros,

Inc.

,

Class

A

(a) ...............................................

12,917

772

El

Pollo

Loco

Holdings,

Inc.

(a) .............................................

2,885

Envela

Corp.

(a) ........................................................

Escalade,

Inc.

.........................................................

1,217

Ethan

Allen

Interiors,

Inc.

.................................................

2,715

Etsy,

Inc.

(a) ...........................................................

12,764

555

European

Wax

Center,

Inc.

,

Class

A

(a) ........................................

3,065

Everi

Holdings,

Inc.

(a) ...................................................

9,943

EVgo,

Inc.

(a) ..........................................................

14,550

Figs,

Inc.

,

Class

A

(a) ....................................................

17,506

First

Watch

Restaurant

Group,

Inc.

(a) ........................................

4,778

Five

Below,

Inc.

(a) ......................................................

6,469

Flexsteel

Industries,

Inc.

..................................................

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a) ......................................

12,735

910

Foot

Locker,

Inc.

(a) .....................................................

9,995

Fox

Factory

Holding

Corp.

(a) ..............................................

4,923

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Frontdoor,

Inc.

(a) .......................................................

8,948

$

Full

House

Resorts,

Inc.

(a) ................................................

3,514

Funko,

Inc.

,

Class

A

(a) ...................................................

3,927

GameStop

Corp.

,

Class

A

(a) ...............................................

49,312

1,374

Garrett

Motion,

Inc.

.....................................................

24,233

Genesco,

Inc.

(a) ........................................................

1,169

Genius

Sports

Ltd.

(a) ....................................................

24,728

Gentex

Corp.

..........................................................

27,276

594

Gentherm,

Inc.

(a) .......................................................

3,567

GigaCloud

Technology,

Inc.

,

Class

A

(a) (b) .....................................

3,109

G-III

Apparel

Group

Ltd.

(a) ...............................................

4,546

Global

Business

Travel

Group

I

(a) ...........................................

21,441

Golden

Entertainment,

Inc.

................................................

2,276

GoPro,

Inc.

,

Class

A

(a) ...................................................

12,042

Graham

Holdings

Co.

,

Class

B

.............................................

Grand

Canyon

Education,

Inc.

(a) ............................................

3,385

604

Green

Brick

Partners,

Inc.

(a) ...............................................

4,920

Group

Automotive,

Inc.

.................................................

1,535

620

Groupon,

Inc.

(a) (b) .....................................................

2,475

Guess?,

Inc.

(b) .........................................................

3,478

H&R

Block,

Inc.

.......................................................

15,932

962

Hamilton

Beach

Brands

Holding

Co.

,

Class

A

...................................

624

Hanesbrands,

Inc.

(a) .....................................................

41,860

Harley-Davidson,

Inc.

...................................................

14,858

Hasbro,

Inc.

...........................................................

15,795

978

Haverty

Furniture

Cos.,

Inc.

...............................................

1,491

Helen

of

Troy

Ltd.

(a) ....................................................

2,690

Hilton

Grand

Vacations,

Inc.

(a) .............................................

8,212

Holley,

Inc.

(a) .........................................................

6,335

Hooker

Furnishings

Corp.

.................................................

1,073

Hovnanian

Enterprises,

Inc.

,

Class

A

(a) .......................................

509

Hyatt

Hotels

Corp.

,

Class

A

................................................

4,909

553

Inspired

Entertainment,

Inc.

(a) .............................................

2,711

Installed

Building

Products,

Inc.

............................................

2,794

International

Game

Technology

PLC

.........................................

13,434

iRobot

Corp.

(a) ........................................................

2,671

J. Jill,

Inc.

............................................................

765

Jack

in

the

Box,

Inc.

(b) ...................................................

2,143

JAKKS

Pacific,

Inc.

.....................................................

919

Johnson

Outdoors,

Inc.

,

Class

A

............................................

928

KB

Home

............................................................

8,274

KinderCare

Learning

Cos.,

Inc.

(a) ...........................................

3,590

Kohl's

Corp.

(b) ........................................................

12,856

Kontoor

Brands,

Inc.

....................................................

6,530

Krispy

Kreme,

Inc.

......................................................

9,678

Kura

Sushi

USA,

Inc.

,

Class

A

(a) ...........................................

725

Lakeland

Industries,

Inc.

..................................................

971

Lands'

End,

Inc.

(a) ......................................................

1,244

Landsea

Homes

Corp.

(a) .................................................

2,171

Latham

Group,

Inc.

(a) ...................................................

10,682

Laureate

Education,

Inc.

(a) ................................................

15,251

La-Z-Boy,

Inc.

.........................................................

4,877

LCI

Industries

.........................................................

2,933

Lear

Corp.

............................................................

6,435

552

Legacy

Housing

Corp.

(a) .................................................

954

Leggett

&

Platt,

Inc.

.....................................................

15,612

Leslie's,

Inc.

(a) (b) ......................................................

19,084

Levi

Strauss

&

Co.

,

Class

A

...............................................

11,336

LGI

Homes,

Inc.

(a) .....................................................

2,447

Life

Time

Group

Holdings,

Inc.

(a) ...........................................

9,575

Lifetime

Brands,

Inc.

....................................................

1,017

Light

&

Wonder,

Inc.

(a) ..................................................

10,121

864

Lincoln

Educational

Services

Corp.

(a) ........................................

3,381

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Lindblad

Expeditions

Holdings,

Inc.

(a) .......................................

4,243

$

Lithia

Motors,

Inc.

......................................................

3,092

905

LKQ

Corp.

...........................................................

30,999

1,184

Lucid

Group,

Inc.

(a) (b) ...................................................

142,911

Lucky

Strike

Entertainment

Corp.

(b) .........................................

9,422

Luminar

Technologies,

Inc.

(a) (b) ............................................

2,734

M/I

Homes,

Inc.

(a) ......................................................

3,202

Macy's,

Inc.

...........................................................

33,176

Malibu

Boats,

Inc.

,

Class

A

(a) ..............................................

2,201

Marine

Products

Corp.

...................................................

803

MarineMax,

Inc.

(a) .....................................................

2,315

Marriott

Vacations

Worldwide

Corp.

.........................................

3,828

MasterCraft

Boat

Holdings,

Inc.

(a) ..........................................

1,834

Mattel,

Inc.

(a) .........................................................

39,460

627

Meritage

Homes

Corp.

...................................................

8,421

574

MGM

Resorts

International

(a) (b) ...........................................

26,260

826

Mister

Car

Wash,

Inc.

(a) ..................................................

11,507

Mobileye

Global,

Inc.

,

Class

A

(a) (b) .........................................

11,140

Modine

Manufacturing

Co.

(a) ..............................................

6,208

507

Mohawk

Industries,

Inc.

(a) ................................................

6,134

652

Monarch

Casino

&

Resort,

Inc.

.............................................

1,514

Monro,

Inc.

...........................................................

3,364

Motorcar

Parts

of

America,

Inc.

(a) ...........................................

1,679

Movado

Group,

Inc.

.....................................................

1,709

Murphy

USA,

Inc.

......................................................

2,204

1,099

Nathan's

Famous,

Inc.

....................................................

National

Vision

Holdings,

Inc.

(a) ............................................

9,169

Nerdy,

Inc.

(a) (b) .......................................................

2,607

Newell

Brands,

Inc.

.....................................................

49,773

Nordstrom,

Inc.

........................................................

11,233

Norwegian

Cruise

Line

Holdings

Ltd.

(a) ......................................

52,498

842

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a) .......................................

7,371

782

OneSpaWorld

Holdings

Ltd.

...............................................

11,959

OneWater

Marine,

Inc.

(a) (b) ...............................................

1,356

Oxford

Industries,

Inc.

...................................................

1,786

Papa

John's

International,

Inc.

..............................................

3,840

Patrick

Industries,

Inc.

...................................................

3,869

Peloton

Interactive,

Inc.

,

Class

A

(a) ..........................................

43,764

Penn

Entertainment,

Inc.

(a) ................................................

18,114

Penske

Automotive

Group,

Inc.

.............................................

2,210

Perdoceo

Education

Corp.

.................................................

7,185

Petco

Health

&

Wellness

Co.,

Inc.

(a) .........................................

16,234

Phinia,

Inc.

...........................................................

4,782

Planet

Fitness,

Inc.

,

Class

A

(a) .............................................

10,121

957

Playa

Hotels

&

Resorts

NV

(a) ..............................................

10,881

PlayAGS,

Inc.

(a) .......................................................

4,627

PLBY

Group,

Inc.

(a) ....................................................

4,600

Polaris,

Inc.

...........................................................

6,284

Portillo's,

Inc.

,

Class

A

(a) (b) ...............................................

7,004

Potbelly

Corp.

(a) .......................................................

2,810

PVH

Corp.

...........................................................

6,655

QuantumScape

Corp.

(a) (b) ................................................

48,061

QVC

Group,

Inc.

,

Class

A

(a) ...............................................

36,394

Ralph

Lauren

Corp.

.....................................................

4,645

1,045

RCI

Hospitality

Holdings,

Inc.

.............................................

939

Red

Rock

Resorts,

Inc.

,

Class

A

.............................................

6,095

Revolve

Group,

Inc.

(a) ...................................................

4,755

RH

(a) ...............................................................

1,820

Rivian

Automotive,

Inc.

,

Class

A

(a) (b) ........................................

91,372

1,248

Rocky

Brands,

Inc.

......................................................

733

RumbleON,

Inc.

,

Class

B

(a) ...............................................

2,111

Rush

Street

Interactive,

Inc.

(a) .............................................

10,318

Sabre

Corp.

(a) .........................................................

42,706

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Sally

Beauty

Holdings,

Inc.

(a) ..............................................

11,896

$

Seaport

Entertainment

Group,

Inc.

(a) (b) .......................................

1,401

Serve

Robotics,

Inc.

(a) (b) .................................................

4,703

Service

Corp.

International

................................................

16,885

1,349

Shake

Shack,

Inc.

,

Class

A

(a) ..............................................

4,587

SharkNinja,

Inc.

(a) ......................................................

8,540

687

Shoe

Carnival,

Inc.

......................................................

1,998

Signet

Jewelers

Ltd.

.....................................................

5,012

Six

Flags

Entertainment

Corp.

(a) ............................................

11,779

Skechers

USA,

Inc.

,

Class

A

(a) .............................................

15,558

747

Sleep

Number

Corp.

(a) ...................................................

2,256

Smith

&

Wesson

Brands,

Inc.

..............................................

5,002

Smith

Douglas

Homes

Corp.

(a) .............................................

930

Soho

House

&

Co.,

Inc.

(a) (b) ..............................................

4,954

Solid

Power,

Inc.

(a) (b) ...................................................

15,197

Somnigroup

International,

Inc.

(b) ...........................................

24,331

1,486

Sonic

Automotive,

Inc.

,

Class

A

............................................

1,492

Sonos,

Inc.

(a) .........................................................

13,904

Standard

Motor

Products,

Inc.

..............................................

2,429

Steven

Madden

Ltd.

.....................................................

8,195

Stitch

Fix,

Inc.

,

Class

A

(a) ................................................

12,002

Stoneridge,

Inc.

(a) ......................................................

2,843

Strategic

Education,

Inc.

..................................................

2,834

Strattec

Security

Corp.

(a) .................................................

Stride,

Inc.

(a) ..........................................................

4,966

706

Sturm

Ruger

&

Co.,

Inc.

..................................................

1,933

Superior

Group

of

Cos.,

Inc.

...............................................

1,156

Sweetgreen,

Inc.

,

Class

A

(a) ...............................................

11,672

Tapestry,

Inc.

..........................................................

24,862

1,756

Target

Hospitality

Corp.

(a) ................................................

3,604

Taylor

Morrison

Home

Corp.

(a) ............................................

11,944

685

Texas

Roadhouse,

Inc.

...................................................

7,969

1,323

The

Buckle,

Inc.

........................................................

3,665

The

Cheesecake

Factory,

Inc.

(b) ............................................

5,723

The

Children's

Place,

Inc.

(a) (b) .............................................

The

Gap,

Inc.

..........................................................

29,568

648

The

Goodyear

Tire

&

Rubber

Co.

(a) .........................................

30,968

The

Lovesac

Co.

(a) .....................................................

1,587

The

ODP

Corp.

(a) ......................................................

3,220

The

RealReal,

Inc.

(a) ....................................................

10,081

The

Wendy's

Co.

.......................................................

21,930

Thor

Industries,

Inc.

.....................................................

6,094

ThredUp,

Inc.

,

Class

A

(a) .................................................

9,668

Tile

Shop

Holdings,

Inc.

(a) ................................................

3,140

Toll

Brothers,

Inc.

......................................................

11,908

1,201

TopBuild

Corp.

(a) ......................................................

3,496

1,034

Topgolf

Callaway

Brands

Corp.

(a) ...........................................

15,468

Traeger,

Inc.

(a) ........................................................

5,890

Travel

+

Leisure

Co.

.....................................................

7,705

Tri

Pointe

Homes,

Inc.

(a) .................................................

10,659

Udemy,

Inc.

(a) .........................................................

9,315

Under

Armour,

Inc.

,

Class

A

(a) .............................................

36,816

United

Parks

&

Resorts,

Inc.

(a) .............................................

6,479

Universal

Electronics,

Inc.

(a) ..............................................

979

Universal

Technical

Institute,

Inc.

(a) .........................................

5,962

Upbound

Group,

Inc.

....................................................

6,150

Urban

Outfitters,

Inc.

(a) ..................................................

6,975

Vail

Resorts,

Inc.

.......................................................

4,325

602

Valvoline,

Inc.

(a) .......................................................

15,276

523

Vera

Bradley,

Inc.

(a) .....................................................

1,552

VF

Corp.

.............................................................

44,302

526

Victoria's

Secret

&

Co.

(a) .................................................

8,391

Viking

Holdings

Ltd.

(a) ..................................................

20,310

833

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Visteon

Corp.

(a) ........................................................

3,201

$

Warby

Parker,

Inc.

,

Class

A

(a) ..............................................

10,807

Wayfair,

Inc.

,

Class

A

(a) ..................................................

11,160

Weyco

Group,

Inc.

......................................................

662

Whirlpool

Corp.

........................................................

6,497

Wingstop,

Inc.

.........................................................

3,440

908

Winmark

Corp.

........................................................

Winnebago

Industries,

Inc.

................................................

3,245

Wolverine

World

Wide,

Inc.

...............................................

9,397

Worthington

Enterprises,

Inc.

..............................................

3,751

Wyndham

Hotels

&

Resorts,

Inc.

............................................

9,183

783

Wynn

Resorts

Ltd.

......................................................

10,256

824

XPEL,

Inc.

(a) (b) .......................................................

2,531

Xponential

Fitness,

Inc.

,

Class

A

(a) ..........................................

2,705

YETI

Holdings,

Inc.

(a) ...................................................

9,813

Zumiez,

Inc.

(a) ........................................................

1,710

83,797

Consumer

Staples

(4.8%):

Albertsons

Cos.,

Inc.

,

Class

A

..............................................

50,532

1,111

Alico,

Inc.

............................................................

573

B&G

Foods,

Inc.

.......................................................

8,988

BellRing

Brands,

Inc.

(a) ..................................................

15,269

1,178

Beyond

Meat,

Inc.

(a) (b) ..................................................

8,012

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

15,792

1,857

BRC,

Inc.

,

Class

A

(a) (b) ..................................................

8,123

Bunge

Global

SA

.......................................................

15,992

1,259

Calavo

Growers,

Inc.

....................................................

1,944

Cal-Maine

Foods,

Inc.

...................................................

4,969

Casey's

General

Stores,

Inc.

...............................................

4,451

2,059

Celsius

Holdings,

Inc.

(a) ..................................................

20,203

706

Central

Garden

&

Pet

Co.

,

Class

A

(a) ........................................

7,351

Coca-Cola

Consolidated,

Inc.

..............................................

623

845

Conagra

Brands,

Inc.

....................................................

57,252

1,415

Coty,

Inc.

,

Class

A

(a) ....................................................

44,196

Darling

Ingredients,

Inc.

(a) ................................................

18,878

608

Edgewell

Personal

Care

Co.

...............................................

5,685

elf

Beauty,

Inc.

(a) .......................................................

6,442

Energizer

Holdings,

Inc.

..................................................

7,845

FitLife

Brands,

Inc.

(a) ...................................................

801

Flowers

Foods,

Inc.

.....................................................

23,484

Fresh

Del

Monte

Produce,

Inc.

.............................................

4,701

Freshpet,

Inc.

(a) ........................................................

5,789

Grocery

Outlet

Holding

Corp.

(a) ............................................

11,064

Guardian

Pharmacy

Services,

Inc.

,

Class

A

(a) (b) ................................

1,011

Herbalife

Ltd.

(a) .......................................................

11,679

Ingles

Markets,

Inc.

,

Class

A

...............................................

1,717

Ingredion,

Inc.

.........................................................

7,669

1,019

Interparfums,

Inc.

.......................................................

2,171

Ispire

Technology,

Inc.

(a) .................................................

1,540

J

&

J

Snack

Foods

Corp.

..................................................

1,837

John

B

Sanfilippo

&

Son,

Inc.

..............................................

1,042

Lamb

Weston

Holdings,

Inc.

...............................................

16,897

892

Lancaster

Colony

Corp.

..................................................

2,494

Lifevantage

Corp.

......................................................

1,095

Lifeway

Foods,

Inc.

(a) ...................................................

Limoneira

Co.

.........................................................

1,747

Mama's

Creations,

Inc.

(a) .................................................

3,777

Maplebear,

Inc.

(a) ......................................................

22,304

890

Medifast,

Inc.

(a) .......................................................

1,138

MGP

Ingredients,

Inc.

....................................................

1,694

Mission

Produce,

Inc.

(a) ..................................................

5,364

Molson

Coors

Beverage

Co.

,

Class

B

.........................................

20,112

1,157

National

Beverage

Corp.

..................................................

2,818

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Natural

Grocers

by

Vitamin

Cottage,

Inc.

......................................

853

$

Nature's

Sunshine

Products,

Inc.

(a) ..........................................

1,574

Nu

Skin

Enterprises,

Inc.

,

Class

A

...........................................

5,516

Oil-Dri

Corp.

of

America

.................................................

1,139

Olaplex

Holdings,

Inc.

(a) .................................................

13,845

Performance

Food

Group

Co.

(a) ............................................

18,388

1,483

Post

Holdings,

Inc.

(a) ....................................................

6,018

681

PriceSmart,

Inc.

........................................................

3,020

Reynolds

Consumer

Products,

Inc.

..........................................

6,466

Seaboard

Corp.

........................................................

Seneca

Foods

Corp.

,

Class

A

(a) .............................................

596

SpartanNash

Co.

.......................................................

3,926

Spectrum

Brands

Holdings,

Inc.

............................................

3,036

Sprouts

Farmers

Market,

Inc.

(a) ............................................

11,831

2,023

The

Andersons,

Inc.

.....................................................

3,849

The

Beauty

Health

Co.

(a) .................................................

7,770

The

Boston

Beer

Co.,

Inc.

,

Class

A

(a) ........................................

1,007

The

Chefs'

Warehouse,

Inc.

(a) ..............................................

4,289

The

Hain

Celestial

Group,

Inc.

(a) ...........................................

10,330

The

Honest

Co.,

Inc.

(a) ...................................................

10,426

The

J.M.

Smucker

Co.

...................................................

12,511

1,455

The

Simply

Good

Foods

Co.

(a) .............................................

11,134

The

Vita

Coco

Co.,

Inc.

(a) ................................................

4,673

Tootsie

Roll

Industries,

Inc.

................................................

2,159

TreeHouse

Foods,

Inc.

(a) .................................................

5,946

Turning

Point

Brands,

Inc.

................................................

1,959

U.S.

Foods

Holding

Corp.

(a) ...............................................

27,587

1,811

United

Natural

Foods,

Inc.

(a) ..............................................

7,057

Universal

Corp.

........................................................

2,837

USANA

Health

Sciences,

Inc.

(a) ............................................

1,280

Utz

Brands,

Inc.

........................................................

8,354

Village

Super

Market,

Inc.

,

Class

A

..........................................

1,005

Vital

Farms,

Inc.

(a) .....................................................

3,876

Walgreens

Boots

Alliance,

Inc.

.............................................

85,652

940

Co.

...........................................................

1,626

Weis

Markets,

Inc.

......................................................

1,946

Westrock

Coffee

Co.

(a) (b) ................................................

3,900

WK

Kellogg

Co.

(b) .....................................................

7,447

Zevia

PBC

,

Class

A

(a) ...................................................

4,456

31,941

Energy

(3.2%):

Aemetis,

Inc.

(a) (b) ......................................................

4,473

Amplify

Energy

Corp.

(a) .................................................

3,891

Antero

Midstream

Corp.

..................................................

40,209

665

Antero

Resources

Corp.

(a) ................................................

34,738

1,210

APA

Corp.

............................................................

42,970

668

Archrock,

Inc.

.........................................................

17,986

Ardmore

Shipping

Corp.

..................................................

4,440

Atlas

Energy

Solutions,

Inc.

(b) .............................................

9,137

Berry

Corp.

...........................................................

8,438

Bristow

Group,

Inc.

(a) ...................................................

3,291

Cactus,

Inc.

,

Class

A

.....................................................

8,125

California

Resources

Corp.

................................................

8,994

Calumet,

Inc.

(a) ........................................................

8,163

Centrus

Energy

Corp.

,

Class

A

(a) (b) .........................................

1,827

ChampionX

Corp.

......................................................

22,694

548

Chord

Energy

Corp.

.....................................................

7,071

638

Civitas

Resources,

Inc.

...................................................

10,588

Clean

Energy

Fuels

Corp.

(a) ...............................................

18,604

CNX

Resources

Corp.

(a) .................................................

16,987

500

Comstock

Resources,

Inc.

(a) ...............................................

9,368

Core

Laboratories,

Inc.

(b) .................................................

5,472

Core

Natural

Resources,

Inc.

...............................................

6,345

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Crescent

Energy

Co.

,

Class

A

..............................................

21,817

$

CVR

Energy,

Inc.

(b) .....................................................

3,884

Delek

US

Holdings,

Inc.

..................................................

7,234

DHT

Holdings,

Inc.

.....................................................

15,193

DMC

Global,

Inc.

(a) ....................................................

1,794

Dorian

LPG

Ltd.

.......................................................

4,341

DT

Midstream,

Inc.

.....................................................

12,180

1,184

Empire

Petroleum

Corp.

(a) ................................................

2,702

Energy

Services

of

America

Corp.

...........................................

1,213

Evolution

Petroleum

Corp.

................................................

3,344

Excelerate

Energy,

Inc.

,

Class

A

............................................

2,745

Expro

Group

Holdings

NV

(a) ..............................................

13,540

Forum

Energy

Technologies,

Inc.

(a) .........................................

1,238

FutureFuel

Corp.

.......................................................

2,570

Geospace

Technologies

Corp.

(a) ............................................

1,151

Gevo,

Inc.

(a) (b) ........................................................

25,773

Golar

LNG

Ltd.

........................................................

10,543

Gran

Tierra

Energy,

Inc.

(a) (b) ..............................................

3,814

Granite

Ridge

Resources,

Inc.

..............................................

7,427

Green

Plains,

Inc.

(a) .....................................................

7,233

Gulfport

Energy

Corp.

(a) .................................................

2,133

Hallador

Energy

Co.

(a) ...................................................

3,233

Helix

Energy

Solutions

Group,

Inc.

(a) ........................................

16,799

Helmerich

&

Payne,

Inc.

..................................................

11,470

HF

Sinclair

Corp.

.......................................................

20,652

621

Innovex

International,

Inc.

(a) ..............................................

4,409

International

Seaways,

Inc.

................................................

4,732

Kinetik

Holdings,

Inc.

...................................................

4,041

Kodiak

Gas

Services,

Inc.

.................................................

5,955

Kosmos

Energy

Ltd.

(a) ...................................................

54,464

Liberty

Energy,

Inc.

.....................................................

18,789

Magnolia

Oil

&

Gas

Corp.

,

Class

A

..........................................

22,080

Mammoth

Energy

Services,

Inc.

(a) ..........................................

4,606

Matador

Resources

Co.

...................................................

13,927

551

Murphy

Oil

Corp.

......................................................

16,550

Nabors

Industries

Ltd.

(a) .................................................

1,000

NACCO

Industries,

Inc.

,

Class

A

............................................

National

Energy

Services

Reunited

Corp.

(a) ....................................

9,045

Natural

Gas

Services

Group,

Inc.

(a) ..........................................

1,126

New

Fortress

Energy,

Inc.

(b) ...............................................

21,295

NextDecade

Corp.

(a) ....................................................

19,677

Nordic

American

Tankers

Ltd.

..............................................

24,034

Northern

Oil

&

Gas,

Inc.

..................................................

11,581

NOV,

Inc.

............................................................

45,484

528

NPK

International,

Inc.

(a) .................................................

9,098

Oceaneering

International,

Inc.

(a) ...........................................

11,855

Oil

States

International,

Inc.

(a) .............................................

6,558

Ovintiv,

Inc.

..........................................................

31,245

1,049

Par

Pacific

Holdings,

Inc.

(a) ...............................................

6,144

Patterson-UTI

Energy,

Inc.

................................................

41,840

PBF

Energy,

Inc.

,

Class

A

.................................................

9,905

Peabody

Energy

Corp.

...................................................

14,437

Permian

Resources

Corp.

.................................................

65,096

768

PHX

Minerals,

Inc.

.....................................................

2,992

PrimeEnergy

Resources

Corp.

(a) ............................................

ProPetro

Holding

Corp.

(a) ................................................

9,243

Range

Resources

Corp.

...................................................

28,332

961

Ranger

Energy

Services,

Inc.

...............................................

1,815

REX

American

Resources

Corp.

(a) ..........................................

1,808

Riley

Exploration

Permian,

Inc.

.............................................

971

Ring

Energy,

Inc.

(a) .....................................................

16,056

RPC,

Inc.

............................................................

11,220

SandRidge

Energy,

Inc.

..................................................

3,673

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Scorpio

Tankers,

Inc.

....................................................

5,982

$

SEACOR

Marine

Holdings,

Inc.

(a) ..........................................

2,319

Select

Water

Solutions,

Inc.

................................................

10,900

SFL

Corp.

Ltd.

.........................................................

11,407

Sitio

Royalties

Corp.

,

Class

A

..............................................

9,210

SM

Energy

Co.

........................................................

13,529

Solaris

Energy

Infrastructure,

Inc.

...........................................

2,989

Summit

Midstream

Corp.

(a) ...............................................

1,212

Talos

Energy,

Inc.

(a) .....................................................

16,050

Tamboran

Resources

Corp.

(a) ..............................................

1,092

Teekay

Corp.

Ltd.

......................................................

5,850

Teekay

Tankers

Ltd.

,

Class

A

...............................................

2,808

TETRA

Technologies,

Inc.

(a) ..............................................

14,550

Tidewater,

Inc.

(a) .......................................................

5,835

Transocean

Ltd.

(a) ......................................................

88,063

Uranium

Energy

Corp.

(a) .................................................

50,297

VAALCO

Energy,

Inc.

...................................................

12,002

Vital

Energy,

Inc.

(a) .....................................................

2,991

Vitesse

Energy,

Inc.

.....................................................

3,630

W&T

Offshore,

Inc.

(b) ...................................................

10,474

Weatherford

International

PLC

.............................................

8,585

World

Kinect

Corp.

.....................................................

6,558

20,944

Financials

(17.9%):

1st

Source

Corp.

.......................................................

2,228

Acacia

Research

Corp.

(a) .................................................

10,995

Acadian

Asset

Management,

Inc.

............................................

4,376

ACNB

Corp.

..........................................................

1,189

ACRES

Commercial

Realty

Corp.

(a) .........................................

684

Advanced

Flower

Capital,

Inc.

.............................................

1,763

Affiliated

Managers

Group,

Inc.

............................................

3,417

566

Affinity

Bancshares,

Inc.

..................................................

AG

Mortgage

Investment

Trust,

Inc.

.........................................

3,058

AGNC

Investment

Corp.

(b) ...............................................

109,545

967

Alerus

Financial

Corp.

...................................................

2,622

Ally

Financial,

Inc.

......................................................

36,619

1,196

Amalgamated

Financial

Corp.

..............................................

2,189

A-Mark

Precious

Metals,

Inc.

..............................................

1,947

Ambac

Financial

Group,

Inc.

(a) ............................................

4,785

Amerant

Bancorp,

Inc.

...................................................

4,299

American

Coastal

Insurance

Corp.

...........................................

2,743

American

Financial

Group,

Inc.

.............................................

8,642

1,095

Ameris

Bancorp

........................................................

7,844

AMERISAFE,

Inc.

......................................................

2,228

Ames

National

Corp.

....................................................

946

Angel

Oak

Mortgage

REIT,

Inc.

............................................

1,980

Annaly

Capital

Management,

Inc.

...........................................

69,538

1,363

Apollo

Commercial

Real

Estate

Finance,

Inc.

...................................

16,391

Arbor

Realty

Trust,

Inc.

(b) ................................................

21,878

Ares

Commercial

Real

Estate

Corp.

(b) ........................................

5,734

ARMOUR

Residential

REIT,

Inc.

(b) .........................................

9,086

Arrow

Financial

Corp.

...................................................

1,887

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

8,209

Associated

Banc-Corp.

...................................................

19,806

Assurant,

Inc.

.........................................................

6,077

1,171

Assured

Guaranty

Ltd.

...................................................

5,656

Atlantic

Union

Bankshares

Corp.

............................................

15,425

Atlanticus

Holdings

Corp.

(a) ...............................................

552

AvidXchange

Holdings,

Inc.

(a) .............................................

19,190

Axis

Capital

Holdings

Ltd.

................................................

9,104

877

Axos

Financial,

Inc.

(a) ...................................................

6,221

B

Riley

Financial,

Inc.

(b) .................................................

1,401

Bakkt

Holdings,

Inc.

(a) (b) ................................................

504

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Banc

of

California,

Inc.

..................................................

16,665

$

BancFirst

Corp.

........................................................

2,457

Bank

First

Corp.

.......................................................

1,068

Bank

of

Hawaii

Corp.

....................................................

4,689

Bank

of

Marin

Bancorp

..................................................

1,669

Bank

OZK

............................................................

13,177

561

Bank7

Corp.

..........................................................

BankUnited,

Inc.

(b) .....................................................

8,894

Bankwell

Financial

Group,

Inc.

.............................................

656

Banner

Corp.

..........................................................

4,034

Bar

Harbor

Bankshares,

Inc.

...............................................

1,735

BayCom

Corp.

.........................................................

1,181

BCB

Bancorp,

Inc.

......................................................

1,606

Berkshire

Hills

Bancorp,

Inc.

..............................................

5,463

BGC

Group,

Inc.

,

Class

A

.................................................

38,190

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

......................................

19,327

Blue

Foundry

Bancorp

(a) .................................................

2,194

Blue

Owl

Capital,

Inc.

...................................................

74,347

1,378

Blue

Ridge

Bankshares,

Inc.

(a) .............................................

5,986

BOK

Financial

Corp.

....................................................

3,073

Bowhead

Specialty

Holdings,

Inc.

(a) .........................................

2,349

Bread

Financial

Holdings,

Inc.

.............................................

5,734

Bridge

Investment

Group

Holdings,

Inc.

,

Class

A

................................

4,333

Bridgewater

Bancshares,

Inc.

(a) ............................................

2,329

Brighthouse

Financial,

Inc.

(a) ..............................................

6,921

BrightSpire

Capital,

Inc.

..................................................

14,990

Brookline

Bancorp,

Inc.

..................................................

10,310

Burke

&

Herbert

Financial

Services

Corp.

.....................................

1,564

Business

First

Bancshares,

Inc.

.............................................

3,253

Byline

Bancorp,

Inc.

.....................................................

3,005

C&F

Financial

Corp.

....................................................

Cadence

Bank

.........................................................

22,015

644

California

Bancorp

(a) ....................................................

2,573

Camden

National

Corp.

..................................................

1,931

Cannae

Holdings,

Inc.

(b) .................................................

6,616

Cantaloupe,

Inc.

(a) ......................................................

7,669

Capital

Bancorp,

Inc.

....................................................

1,312

Capital

City

Bank

Group,

Inc.

..............................................

1,599

Capitol

Federal

Financial,

Inc.

..............................................

14,383

Carter

Bankshares,

Inc.

(a) .................................................

2,571

Cass

Information

Systems,

Inc.

.............................................

1,400

Cathay

General

Bancorp

..................................................

8,006

Central

Pacific

Financial

Corp.

.............................................

3,135

CF

Bankshares,

Inc.

.....................................................

Chemung

Financial

Corp.

.................................................

Chicago

Atlantic

Real

Estate

Finance,

Inc.

.....................................

2,039

Chimera

Investment

Corp.

................................................

9,344

ChoiceOne

Financial

Services,

Inc.

..........................................

1,604

Citizens

&

Northern

Corp.

................................................

1,681

Citizens

Community

Bancorp,

Inc.

..........................................

959

Citizens

Financial

Services,

Inc.

............................................

501

Citizens,

Inc.

(a) (b) ......................................................

4,990

City

Holding

Co.

.......................................................

1,715

Civista

Bancshares,

Inc.

..................................................

1,707

Claros

Mortgage

Trust,

Inc.

................................................

13,145

CNA

Financial

Corp.

....................................................

32,499

1,565

CNB

Financial

Corp.

....................................................

2,318

CNO

Financial

Group,

Inc.

................................................

11,641

Coastal

Financial

Corp.

(a) ................................................

1,481

Cohen

&

Steers,

Inc.

....................................................

3,287

Colony

Bankcorp,

Inc.

...................................................

1,745

Columbia

Banking

System,

Inc.

............................................

25,058

562

Columbia

Financial,

Inc.

(a) ................................................

3,110

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Comerica,

Inc.

.........................................................

15,684

$

843

Commerce

Bancshares,

Inc.

...............................................

15,614

948

Community

Financial

System,

Inc.

..........................................

6,258

Community

Trust

Bancorp,

Inc.

.............................................

2,074

Community

West

Bancshares

..............................................

1,909

Compass

Diversified

Holdings

.............................................

7,923

ConnectOne

Bancorp,

Inc.

................................................

4,189

Consumer

Portfolio

Services,

Inc.

(a) .........................................

846

Crawford

&

Co.

,

Class

A

.................................................

2,403

Credit

Acceptance

Corp.

(a) ................................................

798

Cullen/Frost

Bankers,

Inc.

.................................................

7,178

836

Customers

Bancorp,

Inc.

(a) ................................................

3,447

CVB

Financial

Corp.

....................................................

15,748

Diamond

Hill

Investment

Group,

Inc.

........................................

Dime

Community

Bancshares,

Inc.

..........................................

4,929

Donegal

Group,

Inc.

,

Class

A

..............................................

1,862

Donnelley

Financial

Solutions,

Inc.

(a) ........................................

3,234

Dynex

Capital,

Inc.

.....................................................

10,579

Eagle

Bancorp

Montana,

Inc.

..............................................

769

Eagle

Bancorp,

Inc.

.....................................................

3,427

East

West

Bancorp,

Inc.

..................................................

16,527

1,414

Eastern

Bankshares,

Inc.

..................................................

23,569

ECB

Bancorp,

Inc.

(a) ....................................................

801

eHealth,

Inc.

(a) ........................................................

3,000

Ellington

Financial,

Inc.

..................................................

10,546

Employers

Holdings,

Inc.

.................................................

2,846

Encore

Capital

Group,

Inc.

(a) ..............................................

2,724

Enova

International,

Inc.

(a) ................................................

2,925

Enstar

Group

Ltd.

(a) ....................................................

1,344

Enterprise

Bancorp,

Inc.

..................................................

1,101

Enterprise

Financial

Services

Corp.

..........................................

4,348

Equitable

Holdings,

Inc.

..................................................

36,926

1,826

Equity

Bancshares,

Inc.

,

Class

A

............................................

1,773

Esquire

Financial

Holdings,

Inc.

............................................

814

ESSA

Bancorp,

Inc.

.....................................................

909

Essent

Group

Ltd.

......................................................

12,088

688

Euronet

Worldwide,

Inc.

(a) ................................................

4,923

Evans

Bancorp,

Inc.

.....................................................

594

Evercore,

Inc.

.........................................................

4,407

905

EVERTEC,

Inc.

........................................................

7,519

EZCORP,

Inc.

,

Class

A

(a) .................................................

5,856

F&G

Annuities

&

Life,

Inc.

................................................

14,946

520

Farmers

&

Merchants

Bancorp,

Inc.

..........................................

1,438

Farmers

National

Banc

Corp.

..............................................

4,201

FB

Bancorp,

Inc.

(a) .....................................................

2,223

FB

Financial

Corp.

......................................................

4,157

Federal

Agricultural

Mortgage

Corp.

,

Class

C

...................................

1,096

Federated

Hermes,

Inc.

...................................................

9,333

Fidelis

Insurance

Holdings

Ltd.

.............................................

6,394

Fidelity

D&D

Bancorp,

Inc.

...............................................

518

Fidelity

National

Financial,

Inc.

............................................

31,324

2,006

Finance

of

America

Cos.,

Inc.

,

Class

A

(a) (b) ...................................

Financial

Institutions,

Inc.

.................................................

2,276

Finwise

Bancorp

(a) .....................................................

967

First

American

Financial

Corp.

.............................................

11,848

720

First

Bancorp

..........................................................

4,774

First

Bancorp

Puerto

Rico

.................................................

19,271

First

Bank

............................................................

2,491

First

Busey

Corp.

.......................................................

10,294

First

Business

Financial

Services,

Inc.

........................................

862

First

Commonwealth

Financial

Corp.

.........................................

11,922

First

Community

Bankshares,

Inc.

...........................................

1,812

First

Community

Corp.

...................................................

771

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) First

Financial

Bancorp

...................................................

11,218

$

First

Financial

Bankshares,

Inc.

.............................................

16,611

557

First

Financial

Corp.

.....................................................

1,324

First

Financial

Northwest,

Inc.

.............................................

869

—

(d) First

Foundation,

Inc.

(a) ..................................................

8,254

First

Guaranty

Bancshares,

Inc.

.............................................

First

Hawaiian,

Inc.

.....................................................

15,088

First

Horizon

Corp.

.....................................................

62,080

1,122

First

Internet

Bancorp

....................................................

801

First

Interstate

BancSystem,

Inc.

,

Class

A

......................................

10,817

First

Merchants

Corp.

....................................................

6,920

First

Mid

Bancshares,

Inc.

................................................

2,528

First

National

Corp.

(b) ...................................................

829

First

Savings

Financial

Group,

Inc.

..........................................

546

First

United

Corp.

......................................................

653

First

Western

Financial,

Inc.

(a) .............................................

779

FirstCash

Holdings,

Inc.

..................................................

4,674

626

Firstsun

Capital

Bancorp

(a) ................................................

1,248

Five

Star

Bancorp

......................................................

1,725

Flushing

Financial

Corp.

..................................................

3,674

Flywire

Corp.

(a) .......................................................

13,896

FNB

Corp.

............................................................

42,747

560

Forge

Global

Holdings,

Inc.

(a) .............................................

742

Franklin

BSP

Realty

Trust,

Inc.

.............................................

9,620

Franklin

Resources,

Inc.

..................................................

37,924

711

Freedom

Holding

Corp.

(a) (b) ..............................................

2,103

FS

Bancorp,

Inc.

.......................................................

745

Fulton

Financial

Corp.

...................................................

21,685

FVCBankcorp,

Inc.

(a) ...................................................

1,626

GCM

Grosvenor,

Inc.

,

Class

A

(b) ...........................................

5,113

Genworth

Financial,

Inc.

(a) ................................................

49,323

German

American

Bancorp,

Inc.

............................................

4,281

Glacier

Bancorp,

Inc.

....................................................

13,585

554

Globe

Life,

Inc.

........................................................

10,032

1,237

GoHealth,

Inc.

,

Class

A

(a) ................................................

890

Goosehead

Insurance,

Inc.

,

Class

A

..........................................

2,784

Granite

Point

Mortgage

Trust,

Inc.

...........................................

4,808

Great

Southern

Bancorp,

Inc.

..............................................

1,005

Green

Dot

Corp.

,

Class

A

(a) ...............................................

5,658

Greene

County

Bancorp,

Inc.

..............................................

754

Greenlight

Capital

Re

Ltd.

,

Class

A

(a) ........................................

3,034

Guaranty

Bancshares,

Inc.

.................................................

922

Guild

Holdings

Co.

,

Class

A

...............................................

1,059

HA

Sustainable

Infrastructure

Capital,

Inc.

.....................................

14,072

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a) ....................................

6,736

Hamilton

Lane,

Inc.

,

Class

A

...............................................

4,684

724

Hancock

Whitney

Corp.

..................................................

10,239

533

Hanmi

Financial

Corp.

...................................................

3,501

Hanover

Bancorp,

Inc.

...................................................

HarborOne

Bancorp,

Inc.

.................................................

4,403

Hawthorn

Bancshares,

Inc.

................................................

617

HBT

Financial,

Inc.

.....................................................

1,412

HCI

Group,

Inc.

........................................................

1,006

Heritage

Commerce

Corp.

................................................

6,926

Heritage

Financial

Corp.

..................................................

3,968

Heritage

Insurance

Holdings,

Inc.

(a) .........................................

2,611

Hilltop

Holdings,

Inc.

....................................................

5,414

Hippo

Holdings,

Inc.

(a) ..................................................

1,589

Home

Bancorp,

Inc.

.....................................................

796

Home

Bancshares,

Inc.

...................................................

22,163

615

HomeStreet,

Inc.

(a) .....................................................

2,036

HomeTrust

Bancshares,

Inc.

...............................................

1,707

Hope

Bancorp,

Inc.

.....................................................

13,683

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Horace

Mann

Educators

Corp.

..............................................

4,870

$

Horizon

Bancorp,

Inc.

...................................................

5,002

Houlihan

Lokey,

Inc.

....................................................

6,507

1,055

I3

Verticals,

Inc.

,

Class

A

(a) ...............................................

2,605

Independent

Bank

Corp.

MA

...............................................

5,062

Independent

Bank

Corp.

MI

...............................................

2,356

Innventure,

Inc.

(a) (b) ....................................................

2,853

International

Bancshares

Corp.

.............................................

6,641

International

Money

Express,

Inc.

(a) .........................................

3,278

Invesco

Ltd.

...........................................................

53,045

739

Invesco

Mortgage

Capital,

Inc.

.............................................

7,195

Investar

Holding

Corp.

...................................................

914

Investors

Title

Co.

......................................................

Jack

Henry

&

Associates,

Inc.

..............................................

8,738

1,515

Jackson

Financial,

Inc.

,

Class

A

.............................................

8,571

668

James

River

Group

Holdings

Ltd.

...........................................

3,718

Jefferies

Financial

Group,

Inc.

..............................................

19,798

925

John

Marshall

Bancorp,

Inc.

...............................................

1,375

Kearny

Financial

Corp.

...................................................

6,545

Kemper

Corp.

.........................................................

7,325

Kingstone

Cos.,

Inc.

(a) ...................................................

1,051

Kingsway

Financial

Services,

Inc.

(a) .........................................

2,150

Kinsale

Capital

Group,

Inc.

................................................

2,658

1,157

KKR

Real

Estate

Finance

Trust,

Inc.

.........................................

7,817

Ladder

Capital

Corp.

....................................................

13,350

Lakeland

Financial

Corp.

.................................................

3,013

Lazard,

Inc.

...........................................................

10,540

LCNB

Corp.

..........................................................

1,458

Lemonade,

Inc.

(a) (b) ....................................................

6,512

LendingClub

Corp.

(a) ....................................................

13,055

LendingTree,

Inc.

(a) .....................................................

1,289

Lincoln

National

Corp.

...................................................

20,299

647

LINKBANCORP,

Inc.

...................................................

2,608

Live

Oak

Bancshares,

Inc.

................................................

4,109

loanDepot,

Inc.

,

Class

A

(a) ................................................

7,166

Lument

Finance

Trust,

Inc.

(b) ..............................................

3,263

Maiden

Holdings

Ltd.

(a) ..................................................

3,321

MainStreet

Bancshares,

Inc.

...............................................

633

MarketAxess

Holdings,

Inc.

...............................................

4,444

985

Marqeta,

Inc.

,

Class

A

(a) .................................................

48,918

MBIA,

Inc.

(a) .........................................................

4,902

Medallion

Financial

Corp.

................................................

1,647

Mercantile

Bank

Corp.

...................................................

1,817

Merchants

Bancorp

.....................................................

2,377

Mercury

General

Corp.

...................................................

3,178

Meridian

Corp.

........................................................

899

Metrocity

Bankshares,

Inc.

................................................

2,148

Metropolitan

Bank

Holding

Corp.

(a) .........................................

1,116

MFA

Financial,

Inc.

.....................................................

12,075

MGIC

Investment

Corp.

..................................................

28,703

715

Mid

Penn

Bancorp,

Inc.

..................................................

1,841

Middlefield

Banc

Corp.

..................................................

794

Midland

States

Bancorp,

Inc.

..............................................

2,316

MidWestOne

Financial

Group,

Inc.

..........................................

2,267

Moelis

&

Co.

,

Class

A

...................................................

8,414

Morningstar,

Inc.

.......................................................

3,028

862

Mr.

Cooper

Group,

Inc.

(a) .................................................

7,402

881

MVB

Financial

Corp.

....................................................

1,307

National

Bank

Holdings

Corp.

,

Class

A

.......................................

4,457

National

Bankshares,

Inc.

.................................................

669

Navient

Corp.

.........................................................

11,871

NB

Bancorp,

Inc.

(a) .....................................................

4,389

NBT

Bancorp,

Inc.

......................................................

5,549

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) NCR

Atleos

Corp.

(a) ....................................................

8,610

$

Nelnet,

Inc.

,

Class

A

.....................................................

1,939

NerdWallet,

Inc.

,

Class

A

(a) ...............................................

3,983

New

York

Mortgage

Trust,

Inc.

.............................................

9,847

NewtekOne,

Inc.

.......................................................

2,798

Nexpoint

Real

Estate

Finance,

Inc.

..........................................

1,847

NI

Holdings,

Inc.

(a) .....................................................

666

Nicolet

Bankshares,

Inc.

..................................................

1,616

NMI

Holdings,

Inc.

(a) ...................................................

9,228

Northeast

Bank

........................................................

809

Northeast

Community

Bancorp,

Inc.

.........................................

1,388

Northfield

Bancorp,

Inc.

..................................................

4,345

Northrim

Bancorp,

Inc.

...................................................

622

Northwest

Bancshares,

Inc.

................................................

14,439

Norwood

Financial

Corp.

.................................................

898

Oak

Valley

Bancorp

.....................................................

740

OceanFirst

Financial

Corp.

................................................

6,729

OFG

Bancorp

.........................................................

5,363

Ohio

Valley

Banc

Corp.

..................................................

Old

National

Bancorp

....................................................

38,124

785

Old

Republic

International

Corp.

............................................

27,531

1,035

Old

Second

Bancorp,

Inc.

.................................................

4,934

OneMain

Holdings,

Inc.

..................................................

14,293

673

Onity

Group,

Inc.

(a) .....................................................

724

OP

Bancorp

...........................................................

1,236

Open

Lending

Corp.

(a) ...................................................

11,518

Oportun

Financial

Corp.

(a) ................................................

3,377

Oppenheimer

Holdings,

Inc.

,

Class

A

.........................................

660

OppFi,

Inc.

(b) .........................................................

2,501

Orange

County

Bancorp,

Inc.

..............................................

966

Orchid

Island

Capital,

Inc.

(b) ..............................................

10,989

Origin

Bancorp,

Inc.

.....................................................

3,343

Orrstown

Financial

Services,

Inc.

...........................................

2,148

Oscar

Health,

Inc.

,

Class

A

(a) ..............................................

21,240

P10,

Inc.

,

Class

A

.......................................................

6,732

Pacific

Premier

Bancorp,

Inc.

..............................................

11,323

Palomar

Holdings,

Inc.

(a) .................................................

3,133

Park

National

Corp.

.....................................................

1,887

Parke

Bancorp,

Inc.

.....................................................

1,051

Pathward

Financial,

Inc.

..................................................

2,815

Patria

Investments

Ltd.

,

Class

A

(b) ..........................................

6,829

Paymentus

Holdings,

Inc.

,

Class

A

(a) ........................................

2,307

Payoneer

Global,

Inc.

(a) ..................................................

31,998

Paysafe

Ltd.

(a) .........................................................

3,579

Paysign,

Inc.

(a) ........................................................

3,034

PCB

Bancorp

..........................................................

1,237

Peapack-Gladstone

Financial

Corp.

..........................................

1,721

Penns

Woods

Bancorp,

Inc.

................................................

792

PennyMac

Financial

Services,

Inc.

..........................................

5,888

574

PennyMac

Mortgage

Investment

Trust

........................................

10,213

Peoples

Bancorp

of

North

Carolina,

Inc.

.......................................

502

Peoples

Bancorp,

Inc.

....................................................

4,089

Peoples

Financial

Services

Corp.

............................................

1,068

Perella

Weinberg

Partners

.................................................

6,575

Pinnacle

Financial

Partners,

Inc.

............................................

9,174

920

Pioneer

Bancorp,

Inc.

(a) ..................................................

1,185

Piper

Sandler

Cos.

......................................................

2,067

PJT

Partners,

Inc.

,

Class

A

................................................

2,594

Plumas

Bancorp

........................................................

582

Ponce

Financial

Group,

Inc.

(a) .............................................

2,162

Popular,

Inc.

..........................................................

8,209

783

PRA

Group,

Inc.

(a) .....................................................

4,531

Preferred

Bank

.........................................................

1,464

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Primerica,

Inc.

.........................................................

3,988

$

1,045

Primis

Financial

Corp.

...................................................

2,093

Princeton

Bancorp,

Inc.

..................................................

525

ProAssurance

Corp.

(a) ...................................................

6,013

PROG

Holdings,

Inc.

....................................................

4,706

Prosperity

Bancshares,

Inc.

................................................

11,002

747

Provident

Bancorp,

Inc.

(a) ................................................

1,730

Provident

Financial

Services,

Inc.

...........................................

14,718

QCR

Holdings,

Inc.

.....................................................

1,941

Radian

Group,

Inc.

......................................................

17,237

551

RBB

Bancorp

.........................................................

1,898

Ready

Capital

Corp.

(b) ...................................................

19,092

Red

River

Bancshares,

Inc.

................................................

Redwood

Trust,

Inc.

.....................................................

15,529

Regional

Management

Corp.

...............................................

1,018

Reinsurance

Group

of

America,

Inc.

.........................................

7,927

1,485

Remitly

Global,

Inc.

(a) ...................................................

17,787

RenaissanceRe

Holdings

Ltd.

..............................................

5,657

1,369

Renasant

Corp.

........................................................

11,002

Repay

Holdings

Corp.

(a) .................................................

8,557

Republic

Bancorp,

Inc.

,

Class

A

............................................

948

Richmond

Mutual

Bancorp,

Inc.

............................................

977

Rithm

Capital

Corp.

.....................................................

62,444

698

Rithm

Property

Trust,

Inc.

.................................................

4,549

RLI

Corp.

............................................................

9,810

726

Rocket

Cos.,

Inc.

,

Class

A

(b) ...............................................

16,382

Root,

Inc.

,

Class

A

(a) ....................................................

967

Runway

Growth

Finance

Corp.

.............................................

4,279

Ryan

Specialty

Holdings,

Inc.

..............................................

12,784

837

S&T

Bancorp,

Inc.

......................................................

4,510

Safety

Insurance

Group,

Inc.

...............................................

1,728

SB

Financial

Group,

Inc.

.................................................

610

Seacoast

Banking

Corp.

of

Florida

...........................................

10,083

Security

National

Financial

Corp.

,

Class

A

(a) ...................................

1,610

SEI

Investments

Co.

.....................................................

11,503

901

Selective

Insurance

Group,

Inc.

.............................................

7,258

633

Selectquote,

Inc.

(a) .....................................................

15,902

ServisFirst

Bancshares,

Inc.

...............................................

6,093

Seven

Hills

Realty

Trust

..................................................

1,602

Sezzle,

Inc.

(a) (b) .......................................................

2,286

Shift4

Payments,

Inc.

,

Class

A

(a) (b) .........................................

7,975

652

Shore

Bancshares,

Inc.

...................................................

3,481

Sierra

Bancorp

.........................................................

1,419

Silvercrest

Asset

Management

Group,

Inc.

,

Class

A

...............................

986

Simmons

First

National

Corp.

,

Class

A

.......................................

14,843

SiriusPoint

Ltd.

(a) ......................................................

17,882

Skyward

Specialty

Insurance

Group,

Inc.

(a) ....................................

4,215

SLM

Corp.

...........................................................

25,036

724

SmartFinancial,

Inc.

.....................................................

1,619

South

Plains

Financial,

Inc.

................................................

1,416

Southern

First

Bancshares,

Inc.

(a) ...........................................

829

Southern

Missouri

Bancorp,

Inc.

............................................

1,112

Southern

States

Bancshares,

Inc.

............................................

857

Southside

Bancshares,

Inc.

................................................

3,396

SouthState

Corp.

.......................................................

12,064

1,047

Starwood

Property

Trust,

Inc.

..............................................

38,325

735

Stellar

Bancorp,

Inc.

.....................................................

5,706

StepStone

Group,

Inc.

,

Class

A

.............................................

7,919

Sterling

Bancorp,

Inc.

(a) (c) ................................................

2,117

—

(d) Stewart

Information

Services

Corp.

..........................................

3,277

Stifel

Financial

Corp.

....................................................

12,100

1,037

Stock

Yards

Bancorp,

Inc.

.................................................

3,226

StoneX

Group,

Inc.

(a) ...................................................

5,028

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Synovus

Financial

Corp.

..................................................

16,873

$

731

Texas

Capital

Bancshares,

Inc.

(a) ...........................................

5,406

TFS

Financial

Corp.

.....................................................

6,151

The

Baldwin

Insurance

Group,

Inc.

(a) ........................................

8,094

The

Bancorp,

Inc.

(a) .....................................................

5,356

The

Bank

of

NT

Butterfield

&

Son

Ltd.

.......................................

5,588

The

First

Bancorp,

Inc.

...................................................

1,099

The

First

of

Long

Island

Corp.

.............................................

2,424

The

Hanover

Insurance

Group,

Inc.

..........................................

4,290

713

The

Hingham

Institution

for

Savings

(b) .......................................

The

Western

Union

Co.

...................................................

40,346

Third

Coast

Bancshares,

Inc.

(a) .............................................

1,258

Timberland

Bancorp,

Inc.

.................................................

824

Tiptree,

Inc.

...........................................................

2,506

Tompkins

Financial

Corp.

.................................................

1,551

Towne

Bank

..........................................................

9,005

TPG

RE

Finance

Trust,

Inc.

...............................................

7,757

TPG,

Inc.

............................................................

10,232

Tradeweb

Markets,

Inc.

,

Class

A

............................................

13,935

1,927

TriCo

Bancshares

.......................................................

3,618

Triumph

Financial,

Inc.

(a) .................................................

2,615

Trupanion,

Inc.

(a) (b) ....................................................

3,582

TrustCo

Bank

Corp.

.....................................................

2,155

Trustmark

Corp.

........................................................

6,693

TWFG,

Inc.

(a) .........................................................

1,542

Two

Harbors

Investment

Corp.

.............................................

12,250

UMB

Financial

Corp.

....................................................

8,378

792

Union

Bankshares,

Inc.

...................................................

United

Bankshares,

Inc.

..................................................

16,851

578

United

Community

Banks,

Inc.

.............................................

14,265

United

Fire

Group,

Inc.

...................................................

2,510

United

Security

Bancshares

................................................

1,348

Unity

Bancorp,

Inc.

.....................................................

737

Universal

Insurance

Holdings,

Inc.

..........................................

2,993

Univest

Financial

Corp.

..................................................

3,374

Unum

Group

..........................................................

21,133

1,641

Upstart

Holdings,

Inc.

(a) ..................................................

9,796

USCB

Financial

Holdings,

Inc.

.............................................

1,111

UWM

Holdings

Corp.

...................................................

14,225

Valley

National

Bancorp

..................................................

57,598

Velocity

Financial,

Inc.

(a) .................................................

2,234

Veritex

Holdings,

Inc.

....................................................

6,220

Victory

Capital

Holdings,

Inc.

,

Class

A

(e) .....................................

5,955

Virginia

National

Bankshares

Corp.

..........................................

513

Virtu

Financial,

Inc.

,

Class

A

...............................................

10,149

Virtus

Investment

Partners,

Inc.

.............................................

780

Voya

Financial,

Inc.

.....................................................

11,466

679

WaFd,

Inc.

............................................................

9,635

Walker

&

Dunlop,

Inc.

...................................................

3,839

Washington

Trust

Bancorp,

Inc.

.............................................

2,222

Waterstone

Financial,

Inc.

.................................................

1,758

Webster

Financial

Corp.

..................................................

20,478

969

WesBanco,

Inc.

........................................................

11,143

West

Bancorp,

Inc.

......................................................

1,677

Westamerica

Bancorp

....................................................

3,039

Western

Alliance

Bancorp

.................................................

13,116

914

Western

New

England

Bancorp,

Inc.

.........................................

1,987

Westwood

Holdings

Group,

Inc.

............................................

726

WEX,

Inc.

(a) ..........................................................

4,641

605

White

Mountains

Insurance

Group

Ltd.

.......................................

528

William

Penn

Bancorp

...................................................

713

Wintrust

Financial

Corp.

..................................................

7,892

877

WisdomTree,

Inc.

.......................................................

13,804

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) World

Acceptance

Corp.

(a) ................................................

584

$

WSFS

Financial

Corp.

...................................................

6,955

Zions

Bancorp

NA

......................................................

17,550

789

118,244

Health

Care

(12.5%):

10X

Genomics,

Inc.

,

Class

A

(a) .............................................

12,047

2seventy

bio,

Inc.

(a) .....................................................

5,305

4D

Molecular

Therapeutics,

Inc.

(a) ..........................................

4,193

89bio,

Inc.

(a) ..........................................................

16,691

Abeona

Therapeutics,

Inc.

(a) ...............................................

4,243

Absci

Corp.

(a) (b) .......................................................

10,485

Acadia

Healthcare

Co.,

Inc.

(a) ..............................................

10,872

ACADIA

Pharmaceuticals,

Inc.

(a) ...........................................

19,892

Accuray,

Inc.

(a) ........................................................

10,738

ACELYRIN,

Inc.

(a) .....................................................

8,051

Achieve

Life

Sciences,

Inc.

(a) ..............................................

2,598

Aclaris

Therapeutics,

Inc.

(a) ...............................................

9,767

Acrivon

Therapeutics,

Inc.

(a) ..............................................

1,484

Actuate

Therapeutics,

Inc.

(a) ...............................................

Acumen

Pharmaceuticals,

Inc.

(a) ............................................

3,464

AdaptHealth

Corp.

(a) ....................................................

10,294

Adaptive

Biotechnologies

Corp.

(a) ..........................................

17,147

Addus

HomeCare

Corp.

(a) ................................................

2,131

ADMA

Biologics,

Inc.

(a) .................................................

27,468

654

Adverum

Biotechnologies,

Inc.

(a) ...........................................

1,082

agilon

health,

Inc.

(a) .....................................................

36,231

Agios

Pharmaceuticals,

Inc.

(a) .............................................

6,607

AirSculpt

Technologies,

Inc.

(a) (b) ...........................................

607

Akebia

Therapeutics,

Inc.

(a) ...............................................

24,311

Akero

Therapeutics,

Inc.

(a) ................................................

8,486

Aldeyra

Therapeutics,

Inc.

(a) ..............................................

6,660

Alector,

Inc.

(a) .........................................................

7,425

Alignment

Healthcare,

Inc.

(a) ..............................................

13,361

Alkermes

PLC

(a) .......................................................

19,095

549

Allogene

Therapeutics,

Inc.

(a) (b) ...........................................

14,911

Alpha

Teknova,

Inc.

(a) ...................................................

923

Alphatec

Holdings,

Inc.

(a) ................................................

10,974

Altimmune,

Inc.

(a) ......................................................

8,810

Alumis,

Inc.

(a) (b) ......................................................

2,806

Amedisys,

Inc.

(a) .......................................................

3,843

American

Well

Corp.

,

Class

A

(a) ............................................

1,172

Amicus

Therapeutics,

Inc.

(a) ...............................................

35,649

AMN

Healthcare

Services,

Inc.

(a) ...........................................

4,498

Amneal

Pharmaceuticals,

Inc.

(a) ............................................

15,686

Amphastar

Pharmaceuticals,

Inc.

(a) ..........................................

4,252

Amylyx

Pharmaceuticals,

Inc.

(a) ............................................

7,223

AnaptysBio,

Inc.

(a) .....................................................

3,319

Anavex

Life

Sciences

Corp.

(a) (b) ...........................................

9,732

AngioDynamics,

Inc.

(a) ..................................................

4,484

ANI

Pharmaceuticals,

Inc.

(a) ..............................................

2,110

Anika

Therapeutics,

Inc.

(a) ................................................

1,579

Annexon,

Inc.

(a) .......................................................

10,433

Apellis

Pharmaceuticals,

Inc.

(a) ............................................

12,546

Apogee

Therapeutics,

Inc.

(a) ...............................................

4,412

Applied

Therapeutics,

Inc.

(a) ..............................................

6,741

Aquestive

Therapeutics,

Inc.

(a) (b) ...........................................

9,932

Arcellx,

Inc.

(a) ........................................................

4,843

Arcturus

Therapeutics

Holdings,

Inc.

(a) .......................................

2,746

Arcus

Biosciences,

Inc.

(a) .................................................

7,596

Arcutis

Biotherapeutics,

Inc.

(a) .............................................

12,508

Ardelyx,

Inc.

(a) ........................................................

27,474

ArriVent

Biopharma,

Inc.

(a) (b) .............................................

2,243

Arrowhead

Pharmaceuticals,

Inc.

(a) ..........................................

13,686

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) ARS

Pharmaceuticals,

Inc.

(a) (b) ............................................

6,052

$

Artiva

Biotherapeutics,

Inc.

(a) ..............................................

834

Artivion,

Inc.

(a) ........................................................

4,685

Arvinas,

Inc.

(a) ........................................................

6,970

Astrana

Health,

Inc.

(a) ...................................................

4,362

Astria

Therapeutics,

Inc.

(a) ................................................

5,252

Atea

Pharmaceuticals,

Inc.

(a) ..............................................

7,792

Atossa

Therapeutics,

Inc.

(a) ...............................................

12,294

AtriCure,

Inc.

(a) .......................................................

5,660

aTyr

Pharma,

Inc.

(a) .....................................................

9,158

Aura

Biosciences,

Inc.

(a) .................................................

5,050

Avanos

Medical,

Inc.

(a) ..................................................

5,289

Aveanna

Healthcare

Holdings,

Inc.

(a) ........................................

6,246

Avidity

Biosciences,

Inc.

(a) ...............................................

13,360

Avita

Medical,

Inc.

(a) ....................................................

2,929

Axogen,

Inc.

(a) ........................................................

4,956

Axsome

Therapeutics,

Inc.

(a) ..............................................

4,828

542

Azenta,

Inc.

(a) .........................................................

5,371

Beam

Therapeutics,

Inc.

(a) ................................................

10,539

Benitec

Biopharma,

Inc.

(a) ................................................

2,494

Bicara

Therapeutics,

Inc.

(a) (b) .............................................

3,584

BioAge

Labs,

Inc.

(a) ....................................................

1,989

BioCryst

Pharmaceuticals,

Inc.

(a) ...........................................

23,582

Biodesix,

Inc.

(a) .......................................................

6,029

Biohaven

Ltd.

(a) .......................................................

10,699

BioLife

Solutions,

Inc.

(a) .................................................

5,414

BioMarin

Pharmaceutical,

Inc.

(a) ...........................................

22,715

1,447

Biomea

Fusion,

Inc.

(a) (b) .................................................

2,875

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a) ........................................

2,311

564

Biote

Corp.

,

Class

A

(a) ...................................................

3,066

Bio-Techne

Corp.

.......................................................

18,852

949

Bioventus,

Inc.

,

Class

A

(a) ................................................

5,256

Black

Diamond

Therapeutics,

Inc.

(a) .........................................

3,907

Blueprint

Medicines

Corp.

(a) ..............................................

7,560

677

Bridgebio

Pharma,

Inc.

(a) .................................................

18,017

691

BrightSpring

Health

Services,

Inc.

(a) (b) .......................................

8,134

Brookdale

Senior

Living,

Inc.

(a) ............................................

21,040

Bruker

Corp.

..........................................................

12,409

Butterfly

Network,

Inc.

(a) .................................................

21,041

C4

Therapeutics,

Inc.

(a) (b) ................................................

5,570

Cabaletta

Bio,

Inc.

(a) ....................................................

3,818

Candel

Therapeutics,

Inc.

(a) (b) .............................................

3,402

Capricor

Therapeutics,

Inc.

(a) (b) ............................................

4,628

Cardiff

Oncology,

Inc.

(a) (b) ...............................................

6,584

CareDx,

Inc.

(a) ........................................................

6,169

Cargo

Therapeutics,

Inc.

(a) ................................................

3,184

Caribou

Biosciences,

Inc.

(a) ...............................................

7,453

Cartesian

Therapeutics,

Inc.

(a) (b) ...........................................

878

Cassava

Sciences,

Inc.

(a) (b) ...............................................

3,664

Castle

Biosciences,

Inc.

(a) ................................................

3,246

Catalyst

Pharmaceuticals,

Inc.

(a) ............................................

13,294

Celcuity,

Inc.

(a) ........................................................

3,441

Celldex

Therapeutics,

Inc.

(a) ...............................................

7,711

Century

Therapeutics,

Inc.

(a) ..............................................

—

(d) Ceribell,

Inc.

(a) ........................................................

2,341

Certara,

Inc.

(a) .........................................................

14,437

Cerus

Corp.

(a) .........................................................

19,925

CG

oncology,

Inc.

(a) ....................................................

5,386

Charles

River

Laboratories

International,

Inc.

(a) .................................

6,099

723

Checkpoint

Therapeutics,

Inc.

(a) ............................................

3,863

Chemed

Corp.

.........................................................

1,732

1,007

Cibus,

Inc.

(a) (b) ........................................................

1,619

Cidara

Therapeutics,

Inc.

(a) ...............................................

726

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Claritev

Corp.

(a) .......................................................

726

$

ClearPoint

Neuro,

Inc.

(a) .................................................

2,745

Climb

Bio,

Inc.

(a) ......................................................

4,960

Clover

Health

Investments

Corp.

(a) ..........................................

45,691

Codexis,

Inc.

(a) ........................................................

8,967

Cogent

Biosciences,

Inc.

(a) ................................................

11,197

Coherus

Biosciences,

Inc.

(a) (b) .............................................

11,144

Collegium

Pharmaceutical,

Inc.

(a) ...........................................

3,590

Community

Health

Systems,

Inc.

(a) ..........................................

13,679

Compass

Therapeutics,

Inc.

(a) ..............................................

8,882

Concentra

Group

Holdings

Parent,

Inc.

.......................................

13,148

CONMED

Corp.

.......................................................

3,601

Contineum

Therapeutics,

Inc.

,

Class

A

(a) ......................................

1,328

Corbus

Pharmaceuticals

Holdings,

Inc.

(a) .....................................

896

Corcept

Therapeutics,

Inc.

(a) ..............................................

11,237

808

CorMedix,

Inc.

(a) ......................................................

6,847

CorVel

Corp.

(a) ........................................................

3,461

Corvus

Pharmaceuticals,

Inc.

(a) ............................................

5,074

Crinetics

Pharmaceuticals,

Inc.

(a) ...........................................

10,414

Cross

Country

Healthcare,

Inc.

(a) ...........................................

3,608

CryoPort,

Inc.

(a) .......................................................

5,497

Cullinan

Therapeutics,

Inc.

(a) ..............................................

4,033

CVRx,

Inc.

(a) .........................................................

1,744

Cytek

Biosciences,

Inc.

(a) .................................................

13,552

Cytokinetics,

Inc.

(a) .....................................................

13,902

596

DaVita,

Inc.

(a) .........................................................

9,204

1,303

Day

One

Biopharmaceuticals,

Inc.

(a) .........................................

8,736

Definitive

Healthcare

Corp.

(a) ..............................................

4,587

Delcath

Systems,

Inc.

(a) ..................................................

3,230

Denali

Therapeutics,

Inc.

(a) ...............................................

15,051

DENTSPLY

SIRONA,

Inc.

................................................

23,778

Design

Therapeutics,

Inc.

(a) ...............................................

3,178

Dianthus

Therapeutics,

Inc.

(a) (b) ............................................

2,477

Disc

Medicine,

Inc.

(a) ...................................................

2,554

DocGo,

Inc.

(a) .........................................................

9,822

Doximity,

Inc.

,

Class

A

(a) .................................................

15,632

889

Dynavax

Technologies

Corp.

(a) .............................................

14,146

Dyne

Therapeutics,

Inc.

(a) ................................................

9,960

Edgewise

Therapeutics,

Inc.

(a) .............................................

7,999

Editas

Medicine,

Inc.

(a) (b) ................................................

8,330

Elanco

Animal

Health,

Inc.

(a) ..............................................

59,099

560

Electromed,

Inc.

(a) ......................................................

736

Eledon

Pharmaceuticals,

Inc.

(a) .............................................

6,006

Elutia,

Inc.

(a) ..........................................................

2,297

Embecta

Corp.

.........................................................

6,314

Emergent

BioSolutions,

Inc.

(a) .............................................

6,021

Enanta

Pharmaceuticals,

Inc.

(a) .............................................

2,030

Encompass

Health

Corp.

..................................................

11,957

1,399

Enhabit,

Inc.

(a) ........................................................

5,098

Enliven

Therapeutics,

Inc.

(a) (b) ............................................

3,713

Enovis

Corp.

(a) ........................................................

6,734

Entrada

Therapeutics,

Inc.

(a) ...............................................

2,464

Envista

Holdings

Corp.

(a) .................................................

20,353

Erasca,

Inc.

(a) .........................................................

17,985

Esperion

Therapeutics,

Inc.

(a) (b) ............................................

22,308

Establishment

Labs

Holdings,

Inc.

(a) (b) .......................................

3,084

Eton

Pharmaceuticals,

Inc.

(a) ..............................................

2,891

Evolent

Health,

Inc.

,

Class

A

(a) .............................................

13,639

Evolus,

Inc.

(a) .........................................................

6,633

Exact

Sciences

Corp.

(a) ..................................................

22,072

1,007

Exelixis,

Inc.

(a) ........................................................

32,781

1,283

EyePoint

Pharmaceuticals,

Inc.

(a) ...........................................

6,833

Fate

Therapeutics,

Inc.

(a) .................................................

9,333

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Foghorn

Therapeutics,

Inc.

(a) ..............................................

2,798

$

Fortrea

Holdings,

Inc.

(a) ..................................................

10,598

Fractyl

Health,

Inc.

(a) ....................................................

763

Fulcrum

Therapeutics,

Inc.

(a) ..............................................

5,093

Fulgent

Genetics,

Inc.

(a) ..................................................

2,299

Galectin

Therapeutics,

Inc.

(a) ..............................................

3,725

GeneDx

Holdings

Corp.

(a) ................................................

2,943

Geron

Corp.

(a) .........................................................

71,057

Glaukos

Corp.

(a) .......................................................

6,583

620

Globus

Medical,

Inc.

(a) ..................................................

13,744

986

GoodRx

Holdings,

Inc.

,

Class

A

(a) ..........................................

10,294

Gossamer

Bio,

Inc.

(a) ....................................................

20,031

GRAIL,

Inc.

(a) (b) ......................................................

3,276

Greenwich

Lifesciences,

Inc.

(a) (b) ..........................................

511

Guardant

Health,

Inc.

(a) ..................................................

14,225

672

Gyre

Therapeutics,

Inc.

(a) (b) ..............................................

1,672

Haemonetics

Corp.

(a) ....................................................

5,975

Halozyme

Therapeutics,

Inc.

(a) .............................................

14,683

902

Harmony

Biosciences

Holdings,

Inc.

(a) .......................................

5,196

Harrow,

Inc.

(a) .........................................................

3,643

Health

Catalyst,

Inc.

(a) ...................................................

7,633

HealthEquity,

Inc.

(a) ....................................................

10,196

874

HealthStream,

Inc.

......................................................

2,859

Henry

Schein,

Inc.

(a) ....................................................

14,779

960

Heron

Therapeutics,

Inc.

(a) (b) ..............................................

17,399

Hims

&

Hers

Health,

Inc.

(a) ...............................................

21,945

726

Humacyte,

Inc.

(a) (b) ....................................................

11,251

ICU

Medical,

Inc.

(a) ....................................................

2,717

Ideaya

Biosciences,

Inc.

(a) ................................................

9,653

IGM

Biosciences,

Inc.

(a) .................................................

ImmunityBio,

Inc.

(a) (b) ..................................................

10,095

Immunome,

Inc.

(a) ......................................................

8,609

Immunovant,

Inc.

(a) .....................................................

8,264

InfuSystem

Holdings,

Inc.

(a) ...............................................

1,940

Inhibikase

Therapeutics,

Inc.

(a) .............................................

4,230

Inhibrx

Biosciences,

Inc.

(a) ................................................

1,063

Innoviva,

Inc.

(a) .......................................................

7,389

Inogen,

Inc.

(a) .........................................................

2,520

Inozyme

Pharma,

Inc.

(a) ..................................................

3,077

Insmed,

Inc.

(a) .........................................................

21,325

1,535

Inspire

Medical

Systems,

Inc.

(a) ............................................

3,399

538

Instil

Bio,

Inc.

(a) (b) .....................................................

Integer

Holdings

Corp.

(a) .................................................

3,902

Integra

LifeSciences

Holdings

Corp.

(a) .......................................

7,911

Intellia

Therapeutics,

Inc.

(a) ...............................................

11,552

Ionis

Pharmaceuticals,

Inc.

(a) ..............................................

18,621

572

Iovance

Biotherapeutics,

Inc.

(a) ............................................

31,576

iRadimed

Corp.

........................................................

933

iRhythm

Technologies,

Inc.

(a) ..............................................

3,679

Ironwood

Pharmaceuticals,

Inc.

(a) ...........................................

17,388

iTeos

Therapeutics,

Inc.

(a) ................................................

3,669

Janux

Therapeutics,

Inc.

(a) ................................................

5,922

Jasper

Therapeutics,

Inc.

(a) ................................................

967

Jazz

Pharmaceuticals

PLC

(a) ..............................................

6,958

814

KalVista

Pharmaceuticals,

Inc.

(a) ...........................................

4,490

Keros

Therapeutics,

Inc.

(a) ................................................

3,778

Kewaunee

Scientific

Corp.

(a) ..............................................

Kiniksa

Pharmaceuticals

International

PLC

(a) ..................................

4,768

Kodiak

Sciences,

Inc.

(a) ..................................................

5,127

Korro

Bio,

Inc.

(a) .......................................................

540

KORU

Medical

Systems,

Inc.

(a) ............................................

4,396

Krystal

Biotech,

Inc.

(a) ...................................................

2,954

502

Kura

Oncology,

Inc.

(a) ...................................................

8,788

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Kymera

Therapeutics,

Inc.

(a) ..............................................

6,462

$

Kyverna

Therapeutics,

Inc.

(a) ..............................................

1,410

Lantheus

Holdings,

Inc.

(a) ................................................

8,021

837

Larimar

Therapeutics,

Inc.

(a) ..............................................

3,451

LeMaitre

Vascular,

Inc.

...................................................

2,463

LENZ

Therapeutics,

Inc.

(a) ................................................

2,655

Lexeo

Therapeutics,

Inc.

(a) ................................................

2,400

Lexicon

Pharmaceuticals,

Inc.

(a) (b) ..........................................

17,748

Lifecore

Biomedical,

Inc.

(a) ...............................................

3,696

LifeMD,

Inc.

(a) ........................................................

3,893

LifeStance

Health

Group,

Inc.

(a) ............................................

13,519

Ligand

Pharmaceuticals,

Inc.

(a) .............................................

2,257

Lineage

Cell

Therapeutics,

Inc.

(a) ...........................................

22,856

Liquidia

Corp.

(a) .......................................................

8,292

Lyell

Immunopharma,

Inc.

(a) ..............................................

11,179

MacroGenics,

Inc.

(a) ....................................................

5,394

Madrigal

Pharmaceuticals,

Inc.

(a) ...........................................

2,243

749

MannKind

Corp.

(a) .....................................................

35,348

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a) .................................

13,375

Masimo

Corp.

(a) .......................................................

5,989

964

MaxCyte,

Inc.

(a) .......................................................

11,123

MBX

Biosciences,

Inc.

(a) (b) ...............................................

1,651

Medpace

Holdings,

Inc.

(a) ................................................

3,000

925

MeiraGTx

Holdings

PLC

(a) ...............................................

6,048

Merit

Medical

Systems,

Inc.

(a) .............................................

6,906

652

Merrimack

Pharmaceuticals,

Inc.

(a) (c) ........................................

1,827

—

(d) Mersana

Therapeutics,

Inc.

(a) ..............................................

4,892

Mesa

Laboratories,

Inc.

..................................................

617

MiMedx

Group,

Inc.

(a) ...................................................

13,796

Mineralys

Therapeutics,

Inc.

(a) .............................................

2,838

Mirum

Pharmaceuticals,

Inc.

(a) .............................................

4,690

ModivCare,

Inc.

(a) (b) ....................................................

—

(d) Monte

Rosa

Therapeutics,

Inc.

(a) (b) .........................................

5,115

MoonLake

Immunotherapeutics

(a) ..........................................

6,329

Myomo,

Inc.

(a) ........................................................

3,477

Myriad

Genetics,

Inc.

(a) ..................................................

10,391

National

HealthCare

Corp.

................................................

1,355

National

Research

Corp.

..................................................

1,623

Nautilus

Biotechnology,

Inc.

(a) .............................................

4,694

Nektar

Therapeutics

(a) ...................................................

18,436

Neogen

Corp.

(a) .......................................................

25,932

NeoGenomics,

Inc.

(a) ....................................................

15,143

Neumora

Therapeutics,

Inc.

(a) (b) ...........................................

4,727

Neurocrine

Biosciences,

Inc.

(a) .............................................

11,673

1,257

Neurogene,

Inc.

(a) (b) ....................................................

1,900

NeuroPace,

Inc.

(a) ......................................................

2,636

Niagen

Bioscience,

Inc.

(a) ................................................

5,673

Nkarta,

Inc.

(a) (b) .......................................................

4,563

Novavax,

Inc.

(a) (b) .....................................................

17,421

Novocure

Ltd.

(a) .......................................................

11,845

Nurix

Therapeutics,

Inc.

(a) ................................................

8,818

Nutex

Health,

Inc.

(a) ....................................................

Nuvalent,

Inc.

,

Class

A

(a) .................................................

5,334

Nuvation

Bio,

Inc.

(a) (b) ..................................................

26,353

Ocugen,

Inc.

(a) (b) ......................................................

31,697

Ocular

Therapeutix,

Inc.

(a) ................................................

15,905

Olema

Pharmaceuticals,

Inc.

(a) .............................................

6,043

Omeros

Corp.

(a) (b) .....................................................

6,470

OmniAb,

Inc.

(a) ........................................................

10,990

Omnicell,

Inc.

(a) .......................................................

5,466

OnKure

Therapeutics,

Inc.

(a) ..............................................

566

OPKO

Health,

Inc.

(a) ....................................................

35,537

Option

Care

Health,

Inc.

(a) ................................................

19,664

635

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) OraSure

Technologies,

Inc.

(a) ..............................................

8,144

$

Organogenesis

Holdings,

Inc.

(a) ............................................

15,111

Organon

&

Co.

........................................................

30,967

ORIC

Pharmaceuticals,

Inc.

(a) .............................................

4,867

Orthofix

Medical,

Inc.

(a) .................................................

4,418

OrthoPediatrics

Corp.

(a) ..................................................

1,907

Oruka

Therapeutics,

Inc.

(a) ................................................

3,633

Owens

&

Minor,

Inc.

(a) ..................................................

8,289

Pacific

Biosciences

of

California,

Inc.

(a) (b) ....................................

27,822

Pacira

BioSciences,

Inc.

(a) ................................................

5,269

PACS

Group,

Inc.

(a) .....................................................

4,482

PDL

BioPharma,

Inc.

(a) (b) (c) ..............................................

17,605

Pediatrix

Medical

Group,

Inc.

(a) ............................................

10,102

Penumbra,

Inc.

(a) .......................................................

4,483

1,313

PepGen,

Inc.

(a) (b) ......................................................

1,898

Perrigo

Co.

PLC

.......................................................

16,364

Personalis,

Inc.

(a) ......................................................

4,755

Perspective

Therapeutics,

Inc.

(a) ............................................

4,998

Phathom

Pharmaceuticals,

Inc.

(a) (b) .........................................

4,338

Phibro

Animal

Health

Corp.

,

Class

A

.........................................

2,352

Phreesia,

Inc.

(a) ........................................................

6,355

Pliant

Therapeutics,

Inc.

(a) ................................................

4,997

Praxis

Precision

Medicines,

Inc.

(a) ..........................................

2,212

Precigen,

Inc.

(a) ........................................................

18,353

Premier,

Inc.

,

Class

A

....................................................

10,775

Prestige

Consumer

Healthcare,

Inc.

(a) ........................................

5,895

Prime

Medicine,

Inc.

(a) (b) ................................................

5,223

Privia

Health

Group,

Inc.

(a) ...............................................

12,835

PROCEPT

BioRobotics

Corp.

(a) ............................................

6,245

Pro-Dex,

Inc.

(a) ........................................................

Progyny,

Inc.

(a) ........................................................

8,563

ProKidney

Corp.

(a) (b) ...................................................

8,874

Protagonist

Therapeutics,

Inc.

(a) ............................................

6,959

Protalix

BioTherapeutics,

Inc.

(a) ............................................

7,479

PTC

Therapeutics,

Inc.

(a) .................................................

9,246

Pulmonx

Corp.

(a) .......................................................

3,904

Pulse

Biosciences,

Inc.

(a) (b) ...............................................

1,267

Puma

Biotechnology,

Inc.

(a) ...............................................

4,036

Pyxis

Oncology,

Inc.

(a) ..................................................

3,161

Quanterix

Corp.

(a) ......................................................

3,694

Quantum-Si,

Inc.

(a) (b) ...................................................

15,034

QuidelOrtho

Corp.

(a) ....................................................

7,954

RadNet,

Inc.

(a) ........................................................

7,948

Rapport

Therapeutics,

Inc.

(a) (b) ............................................

1,908

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(a) (b) ..................................

36,084

REGENXBIO,

Inc.

(a) ...................................................

5,132

Relay

Therapeutics,

Inc.

(a) ................................................

14,664

Renovaro,

Inc.

(a) .......................................................

5,820

Repligen

Corp.

(a) .......................................................

6,383

881

Replimune

Group,

Inc.

(a) .................................................

7,257

Revolution

Medicines,

Inc.

(a) ..............................................

19,526

788

Rezolute,

Inc.

(a) .......................................................

5,336

Rhythm

Pharmaceuticals,

Inc.

(a) ............................................

6,845

Rigel

Pharmaceuticals,

Inc.

(a) ..............................................

1,993

Rocket

Pharmaceuticals,

Inc.

(a) .............................................

11,651

Royalty

Pharma

PLC

,

Class

A

..............................................

40,317

1,323

RxSight,

Inc.

(a) ........................................................

4,556

Sage

Therapeutics,

Inc.

(a) .................................................

6,297

Sagimet

Biosciences,

Inc.

,

Class

A

(a) (b) ......................................

2,061

Sana

Biotechnology,

Inc.

(a) (b) .............................................

13,825

Sanara

Medtech,

Inc.

(a) (b) ................................................

Sangamo

Therapeutics,

Inc.

(a) .............................................

20,938

Sarepta

Therapeutics,

Inc.

(a) ...............................................

11,002

687

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Savara,

Inc.

(a) .........................................................

9,909

$

Scholar

Rock

Holding

Corp.

(a) .............................................

8,763

Schrodinger,

Inc.

(a) .....................................................

7,432

Scilex

Holding

Co.

(a) (b) (f) (g) ..............................................

scPharmaceuticals,

Inc.

(a) .................................................

3,288

Seer,

Inc.

(a) ...........................................................

3,141

Select

Medical

Holdings

Corp.

.............................................

13,179

Semler

Scientific,

Inc.

(a) (b) ...............................................

887

Senseonics

Holdings,

Inc.

(a) ...............................................

69,837

Sensus

Healthcare,

Inc.

(a) .................................................

1,228

Septerna,

Inc.

(a) (b) .....................................................

2,872

Sera

Prognostics,

Inc.

,

Class

A

(a) ...........................................

2,094

Seres

Therapeutics,

Inc.

(a) ................................................

626

SI-BONE,

Inc.

(a) .......................................................

4,330

SIGA

Technologies,

Inc.

..................................................

4,543

Sight

Sciences,

Inc.

(a) ...................................................

2,798

Simulations

Plus,

Inc.

....................................................

1,916

Skye

Bioscience,

Inc.

(a) (b) ................................................

764

Soleno

Therapeutics,

Inc.

(a) ...............................................

4,020

Solid

Biosciences,

Inc.

(a) .................................................

7,687

Solventum

Corp.

(a) .....................................................

16,696

1,104

Sonida

Senior

Living,

Inc.

(a) ..............................................

2,034

Sotera

Health

Co.

(a) .....................................................

18,312

SpringWorks

Therapeutics,

Inc.

(a) ...........................................

8,447

Spyre

Therapeutics,

Inc.

(a) ................................................

6,059

STAAR

Surgical

Co.

(a) ..................................................

5,816

Standard

BioTools,

Inc.

(a) ................................................

42,622

Stereotaxis,

Inc.

(a) ......................................................

7,287

Stoke

Therapeutics,

Inc.

(a) ................................................

4,641

Supernus

Pharmaceuticals,

Inc.

(a) ...........................................

6,393

Surgery

Partners,

Inc.

(a) ..................................................

9,088

Surmodics,

Inc.

(a) ......................................................

1,598

Sutro

Biopharma,

Inc.

(a) ..................................................

5,997

Syndax

Pharmaceuticals,

Inc.

(a) ............................................

10,021

Tactile

Systems

Technology,

Inc.

(a) ..........................................

2,607

Talkspace,

Inc.

(a) .......................................................

15,713

Tandem

Diabetes

Care,

Inc.

(a) ..............................................

7,868

Tango

Therapeutics,

Inc.

(a) ................................................

5,691

Tarsus

Pharmaceuticals,

Inc.

(a) .............................................

3,965

Taysha

Gene

Therapies,

Inc.

(a) .............................................

17,623

Tectonic

Therapeutic,

Inc.

(a) ...............................................

1,168

Tela

Bio,

Inc.

(a) ........................................................

2,294

Teladoc

Health,

Inc.

(a) ...................................................

20,539

Teleflex,

Inc.

..........................................................

5,574

764

Tempus

AI,

Inc.

(a) (b) ....................................................

9,299

Tenaya

Therapeutics,

Inc.

(a) ...............................................

11,775

Tenet

Healthcare

Corp.

(a) .................................................

11,217

1,603

Terns

Pharmaceuticals,

Inc.

(a) ..............................................

6,936

TG

Therapeutics,

Inc.

(a) ..................................................

17,041

776

The

Ensign

Group,

Inc.

...................................................

6,685

862

The

Joint

Corp.

(a) ......................................................

1,626

The

Pennant

Group,

Inc.

(a) ................................................

3,920

Theravance

Biopharma,

Inc.

(a) .............................................

5,270

Third

Harmonic

Bio,

Inc.

(a) ...............................................

2,003

Tourmaline

Bio,

Inc.

(a) ...................................................

1,796

TransMedics

Group,

Inc.

(a) (b) .............................................

3,893

Travere

Therapeutics,

Inc.

(a) ...............................................

10,459

Treace

Medical

Concepts,

Inc.

(a) ............................................

5,189

Trevi

Therapeutics,

Inc.

(a) ................................................

6,070

TruBridge,

Inc.

(a) ......................................................

1,656

TScan

Therapeutics,

Inc.

(a) ................................................

3,718

TuHURA

Biosciences,

Inc.

(a) (b) ............................................

2,267

Twist

Bioscience

Corp.

(a) .................................................

6,766

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Tyra

Biosciences,

Inc.

(a) (b) ...............................................

3,494

$

U.S.

Physical

Therapy,

Inc.

................................................

1,774

UFP

Technologies,

Inc.

(a) .................................................

881

Ultragenyx

Pharmaceutical,

Inc.

(a) ..........................................

10,402

United

Therapeutics

Corp.

(a) ..............................................

5,315

1,611

Universal

Health

Services,

Inc.

,

Class

B

.......................................

6,562

1,162

Upstream

Bio,

Inc.

(a) (b) ..................................................

2,024

Utah

Medical

Products,

Inc.

...............................................

Vanda

Pharmaceuticals,

Inc.

(a) .............................................

6,121

Varex

Imaging

Corp.

(a) ..................................................

4,745

Vaxart,

Inc.

(a) .........................................................

21,581

Vaxcyte,

Inc.

(a) ........................................................

15,066

540

Ventyx

Biosciences,

Inc.

(a) ................................................

5,392

Vera

Therapeutics,

Inc.

(a) .................................................

5,830

Veracyte,

Inc.

(a) ........................................................

9,246

Verastem,

Inc.

(a) .......................................................

4,435

Vericel

Corp.

(a) ........................................................

5,933

Verve

Therapeutics,

Inc.

(a) ................................................

7,552

Viking

Therapeutics,

Inc.

(a) ...............................................

13,095

Vir

Biotechnology,

Inc.

(a) .................................................

10,262

Viridian

Therapeutics,

Inc.

(a) ..............................................

8,711

Voyager

Therapeutics,

Inc.

(a) ..............................................

4,856

WaVe

Life

Sciences

Ltd.

(a) ................................................

14,612

Waystar

Holding

Corp.

(a) .................................................

11,729

XBiotech,

Inc.

(a) .......................................................

1,711

Xencor,

Inc.

(a) .........................................................

7,819

Xeris

Biopharma

Holdings,

Inc.

(a) ..........................................

16,790

XOMA

Royalty

Corp.

(a) .................................................

1,312

Y-mAbs

Therapeutics,

Inc.

(a) (b) ............................................

3,739

Zenas

Biopharma,

Inc.

(a) (b) ...............................................

1,047

Zentalis

Pharmaceuticals,

Inc.

(a) ............................................

5,064

Zevra

Therapeutics,

Inc.

(a) ................................................

6,125

Zimvie,

Inc.

(a) .........................................................

3,082

Zymeworks,

Inc.

(a) .....................................................

7,973

Zynex,

Inc.

(a) (b) .......................................................

1,259

82,322

Industrials

(17.9%):

374Water,

Inc.

(a) .......................................................

3,012

3D

Systems

Corp.

(a) ....................................................

14,845

A.O.

Smith

Corp.

.......................................................

14,019

951

AAON,

Inc.

...........................................................

8,113

740

AAR

Corp.

(a) .........................................................

4,197

ABM

Industries,

Inc.

....................................................

7,355

ACCO

Brands

Corp.

....................................................

10,312

Acme

United

Corp.

.....................................................

Acuity,

Inc.

...........................................................

3,720

906

ACV

Auctions,

Inc.

,

Class

A

(a) .............................................

19,482

Advanced

Drainage

Systems,

Inc.

...........................................

8,577

973

AECOM

.............................................................

15,936

1,572

AeroVironment,

Inc.

(a) ...................................................

3,358

509

AerSale

Corp.

(a) .......................................................

3,238

AGCO

Corp.

..........................................................

7,448

632

Air

Lease

Corp.

........................................................

12,480

584

Alamo

Group,

Inc.

......................................................

1,383

Alaska

Air

Group,

Inc.

(a) .................................................

14,769

654

Albany

International

Corp.

................................................

3,665

Alight,

Inc.

,

Class

A

.....................................................

54,220

Allegiant

Travel

Co.

.....................................................

1,671

Allegion

PLC

.........................................................

10,366

1,443

Allient,

Inc.

...........................................................

1,604

Allison

Transmission

Holdings,

Inc.

.........................................

10,244

945

Alta

Equipment

Group,

Inc.

(b) .............................................

1,986

Amentum

Holdings,

Inc.

(a) ................................................

20,781

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Ameresco,

Inc.

,

Class

A

(a) ................................................

3,706

$

American

Airlines

Group,

Inc.

(a) ............................................

78,172

778

American

Superconductor

Corp.

(a) ..........................................

4,455

American

Woodmark

Corp.

(a) ..............................................

1,713

Amprius

Technologies,

Inc.

(a) (b) ............................................

8,619

API

Group

Corp.

(a) .....................................................

29,848

1,129

Apogee

Enterprises,

Inc.

..................................................

2,560

Applied

Industrial

Technologies,

Inc.

.........................................

4,578

1,114

ArcBest

Corp.

.........................................................

2,719

Archer

Aviation,

Inc.

,

Class

A

(a) ............................................

49,016

Arcosa,

Inc.

...........................................................

5,771

Argan,

Inc.

...........................................................

1,551

Aris

Water

Solutions,

Inc.

,

Class

A

...........................................

3,199

Armstrong

World

Industries,

Inc.

............................................

5,182

752

Array

Technologies,

Inc.

(a) ................................................

17,673

ASGN,

Inc.

(a) .........................................................

5,040

Astec

Industries,

Inc.

....................................................

2,655

Astronics

Corp.

(a) ......................................................

3,480

Asure

Software,

Inc.

(a) ...................................................

2,814

Atkore,

Inc.

...........................................................

4,066

Avis

Budget

Group,

Inc.

(a) (b) ..............................................

4,083

AZZ,

Inc.

............................................................

3,517

Babcock

&

Wilcox

Enterprises,

Inc.

(a) ........................................

6,962

Barrett

Business

Services,

Inc.

.............................................

2,969

BlackSky

Technology,

Inc.

(a) ..............................................

2,799

Blade

Air

Mobility,

Inc.

(a) ................................................

6,040

Blink

Charging

Co.

(a) (b) .................................................

9,026

Bloom

Energy

Corp.

,

Class

A

(a) ............................................

23,386

Blue

Bird

Corp.

(a) ......................................................

3,761

BlueLinx

Holdings,

Inc.

(a) ................................................

934

Boise

Cascade

Co.

......................................................

4,513

Bowman

Consulting

Group

Ltd.

(a) ..........................................

1,594

Brady

Corp.

,

Class

A

....................................................

5,247

Bridger

Aerospace

Group

Holdings,

Inc.

(a) (b) ..................................

BrightView

Holdings,

Inc.

(a) ..............................................

7,047

BWX

Technologies,

Inc.

..................................................

10,991

1,199

Byrna

Technologies,

Inc.

(a) (b) .............................................

2,014

C.H.

Robinson

Worldwide,

Inc.

.............................................

14,216

1,268

CACI

International,

Inc.

,

Class

A

(a) .........................................

2,672

1,223

Cadre

Holdings,

Inc.

.....................................................

3,185

Casella

Waste

Systems,

Inc.

(a) .............................................

7,473

878

CBIZ,

Inc.

(a) ..........................................................

6,134

CECO

Environmental

Corp.

(a) .............................................

3,504

ChargePoint

Holdings,

Inc.

(a) (b) ............................................

45,250

Chart

Industries,

Inc.

(a) ..................................................

5,475

739

Civeo

Corp.

...........................................................

1,318

Clean

Harbors,

Inc.

(a) ...................................................

6,112

1,308

Columbus

McKinnon

Corp.

...............................................

3,266

Comfort

Systems

USA,

Inc.

...............................................

4,223

1,679

Concentrix

Corp.

.......................................................

5,466

Concrete

Pumping

Holdings,

Inc.

...........................................

2,355

Conduent,

Inc.

(a) .......................................................

16,831

Construction

Partners,

Inc.

,

Class

A

(a) ........................................

5,531

Core

&

Main,

Inc.

,

Class

A

(a) ..............................................

22,874

1,205

CoreCivic,

Inc.

(a) ......................................................

12,670

Covenant

Logistics

Group,

Inc.

.............................................

1,821

CRA

International,

Inc.

...................................................

775

Crane

Co.

............................................................

6,854

1,103

CSG

Systems

International,

Inc.

............................................

3,310

CSW

Industrials,

Inc.

....................................................

1,998

624

Curtiss-Wright

Corp.

....................................................

4,521

1,559

Custom

Truck

One

Source,

Inc.

(a) (b) .........................................

7,370

Dayforce,

Inc.

(a) .......................................................

18,564

1,074

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Deluxe

Corp.

..........................................................

5,135

$

Distribution

Solutions

Group,

Inc.

(a) .........................................

1,056

DLH

Holdings

Corp.

(a) ..................................................

976

DNOW,

Inc.

(a) ........................................................

12,374

Donaldson

Co.,

Inc.

.....................................................

14,328

942

Douglas

Dynamics,

Inc.

..................................................

2,620

Driven

Brands

Holdings,

Inc.

(a) ............................................

6,874

Ducommun,

Inc.

(a) .....................................................

1,632

Dun

&

Bradstreet

Holdings,

Inc.

............................................

37,244

DXP

Enterprises,

Inc.

(a) ..................................................

1,513

Dycom

Industries,

Inc.

(a) .................................................

3,361

563

Energy

Recovery,

Inc.

(a) .................................................

6,282

Energy

Vault

Holdings,

Inc.

(a) (b) ...........................................

8,010

Enerpac

Tool

Group

Corp.

................................................

6,431

EnerSys

..............................................................

4,655

Ennis,

Inc.

............................................................

2,858

Enovix

Corp.

(a) (b) ......................................................

19,443

Enpro,

Inc.

...........................................................

2,530

Enviri

Corp.

(a) .........................................................

8,905

Eos

Energy

Enterprises,

Inc.

(a) (b) ...........................................

26,117

Esab

Corp.

............................................................

6,834

821

ESCO

Technologies,

Inc.

.................................................

3,088

Everus

Construction

Group,

Inc.

(a) ..........................................

6,085

EVI

Industries,

Inc.

.....................................................

ExlService

Holdings,

Inc.

(a) ...............................................

18,819

912

Exponent,

Inc.

.........................................................

6,053

Federal

Signal

Corp.

.....................................................

7,174

584

First

Advantage

Corp.

(a) ..................................................

9,294

Flowserve

Corp.

........................................................

15,797

715

Fluence

Energy,

Inc.

(a) (b) .................................................

8,671

Fluor

Corp.

(a) .........................................................

20,033

699

Forrester

Research,

Inc.

(a) ................................................

1,157

Fortune

Brands

Innovations,

Inc.

............................................

14,690

791

Forward

Air

Corp.

(a) ....................................................

2,304

Franklin

Covey

Co.

(a) ...................................................

1,274

Franklin

Electric

Co.,

Inc.

.................................................

4,716

FreightCar

America,

Inc.

(a) ................................................

1,374

Frontier

Group

Holdings,

Inc.

(a) ............................................

9,637

FTAI

Aviation

Ltd.

......................................................

12,191

1,306

FTAI

Infrastructure,

Inc.

..................................................

13,203

FTI

Consulting,

Inc.

(a) ...................................................

4,258

708

FuelCell

Energy,

Inc.

(a) (b) ................................................

2,125

Gates

Industrial

Corp.

PLC

(a) ..............................................

30,420

576

GATX

Corp.

..........................................................

4,241

619

Genco

Shipping

&

Trading

Ltd.

.............................................

4,906

Gencor

Industries,

Inc.

(a) .................................................

1,047

Generac

Holdings,

Inc.

(a) .................................................

7,068

808

Genpact

Ltd.

..........................................................

19,430

977

Gibraltar

Industries,

Inc.

(a) ................................................

3,581

Global

Industrial

Co.

....................................................

856

GMS,

Inc.

(a) ..........................................................

4,583

GrafTech

International

Ltd.

(a) ..............................................

19,990

Graham

Corp.

(a) .......................................................

1,176

Granite

Construction,

Inc.

.................................................

5,182

Great

Lakes

Dredge

&

Dock

Corp.

(a) ........................................

7,716

Griffon

Corp.

..........................................................

4,766

GXO

Logistics,

Inc.

(a) ...................................................

14,119

512

H&E

Equipment

Services,

Inc.

.............................................

3,841

Hayward

Holdings,

Inc.

(a) ................................................

23,779

Healthcare

Services

Group,

Inc.

(a) ...........................................

8,602

Heartland

Express,

Inc.

...................................................

5,120

Heidrick

&

Struggles

International,

Inc.

.......................................

2,335

Helios

Technologies,

Inc.

.................................................

3,933

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Herc

Holdings,

Inc.

.....................................................

3,380

$

Hertz

Global

Holdings,

Inc.

(a) (b) ...........................................

35,291

Hexcel

Corp.

..........................................................

9,694

Hillenbrand,

Inc.

.......................................................

8,348

Hillman

Solutions

Corp.

(a) ................................................

23,273

HireQuest,

Inc.

........................................................

519

HNI

Corp.

............................................................

5,489

Hub

Group,

Inc.

,

Class

A

.................................................

7,153

Hudson

Technologies,

Inc.

(a) ..............................................

4,472

Huntington

Ingalls

Industries,

Inc.

...........................................

4,691

1,081

Hurco

Cos.,

Inc.

(a) ......................................................

590

Huron

Consulting

Group,

Inc.

(a) ............................................

2,058

Hyliion

Holdings

Corp.

(a) (b) ..............................................

12,820

Hyster-Yale,

Inc.

.......................................................

997

IBEX

Holdings

Ltd.

(a) ...................................................

1,104

ICF

International,

Inc.

...................................................

2,170

IES

Holdings,

Inc.

(a) ....................................................

2,332

Innodata,

Inc.

(a) ........................................................

3,562

Innovative

Solutions

and

Support,

Inc.

(a) ......................................

1,266

Insperity,

Inc.

..........................................................

4,233

Insteel

Industries,

Inc.

....................................................

2,158

Interface,

Inc.

.........................................................

6,735

Intuitive

Machines,

Inc.

(a) (b) ..............................................

9,492

ITT,

Inc.

.............................................................

9,756

1,337

Janus

International

Group,

Inc.

(a) ...........................................

15,905

JBT

Marel

Corp.

.......................................................

5,780

608

JELD-WEN

Holding,

Inc.

(a) ...............................................

9,710

JetBlue

Airways

Corp.

(a) .................................................

35,719

Joby

Aviation,

Inc.

(a) (b) ..................................................

51,939

Kadant,

Inc.

...........................................................

1,401

Karat

Packaging,

Inc.

....................................................

758

KBR,

Inc.

............................................................

15,747

832

Kelly

Services,

Inc.

,

Class

A

...............................................

3,506

Kennametal,

Inc.

.......................................................

9,146

Kforce,

Inc.

...........................................................

2,129

Kirby

Corp.

(a) .........................................................

6,791

654

Knight-Swift

Transportation

Holdings,

Inc.

....................................

18,927

741

Korn

Ferry

...........................................................

6,125

Kratos

Defense

&

Security

Solutions,

Inc.

(a) ...................................

17,979

607

KULR

Technology

Group,

Inc.

(a) (b) .........................................

23,232

L.B.

Foster

Co.

,

Class

A

(a) ................................................

1,099

Landstar

System,

Inc.

....................................................

4,212

565

Legalzoom.com,

Inc.

(a) ..................................................

13,609

Leonardo

DRS,

Inc.

.....................................................

8,926

Limbach

Holdings,

Inc.

(a) ................................................

1,170

Lincoln

Electric

Holdings,

Inc.

.............................................

6,458

1,138

Lindsay

Corp.

.........................................................

1,274

Liquidity

Services,

Inc.

(a) .................................................

2,762

Loar

Holdings,

Inc.

(a) (b) .................................................

8,754

828

LSI

Industries,

Inc.

......................................................

3,043

Lyft,

Inc.

,

Class

A

(a) ....................................................

45,582

565

ManpowerGroup,

Inc.

...................................................

5,521

Marten

Transport

Ltd.

....................................................

6,817

Masco

Corp.

..........................................................

25,452

1,543

MasTec,

Inc.

(a) ........................................................

7,422

945

Mastech

Digital,

Inc.

(a) ..................................................

Masterbrand,

Inc.

(a) .....................................................

15,019

Matrix

Service

Co.

(a) ....................................................

3,023

Matson,

Inc.

..........................................................

3,863

Matthews

International

Corp.

,

Class

A

........................................

3,479

Maximus,

Inc.

.........................................................

6,735

Mayville

Engineering

Co.,

Inc.

(a) ...........................................

1,744

McGrath

RentCorp

......................................................

2,908

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) MDU

Resources

Group,

Inc.

...............................................

23,805

$

Mercury

Systems,

Inc.

(a) .................................................

7,004

Microvast

Holdings,

Inc.

(a) (b) .............................................

22,233

Miller

Industries,

Inc.

....................................................

1,278

MillerKnoll,

Inc.

.......................................................

8,031

Mistras

Group,

Inc.

(a) ...................................................

2,017

Montrose

Environmental

Group,

Inc.

(a) .......................................

3,500

Moog,

Inc.

,

Class

A

.....................................................

3,450

577

MRC

Global,

Inc.

(a) .....................................................

9,854

MSA

Safety,

Inc.

.......................................................

4,435

698

MSC

Industrial

Direct

Co.,

Inc.

.............................................

5,226

Mueller

Industries,

Inc.

...................................................

13,179

969

Mueller

Water

Products,

Inc.

,

Class

A

........................................

18,434

MYR

Group,

Inc.

(a) .....................................................

1,898

NANO

Nuclear

Energy,

Inc.

(a) .............................................

2,840

National

Presto

Industries,

Inc.

.............................................

627

NeoVolta,

Inc.

(a) (b) .....................................................

2,573

NEXTracker,

Inc.

,

Class

A

(a) ..............................................

16,793

682

NN,

Inc.

(a) ...........................................................

4,455

Northwest

Pipe

Co.

(a) ...................................................

1,122

NuScale

Power

Corp.

(a) (b) ................................................

13,310

NV5

Global,

Inc.

(a) .....................................................

6,810

nVent

Electric

PLC

......................................................

19,655

1,079

Omega

Flex,

Inc.

.......................................................

OPENLANE,

Inc.

(a) ....................................................

12,601

Orion

Group

Holdings,

Inc.

(a) ..............................................

4,011

Oshkosh

Corp.

.........................................................

7,717

646

Owens

Corning

........................................................

10,211

1,485

Palladyne

AI

Corp.

(a) (b) ..................................................

2,632

PAMT

Corp.

(a) ........................................................

500

Pangaea

Logistics

Solutions

Ltd.

............................................

3,096

Park

Aerospace

Corp.

....................................................

1,944

Park-Ohio

Holdings

Corp.

................................................

1,058

Parsons

Corp.

(a) .......................................................

12,759

853

Paycom

Software,

Inc.

...................................................

6,085

1,378

Paylocity

Holding

Corp.

(a) ................................................

5,394

1,036

Performant

Healthcare,

Inc.

(a) ..............................................

7,689

Perma-Fix

Environmental

Services,

Inc.

(a) .....................................

1,262

Perma-Pipe

International

Holdings,

Inc.

(a) .....................................

700

Pitney

Bowes,

Inc.

......................................................

21,534

Planet

Labs

PBC

(a) .....................................................

23,802

Plug

Power,

Inc.

(a) (b) ....................................................

103,028

Powell

Industries,

Inc.

...................................................

1,130

Preformed

Line

Products

Co.

..............................................

Primoris

Services

Corp.

..................................................

6,398

Proficient

Auto

Logistics,

Inc.

(a) (b) ..........................................

2,306

Proto

Labs,

Inc.

(a) ......................................................

2,831

Pursuit

Attractions

and

Hospitality,

Inc.

(a) .....................................

2,432

Quad/Graphics,

Inc.

.....................................................

1,345

Quanex

Building

Products

Corp.

............................................

5,548

Quest

Resource

Holding

Corp.

(a) ...........................................

1,367

Radiant

Logistics,

Inc.

(a) .................................................

4,008

RBC

Bearings,

Inc.

(a) ...................................................

3,729

1,225

RCM

Technologies,

Inc.

(a) ................................................

Redwire

Corp.

(a) (b) .....................................................

2,871

Regal

Rexnord

Corp.

....................................................

7,935

840

Resideo

Technologies,

Inc.

(a) ..............................................

17,368

Resources

Connection,

Inc.

................................................

3,548

REV

Group,

Inc.

.......................................................

6,085

Robert

Half,

Inc.

.......................................................

11,942

529

Rocket

Lab

USA,

Inc.

(a) .................................................

44,764

975

Rush

Enterprises,

Inc.

,

Class

A

.............................................

8,450

RXO,

Inc.

(a) ..........................................................

19,257

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Ryder

System,

Inc.

......................................................

4,915

$

677

Safe

Bulkers,

Inc.

.......................................................

6,357

Saia,

Inc.

(a) ...........................................................

3,202

781

Schneider

National,

Inc.

,

Class

B

............................................

5,838

Science

Applications

International

Corp.

......................................

5,842

707

Sensata

Technologies

Holding

PLC

..........................................

17,799

Shoals

Technologies

Group,

Inc.

,

Class

A

(a) ....................................

19,296

Simpson

Manufacturing

Co.,

Inc.

...........................................

5,036

774

SiteOne

Landscape

Supply,

Inc.

(a) ...........................................

5,334

612

Skillsoft

Corp.

(a) .......................................................

Sky

Harbour

Group

Corp.

(a) (b) .............................................

2,335

SkyWest,

Inc.

(a) ........................................................

4,673

Spire

Global,

Inc.

(a) (b) ...................................................

2,155

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a) ..................................

13,965

503

SPX

Technologies,

Inc.

(a) .................................................

5,443

730

Standardaero,

Inc.

(a) ....................................................

39,257

1,061

Standex

International

Corp.

................................................

1,400

Steelcase,

Inc.

,

Class

A

...................................................

10,095

Sterling

Infrastructure,

Inc.

(a) ..............................................

3,551

531

Sun

Country

Airlines

Holdings,

Inc.

(a) ........................................

5,494

Sunrun,

Inc.

(a) .........................................................

26,289

Symbotic,

Inc.

(a) (b) .....................................................

5,148

T1

Energy,

Inc.

(a) (b) ....................................................

11,299

TaskUS,

Inc.

,

Class

A

(a) ..................................................

2,017

Taylor

Devices,

Inc.

(a) ...................................................

Tennant

Co.

...........................................................

2,207

Terex

Corp.

...........................................................

7,767

Tetra

Tech,

Inc.

........................................................

32,169

1,003

The

AZEK

Co.,

Inc.

(a) ...................................................

16,982

842

The

Brink's

Co.

........................................................

5,147

The

Eastern

Co.

........................................................

605

The

GEO

Group,

Inc.

(a) ..................................................

15,988

500

The

Gorman-Rupp

Co.

...................................................

2,436

The

Greenbrier

Cos.,

Inc.

.................................................

3,598

The

Manitowoc

Co.,

Inc.

(a) ...............................................

3,864

The

Middleby

Corp.

(a) ...................................................

6,377

850

The

Shyft

Group,

Inc.

....................................................

3,553

The

Timken

Co.

........................................................

7,589

The

Toro

Co.

..........................................................

12,008

820

Thermon

Group

Holdings,

Inc.

(a) ...........................................

3,887

Titan

International,

Inc.

(a) .................................................

5,568

Titan

Machinery,

Inc.

(a) ..................................................

2,381

Transcat,

Inc.

(a) (b) ......................................................

1,068

Trex

Co.,

Inc.

(a) ........................................................

12,831

742

TriNet

Group,

Inc.

......................................................

5,797

Trinity

Industries,

Inc.

...................................................

9,693

Triumph

Group,

Inc.

(a) ...................................................

9,085

TrueBlue,

Inc.

(a) .......................................................

3,021

TTEC

Holdings,

Inc.

(a) ..................................................

1,976

Tutor

Perini

Corp.

(a) ....................................................

5,203

Twin

Disc,

Inc.

........................................................

1,094

UFP

Industries,

Inc.

.....................................................

7,169

709

U-Haul

Holding

Co.

.....................................................

12,964

710

UL

Solutions,

Inc.

,

Class

A

................................................

7,387

Ultralife

Corp.

(a) .......................................................

824

UniFirst

Corp.

.........................................................

1,778

Universal

Logistics

Holdings,

Inc.

...........................................

728

Upwork,

Inc.

(a) ........................................................

14,665

V2X,

Inc.

(a) ..........................................................

2,005

Valmont

Industries,

Inc.

..................................................

2,379

698

Verra

Mobility

Corp.

(a) ..................................................

19,075

Vestis

Corp.

...........................................................

15,581

Vicor

Corp.

(a) .........................................................

1,411

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Virco

Mfg.

Corp.

.......................................................

1,432

$

Virgin

Galactic

Holdings,

Inc.

(a) (b) ..........................................

3,404

VSE

Corp.

............................................................

2,267

Wabash

National

Corp.

...................................................

4,746

Watts

Water

Technologies,

Inc.

,

Class

A

.......................................

3,252

676

Werner

Enterprises,

Inc.

..................................................

7,059

WESCO

International,

Inc.

................................................

5,765

939

Wheels

Up

Experience,

Inc.

(a) (b) ...........................................

39,746

Willdan

Group,

Inc.

(a) ...................................................

1,579

Willis

Lease

Finance

Corp.

................................................

WillScot

Holdings

Corp.

..................................................

21,505

540

Woodward,

Inc.

........................................................

6,676

1,252

Xometry,

Inc.

,

Class

A

(a) .................................................

5,121

Zurn

Elkay

Water

Solutions

Corp.

...........................................

18,146

616

118,258

Information

Technology

(12.5%):

8x8,

Inc.

(a) ...........................................................

14,486

A10

Networks,

Inc.

.....................................................

8,548

ACI

Worldwide,

Inc.

(a) ..................................................

12,534

669

ACM

Research,

Inc.

,

Class

A

(a) ............................................

5,858

Adeia,

Inc.

............................................................

12,293

ADTRAN

Holdings,

Inc.

(a) ...............................................

8,088

Advanced

Energy

Industries,

Inc.

...........................................

4,492

Aehr

Test

Systems

(a) (b) ..................................................

3,115

Aeva

Technologies,

Inc.

(a) (b) ..............................................

3,523

Agilysys,

Inc.

(a) .......................................................

3,179

Alarm.com

Holdings,

Inc.

(a) ...............................................

5,645

Alkami

Technology,

Inc.

(a) ................................................

7,791

Allegro

MicroSystems,

Inc.

(a) ..............................................

14,714

Alpha

&

Omega

Semiconductor

Ltd.

(a) .......................................

2,804

Ambarella,

Inc.

(a) ......................................................

4,708

Amdocs

Ltd.

..........................................................

13,436

1,190

Amkor

Technology,

Inc.

..................................................

11,958

Amplitude,

Inc.

,

Class

A

(a) ................................................

9,169

Appfolio,

Inc.

,

Class

A

(a) .................................................

2,660

549

Appian

Corp.

,

Class

A

(a) .................................................

4,622

Applied

Digital

Corp.

(a) (b) ................................................

20,315

Applied

Optoelectronics,

Inc.

(a) ............................................

5,518

Arlo

Technologies,

Inc.

(a) .................................................

11,488

Arrow

Electronics,

Inc.

(a) .................................................

6,238

695

Arteris,

Inc.

(a) .........................................................

2,962

Asana,

Inc.

,

Class

A

(a) ...................................................

10,044

Astera

Labs,

Inc.

(a) .....................................................

14,650

957

Atomera,

Inc.

(a) (b) .....................................................

3,025

AudioEye,

Inc.

(a) .......................................................

797

Aurora

Innovation,

Inc.

(a) .................................................

116,075

840

AvePoint,

Inc.

(a) .......................................................

12,819

Aviat

Networks,

Inc.

(a) ...................................................

1,270

Avnet,

Inc.

............................................................

10,324

Axcelis

Technologies,

Inc.

(a) ..............................................

3,785

Backblaze,

Inc.

,

Class

A

(a) ................................................

4,333

Badger

Meter,

Inc.

......................................................

3,526

779

Bel

Fuse,

Inc.

,

Class

B

...................................................

1,388

Belden,

Inc.

...........................................................

4,774

Benchmark

Electronics,

Inc.

...............................................

4,150

BigBear.ai

Holdings,

Inc.

(a) (b) .............................................

23,062

BigCommerce

Holdings,

Inc.

,

Class

(a) ......................................

7,325

BILL

Holdings,

Inc.

(a) ...................................................

11,050

504

Bit

Digital,

Inc.

(a) ......................................................

17,251

Bitdeer

Technologies

Group

(a) (b) ...........................................

10,386

Blackbaud,

Inc.

(a) ......................................................

4,626

BlackLine,

Inc.

(a) ......................................................

6,221

Blend

Labs,

Inc.

,

Class

A

(a) ...............................................

24,133

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Box,

Inc.

,

Class

A

(a) ....................................................

16,633

$

519

Braze,

Inc.

,

Class

A

(a) ...................................................

8,360

C3.ai,

Inc.

,

Class

A

(a) (b) .................................................

13,916

Calix,

Inc.

(a) ..........................................................

7,149

CCC

Intelligent

Solutions

Holdings,

Inc.

(a) ....................................

54,049

500

Cellebrite

DI

Ltd.

(a) .....................................................

9,194

Cerence,

Inc.

(a) ........................................................

4,586

CEVA,

Inc.

(a) .........................................................

2,691

Ciena

Corp.

(a) .........................................................

16,854

1,132

Cipher

Mining,

Inc.

(a) (b) .................................................

29,807

Cirrus

Logic,

Inc.

(a) .....................................................

6,373

612

Cleanspark,

Inc.

(a) (b) ....................................................

32,652

Clear

Secure,

Inc.

,

Class

A

................................................

10,680

Clearfield,

Inc.

(a) .......................................................

1,354

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a) .................................

27,563

627

Climb

Global

Solutions,

Inc.

...............................................

Cognex

Corp.

.........................................................

20,413

557

Coherent

Corp.

(a) ......................................................

18,429

1,185

Cohu,

Inc.

(a) ..........................................................

5,331

CommScope

Holding

Co.,

Inc.

(a) ...........................................

24,704

Commvault

Systems,

Inc.

(a) ...............................................

5,215

872

CompoSecure,

Inc.

,

Class

A

(b) .............................................

4,882

Confluent,

Inc.

,

Class

A

(a) ................................................

31,178

742

Consensus

Cloud

Solutions,

Inc.

(a) ..........................................

2,194

Core

Scientific,

Inc.

(a) ...................................................

30,825

CoreCard

Corp.

(a) ......................................................

571

Corsair

Gaming,

Inc.

(a) ..................................................

5,171

Couchbase,

Inc.

(a) ......................................................

4,671

CPI

Card

Group,

Inc.

(a) ..................................................

632

Crane

NXT

Co.

........................................................

5,880

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

17,629

759

Crexendo,

Inc.

(a) .......................................................

1,101

CS

Disco,

Inc.

(a) .......................................................

2,225

CSP,

Inc.

.............................................................

700

CTS

Corp.

............................................................

3,484

Daktronics,

Inc.

(a) ......................................................

5,207

Dave,

Inc.

(a) ..........................................................

1,103

Diebold

Nixdorf,

Inc.

(a) ..................................................

4,434

Digi

International,

Inc.

(a) .................................................

4,251

Digimarc

Corp.

(a) ......................................................

1,674

Digital

Turbine,

Inc.

(a) ...................................................

10,329

DigitalOcean

Holdings,

Inc.

(a) .............................................

7,434

Diodes,

Inc.

(a) .........................................................

5,362

Docusign,

Inc.

(a) .......................................................

24,094

1,970

Dolby

Laboratories,

Inc.

,

Class

A

...........................................

7,281

559

Domo,

Inc.

,

Class

B

(a) ...................................................

3,663

DoubleVerify

Holdings,

Inc.

(a) .............................................

16,692

Dropbox,

Inc.

,

Class

A

(a) .................................................

25,762

736

D-Wave

Quantum,

Inc.

(a) (b) ...............................................

30,923

DXC

Technology

Co.

(a) ..................................................

21,415

E2open

Parent

Holdings,

Inc.

(a) ............................................

27,520

Eastman

Kodak

Co.

(a) ...................................................

7,225

eGain

Corp.

(a) .........................................................

1,779

Elastic

NV

(a) ..........................................................

10,838

934

Enphase

Energy,

Inc.

(a) ..................................................

15,310

683

EPAM

Systems,

Inc.

(a) ...................................................

6,609

1,037

ePlus,

Inc.

(a) ..........................................................

3,117

Everspin

Technologies,

Inc.

(a) ..............................................

1,630

Evolv

Technologies

Holdings,

Inc.

(a) .........................................

12,446

Expensify,

Inc.

,

Class

A

(a) ................................................

6,277

Extreme

Networks,

Inc.

(a) ................................................

15,429

F5,

Inc.

(a) ............................................................

6,904

1,828

Fabrinet

(a) ............................................................

4,321

886

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) FARO

Technologies,

Inc.

(a) ...............................................

2,127

$

Fastly,

Inc.

,

Class

A

(a) ...................................................

15,408

Five9,

Inc.

(a) ..........................................................

8,920

FormFactor,

Inc.

(a) .....................................................

9,225

Frequency

Electronics,

Inc.

................................................

897

Freshworks,

Inc.

,

Class

A

(a) ...............................................

22,329

Genasys,

Inc.

(a) ........................................................

3,379

Gitlab,

Inc.

,

Class

A

(a) ...................................................

15,480

722

Globant

SA

(a) .........................................................

5,189

610

Grid

Dynamics

Holdings,

Inc.

(a) ............................................

9,272

Guidewire

Software,

Inc.

(a) ...............................................

10,034

2,055

Harmonic,

Inc.

(a) .......................................................

13,497

Hut

Corp.

(a) (b) .......................................................

11,013

Ichor

Holdings

Ltd.

(a) ...................................................

3,916

Immersion

Corp.

(b) .....................................................

3,205

Impinj,

Inc.

(a) .........................................................

3,290

indie

Semiconductor,

Inc.

,

Class

A

(a) (b) ......................................

21,340

Informatica,

Inc.

,

Class

A

(a) ...............................................

20,555

Information

Services

Group,

Inc.

............................................

3,603

Innoviz

Technologies

Ltd.

(a) (b) .............................................

20,795

Inseego

Corp.

(a) .......................................................

1,486

Insight

Enterprises,

Inc.

(a) ................................................

3,775

522

Intapp,

Inc.

(a) .........................................................

8,629

InterDigital,

Inc.

(b) .....................................................

3,032

609

IonQ,

Inc.

(a) (b) ........................................................

24,653

677

IPG

Photonics

Corp.

(a) ...................................................

2,920

Itron,

Inc.

(a) ..........................................................

5,370

598

Jamf

Holding

Corp.

(a) ...................................................

7,331

Juniper

Networks,

Inc.

...................................................

39,662

1,441

Kaltura,

Inc.

(a) ........................................................

7,345

Kimball

Electronics,

Inc.

(a) ...............................................

2,810

Klaviyo,

Inc.

,

Class

A

(a) ..................................................

7,768

Knowles

Corp.

(a) .......................................................

10,186

Kopin

Corp.

(a) .........................................................

15,961

Kulicke

&

Soffa

Industries,

Inc.

.............................................

6,173

Kyndryl

Holdings,

Inc.

(a) .................................................

27,631

896

Lattice

Semiconductor

Corp.

(a) .............................................

16,381

802

Life360,

Inc.

(a) ........................................................

7,946

Lightwave

Logic,

Inc.

(a) (b) ...............................................

12,605

Littelfuse,

Inc.

.........................................................

2,954

539

LiveRamp

Holdings,

Inc.

(a) ...............................................

7,643

Lumentum

Holdings,

Inc.

(a) ...............................................

7,973

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

7,609

789

Magnachip

Semiconductor

Corp.

(a) ..........................................

3,312

Manhattan

Associates,

Inc.

(a) ..............................................

7,267

1,289

MARA

Holdings,

Inc.

(a) (b) ...............................................

40,633

543

MaxLinear,

Inc.

(a) ......................................................

9,351

Meridianlink,

Inc.

(a) ....................................................

3,328

Methode

Electronics,

Inc.

.................................................

3,705

MicroVision,

Inc.

(a) (b) ...................................................

25,259

Mirion

Technologies,

Inc.

(a) ...............................................

25,936

Mitek

Systems,

Inc.

(a) ...................................................

5,120

MKS

Instruments,

Inc.

...................................................

8,072

566

M-Tron

Industries,

Inc.

(a) .................................................

N-able,

Inc.

(a) .........................................................

7,831

Napco

Security

Technologies,

Inc.

...........................................

4,122

Navitas

Semiconductor

Corp.

(a) (b) ..........................................

12,787

nCino,

Inc.

(a) .........................................................

12,706

NCR

Voyix

Corp.

(a) .....................................................

16,024

Neonode,

Inc.

(a) (b) .....................................................

1,345

NETGEAR,

Inc.

(a) .....................................................

3,088

NetScout

Systems,

Inc.

(a) .................................................

8,262

NextNav,

Inc.

(a) ........................................................

7,027

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) nLight,

Inc.

(a) .........................................................

5,360

$

Novanta,

Inc.

(a) ........................................................

4,291

510

Nutanix,

Inc.

,

Class

A

(a) ..................................................

29,990

2,060

NVE

Corp.

...........................................................

547

Okta,

Inc.

(a) ..........................................................

19,818

2,223

Olo,

Inc.

,

Class

A

(a) .....................................................

13,067

ON24,

Inc.

(a) .........................................................

3,945

OneSpan,

Inc.

.........................................................

4,179

Onestream,

Inc.

(a) ......................................................

8,245

Onto

Innovation,

Inc.

(a) ..................................................

5,898

719

OSI

Systems,

Inc.

(a) .....................................................

1,890

Ouster,

Inc.

(a) .........................................................

5,279

PagerDuty,

Inc.

(a) ......................................................

10,129

PAR

Technology

Corp.

(a) .................................................

4,734

PC

Connection,

Inc.

.....................................................

1,186

PDF

Solutions,

Inc.

(a) ...................................................

3,683

Pegasystems,

Inc.

.......................................................

5,246

Penguin

Solutions,

Inc.

(a) .................................................

5,375

Photronics,

Inc.

(a) ......................................................

7,306

Plexus

Corp.

(a) ........................................................

3,194

Porch

Group,

Inc.

(a) .....................................................

7,020

Power

Integrations,

Inc.

..................................................

6,694

Powerfleet,

Inc.

(a) ......................................................

14,784

Prairie

Operating

Co.

(a) ..................................................

601

Procore

Technologies,

Inc.

(a) ..............................................

16,297

1,044

Progress

Software

Corp.

..................................................

5,120

PROS

Holdings,

Inc.

(a) ..................................................

5,108

Q2

Holdings,

Inc.

(a) .....................................................

7,012

556

Qorvo,

Inc.

(a) .........................................................

11,177

801

Qualys,

Inc.

(a) .........................................................

4,339

545

Quantum

Computing,

Inc.

(a) (b) .............................................

13,212

QXO,

Inc.

(a) (b) ........................................................

46,512

620

Rackspace

Technology,

Inc.

(a) .............................................

6,314

Rambus,

Inc.

(a) ........................................................

12,792

624

Rapid7,

Inc.

(a) .........................................................

7,342

Red

Cat

Holdings,

Inc.

(a) (b) ...............................................

7,876

Red

Violet,

Inc.

........................................................

1,269

ReposiTrak,

Inc.

(b) .....................................................

1,325

Ribbon

Communications,

Inc.

(a) ............................................

16,909

Richardson

Electronics

Ltd.

...............................................

1,268

Rigetti

Computing,

Inc.

(a) (b) ..............................................

32,634

Rimini

Street,

Inc.

(a) (b) ..................................................

5,218

RingCentral,

Inc.

,

Class

A

(a) ...............................................

9,457

Riot

Platforms,

Inc.

(a) (b) .................................................

39,064

Rogers

Corp.

(a) ........................................................

2,190

Rubrik,

Inc.

,

Class

A

(a) ..................................................

9,149

645

Samsara,

Inc.

,

Class

A

(a) .................................................

30,088

1,193

Sanmina

Corp.

(a) .......................................................

6,317

ScanSource,

Inc.

(a) .....................................................

2,545

SEMrush

Holdings,

Inc.

,

Class

A

(a) ..........................................

4,181

Semtech

Corp.

(a) .......................................................

10,094

SentinelOne,

Inc.

,

Class

A

(a) ...............................................

33,535

620

Silicon

Laboratories,

Inc.

(a) ...............................................

3,822

Silvaco

Group,

Inc.

(a) ...................................................

Sirius

XM

Holdings,

Inc.

.................................................

37,386

801

SiTime

Corp.

(a) ........................................................

2,210

SkyWater

Technology,

Inc.

(a) (b) ............................................

2,520

SmartRent,

Inc.

(a) ......................................................

18,929

SolarEdge

Technologies,

Inc.

(a) (b) ..........................................

6,828

SoundHound

AI,

Inc.

,

Class

A

(a) ............................................

42,816

SoundThinking,

Inc.

(a) ...................................................

1,003

Sprinklr,

Inc.

,

Class

A

(a) ..................................................

12,159

Sprout

Social,

Inc.

,

Class

A

(a) ..............................................

5,949

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) SPS

Commerce,

Inc.

(a) ...................................................

4,492

$

645

Stratasys

Ltd.

(a) (b) ......................................................

6,827

Synaptics,

Inc.

(a) .......................................................

4,605

TD

SYNNEX

Corp.

.....................................................

9,038

1,001

Telos

Corp.

(a) .........................................................

5,368

Tenable

Holdings,

Inc.

(a) .................................................

14,220

Teradata

Corp.

(a) .......................................................

11,151

Terawulf,

Inc.

(a) (b) .....................................................

33,718

The

Hackett

Group,

Inc.

..................................................

2,945

TSS,

Inc.

(a) (b) .........................................................

1,171

TTM

Technologies,

Inc.

(a) ................................................

11,886

Tucows,

Inc.

,

Class

A

(a) ..................................................

944

Turtle

Beach

Corp.

(a) ....................................................

1,618

Twilio,

Inc.

,

Class

A

(a) ...................................................

17,258

1,669

UiPath,

Inc.

,

Class

A

(a) ..................................................

50,054

598

Ultra

Clean

Holdings,

Inc.

(a) ..............................................

5,217

Unisys

Corp.

(a) ........................................................

7,367

Unity

Software,

Inc.

(a) ...................................................

37,411

788

Universal

Display

Corp.

..................................................

5,278

663

Unusual

Machines,

Inc.

(a) ................................................

1,146

Varonis

Systems,

Inc.

(a) ..................................................

12,897

553

Veeco

Instruments,

Inc.

(a) .................................................

6,747

Verint

Systems,

Inc.

(a) ...................................................

7,297

Vertex,

Inc.

,

Class

A

(a) ...................................................

7,666

Viant

Technology,

Inc.

,

Class

A

(a) ...........................................

1,633

Viasat,

Inc.

(a) .........................................................

13,333

Viavi

Solutions,

Inc.

(a) ...................................................

26,268

Vishay

Intertechnology,

Inc.

...............................................

14,625

Vishay

Precision

Group,

Inc.

(a) .............................................

1,284

Vontier

Corp.

..........................................................

17,800

566

Vuzix

Corp.

(a) .........................................................

6,391

Weave

Communications,

Inc.

(a) ............................................

7,274

Wolfspeed,

Inc.

(a) (b) ....................................................

17,963

Workiva,

Inc.

(a) ........................................................

5,962

Xerox

Holdings

Corp.

...................................................

13,635

Xperi,

Inc.

(a) ..........................................................

4,911

Yext,

Inc.

(a) ...........................................................

12,271

Zeta

Global

Holdings

Corp.

,

Class

A

(a) .......................................

22,021

82,835

Materials

(4.5%):

AdvanSix,

Inc.

.........................................................

3,008

Albemarle

Corp.

.......................................................

14,100

826

Alcoa

Corp.

...........................................................

30,965

760

Algoma

Steel

Group,

Inc.

.................................................

11,133

Alpha

Metallurgical

Resources,

Inc.

(a) ........................................

1,301

American

Infrastructure

Corp.

(a) (c) ..........................................

—

(d) American

Vanguard

Corp.

.................................................

2,796

AptarGroup,

Inc.

.......................................................

7,963

1,194

Ardagh

Metal

Packaging

SA

...............................................

16,019

Arq,

Inc.

(a) ...........................................................

3,639

Arras

Minerals

Corp.

(a) ..................................................

4,451

Ashland,

Inc.

..........................................................

5,604

ASP

Isotopes,

Inc.

(a) (b) ..................................................

6,142

Aspen

Aerogels,

Inc.

(a) ..................................................

9,466

ATI,

Inc.

(a) ...........................................................

16,912

920

Avient

Corp.

..........................................................

10,779

Axalta

Coating

Systems

Ltd.

(a) .............................................

26,184

851

Balchem

Corp.

.........................................................

3,897

610

Cabot

Corp.

...........................................................

6,445

506

Carpenter

Technology

Corp.

...............................................

5,777

1,130

Celanese

Corp.

.........................................................

13,123

584

Century

Aluminum

Co.

(a) .................................................

6,037

Clearwater

Paper

Corp.

(a) .................................................

1,780

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Cleveland-Cliffs,

Inc.

(a) ..................................................

58,243

$

Coeur

Mining,

Inc.

(a) ....................................................

75,687

Commercial

Metals

Co.

..................................................

13,583

605

Compass

Minerals

International,

Inc.

(a) .......................................

3,839

Contango

ORE,

Inc.

(a) ...................................................

741

Core

Molding

Technologies,

Inc.

(a) ..........................................

820

Crown

Holdings,

Inc.

....................................................

14,046

1,353

Dakota

Gold

Corp.

(a) ....................................................

7,189

Eagle

Materials,

Inc.

.....................................................

3,966

898

Eastman

Chemical

Co.

...................................................

13,787

1,062

Ecovyst,

Inc.

(a) ........................................................

12,441

Element

Solutions,

Inc.

...................................................

26,776

546

Flotek

Industries,

Inc.

(a) ..................................................

3,218

FMC

Corp.

...........................................................

14,941

626

Ginkgo

Bioworks

Holdings,

Inc.

(a) (b) ........................................

4,144

Graphic

Packaging

Holding

Co.

............................................

35,691

903

Greif,

Inc.

,

Class

A

......................................................

3,072

H.B.

Fuller

Co.

........................................................

6,490

Hawkins,

Inc.

.........................................................

2,306

Hecla

Mining

Co.

.......................................................

71,190

Huntsman

Corp.

........................................................

19,610

Idaho

Strategic

Resources,

Inc.

(a) ...........................................

1,311

Ingevity

Corp.

(a) .......................................................

4,295

Innospec,

Inc.

.........................................................

2,952

Intrepid

Potash,

Inc.

(a) ...................................................

1,196

Kaiser

Aluminum

Corp.

..................................................

1,869

Knife

River

Corp.

(a) ....................................................

6,757

631

Koppers

Holdings,

Inc.

...................................................

2,277

Louisiana-Pacific

Corp.

..................................................

8,257

713

LSB

Industries,

Inc.

(a) ...................................................

6,063

Magnera

Corp.

(a) .......................................................

4,084

Materion

Corp.

........................................................

2,442

Mativ

Holdings,

Inc.

.....................................................

6,124

McEwen

Mining,

Inc.

(a) ..................................................

5,103

Mercer

International,

Inc.

.................................................

4,287

Metallus,

Inc.

(a) ........................................................

4,222

Minerals

Technologies,

Inc.

................................................

3,776

MP

Materials

Corp.

(a) (b) .................................................

14,141

Myers

Industries,

Inc.

....................................................

4,266

NewMarket

Corp.

......................................................

955

588

Northern

Technologies

International

Corp.

.....................................

758

Novusterra,

Inc.

(a) (c) ....................................................

579

—

O-I

Glass,

Inc.

(a) .......................................................

18,080

Olin

Corp.

............................................................

13,815

Olympic

Steel,

Inc.

......................................................

1,118

Origin

Materials,

Inc.

(a) ..................................................

13,458

Orion

SA

.............................................................

6,421

Perimeter

Solutions,

Inc.

(a) ................................................

16,923

Perpetua

Resources

Corp.

(a) ...............................................

8,249

Piedmont

Lithium,

Inc.

(a) (b) ...............................................

2,143

PureCycle

Technologies,

Inc.

(a) (b) ..........................................

19,560

Quaker

Chemical

Corp.

..................................................

1,653

Radius

Recycling,

Inc.

...................................................

3,084

Ramaco

Resources,

Inc.

,

Class

A

............................................

3,577

Ranpak

Holdings

Corp.

(a) ................................................

8,806

Rayonier

Advanced

Materials,

Inc.

(a) ........................................

7,287

Royal

Gold,

Inc.

........................................................

7,902

1,444

Ryerson

Holding

Corp.

...................................................

3,132

Sealed

Air

Corp.

.......................................................

17,236

Sensient

Technologies

Corp.

...............................................

5,020

Silgan

Holdings,

Inc.

....................................................

10,512

543

Smith-Midland

Corp.

(a) ..................................................

Sonoco

Products

Co.

....................................................

11,714

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Stepan

Co.

............................................................

2,543

$

SunCoke

Energy,

Inc.

....................................................

9,861

Sylvamo

Corp.

.........................................................

4,048

The

Chemours

Co.

......................................................

17,831

The

Mosaic

Co.

........................................................

37,964

1,154

The

Scotts

Miracle-Gro

Co.

...............................................

5,232

TMC

the

metals

Co.,

Inc.

(a) ...............................................

16,000

Tredegar

Corp.

(a) .......................................................

3,343

TriMas

Corp.

..........................................................

3,961

Trinseo

PLC

..........................................................

3,424

Tronox

Holdings

PLC

...................................................

13,666

United

States

Lime

&

Minerals,

Inc.

.........................................

1,271

United

States

Steel

Corp.

.................................................

26,707

1,167

Warrior

Met

Coal,

Inc.

...................................................

6,157

Worthington

Steel,

Inc.

...................................................

3,854

29,826

Real

Estate

(7.4%):

Acadia

Realty

Trust

.....................................................

14,288

Agree

Realty

Corp.

.....................................................

12,697

985

Alexander

&

Baldwin,

Inc.

................................................

8,500

Alexander's,

Inc.

.......................................................

Alpine

Income

Property

Trust,

Inc.

..........................................

1,510

American

Assets

Trust,

Inc.

................................................

5,484

American

Healthcare

REIT,

Inc.

............................................

18,820

608

American

Homes

Rent

,

Class

A

...........................................

41,030

1,534

Americold

Realty

Trust,

Inc.

...............................................

34,217

662

AMREP

Corp.

(a) .......................................................

Anywhere

Real

Estate,

Inc.

(a) ..............................................

12,134

Apartment

Investment

and

Management

Co.

....................................

15,611

Apple

Hospitality

REIT,

Inc.

...............................................

26,870

Armada

Hoffler

Properties,

Inc.

.............................................

9,211

Belpointe

Prep

LLC

(a) ...................................................

Braemar

Hotels

&

Resorts,

Inc.

.............................................

6,395

Brandywine

Realty

Trust

.................................................

19,748

Brixmor

Property

Group,

Inc.

..............................................

36,596

912

Broadstone

Net

Lease,

Inc.

................................................

22,477

BRT

Apartments

Corp.

...................................................

1,179

BXP,

Inc.

.............................................................

19,035

1,213

Camden

Property

Trust

...................................................

12,646

1,439

CareTrust

REIT,

Inc.

....................................................

22,481

658

CBL

&

Associates

Properties,

Inc.

...........................................

3,205

Centerspace

...........................................................

1,973

Chatham

Lodging

Trust

..................................................

5,484

City

Office

REIT,

Inc.

....................................................

4,280

Community

Healthcare

Trust,

Inc.

...........................................

3,134

Compass,

Inc.

,

Class

A

(a) .................................................

53,646

COPT

Defense

Properties

.................................................

13,500

Cousins

Properties,

Inc.

..................................................

20,029

552

CTO

Realty

Growth,

Inc.

.................................................

3,403

CubeSmart

...........................................................

27,221

1,107

Curbline

Properties

Corp.

.................................................

11,453

Cushman

&

Wakefield

PLC

(a) .............................................

27,259

DiamondRock

Hospitality

Co.

..............................................

24,201

DigitalBridge

Group,

Inc.

.................................................

20,626

Diversified

Healthcare

Trust

...............................................

25,408

Douglas

Elliman,

Inc.

(a) ..................................................

7,501

Douglas

Emmett,

Inc.

....................................................

19,324

Easterly

Government

Properties,

Inc.

(a) .......................................

4,814

EastGroup

Properties,

Inc.

................................................

6,207

1,014

Elme

Communities

......................................................

10,386

Empire

State

Realty

Trust,

Inc.

.............................................

16,255

EPR

Properties

........................................................

8,950

Equity

LifeStyle

Properties,

Inc.

............................................

22,411

1,452

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Essential

Properties

Realty

Trust,

Inc.

........................................

22,489

$

723

eXp

World

Holdings,

Inc.

(b) ...............................................

9,848

Farmland

Partners,

Inc.

...................................................

4,794

Federal

Realty

Investment

Trust

............................................

10,242

963

First

Industrial

Realty

Trust,

Inc.

............................................

15,830

753

Five

Point

Holdings

LLC

,

Class

A

(a) .........................................

6,066

Forestar

Group,

Inc.

(a) ...................................................

2,160

Four

Corners

Property

Trust,

Inc.

............................................

11,849

Franklin

Street

Properties

Corp.

.............................................

7,883

FrontView

REIT,

Inc.

....................................................

1,605

FRP

Holdings,

Inc.

(a) ....................................................

1,417

Getty

Realty

Corp.

(b) ....................................................

6,084

Gladstone

Commercial

Corp.

..............................................

5,142

Gladstone

Land

Corp.

....................................................

3,878

Global

Medical

REIT,

Inc.

................................................

7,404

Global

Net

Lease,

Inc.

...................................................

23,830

Healthcare

Realty

Trust,

Inc.

...............................................

41,891

651

Healthpeak

Properties,

Inc.

................................................

84,069

1,500

Highwoods

Properties,

Inc.

................................................

12,726

Host

Hotels

&

Resorts,

Inc.

................................................

83,096

1,173

Howard

Hughes

Holdings,

Inc.

(a) ...........................................

5,982

Hudson

Pacific

Properties,

Inc.

.............................................

15,841

Independence

Realty

Trust,

Inc.

.............................................

27,562

536

Industrial

Logistics

Properties

Trust

..........................................

5,770

Innovative

Industrial

Properties,

Inc.

.........................................

3,334

InvenTrust

Properties

Corp.

...............................................

9,250

JBG

SMITH

Properties

...................................................

9,835

Jones

Lang

LaSalle,

Inc.

(a) ................................................

5,662

1,288

Kennedy-Wilson

Holdings,

Inc.

.............................................

13,982

Kilroy

Realty

Corp.

.....................................................

13,897

Kimco

Realty

Corp.

.....................................................

80,109

1,601

Kite

Realty

Group

Trust

..................................................

26,221

568

Lamar

Advertising

Co.

,

Class

A

.............................................

10,526

1,198

Landbridge

Co.

LLC

(b) ..................................................

2,705

Lineage,

Inc.

(b) ........................................................

8,301

LTC

Properties,

Inc.

.....................................................

5,324

LXP

Industrial

Trust

.....................................................

34,605

Marcus

&

Millichap,

Inc.

.................................................

2,883

Maui

Land

&

Pineapple

Co.,

Inc.

(a) ..........................................

798

Medical

Properties

Trust,

Inc.

(b) ............................................

59,434

Modiv

Industrial,

Inc.

....................................................

969

National

Health

Investors,

Inc.

.............................................

5,241

National

Storage

Affiliates

Trust

............................................

8,392

NET

Lease

Office

Properties

(a) .............................................

1,717

NETSTREIT

Corp.

.....................................................

9,580

Newmark

Group,

Inc.

,

Class

A

.............................................

16,948

NexPoint

Diversified

Real

Estate

Trust

(a) ......................................

3,861

NexPoint

Residential

Trust,

Inc.

............................................

2,557

NNN

REIT,

Inc.

........................................................

22,394

921

Offerpad

Solutions,

Inc.

(a) ................................................

729

Omega

Healthcare

Investors,

Inc.

...........................................

33,917

1,324

One

Liberty

Properties,

Inc.

...............................................

1,784

Opendoor

Technologies,

Inc.

(a) .............................................

71,609

Orion

Properties,

Inc.

....................................................

5,731

Outfront

Media,

Inc.

.....................................................

16,431

Paramount

Group,

Inc.

...................................................

21,669

Park

Hotels

&

Resorts,

Inc.

................................................

23,544

Pebblebrook

Hotel

Trust

..................................................

13,984

Phillips

Edison

&

Co.,

Inc.

................................................

14,996

520

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

....................................

14,527

Plymouth

Industrial

REIT,

Inc.

.............................................

4,680

Postal

Realty

Trust,

Inc.

,

Class

A

............................................

2,537

PotlatchDeltic

Corp.

.....................................................

9,335

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Rayonier,

Inc.

.........................................................

18,640

$

RE/MAX

Holdings,

Inc.

(a) ................................................

1,776

Redfin

Corp.

(a) ........................................................

14,582

Regency

Centers

Corp.

...................................................

21,709

1,567

Rexford

Industrial

Realty,

Inc.

..............................................

27,435

908

RLJ

Lodging

Trust

......................................................

17,610

Ryman

Hospitality

Properties,

Inc.

...........................................

6,988

615

Sabra

Health

Care

REIT,

Inc.

..............................................

28,135

502

Safehold,

Inc.

.........................................................

5,839

Saul

Centers,

Inc.

.......................................................

1,508

Seritage

Growth

Properties

,

Class

A

(a) ........................................

3,635

Service

Properties

Trust

..................................................

17,853

Sila

Realty

Trust,

Inc.

....................................................

6,525

SITE

Centers

Corp.

(a) ...................................................

5,848

SL

Green

Realty

Corp.

...................................................

8,545

STAG

Industrial,

Inc.

....................................................

22,467

742

Star

Holdings

(a) ........................................................

1,301

Stratus

Properties,

Inc.

(a) .................................................

691

Summit

Hotel

Properties,

Inc.

..............................................

12,459

Sunstone

Hotel

Investors,

Inc.

..............................................

23,786

Tanger,

Inc.

...........................................................

13,222

Tejon

Ranch

Co.

(a) .....................................................

2,855

Terreno

Realty

Corp.

....................................................

11,778

663

The

Macerich

Co.

......................................................

30,204

The

RMR

Group,

Inc.

,

Class

A

.............................................

1,617

The

St.

Joe

Co.

........................................................

6,758

UMH

Properties,

Inc.

....................................................

9,192

Uniti

Group,

Inc.

.......................................................

27,107

Universal

Health

Realty

Income

Trust

........................................

1,492

Urban

Edge

Properties

...................................................

15,055

Veris

Residential,

Inc.

....................................................

10,846

Vornado

Realty

Trust

....................................................

21,209

748

Whitestone

REIT

.......................................................

5,185

WP

Carey,

Inc.

.........................................................

26,021

1,625

Xenia

Hotels

&

Resorts,

Inc.

...............................................

11,997

49,221

Utilities

(2.7%):

ALLETE,

Inc.

.........................................................

6,945

American

States

Water

Co.

................................................

4,545

Artesian

Resources

Corp.

,

Class

A

...........................................

1,034

Avista

Corp.

..........................................................

9,543

Black

Hills

Corp.

.......................................................

8,574

522

Cadiz,

Inc.

(a) ..........................................................

5,582

California

Water

Service

Group

.............................................

7,097

Chesapeake

Utilities

Corp.

................................................

2,699

Clearway

Energy,

Inc.

,

Class

C

.............................................

13,732

Consolidated

Water

Co.

Ltd.

,

Class

OR

.......................................

1,719

Essential

Utilities,

Inc.

...................................................

33,066

1,360

Genie

Energy

Ltd.

,

Class

B

................................................

1,429

Global

Water

Resources,

Inc.

..............................................

1,189

Hawaiian

Electric

Industries,

Inc.

(a) .........................................

20,635

IDACORP,

Inc.

........................................................

6,479

765

MGE

Energy,

Inc.

......................................................

4,381

Middlesex

Water

Co.

....................................................

2,031

Montauk

Renewables,

Inc.

(a) ..............................................

4,647

National

Fuel

Gas

Co.

...................................................

10,769

827

New

Jersey

Resources

Corp.

...............................................

12,022

588

Northwest

Natural

Holding

Co.

.............................................

4,770

Northwestern

Energy

Group,

Inc.

...........................................

7,327

OGE

Energy

Corp.

......................................................

24,138

1,095

Oklo,

Inc.

(a) (b) ........................................................

9,969

ONE

Gas,

Inc.

.........................................................

7,117

559

Ormat

Technologies,

Inc.

.................................................

7,271

528

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Otter

Tail

Corp.

........................................................

4,564

$

Pinnacle

West

Capital

Corp.

...............................................

14,349

1,366

Portland

General

Electric

Co.

..............................................

13,122

553

Pure

Cycle

Corp.

(a) .....................................................

2,609

ReNew

Energy

Global

PLC

(a) .............................................

18,584

RGC

Resources,

Inc.

....................................................

903

SJW

Group

...........................................................

3,693

Southwest

Gas

Holdings,

Inc.

..............................................

7,434

537

Spire,

Inc.

............................................................

6,839

523

Sunnova

Energy

International,

Inc.

(a) (b) ......................................

8,561

Talen

Energy

Corp.

(a) ...................................................

5,414

1,164

The

AES

Corp.

........................................................

85,423

854

The

York

Water

Co.

.....................................................

1,664

TXNM

Energy,

Inc.

.....................................................

11,020

586

UGI

Corp.

............................................................

25,876

848

Unitil

Corp.

...........................................................

1,884

17,665

Total

Common

Stocks

(Cost

$443,494)

a

a

a

658,192

Preferred

Stocks

(0.0%)

Communication

Services

(0.0%):

SRAX,

Inc.

(a) (c) .......................................................

3,374

—

Total

Preferred

Stocks

(Cost

$—(d))

a

a

a

—

Rights

(0.0%)(h)

Communication

Services

(0.0%):(h)

Communications

Systems,

Inc.,

CVR

,

expiring

1/1/29

(a) (c) .........................

—

(d) Consumer

Staples

(0.0%):(h)

Spectrum

Pharmaceuticals,

Inc.,

CVR

,

expiring

1/1/26

(a) (c) ........................

20,024

—

(d) Health

Care

(0.0%):(h)

Akouos,

Inc.,

CVR

,

expiring

1/1/26

(a) (c) ......................................

2,413

Albireo

Pharma,

Inc.,

CVR

,

expiring

3/2/26

(a) (c) ................................

2,070

Applied

Genetics,

CVR

,

expiring

1/1/26

(a) (c) ..................................

7,439

—

(d) AstraZeneca

PLC,

CVR

,

expiring

1/1/26

(a) (c) ..................................

4,321

Carisma

Therapeutics,

Inc.,

CVR

,

expiring

1/1/27

(a) (c) ............................

22,411

—

Cartesian

Therapeutics,

Inc.,

CVR

,

expiring

5/21/25

(a) (c) ..........................

14,929

Chinook

Therapeutics,

Inc.,

RTS

,

expiring

1/1/26

(a) (c) ............................

5,192

Cincor

Pharma,

Inc.,

CVR

,

expiring

1/2/34

(a) (c) .................................

1,987

Coherus

Biosciences,

Inc.,

CVR

,

expiring

9/12/28

(a) (c) ...........................

5,561

Concert

Pharmaceuticals,

Inc.,

CVR

,

expiring

3/5/26

(a) (c) .........................

5,168

Epizyme,

Inc.,

CVR

,

expiring

12/31/25

(a) (c) ...................................

15,309

—

(d) Flexion

Therapeutics,

Inc.,

CVR

,

expiring

1/1/26

(a) (b) (c) ..........................

6,526

—

(d) F-star

Therapeutics,

Inc.,

CVR

,

expiring

12/30/49

(a) (c) ............................

1,298

—

(d) Imara,

Inc.,

CVR

,

expiring

1/1/27

(a) (c) .......................................

1,789

Inhibrx,

Inc.,

CVR

,

expiring

6/2/28

(a) (c) ......................................

4,624

Jounce

Therapeutics,

Inc.,

CVR

,

expiring

5/4/26

(a) (c) .............................

4,884

—

(d) Magenta

Therapeutics,

Inc.,

RTS

,

expiring

5/21/25

(a) (c) ...........................

4,843

—

(d) MediPacific,

Inc.,

CVR

,

expiring

1/1/26

(a) (c) ...................................

5,536

—

(d) Miragen

Therapeutics,

Inc.,

CVR

,

expiring

10/28/25

(a) (c) ..........................

7,890

—

(d) Ocuphire

Pharma,

Inc.,

CVR

,

expiring

11/5/35

(a) (c) ..............................

—

(d) OmniAb

Operations,

Inc.,

12.50 Earnout

Shares

,

expiring

11/1/27

(a) (c) (f) (g) ............

698

—

OmniAb

Operations,

Inc.,

15.00 Earnout

Shares

,

expiring

11/1/27

(a) (c) (f) (g) ............

698

—

Opiant

Pharma,

Inc.,

CVR

,

expiring

1/1/26

(a) (c) .................................

533

—

(d) Palisade

Bio,

Inc.,

CVR

,

expiring

1/1/26

(a) (c) ..................................

2,758

Paratek

Pharmaceuticals,

Inc.,

CVR

,

expiring

1/1/26

(a) (b) (c) ........................

5,165

—

(d) Prevail

Therapeutics,

Inc.,

CVR

,

expiring

12/4/28

(a) (c) ............................

4,938

Satsuma

Pharmaceuticals,

Inc.,

CVR

,

expiring

1/1/29

(a) (c) .........................

3,019

Tetraphase

Pharmaceuticals,

Inc.,

CVR

,

expiring

1/1/26

(a) (c) .......................

1,178

—

Xeris

Biopharma

Holdings,

Inc.,

CVR

,

expiring

10/6/49

(a) (c) .......................

8,140

—

Zimmer

Biomet

Holdings,

Inc.,

CVR

,

expiring

1/1/27

(a) (c) .........................

5,527

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

OmniAb

Operations,

Inc.,

12.50 Earnout

Shares

......................

11/3/2022

$

—

OmniAb

Operations,

Inc.,

15.00 Earnout

Shares

......................

11/3/2022

—

Scilex

Holding

Co.

...........................................

1/27/2023

Security

Description

Shares

a

Value

(000) Zynerba

Pharmaceuticals,

Inc.,

CVR

,

expiring

1/1/26

(a) (b) (c) .......................

5,691

$

Total

Rights

(Cost

$6)

a

a

a

Warrants

(0.0%)(h)

Health

Care

(0.0%):(h)

Galectin

Therapeutics,

Inc.

,

expiring

5/23/26

(a) .................................

7,552

—

(d) Information

Technology

(0.0%):(h)

M-Tron

Industries,

Inc.

,

expiring

3/11/28

(a) ....................................

—

(d) Total

Warrants

(Cost

$—)

a

a

a

—

(d) Collateral

for

Securities

Loaned

(3.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(i) ........

5,985,131

5,986

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(i) ............

5,985,131

5,985

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(i) ................

5,985,131

5,985

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(i) .

5,985,131

5,985

Total

Collateral

for

Securities

Loaned

(Cost

$23,941)

a

a

a

23,941

Total

Investments

(Cost

$467,441)

—

103.2%

682,165

Liabilities

in

excess

of

other

assets

— (3.2)%

(20,914)

NET

ASSETS

-

100.00%

$

661,251

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

April

30,

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)

(d) Rounds

to

less

than

$1

thousand.

(e) Affiliated

security.

(See

Note

in

the

Notes

to

Financial

Statements)

(f) Restricted

security

that

is

not

registered

under

the

Securities

Act

of

1933. (g) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

at

April

30,

2025. (amounts

in

thousands):

(h) Amount

represents

less

than

0.05%

of

net

assets.

(i) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. CVR

—

Contingent

Value

Right

LLC

—

Limited

Liability

Company

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

Russell

2000

Index

Futures

......

6/20/25

$

2,267,366

$

2,363,760

$

96,394

Total

unrealized

appreciation

$

96,394

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

96,394

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Nasdaq-100

#### Index

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.6%)

Communication

Services

(15.6%):

Alphabet,

Inc.

,

Class

A

...................................................

1,051,603

$

166,995

Alphabet,

Inc.

,

Class

C

...................................................

991,028

159,447

Charter

Communications,

Inc.

,

Class

A

(a) .....................................

62,961

24,672

Comcast

Corp.

,

Class

A

..................................................

1,672,876

57,212

Electronic

Arts,

Inc.

.....................................................

115,596

16,772

Meta

Platforms,

Inc.

,

Class

A

..............................................

394,806

216,749

Netflix,

Inc.

(a) .........................................................

189,731

214,722

Take-Two

Interactive

Software,

Inc.

(a) ........................................

78,284

18,265

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

200,673

10,762

T-Mobile

US,

Inc.

......................................................

506,419

125,060

Warner

Bros

Discovery,

Inc.

(a) .............................................

1,088,806

9,440

1,020,096

Communications

Equipment

(1.6%):

Cisco

Systems,

Inc.

.....................................................

1,764,563

101,868

Consumer

Discretionary

(13.7%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

192,002

23,409

Amazon.com,

Inc.

(a) ....................................................

1,924,311

354,881

Booking

Holdings,

Inc.

...................................................

14,555

74,220

DoorDash,

Inc.

,

Class

A

(a) ................................................

174,973

33,751

Lululemon

Athletica,

Inc.

(a) ...............................................

51,576

13,965

Marriott

International,

Inc.

,

Class

A

..........................................

122,284

29,175

MercadoLibre,

Inc.

(a) ....................................................

22,487

52,414

O'Reilly

Automotive,

Inc.

(a) ...............................................

25,403

35,950

PDD

Holdings,

Inc.

,

ADR

(a) ...............................................

296,258

31,276

Ross

Stores,

Inc.

.......................................................

146,339

20,341

Starbucks

Corp.

........................................................

503,826

40,331

Tesla,

Inc.

(a) ..........................................................

655,274

184,892

894,605

Consumer

Staples

(6.1%):

Coca-Cola

Europacific

Partners

PLC

.........................................

204,452

18,552

Costco

Wholesale

Corp.

..................................................

196,890

195,807

Keurig

Dr.

Pepper,

Inc.

...................................................

601,784

20,816

Mondelez

International,

Inc.

,

Class

A

.........................................

573,740

39,089

Monster

Beverage

Corp.

(a) ................................................

431,643

25,950

PepsiCo,

Inc.

..........................................................

608,326

82,477

The

Kraft

Heinz

Co.

.....................................................

530,035

15,424

398,115

Electronic

Equipment,

Instruments

&

Components

(0.1%):

CDW

Corp.

...........................................................

58,767

9,436

Energy

(0.5%):

Baker

Hughes

Co.

......................................................

439,162

15,546

Diamondback

Energy,

Inc.

................................................

128,381

16,948

32,494

Financials

(0.4%):

PayPal

Holdings,

Inc.

(a) ..................................................

438,776

28,889

Health

Care

(5.6%):

Amgen,

Inc.

...........................................................

238,276

69,319

AstraZeneca

PLC

,

ADR

..................................................

258,279

18,542

Biogen,

Inc.

(a) .........................................................

64,924

7,861

Dexcom,

Inc.

(a) ........................................................

173,326

12,372

GE

HealthCare

Technologies,

Inc.

...........................................

202,834

14,265

Gilead

Sciences,

Inc.

....................................................

552,371

58,850

IDEXX

Laboratories,

Inc.

(a) ...............................................

36,073

15,607

Intuitive

Surgical,

Inc.

(a) .................................................

158,194

81,596

Regeneron

Pharmaceuticals,

Inc.

............................................

47,685

28,552

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

113,899

58,032

364,996

Victory

Portfolios

III

#### Victory

#### Nasdaq-100

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Industrials

(4.9%):

Automatic

Data

Processing,

Inc.

............................................

180,467

$

54,248

Axon

Enterprise,

Inc.

(a) ..................................................

33,986

20,844

Cintas

Corp.

..........................................................

178,991

37,889

Copart,

Inc.

(a) .........................................................

428,509

26,152

CSX

Corp.

............................................................

840,353

23,589

Fastenal

Co.

...........................................................

254,353

20,595

Honeywell

International,

Inc.

..............................................

288,270

60,681

Old

Dominion

Freight

Line,

Inc.

............................................

94,274

14,450

PACCAR,

Inc.

.........................................................

232,775

20,999

Paychex,

Inc.

..........................................................

159,705

23,496

Verisk

Analytics,

Inc.

....................................................

62,219

18,443

321,386

IT

Services

(0.3%):

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

219,386

16,140

MongoDB,

Inc.

(a) ......................................................

33,031

5,687

21,827

Materials

(1.4%):

Linde

PLC

............................................................

209,759

95,069

Real

Estate

(0.2%):

CoStar

Group,

Inc.

(a) ....................................................

181,910

13,492

Semiconductors

&

Semiconductor

Equipment

(20.2%):

Advanced

Micro

Devices,

Inc.

(a) ............................................

718,760

69,971

Analog

Devices,

Inc.

....................................................

219,989

42,880

Applied

Materials,

Inc.

...................................................

360,356

54,309

ARM

Holdings

PLC

,

ADR

(a) (b) ............................................

58,068

6,623

ASML

Holding

NV

,

NYS

.................................................

40,059

26,763

Broadcom,

Inc.

........................................................

1,397,651

269,006

GLOBALFOUNDRIES,

Inc.

(a) ............................................

245,129

8,597

Intel

Corp.

............................................................

1,920,563

38,603

KLA

Corp.

...........................................................

58,942

41,418

Lam

Research

Corp.

.....................................................

569,366

40,806

Marvell

Technology,

Inc.

.................................................

383,802

22,403

Microchip

Technology,

Inc.

................................................

238,549

10,992

Micron

Technology,

Inc.

..................................................

494,189

38,028

NVIDIA

Corp.

.........................................................

4,430,494

482,569

NXP

Semiconductors

NV

.................................................

112,493

20,734

ON

Semiconductor

Corp.

(a) ...............................................

186,920

7,421

QUALCOMM,

Inc.

.....................................................

490,564

72,829

Texas

Instruments,

Inc.

...................................................

403,776

64,624

1,318,576

Software

(18.6%):

Adobe,

Inc.

(a) .........................................................

192,898

72,333

ANSYS,

Inc.

(a) ........................................................

38,878

12,514

AppLovin

Corp.

,

Class

A

(a) ...............................................

137,176

36,943

Atlassian

Corp.

,

Class

A

(a) ................................................

72,738

16,607

Autodesk,

Inc.

(a) .......................................................

95,363

26,153

Cadence

Design

Systems,

Inc.

(a) ............................................

121,580

36,199

Crowdstrike

Holdings,

Inc.

,

Class

A

(a) .......................................

103,724

44,484

Datadog,

Inc.

,

Class

A

(a) .................................................

140,719

14,376

Fortinet,

Inc.

(a) ........................................................

341,077

35,390

Intuit,

Inc.

............................................................

123,999

77,806

Microsoft

Corp.

........................................................

1,349,845

533,540

MicroStrategy,

Inc.

(a) ....................................................

105,436

40,077

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

997,518

118,146

Palo

Alto

Networks,

Inc.

(a) ................................................

293,673

54,896

Roper

Technologies,

Inc.

..................................................

47,630

26,677

Synopsys,

Inc.

(a) .......................................................

68,581

31,479

Workday,

Inc.

,

Class

A

(a) .................................................

94,919

23,255

Victory

Portfolios

III

#### Victory

#### Nasdaq-100

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Zscaler,

Inc.

(a) .........................................................

68,057

$

15,393

1,216,268

Technology

Hardware,

Storage

&

Peripherals

(8.9%):

Apple,

Inc.

...........................................................

2,727,672

579,630

Utilities

(1.5%):

American

Electric

Power

Co.,

Inc.

...........................................

236,504

25,623

Constellation

Energy

Corp.

................................................

138,763

31,005

Exelon

Corp.

..........................................................

445,862

20,911

Xcel

Energy,

Inc.

.......................................................

254,842

18,017

95,556

Total

Common

Stocks

(Cost

$2,486,261)

a

a

a

6,512,303

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(c) ........

1,637,608

1,637

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

1,637,608

1,637

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

1,637,608

1,638

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(c) .

1,637,608

1,638

Total

Collateral

for

Securities

Loaned

(Cost

$6,550)

a

a

a

6,550

Total

Investments

(Cost

$2,492,811)

—

99.7%

6,518,853

Other

assets

in

excess

of

liabilities

— 0.3%

17,436

NET

ASSETS

-

100.00%

$

6,536,289

^

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

April

30,

2025. ADR

—

American

Depositary

Receipt

NYS

—

New

York

Registered

Shares

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

NASDAQ

E-Mini

Futures

.........

6/20/25

$

26,145,990

$

27,128,730

$

982,740

Total

unrealized

appreciation

$

982,740

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

982,740

Statements

of

Assets

and

Liabilities

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

500

Index

Fund

Victory

Extended

Market

Index

Fund

Victory

Index

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$—,

$175

and

$—)

$

—

$

$

—

Unaffiliated

investments,

at

value

(Cost

$3,022,621,

$467,266

and

$2,492,811)

12,011,114

(a) 681,824

(b) 6,518,853

(c) Cash

21,666

570

20,109

Deposit

with

broker

for

futures

contracts

9,955

832

6,344

Receivables:

Dividends,

interest,

and

securities

lending

income

6,724

823

Capital

shares

issued

1,846

1,840

Investments

sold

—

1,857

—

From

Adviser

520

—

Variation

margin

on

open

futures

contracts

Other

—

—

Prepaid

expenses

Total

Assets

12,051,984

685,841

6,548,098

Liabilities:

Payables:

Collateral

received

on

loaned

securities

6,202

23,941

6,550

Capital

shares

redeemed

3,757

2,850

Accrued

expenses

and

other

payables:

Investment

advisory

fees

952

1,020

Administration

fees

571

697

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(d) 4

Trustees'

fees

12b-1

fees

—

—

Other

accrued

expenses

Total

Liabilities

12,030

24,590

11,809

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

2,801,503

442,634

2,360,198

Total

accumulated

earnings

(loss)

9,238,451

218,617

4,176,091

Net

Assets

$

12,039,954

$

661,251

$

6,536,289

Net

Assets:

Fund

Shares

$

—

$

661,251

$

5,166,420

Institutional

Shares

—

—

803,954

Member

Shares

4,148,240

—

—

Reward

Shares

7,891,714

—

—

Class

A

—

—

65,376

Class

C

—

—

14,405

Class

R6

—

—

486,134

Total

$

12,039,954

$

661,251

$

6,536,289

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

—

35,783

107,245

Institutional

Shares

—

—

16,668

Member

Shares

59,740

—

—

Reward

Shares

113,552

—

—

Class

A

—

—

1,364

Class

C

—

—

Class

R6

—

—

10,083

Total

173,292

35,783

135,669

Net

asset

value,

offering

and

redemption

price

per

share:(e)

Fund

Shares

$

—

$

.48

$

.17

Institutional

Shares

—

—

.23

Member

Shares

.44

—

—

Reward

Shares

.50

—

—

Class

A

—

—

.93

Class

C(f)

—

—

.62

Class

R6

—

—

.21

Maximum

Sales

Charge

—

Class

A

—

%

—

%

.25

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

—

$

—

$

.03

(a) Includes

$5,638

thousand

of

securities

on

loan.

(b) Includes

$22,633

thousand

of

securities

on

loan.

(c) Includes

$6,553

thousand

of

securities

on

loan.

Statements

of

Assets

and

Liabilities

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(d) Rounds

to

less

than

$1

thousand.

(e) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(f) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Year

Ended

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

500

Index

Fund

Victory

Extended

Market

Index

Fund

Victory

Index

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

—

$

$

—

Dividends

from

unaffiliated

investments

163,005

10,658

53,886

Interest

from

unaffiliated

investments

1,462

1,040

Securities

lending

(net

of

fees)

555

Foreign

tax

withholding

(1)

(12)

(81)

Total

Income

164,477

11,380

54,935

Expenses:

Investment

advisory

fees

12,550

757

13,600

Administration

fees

—

1,136

—

Administration

fees

—

Fund

Shares

—

—

8,159

Administration

fees

—

Institutional

Shares

—

—

823

Administration

fees

—

Member

Shares

2,645

—

—

Administration

fees

—

Reward

Shares

4,884

—

—

Administration

fees

—

Class

A

—

—

Administration

fees

—

Class

C

—

—

Administration

fees

—

Class

R6

—

—

Sub-Administration

fees

12b-1

fees

—

Class

A

—

—

12b-1

fees

—

Class

C

—

—

Custodian

fees

514

Transfer

agent

fees

—

—

Transfer

agent

fees

—

Fund

Shares

—

—

2,606

Transfer

agent

fees

—

Institutional

Shares

—

—

860

Transfer

agent

fees

—

Member

Shares

2,466

—

—

Transfer

agent

fees

—

Reward

Shares

1,239

—

—

Transfer

agent

fees

—

Class

A

—

—

Transfer

agent

fees

—

Class

C

—

—

Transfer

agent

fees

—

Class

R6

—

—

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Line

of

credit

fees

—

—

Other

expenses

1,214

Total

Expenses

25,139

2,634

28,774

Expenses

waived/reimbursed

by

Adviser

(2,850)

—

(63)

Net

Expenses

22,289

2,634

28,711

Net

Investment

Income

(Loss)

142,188

8,746

26,224

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

—

—

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

422,743

31,473

212,560

Net

realized

gains

(losses)

from

futures

contracts

1,100

(287)

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

—

—

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

844,621

(15,494)

536,559

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

3,889

1,679

Net

realized/unrealized

gains

(losses)

on

investments

1,272,353

15,917

750,853

Change

in

net

assets

resulting

from

operations

$

1,414,541

$

24,663

$

777,077

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

500

Index

Fund

Victory

Extended

Market

Index

Fund

Victory

Index

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

142,188

$

140,377

$

8,746

$

7,838

$

26,224

$

28,812

Net

realized

gains

(losses)

423,843

287,552

31,200

96,732

212,615

313,469

Net

change

in

unrealized

appreciation/depreciation

848,510

1,770,829

(15,283)

22,866

538,238

1,091,791

Change

in

net

assets

resulting

from

operations

1,414,541

2,198,758

24,663

127,436

777,077

1,434,072

Distributions

to

Shareholders:

Fund

Shares

—

—

(100,095)

(32,980)

(122,525)

(117,654)

Institutional

Shares

—

—

—

—

(17,707)

(19,604)

Member

Shares

(158,719)

(88,838)

—

—

—

—

Reward

Shares

(303,632)

(149,907)

—

—

—

—

Class

A

—

—

—

—

(1,447)

(1,214)

Class

C

—

—

—

—

(287)

(232)

Class

R6

—

—

—

—

(11,008)

(8,059)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(462,351)

(238,745)

(100,095)

(32,980)

(152,974)

(146,763)

Change

in

net

assets

resulting

from

capital

transactions

(300,770)

(307,281)

6,328

(40,274)

(150,458)

402,410

Change

in

net

assets

651,420

1,652,732

(69,104)

54,182

473,645

1,689,719

Net

Assets:

Beginning

of

period

11,388,534

9,735,802

730,355

676,173

6,062,644

4,372,925

End

of

period

$

12,039,954

$

11,388,534

$

661,251

$

730,355

$

6,536,289

$

6,062,644

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

500

Index

Fund

Victory

Extended

Market

Index

Fund

Victory

Index

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

—

$

—

$

28,910

$

31,919

$

698,875

$

864,762

Distributions

reinvested

—

—

97,174

31,952

120,605

114,584

Cost

of

shares

redeemed

—

—

(119,756)

(104,145)

(978,347)

(700,661)

Total

Fund

Shares

$

—

$

—

$

6,328

$

(40,274)

$

(158,867)

$

278,685

Institutional

Shares

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

113,859

$

131,874

Distributions

reinvested

—

—

—

—

17,668

19,554

Cost

of

shares

redeemed

—

—

—

—

(209,276)

(203,411)

Total

Institutional

Shares

$

—

$

—

$

—

$

—

$

(77,749)

$

(51,983)

Member

Shares

Proceeds

from

shares

issued

$

425,354

$

395,615

$

—

$

—

$

—

$

—

Distributions

reinvested

157,715

88,203

—

—

—

—

Cost

of

shares

redeemed

(952,361)

(783,108)

—

—

—

—

Total

Member

Shares

$

(369,292)

$

(299,290)

$

—

$

—

$

—

$

—

Reward

Shares

Proceeds

from

shares

issued

$

701,607

$

508,257

$

—

$

—

$

—

$

—

Distributions

reinvested

289,591

142,714

—

—

—

—

Cost

of

shares

redeemed

(922,676)

(658,962)

—

—

—

—

Total

Reward

Shares

$

68,522

$

(7,991)

$

—

$

—

$

—

$

—

Class

A

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

22,624

$

51,193

Distributions

reinvested

—

—

—

—

1,447

1,214

Cost

of

shares

redeemed

—

—

—

—

(25,635)

(25,290)

Total

Class

A

$

—

$

—

$

—

$

—

$

(1,564)

$

27,117

Class

C

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

3,607

$

7,648

Distributions

reinvested

—

—

—

—

Cost

of

shares

redeemed

—

—

—

—

(2,806)

(3,180)

Total

Class

C

$

—

$

—

$

—

$

—

$

1,088

$

4,700

Class

R6

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

182,108

$

167,489

Distributions

reinvested

—

—

—

—

10,983

8,042

Cost

of

shares

redeemed

—

—

—

—

(106,457)

(31,640)

Total

Class

R6

$

—

$

—

$

—

$

—

$

86,634

$

143,891

Change

in

net

assets

resulting

from

capital

transactions

$

(300,770)

$

(307,281)

$

6,328

$

(40,274)

$

(150,458)

$

402,410

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

500

Index

Fund

Victory

Extended

Market

Index

Fund

Victory

Index

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Share

Transactions:

Fund

Shares

Issued

—

—

1,367

1,608

14,066

21,294

Reinvested

—

—

4,489

1,564

2,255

2,747

Redeemed

—

—

(5,658)

(5,256)

(19,762)

(17,202)

Total

Fund

Shares

—

—

(2,084)

(3,441)

6,839

Institutional

Shares

Issued

—

—

—

—

2,348

3,264

Reinvested

—

—

—

—

Redeemed

—

—

—

—

(4,157)

(5,134)

Total

Institutional

Shares

—

—

—

—

(1,479)

(1,402)

Member

Shares

Issued

5,953

6,614

—

—

—

—

Reinvested

2,121

1,474

—

—

—

—

Redeemed

(13,276)

(12,850)

—

—

—

—

Total

Member

Shares

(5,202)

(4,762)

—

—

—

—

Reward

Shares

Issued

9,781

8,189

—

—

—

—

Reinvested

3,893

2,384

—

—

—

—

Redeemed

(12,832)

(11,156)

—

—

—

—

Total

Reward

Shares

842

(583)

—

—

—

—

Class

A

Issued

—

—

—

—

1,272

Reinvested

—

—

—

—

Redeemed

—

—

—

—

(516)

(617)

Total

Class

A

—

—

—

—

(29)

684

Class

C

Issued

—

—

—

—

Reinvested

—

—

—

—

Redeemed

—

—

—

—

(59)

(82)

Total

Class

C

—

—

—

—

Class

R6

Issued

—

—

—

—

3,685

4,191

Reinvested

—

—

—

—

Redeemed

—

—

—

—

(2,116)

(773)

Total

Class

R6

—

—

—

—

1,774

3,611

Change

in

Shares

(4,360)

(5,345)

(2,084)

(3,154)

9,858

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

500

Index

Fund

Member

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$64.07

$53.18

$48.85

$62.23

$51.33

$43.93

Investment

Activities:

Net

investment

income

(loss)(b)

0.78 0.75 0.23 0.69 0.63 0.65 Net

realized

and

unrealized

gains

(losses)

7.23 11.44 4.25 (12.70)

13.37 8.48 Total

from

Investment

Activities

8.01 12.19 4.48 (12.01)

14.00 9.13 Distributions

to

Shareholders

from:

Net

investment

income

(0.75)

(0.78)

(0.15)

(0.70)

(0.63)

(0.66)

Net

realized

gains

(1.89)

(0.52)

—

(0.67)

(2.47)

(1.07)

Total

Distributions

(2.64)

(1.30)

(0.15)

(1.37)

(3.10)

(1.73)

Net

Asset

Value,

End

of

Period

$69.44

$64.07

$53.18

$48.85

$62.23

$51.33

Total

Return(c)(d)

12.25%

23.12%

9.19%

(19.38)%

27.50%

21.22%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.23%

0.24%

0.25%

0.24%

0.24%

0.25%

Net

Investment

Income

(Loss)(e)

1.08%

1.27%

1.35%

1.30%

1.09%

1.47%

Gross

Expenses(e)(f)

0.23%

0.24%

0.25%

0.24%

0.24%

0.25%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,148,240

$4,161,093

$3,706,618

$3,423,615

$4,410,258

$3,997,663

Portfolio

Turnover(c)(g)

2%

5%

4%

7%

8%

5%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) 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

500

Index

Fund

Reward

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$64.12

$53.22

$48.88

$62.27

$51.36

$43.95

Investment

Activities:

Net

investment

income

(loss)(b)

0.83 0.80 0.24 0.74 0.68 0.70 Net

realized

and

unrealized

gains

(losses)

7.24 11.45 4.26 (12.71)

13.38 8.49 Total

from

Investment

Activities

8.07 12.25 4.50 (11.97)

14.06 9.19 Distributions

to

Shareholders

from:

Net

investment

income

(0.80)

(0.83)

(0.16)

(0.75)

(0.68)

(0.71)

Net

realized

gains

(1.89)

(0.52)

—

(0.67)

(2.47)

(1.07)

Total

Distributions

(2.69)

(1.35)

(0.16)

(1.42)

(3.15)

(1.78)

Net

Asset

Value,

End

of

Period

$69.50

$64.12

$53.22

$48.88

$62.27

$51.36

Total

Return(c)(d)

12.34%

23.23%

9.23%

(19.31)%

27.62%

21.35%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.15%

0.15%

0.15%

0.15%

0.15%

0.15%

Net

Investment

Income

(Loss)(e)

1.16%

1.36%

1.44%

1.40%

1.17%

1.58%

Gross

Expenses(e)(f)

0.19%

0.19%

0.20%

0.19%

0.18%

0.18%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$7,891,714

$7,227,441

$6,029,184

$5,480,518

$6,638,059

$5,010,367

Portfolio

Turnover(c)(g)

2%

5%

4%

7%

8%

5%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) 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

Extended

Market

Index

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$20.52

$17.95

$17.33

$24.75

$25.40

$20.01

Investment

Activities:

Net

investment

income

(loss)(b)

0.25 0.21 0.07 0.24 0.22 0.18 Net

realized

and

unrealized

gains

(losses)

0.66 3.28 0.55 (6.14)

3.58 6.05 Total

from

Investment

Activities

0.91 3.49 0.62 (5.90)

3.80 6.23 Distributions

to

Shareholders

from:

Net

investment

income

(0.29)

(0.24)

—

(0.25)

(0.23)

(0.21)

Net

realized

gains

(2.66)

(0.68)

—

(1.27)

(4.22)

(0.63)

Total

Distributions

(2.95)

(0.92)

—

(1.52)

(4.45)

(0.84)

Net

Asset

Value,

End

of

Period

$18.48

$20.52

$17.95

$17.33

$24.75

$25.40

Total

Return(c)(d)

2.51%

19.51%

3.58%

(24.03)%

15.61%

31.20%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.35%

0.36%

0.38%

0.36%

0.34%

0.38%

Net

Investment

Income

(Loss)(e)

1.16%

1.90%

1.21%

1.20%

0.77%

0.91%

Gross

Expenses(e)(f)

0.35%

0.36%

0.38%

0.36%

0.34%

0.38%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$661,251

$730,355

$676,173

$671,926

$969,905

$906,111

Portfolio

Turnover(c)

13%

41%

5%

21%

24%

31%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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

Index

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$43.67

$33.90

$27.97

$43.16

$35.56

$24.35

Investment

Activities:

Net

investment

income

(loss)(b)

0.19 0.21 0.04 0.16 0.11 0.13 Net

realized

and

unrealized

gains

(losses)

5.44 10.65 5.89 (14.19)

9.43 11.62 Total

from

Investment

Activities

5.63 10.86 5.93 (14.03)

9.54 11.75 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.24)

—

(0.08)

(0.11)

(0.13)

Net

realized

gains

(0.92)

(0.85)

—

(1.08)

(1.83)

(0.41)

Total

Distributions

(1.13)

(1.09)

—

(1.16)

(1.94)

(0.54)

Net

Asset

Value,

End

of

Period

$48.17

$43.67

$33.90

$27.97

$43.16

$35.56

Total

Return(c)(d)

12.64%

32.21%

21.20%

(32.69)%

26.96%

48.30%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.42%

0.42%

0.45%

0.44%

0.42%

0.44%

Net

Investment

Income

(Loss)(e)

0.38%

0.53%

0.39%

0.48%

0.27%

0.46%

Gross

Expenses(e)(f)

0.42%

0.42%

0.45%

0.44%

0.42%

0.44%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,166,420

$4,833,426

$3,520,754

$2,904,735

$4,436,357

$3,583,838

Portfolio

Turnover(c)(g)

8%

22%

2%

12%

10%

17%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) 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

Index

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

June

29,

2020(b)

through

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$43.72

$33.94

$27.99

$43.26

$35.64

$27.86

Investment

Activities:

Net

investment

income

(loss)(c)

0.19 0.21 0.04 0.16 0.10 0.07 Net

realized

and

unrealized

gains

(losses)

5.44 10.66 5.91 (14.23)

9.45 8.17 Total

from

Investment

Activities

5.63 10.87 5.95 (14.07)

9.55 8.24 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.24)

—

(0.12)

(0.10)

(0.05)

Net

realized

gains

(0.92)

(0.85)

—

(1.08)

(1.83)

(0.41)

Total

Distributions

(1.12)

(1.09)

—

(1.20)

(1.93)

(0.46)

Net

Asset

Value,

End

of

Period

$48.23

$43.72

$33.94

$27.99

$43.26

$35.64

Total

Return(d)(e)

12.63%

32.19%

21.26%

(32.70)%

26.93%

29.60%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.43%

0.42%

0.43%

0.43%

0.44%

0.44%

Net

Investment

Income

(Loss)(f)

0.38%

0.53%

0.41%

0.52%

0.25%

0.42%

Gross

Expenses(f)(g)

0.43%

0.42%

0.43%

0.43%

0.44%

0.47%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$803,954

$793,303

$663,439

$579,072

$82,846

$57,240

Portfolio

Turnover(d)(h)

8%

22%

2%

12%

10%

17%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(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

Index

Fund

Class

A

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

June

29,

2020(b)

through

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$43.47

$33.81

$27.91

$43.11

$35.64

$27.86

Investment

Activities:

Net

investment

income

(loss)(c)

0.05 0.10 0.01 0.08 (0.01)

0.02 Net

realized

and

unrealized

gains

(losses)

5.42 10.60 5.89 (14.18)

9.44 8.18 Total

from

Investment

Activities

5.47 10.70 5.90 (14.10)

9.43 8.20 Distributions

to

Shareholders

from:

Net

investment

income

(0.09)

(0.19)

—

(0.02)

(0.13)

(0.01)

Net

realized

gains

(0.92)

(0.85)

—

(1.08)

(1.83)

(0.41)

Total

Distributions

(1.01)

(1.04)

—

(1.10)

(1.96)

(0.42)

Net

Asset

Value,

End

of

Period

$47.93

$43.47

$33.81

$27.91

$43.11

$35.64

Total

Return(d)(e)

12.36%

31.80%

21.14%

(32.87)%

26.60%

29.46%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.70%

0.70%

0.70%

0.70%

0.70%

0.70%

Net

Investment

Income

(Loss)(f)

0.11%

0.25%

0.13%

0.23%

(0.02)%

0.11%

Gross

Expenses(f)(g)

0.76%

0.78%

0.82%

0.82%

1.03%

46.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$65,376

$60,568

$23,980

$17,660

$14,070

$167

Portfolio

Turnover(d)(h)

8%

22%

2%

12%

10%

17%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(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

Index

Fund

Class

C

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

June

29,

2020(b)

through

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$42.54

$33.19

$27.47

$42.74

$35.51

$27.86

Investment

Activities:

Net

investment

income

(loss)(c)

(0.31)(d)

(0.20)

(0.07)

(0.17)

(0.33)

(0.10)

Net

realized

and

unrealized

gains

(losses)

5.31 10.40 5.79 (14.02)

9.39 8.16 Total

from

Investment

Activities

5.00 10.20 5.72 (14.19)

9.06 8.06 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—(e)

—

—

Net

realized

gains

(0.92)

(0.85)

—

(1.08)

(1.83)

(0.41)

Total

Distributions

(0.92)

(0.85)

—

(1.08)

(1.83)

(0.41)

Net

Asset

Value,

End

of

Period

$46.62

$42.54

$33.19

$27.47

$42.74

$35.51

Total

Return(f)(g)

11.54%

30.83%

20.86%

(33.37)%

25.67%

28.95%

Ratios

to

Average

Net

Assets:

Net

Expenses(h)(i)

1.45%

1.45%

1.45%

1.45%

1.45%

1.45%

Net

Investment

Income

(Loss)(h)

(0.64)%

(0.51)%

(0.64)%

(0.53)%

(0.79)%

(0.61)%

Gross

Expenses(h)(i)

1.59%

1.61%

1.83%

1.86%

2.29%

19.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,405

$12,244

$5,385

$3,134

$3,205

$194

Portfolio

Turnover(f)(j)

8%

22%

2%

12%

10%

17%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statements

of

Operations

for

the

period

due

to

the

class

level

expenses

recognized.

(e) Amount

is

less

than

$0.005

per

share.

(f) Not

annualized

for

periods

less

than

one

year.

(g) 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.

(h) Annualized

for

periods

less

than

one

year.

(i) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(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

Index

Fund

Class

R6

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$43.70

$33.92

$27.97

$43.19

$35.57

$24.35

Investment

Activities:

Net

investment

income

(loss)(b)

0.25 0.27 0.06 0.20 0.15 0.17 Net

realized

and

unrealized

gains

(losses)

5.45 10.65 5.89 (14.21)

9.45 11.63 Total

from

Investment

Activities

5.70 10.92 5.95 (14.01)

9.60 11.80 Distributions

to

Shareholders

from:

Net

investment

income

(0.27)

(0.29)

—

(0.13)

(0.15)

(0.17)

Net

realized

gains

(0.92)

(0.85)

—

(1.08)

(1.83)

(0.41)

Total

Distributions

(1.19)

(1.14)

—

(1.21)

(1.98)

(0.58)

Net

Asset

Value,

End

of

Period

$48.21

$43.70

$33.92

$27.97

$43.19

$35.57

Total

Return(c)(d)

12.79%

32.38%

21.27%

(32.62)%

27.14%

48.51%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.29%

0.29%

0.30%

0.32%

0.30%

0.31%

Net

Investment

Income

(Loss)(e)

0.51%

0.67%

0.53%

0.61%

0.38%

0.59%

Gross

Expenses(e)(f)

0.29%

0.29%

0.30%

0.32%

0.30%

0.31%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$486,134

$363,103

$159,367

$71,232

$42,391

$35,511

Portfolio

Turnover(c)(g)

8%

22%

2%

12%

10%

17%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

April

30,

2025

Victory

Portfolios

III

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.

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.

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.

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

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

500

Index

Fund

500

Index

Fund

Member

Shares

and

Reward

Shares

Victory

Extended

Market

Index

Fund

Extended

Market

Index

Fund

Fund

Shares

Victory

Index

Fund

Index

Fund

Fund

Shares,

Institutional

Shares,

Class

A,

Class

C,

and

Class

R6

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

April

30,

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 April

30,

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:

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.

Level

Level

Level

Total

500

Index

Fund

Common

Stocks

...............................................

$

12,004,912

$

—

$

—

$

12,004,912

Collateral

for

Securities

Loaned

...................................

6,202

—

—

6,202

Total

.......................................................

$

12,011,114

$

—

$

—

$

12,011,114

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

3,098

—

—

3,098

Total

.......................................................

$

3,098

$

—

$

—

$

3,098

Extended

Market

Index

Fund

Common

Stocks

...............................................

658,189

—(a)

658,192

Preferred

Stocks

...............................................

—

—

—(b)

—(b)

Rights

......................................................

—

—

Warrants

....................................................

—(a)

—(a)

—

—(a)

Collateral

for

Securities

Loaned

...................................

23,941

—

—

23,941

Total

.......................................................

$

682,130

$

—(a)

$

$

682,165

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

—

—

Total

.......................................................

$

$

—

$

—

$

Index

Fund

Common

Stocks

...............................................

6,512,303

—

—

6,512,303

Collateral

for

Securities

Loaned

...................................

6,550

—

—

6,550

Total

.......................................................

$

6,518,853

$

—

$

—

$

6,518,853

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

983

—

—

983

Total

.......................................................

$

983

$

—

$

—

$

983

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Rounds

to

less

than

$1

thousand.

(b) Zero

market

value

securities.

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

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

year

ended April

30,

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

summarizes

the

fair

values

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

April

30,

2025

(amounts

in

thousands):

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

April

30,

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

year end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

year.

Assets

Variation

Margin

Receivable

on

Open

Futures

Contracts\*

Equity

Risk

Exposure:

4,177,000

500

Index

Fund

.....................................................................................

$

3,098

Extended

Market

Index

Fund

...........................................................................

Index

Fund

...............................................................................

983

\*

Includes

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedule

of

Portfolio

Investments.

Only

current

day's

variation

margin

for

futures

contracts

is

reported

within

the

Statement

of

Assets

and

Liabilities.

Net

Realized

Gains

(Losses)

from

Futures

Contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Futures

Contracts

Equity

Risk

Exposure:

868,000

5,744,000

500

Index

Fund

...................................................................

$

1,100

$

3,889

Extended

Market

Index

Fund

.........................................................

(287) 176

Index

Fund

.............................................................

1,679

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

April

30,

2025

(amounts

in

thousands):

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

April

30. For

the

year

ended

April

30,

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.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

500

Index

Fund

..................................................

$

5,638

$

—

$

6,202

Extended

Market

Index

Fund

........................................

22,643(a)

—

23,941

Index

Fund

............................................

6,553

—

6,550

(a) Includes

$11

thousand

of

securities

on

loan

that

were

sold

prior

to

April

30,

2025. Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

April

30,

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

April

30,

2025,

certain

affiliated fund-of-funds

owned

total

outstanding

shares

of

the

Funds

as

follows:

(a) Less

than

0.05%

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

fees

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.

Excluding

U.S.

Government

Securities

Purchases

Sales

500

Index

Fund

...........................................................................

$

306,081

$

917,917

Extended

Market

Index

Fund

.................................................................

97,890

181,109

Index

Fund

.....................................................................

522,214

796,925

500

Index

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

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.

.

.

0.1 Victory

Cornerstone

Equity

Fund

.

.

.

.

.

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.

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.

.

0.4 Victory

Target

Retirement

Income

Fund

.

.

.

.

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.

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.

.

.

.

0.1 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

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.

.

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.

.

.

.

0.4 Victory

Target

Retirement

2040

Fund

.

.

.

.

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.

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.

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.

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.

.

.

.

.

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.

.

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.

.

.

.

.

.

.

0.7 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

0.6 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

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.

.

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.

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.

.

.

.

.

.

.

0.1 Nasdaq-100

Index

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

0.0 (a) Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

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.

.

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.

.

.

.

.

0.3 Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

0.1 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

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.

.

0.4 Victory

Target

Retirement

2040

Fund

.

.

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.

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.

.

0.7 Victory

Target

Retirement

2050

Fund

.

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.

.

0.6 Victory

Target

Retirement

2060

Fund

.

.

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.

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.

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.

0.1 Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Amounts

incurred

and

paid

to

VCM

for

the

year ended

April

30,

2025,

are

reflected

on

the

Statements

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

year

ended

April

30,

2025,

the

Fund

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

year

ended

April

30,

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 year

ended

April

30,

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 year

ended

April

30,

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

year

ended

April

30,

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

year ended

April

30,

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

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

The

Distributor

receives

no

fee

or

other

compensation

for

the

Flat

Rate

500

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10%

Extended

Market

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

0.10%

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

0.20%

In

effect

until

August

31,

2025

Fund

Shares

Institutional

Shares

Member

Shares

Reward

Shares

Class

A

Class

C

Class

R6

500

Index

Fund

.......................

N/A

N/A

0.06%

0.06%

N/A

N/A

N/A

Extended

Market

Index

Fund

.............

0.15%

N/A

N/A

N/A

N/A

N/A

N/A

Index

Fund

.................

0.15%

0.10%

N/A

N/A

0.15%

0.15%

0.05%

Fund

Shares

Member

Shares

Reward

Shares

500

Index

Fund

....................................................................

N/A

$20

$20

Extended

Market

Index

Fund

..........................................................

$23

N/A

N/A

Index

Fund

..............................................................

$23

N/A

N/A

Institutional

Shares

Class

A

Class

C

Class

R6

Index

Fund

...................................................

0.10%

0.10%

0.10%

0.01%

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

services

from

the

500

Index

Fund

or

Extended

Market

Index

Fund.

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:

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

the

Class

A. For

the

year

ended

April

30,

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 year

ended

April

30,

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. 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.

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

April

30,

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.

As

of April

30,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

\*

Amount

expires

by

December

31,

2025. 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 year

ended

April

30,

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

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

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.

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

Class

A

Class

C

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

Amount

Index

Fund

................................................................................

$

In

effect

until

August

31,

2025

Fund

Shares

Institutional

Shares

Member

Shares

Reward

Shares

Class

A

Class

C

Class

R6

500

Index

Fund

.......................

N/A

N/A

0.25%

0.15%

N/A

N/A

N/A

Extended

Market

Index

Fund

.............

0.43%

N/A

N/A

N/A

N/A

N/A

N/A

Index

Fund

.................

0.48%

0.44%

N/A

N/A

0.70%

1.45%

0.40%

Expires

2025\*

Expires

2026

Expires

2027

Expires

2028

Total

500

Index

Fund

..........................................

$

1,370

$

931

$

2,572

$

2,850

$

7,723

Index

Fund

....................................

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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.

Equity

securities

have

the

lowest

priority,

and

the

greatest

risk,

with

respect

to

dividends

and

any

liquidation

payments

in

the

event

of

an

issuer's

bankruptcy.

Small-Capitalization

and

Mid-Capitalization

Stock

Risk

–

The

Extended

Market

Index

Fund

invests

in

small-

and

mid-capitalization

companies,

which

may

be

more

vulnerable

than

larger

companies

to

adverse

business

or

economic

conditions.

Securities

of

small-

and

mid-

capitalization

companies

may

be

less

liquid

and

more

volatile

than

securities

of

larger

companies

or

the

market

in

general

and,

therefore,

may

involve

greater

risk

than

investing

in

securities

of

larger

companies.

Large-Capitalization

Stock

Risk

—

The

securities

of

large-sized

companies

held

in

the

500

Index

Fund

may

underperform

the

securities

of

smaller-sized

companies

or

the

market

as

a

whole.

The

growth

rate

of

larger,

more

established

companies

may

lag

those

of

smaller

companies,

especially

during

periods

of

economic

expansion.

Foreign

Securities

Risk

— The

Index

Fund

invests

in

securities

of

foreign

issuers

in

various

countries.

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,

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.

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.

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

Variable

Insurance

Funds,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"), 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 year

ended

April

30,

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

25,

2024,

the

agreement

was

renewed

with

a

termination

date

of

June

23,

2025,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Additionally,

the

agreement

was

renewed

again

effective

June

24,

2025,

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

remained

unchanged

at

0.15%.

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

year

ended

April

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

April

30,

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

Amount

Outstanding

at

April

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

500

Index

Fund

..........................................

$

—

$

26,000

5.50%

$

26,000

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

year

ended

April

30,

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.

As

of

April

30,

2025,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Declared

Paid

Victory

500

Index

Fund

Quarterly

Quarterly

Victory

Extended

Market

Index

Fund

Annually

Annually

Victory

Index

Fund

Annually

Annually

Total

Accumulated

Earnings

(Loss)

Capital

500

Index

Fund

............................................................................

$

(10,776)

$

10,776

Extended

Market

Index

Fund

..................................................................

(1,192)

1,192

Index

Fund

......................................................................

(14,548)

14,548

Year

Ended

April

30,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

500

Index

Fund

...........................................................

$

142,456

$

319,895

$

462,351

Extended

Market

Index

Fund

.................................................

26,939

73,156

100,095

Index

Fund

.....................................................

67,480

85,494

152,974

Year

Ended

April

30,

2024

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

500

Index

Fund

...........................................................

$

146,748

$

91,997

$

238,745

Extended

Market

Index

Fund

.................................................

8,887

24,093

32,980

Index

Fund

.....................................................

103,026

43,737

146,763

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

As

of

April

30,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

passive

foreign

investment

company

adjustments,

REIT

adjustments,

non-REIT

return

of

capital

adjustments,

and

deriva-

tives.

As

of April

30,

2025,

the

Funds

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of April

30,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

9. #### 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

of

exercising

management

or

control. These

securities

are

noted

as

affiliated

on the

Funds'

Schedule

of

Portfolio

Investments.

Transactions

in

affiliated

securities

during

the

year

ended

April

30,

2025,

were

as

follows

(amounts

in

thousands,

except

shares):

10. #### Segment

#### Reporting:
In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

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.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

500

Index

Fund

...................................

$

13,723

$

259,792

$

273,515

$

8,964,936

$

9,238,451

Extended

Market

Index

Fund

.........................

2,189

17,461

19,650

198,967

218,617

Index

Fund

.............................

7,013

192,947

199,960

3,976,131

4,176,091

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

500

Index

Fund

.....................................

$

3,046,178

$

9,037,848

$

(72,912)

$

8,964,936

Extended

Market

Index

Fund

...........................

483,198

272,333

(73,366)

198,967

Index

Fund

...............................

2,542,722

4,121,700

(145,569)

3,976,131

Fair

Value

4/30/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Extended

Market

Index

Fund

Victory

Capital

Holdings,

Inc.,

Class

A

..............

$

$

$

(91) $

$

$

5,955

$

$

—

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

the

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

500

Index

Fund,

Victory

Extended

Market

Index

Fund,

and

Victory

Index

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios

III,

as

of

April

30,

2025,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

and

financial

highlights

for

the

year

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

April

30,

2025,

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

April

30,

2024,

and

prior,

were

audited

by

other

auditors

whose

reports

dated

June

27,

2024,

expressed

unqualified

opinions

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2025,

by

correspondence

with

the

custodian,

brokers,

and

issuers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

June

26,

2025

Supplemental

Information

April

30,

2025

Victory

Portfolios

III

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

April

30,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

April

30,

2025,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

For

the

year

ended

April

30,

2025,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

Percent

500

Index

Fund

....................................................................................

100%

Extended

Market

Index

Fund

..........................................................................

40%

Index

Fund

..............................................................................

54%

Amount

500

Index

Fund

....................................................................................

$

5,275

Extended

Market

Index

Fund

..........................................................................

16,356

Index

Fund

..............................................................................

31,741

Amount

500

Index

Fund

....................................................................................

$

330,519

Extended

Market

Index

Fund

..........................................................................

74,065

Index

Fund

..............................................................................

100,042

Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

April

30,

2025

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

Victory

500

Index

Fund

Victory

Extended

Market

Index

Fund

Victory

Index

Fund

(each,

a

"Fund"

and

collectively,

the

"Funds")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

12-13,

2024,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

the

Funds.

Prior

to

the

December

12-13,

2024

meeting

at

which

the

Advisory

Agreement

was

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

at

a

meeting

held

on

November

20,

2024. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

the

Adviser,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

each

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Funds,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Funds

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

each

Fund.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Funds

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

each

Fund's

performance

and

related

services

provided

by

the

Adviser.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

each

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Funds

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Funds'

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Funds'

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Funds'

portfolios

as

part

of

a

continuous

investment

program.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Funds

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Funds'

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Funds,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

allocation

of

the

Funds'

brokerage,

including

the

Adviser's

process

for

monitoring

"best

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Funds'

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Funds,

as

well

as

the

other

funds

in

the

Trust.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

each

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

Each

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Victory

500

Index

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

–

which

includes

advisory

and

administrative

services

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

medians

of

its

expense

group

its

expense

universe

for

Member

Shares

and

below

the

medians

of

its

expense

group

and

expense

universe

for

Reward

Shares.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe

for

Member

Shares

and

Reward

Shares.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

The

Board

also

noted

the

high

level

of

correlation

between

the

Fund

and

its

benchmark

index

and

the

relatively

low

tracking

error

between

the

Fund

and

its

benchmark

index,

and

noted

that

it

reviews

such

information

on

a

periodic

basis.

Victory

Extended

Market

Index

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate,

which

includes

advisory

and

administrative

services,

was

equal

to

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

also

noted

the

high

level

of

correlation

between

the

Fund

and

its

benchmark

index

and

the

relatively

low

tracking

error

between

the

Fund

and

its

benchmark

index,

and

noted

that

it

reviews

such

information

on

a

periodic

basis.

Victory

Index

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

as

well

as

any

fee

waivers

and

reimbursements

–

was

equal

to

the

median

of

its

expense

group

and

was

below

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

certain

share

classes

of

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

also

noted

the

high

level

of

correlation

between

the

Fund

and

the

Index

and

the

relatively

low

tracking

error

between

the

Fund

and

the

Index,

and

noted

that

it

reviews

such

information

on

a

periodic

basis.

In

considering

each

Fund's

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Fund's

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

each

Fund's

average

annual

total

returns

relative

to

its

Lipper

index

and

other

mutual

funds

deemed

to

be

in

its

peer

group

by

the

independent

third

party

in

its

report

(the

"performance

universe").

Each

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

and

institutional

open-end

investment

companies

with

the

same

classification/objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

Victory

500

Index

Fund

This

comparison

indicated

that,

among

other

data,

the

performance

of

the

Fund's

Member

Shares

and

Reward

Shares

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

five-

and

ten-year

periods

ended

June

30,

2024,

and

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

three-year

period

ended

June

30,

2024. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

extent

to

which

the

Fund

met

its

investment

objective

of

seeking

to

track

its

designated

index.

Victory

Extended

Market

Index

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

five-

and

ten-year

periods

ended

June

30,

2024,

and

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

for

the

three-year

period

ended

June

30,

2024. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

extent

to

which

the

Fund

met

its

investment

objective

of

seeking

to

track

its

designated

index.

Victory

Index

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

group

and

its

Lipper

index

for

the

one-year

period

ended

June

30,

2024,

and

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2024. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

more

recent

underperformance,

and

the

extent

to

which

the

Fund

met

its

investment

objective

of

seeking

to

track

its

designated

index.

As

part

of

its

consideration,

the

Board

received

a

description

of,

and

factored

into

its

evaluation

of

each

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

each

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–

The

Board

took

into

consideration

the

level

and

method

of

computing

each

Fund's

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

each

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

each

Fund.

In

considering

the

profitability

data

with

respect

to

the

Victory

500

Index

Fund

and

Victory

Index

Fund,

the

Trustees

noted

that

the

Adviser

reimbursed

or

waived

a

portion

of

its

management

fees

to

the

Fund.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

each

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

each

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

each

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Economies

of

Scale

–

The

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

each

Fund

to

participate

in

any

economies

of

scale.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

took

into

account

management's

discussion

of

each

Fund's

current

advisory

fee

structure.

The

Board

also

considered

the

effect

of

the

change

in

size,

if

any,

of

each

of

the

Funds'

classes

on

its

performance

and

fees,

noting

that

the

Funds

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

investment

capabilities

and

resources,

improvements

and

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

each

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

each

Fund's

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

each

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

Adviser

maintains

an

appropriate

compliance

program;

(iii) the

overall

performance

of

each

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices

and

in

view

of

the

Fund's

investment

objective

of

seeking

to

track

its

designated

index;

(iv) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(v) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

each

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

each

Fund

and

its

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-Index-0625

April

30,

2025

Annual:

Full

Financials

Victory

Core

Plus

Intermediate

Bond

Fund

Victory

High

Income

Fund

Victory

Income

Fund

Victory

Short-Term

Bond

Fund

Victory

Ultra

Short-Term

Bond

Fund

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*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

Core

Plus

Intermediate

Bond

Fund

Victory

High

Income

Fund

#### 30
Victory

Income

Fund

#### 43
Victory

Short-Term

Bond

Fund

#### 63
Victory

Ultra

Short-Term

Bond

Fund

#### 86

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 98
Statements

of

Operations

#### 100
Statements

of

Changes

in

Net

Assets

#### 102
Financial

Highlights

#### 106

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 126

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 140

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 141
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 142
Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(20.0%)

ABS

Auto

(9.8%):

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2024-B,

Class

D,

5.41%,

9/15/32,

Callable

11/15/27

@

100(a)

..................................................

$

2,463

$

2,453

American

Heritage

Auto

Receivables

Trust

.....................................

Series

2024-1A,

Class

B,

5.32%,

9/16/30,

Callable

8/15/28

@

100(a)

..............

1,105

1,120

Series

2024-1A,

Class

C,

5.63%,

12/16/30,

Callable

8/15/28

@

100(a)

.............

1,351

1,374

Series

2024-1A,

Class

D,

6.34%,

1/18/33,

Callable

8/15/28

@

100(a)

..............

1,155

1,163

AmeriCredit

Automobile

Receivables

Trust

....................................

Series

2020-3,

Class

D,

1.49%,

9/18/26,

Callable

5/18/25

@

.................

592

591

Series

2021-1,

Class

D,

1.21%,

12/18/26,

Callable

6/18/25

@

................

2,944

2,928

ARI

Fleet

Lease

Trust

....................................................

Series

2022-A,

Class

A3,

3.43%,

1/15/31,

Callable

5/15/25

@

100(a)

..............

1,231

1,231

Series

2022-A,

Class

B,

3.79%,

1/15/31,

Callable

5/15/25

@

100(a)

...............

1,517

1,516

Series

2022-A,

Class

C,

4.17%,

1/15/31,

Callable

5/15/25

@

100(a)

...............

2,200

2,199

Series

2024-A,

Class

C,

5.38%,

11/15/32,

Callable

6/15/27

@

100(a)

..............

751

759

Series

2024-B,

Class

A3,

5.26%,

4/15/33,

Callable

8/15/27

@

100(a)

..............

4,078

4,161

Series

2024-B,

Class

B,

5.39%,

4/15/33,

Callable

8/15/27

@

100(a)

...............

748

761

Series

2024-B,

Class

C,

5.55%,

4/15/33,

Callable

8/15/27

@

100(a)

...............

1,246

1,267

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2020-1A,

Class

B,

2.68%,

8/20/26,

Callable

9/20/25

@

100(a)

..............

2,667

2,655

Series

2020-1A,

Class

D,

3.34%,

8/20/26,

Callable

9/20/25

@

100(a)

..............

1,200

1,193

Series

2022-5A,

Class

B,

7.09%,

4/20/27(a)

................................

3,250

3,293

Series

2023-3A,

Class

C,

7.05%,

2/22/28(a)

................................

8,750

8,907

Series

2023-5A,

Class

C,

6.85%,

4/20/28(a)

................................

10,272

10,452

Series

2023-6A,

Class

B,

6.40%,

12/20/29(a)

...............................

2,811

2,900

Series

2023-6A,

Class

C,

7.03%,

12/20/29(a)

...............................

3,749

3,861

BofA

Auto

Trust,

Series

2024-1A,

Class

A3,

5.35%,

11/15/28,

Callable

5/15/27

@

100(a)

...

2,268

2,292

CarMax

Auto

Owner

Trust

................................................

Series

2021-2,

Class

C,

1.34%,

2/16/27,

Callable

5/15/25

@

.................

5,959

5,950

Series

2021-3,

Class

D,

1.50%,

1/18/28,

Callable

9/15/25

@

.................

3,981

3,916

Series

2021-4,

Class

D,

1.48%,

3/15/28,

Callable

12/15/25

@

................

2,831

2,756

Series

2022-3,

Class

D,

6.20%,

1/16/29,

Callable

9/15/26

@

.................

2,716

2,741

Series

2023-2,

Class

B,

5.18%,

11/15/28,

Callable

3/15/27

@

................

3,250

3,283

Series

2024-3,

Class

D,

5.67%,

1/15/31,

Callable

11/15/27

@

................

1,822

1,836

Carvana

Auto

Receivables

Trust

............................................

Series

2020-P1,

Class

C,

1.32%,

11/9/26,

Callable

12/8/25

@

................

551

540

Series

2021-N1,

Class

D,

1.50%,

1/10/28,

Callable

7/10/26

@

................

Series

2021-N2,

Class

D,

1.27%,

3/10/28,

Callable

3/10/27

@

................

Series

2021-N4,

Class

D,

2.30%,

9/11/28,

Callable

9/10/27

@

................

Series

2021-P2,

Class

C,

1.60%,

6/10/27,

Callable

1/10/27

@

................

10,000

9,588

Chase

Auto

Owner

Trust

..................................................

Series

2024-1A,

Class

D,

5.87%,

6/25/31,

Callable

10/25/27

@

100(a)

.............

2,742

2,840

Series

2024-2A,

Class

D,

6.15%,

8/25/31,

Callable

10/25/27

@

100(a)

.............

2,175

2,275

Series

2024-3A,

Class

B,

5.28%,

1/25/30,

Callable

10/25/27

@

100(a)

.............

2,776

2,844

Series

2024-3A,

Class

C,

5.41%,

2/28/30,

Callable

10/25/27

@

100(a)

.............

3,671

3,756

Series

2024-4A,

Class

C,

5.46%,

7/25/30,

Callable

12/25/27

@

100(a)

.............

2,716

2,784

Series

2024-4A,

Class

D,

5.79%,

11/25/31,

Callable

12/25/27

@

100(a)

............

2,535

2,632

Series

2024-5A,

Class

C,

4.62%,

8/26/30,

Callable

1/25/28

@

100(a)

..............

3,616

3,596

Series

2024-5A,

Class

D,

4.97%,

1/26/32,

Callable

1/25/28

@

100(a)

..............

1,610

1,622

Chesapeake

Funding

II

LLC

...............................................

Series

2023-1A,

Class

B,

5.59%,

5/15/35,

Callable

5/15/26

@

100(a)

..............

826

831

Series

2023-1A,

Class

C,

6.07%,

5/15/35,

Callable

5/15/26

@

100(a)

..............

936

944

Series

2023-1A,

Class

D,

6.69%,

5/15/35,

Callable

5/15/26

@

100(a)

..............

1,404

1,420

Series

2023-2A,

Class

B,

5.97%,

10/15/35,

Callable

10/15/26

@

100(a)

............

1,858

1,904

Series

2023-2A,

Class

C,

6.15%,

10/15/35,

Callable

10/15/26

@

100(a)

............

2,874

2,953

Series

2024-1A,

Class

B,

5.44%,

5/15/36,

Callable

7/15/27

@

100(a)

..............

2,545

2,582

Series

2024-1A,

Class

C,

5.60%,

5/15/36,

Callable

7/15/27

@

100(a)

..............

2,200

2,236

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2022-3A,

Class

C,

8.45%,

2/15/33,

Callable

7/15/26

@

100(a)

..............

Series

2023-1A,

Class

C,

7.71%,

7/15/33,

Callable

10/15/26

@

100(a)

.............

Series

2023-2A,

Class

C,

7.15%,

9/15/33,

Callable

11/15/26

@

100(a)

.............

2,911

2,986

Series

2023-3A,

Class

A,

6.39%,

8/15/33,

Callable

3/15/27

@

100(a)

..............

2,875

2,909

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-3A,

Class

B,

7.09%,

10/17/33,

Callable

3/15/27

@

100(a)

.............

$

2,724

$

2,799

Series

2023-3A,

Class

C,

7.62%,

12/15/33,

Callable

3/15/27

@

100(a)

.............

4,691

4,884

Series

2023-5A,

Class

A,

6.13%,

12/15/33,

Callable

6/15/27

@

100(a)

.............

4,598

4,666

Series

2023-5A,

Class

C,

7.30%,

4/17/34,

Callable

6/15/27

@

100(a)

..............

3,566

3,703

Series

2024-1A,

Class

C,

6.71%,

7/17/34,

Callable

6/15/27

@

100(a)

..............

3,207

3,299

Drive

Auto

Receivables

Trust,

Series

2021-2,

Class

D,

1.39%,

3/15/29,

Callable

9/15/25

@

3,052

3,016

Ent

Auto

Receivables

Trust

................................................

Series

2023-1A,

Class

A4,

6.26%,

11/15/29,

Callable

1/15/28

@

100(a)

............

1,436

1,472

Series

2023-1A,

Class

C,

6.77%,

4/15/30,

Callable

1/15/28

@

100(a)

..............

770

803

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-3,

Class

A3,

4.29%,

7/20/29,

Callable

2/20/26

@

100(a)

..............

1,125

1,123

Series

2022-4,

Class

A3,

5.65%,

10/22/29,

Callable

6/20/26

@

100(a)

.............

2,750

2,791

Series

2023-2,

Class

A2,

5.56%,

4/22/30,

Callable

12/20/26

@

100(a)

.............

1,483

1,491

Series

2023-3,

Class

A3,

6.41%,

6/20/30,

Callable

7/20/27

@

100(a)

..............

2,349

2,445

Series

2024-1,

Class

A2,

5.23%,

3/20/30,

Callable

8/20/27

@

100(a)

..............

2,909

2,930

Series

2024-2,

Class

A4,

5.69%,

12/20/30,

Callable

1/20/28

@

100(a)

.............

3,291

3,407

FCCU

Auto

Receivables

Trust,

Series

2024-1A,

Class

C,

6.00%,

10/15/30,

Callable

1/15/28

@

100(a)

...........................................................

597

614

First

Investors

Auto

Owner

Trust,

Series

2021-1A,

Class

E,

3.35%,

4/15/27,

Callable

5/15/25

@

100(a)

.........................................................

3,981

3,981

Flagship

Credit

Auto

Trust,

Series

2019-4,

Class

E,

4.11%,

3/15/27,

Callable

5/15/25

@

100(a)

4,335

4,311

Ford

Credit

Auto

Lease

Trust

..............................................

Series

2023-A,

Class

C,

5.54%,

12/15/26,

Callable

7/15/25

@

................

1,080

1,080

Series

2023-B,

Class

C,

6.43%,

4/15/27,

Callable

3/15/26

@

.................

2,584

2,612

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2021-1,

Class

C,

1.91%,

10/17/33,

Callable

4/15/26

@

100(a)

..............

1,921

1,864

Series

2021-1,

Class

D,

2.31%,

10/17/33,

Callable

4/15/26

@

100(a)

..............

1,650

1,601

Series

2021-2,

Class

C,

2.11%,

5/15/34,

Callable

11/15/26

@

100(a)

..............

2,250

2,155

Series

2021-2,

Class

D,

2.60%,

5/15/34,

Callable

11/15/26

@

100(a)

..............

500

Series

2022-1,

Class

C,

4.67%,

11/15/34,

Callable

5/15/27

@

100(a)

..............

2,000

1,994

Series

2022-1,

Class

D,

5.16%,

11/15/34,

Callable

5/15/27

@

100(a)

..............

2,457

2,451

Series

2023-1,

Class

B,

5.29%,

8/15/35,

Callable

2/15/28

@

100(a)

...............

4,111

4,178

Series

2023-1,

Class

C,

5.58%,

8/15/35,

Callable

2/15/28

@

100(a)

...............

10,250

10,425

Series

2023-1,

Class

D,

6.26%,

8/15/35,

Callable

2/15/28

@

100(a)

...............

10,940

11,190

Series

2023-2,

Class

B,

5.92%,

2/15/36,

Callable

8/15/28

@

100(a)

...............

4,925

5,104

Series

2023-2,

Class

C,

6.16%,

2/15/36,

Callable

8/15/28

@

100(a)

...............

3,710

3,848

Series

2023-2,

Class

D,

6.60%,

2/15/36,

Callable

8/15/28

@

100(a)

...............

1,881

1,942

Foursight

Capital

Automobile

Receivables

Trust,

Series

2023-1,

Class

B,

5.35%,

3/15/28,

Callable

10/15/26

@

100(a)

...........................................

4,385

4,387

GECU

Auto

Receivables

Trust,

Series

2023-1A,

Class

C,

6.33%,

4/15/30,

Callable

2/15/28

@

100(a)

...........................................................

1,185

1,230

GLS

Auto

Receivables

Issuer

Trust,

Series

2023-1A,

Class

D,

7.01%,

1/16/29,

Callable

7/15/27

@

100(a)

.........................................................

2,200

2,247

GLS

Auto

Select

Receivables

Trust

..........................................

Series

2024-1A,

Class

C,

5.69%,

3/15/30,

Callable

5/15/28

@

100(a)

..............

1,381

1,402

Series

2024-4A,

Class

C,

4.75%,

11/15/30,

Callable

12/15/28

@

100(a)

............

2,266

2,240

GM

Financial

Automobile

Leasing

Trust,

Series

2023-2,

Class

B,

5.54%,

5/20/27,

Callable

9/20/25

@

.....................................................

1,250

1,253

GM

Financial

Revolving

Receivables

Trust,

Series

2021-1,

Class

C,

1.67%,

6/12/34,

Callable

9/11/26

@

100(a)

...................................................

1,388

1,329

GMF

Floorplan

Owner

Revolving

Trust

.......................................

Series

2023-1,

Class

B,

5.73%,

6/15/28(a)

.................................

3,050

3,085

Series

2024-2A,

Class

B,

5.35%,

3/15/31(a)

................................

2,259

2,319

GreenState

Auto

Receivables

Trust

..........................................

Series

2024-1A,

Class

C,

5.77%,

2/15/30,

Callable

1/15/28

@

100(a)

..............

982

1,002

Series

2024-1A,

Class

D,

6.50%,

6/15/32,

Callable

1/15/28

@

100(a)

..............

940

955

GTE

Auto

Receivables

Trust

...............................................

Series

2023-1,

Class

B,

5.39%,

8/15/29,

Callable

1/15/27

@

100(a)

...............

3,276

3,309

Series

2023-1,

Class

C,

5.88%,

11/15/29,

Callable

1/15/27

@

100(a)

..............

2,457

2,497

Hertz

Vehicle

Financing

III

LLC

............................................

Series

2022-1A,

Class

B,

2.19%,

6/25/26,

Callable

6/25/25

@

100(a)

..............

633

631

Series

2022-1A,

Class

C,

2.63%,

6/25/26,

Callable

6/25/25

@

100(a)

..............

Series

2023-1A,

Class

C,

6.91%,

6/25/27(a)

................................

3,739

3,790

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-2A,

Class

B,

6.49%,

9/25/29(a)

................................

$

3,038

$

3,110

Series

2023-2A,

Class

C,

7.13%,

9/25/29(a)

................................

1,075

1,119

Series

2023-3A,

Class

A,

5.94%,

2/25/28(a)

................................

2,875

2,924

Series

2023-3A,

Class

B,

6.53%,

2/25/28(a)

................................

1,112

1,128

Hertz

Vehicle

Financing

III

LP,

Series

2021-2A,

Class

C,

2.52%,

12/27/27(a)

............

1,833

1,756

Hertz

Vehicle

Financing

LLC

..............................................

Series

2022-2A,

Class

A,

2.33%,

6/26/28,

Callable

6/25/27

@

100(a)

..............

3,750

3,574

Series

2022-2A,

Class

B,

2.65%,

6/26/28,

Callable

6/25/27

@

100(a)

..............

2,480

2,345

Series

2022-2A,

Class

C,

2.95%,

6/26/28,

Callable

6/25/27

@

100(a)

..............

3,500

3,326

Series

2022-4A,

Class

A,

3.73%,

9/25/26,

Callable

9/25/25

@

100(a)

..............

2,500

2,493

Series

2022-4A,

Class

B,

4.12%,

9/25/26,

Callable

9/25/25

@

100(a)

..............

4,167

4,153

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2024-1,

Class

B1,

6.15%,

5/20/32,

Callable

8/20/27

@

100(a)

..............

1,748

1,768

Series

2024-2,

Class

B1,

5.44%,

10/20/32,

Callable

5/20/28

@

100(a)

.............

5,717

5,742

Hyundai

Auto

Receivables

Trust,

Series

2024-C,

Class

B,

4.67%,

1/15/31,

Callable

8/15/28

@

.............................................................

1,265

1,269

JPMorgan

Chase

Bank

NA

................................................

Series

2021-3,

Class

B,

0.76%,

2/26/29,

Callable

5/25/25

@

100(a)

...............

Series

2021-3,

Class

D,

1.01%,

2/26/29,

Callable

5/25/25

@

100(a)

...............

Series

2021-3,

Class

E,

2.10%,

2/26/29,

Callable

5/25/25

@

100(a)

...............

LAD

Auto

Receivables

Trust

...............................................

Series

2021-1A,

Class

C,

2.35%,

4/15/27,

Callable

12/15/25

@

100(a)

.............

1,409

1,404

Series

2023-1A,

Class

B,

5.59%,

8/16/27,

Callable

1/15/27

@

100(a)

..............

2,760

2,766

Series

2023-1A,

Class

C,

6.18%,

12/15/27,

Callable

1/15/27

@

100(a)

.............

4,600

4,643

Series

2023-1A,

Class

D,

7.30%,

6/17/30,

Callable

1/15/27

@

100(a)

..............

2,037

2,089

Series

2023-2A,

Class

B,

5.45%,

4/15/28,

Callable

3/15/27

@

100(a)

..............

4,531

4,547

Series

2023-2A,

Class

C,

5.58%,

9/15/28,

Callable

3/15/27

@

100(a)

..............

7,300

7,337

Series

2023-2A,

Class

D,

6.30%,

2/15/31,

Callable

3/15/27

@

100(a)

..............

1,698

1,726

Series

2023-3A,

Class

B,

6.09%,

6/15/28,

Callable

7/15/27

@

100(a)

..............

4,094

4,148

Series

2023-3A,

Class

D,

6.92%,

12/16/30,

Callable

7/15/27

@

100(a)

.............

3,794

3,913

Series

2023-4A,

Class

B,

6.39%,

10/16/28,

Callable

6/15/27

@

100(a)

.............

2,818

2,874

Series

2023-4A,

Class

C,

6.76%,

3/15/29,

Callable

6/15/27

@

100(a)

..............

3,288

3,383

Series

2023-4A,

Class

D,

7.37%,

4/15/31,

Callable

6/15/27

@

100(a)

..............

4,696

4,891

Series

2024-1A,

Class

C,

5.64%,

6/15/29,

Callable

6/15/27

@

100(a)

..............

2,888

2,923

Series

2024-2A,

Class

B,

5.50%,

7/16/29,

Callable

10/15/27

@

100(a)

.............

2,716

2,756

Series

2024-2A,

Class

C,

5.66%,

10/15/29,

Callable

10/15/27

@

100(a)

............

2,716

2,753

Series

2024-2A,

Class

D,

6.37%,

10/15/31,

Callable

10/15/27

@

100(a)

............

2,218

2,272

Series

2024-3A,

Class

D,

5.18%,

2/17/32,

Callable

12/15/27

@

100(a)

.............

2,556

2,522

Merchants

Fleet

Funding

LLC

..............................................

Series

2024-1A,

Class

A,

5.82%,

4/20/37,

Callable

4/20/27

@

100(a)

..............

3,578

3,603

Series

2024-1A,

Class

B,

5.95%,

4/20/37,

Callable

4/20/27

@

100(a)

..............

5,014

5,100

Series

2024-1A,

Class

C,

6.18%,

4/20/37,

Callable

4/20/27

@

100(a)

..............

7,372

7,480

Series

2024-1A,

Class

D,

6.85%,

4/20/37,

Callable

4/20/27

@

100(a)

..............

1,358

1,382

Navistar

Financial

Dealer

Note

Master

Owner

Trust

..............................

Series

2024-1,

Class

B,

5.79%,

4/25/29(a)

.................................

708

715

Series

2024-1,

Class

C,

6.13%,

4/25/29(a)

.................................

1,149

1,159

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Series

2023-1,

Class

A,

6.18%,

8/25/28(a)

........................................................

1,263

1,268

OCCU

Auto

Receivables

Trust

.............................................

Series

2023-1A,

Class

A4,

6.29%,

9/17/29,

Callable

11/15/27

@

100(a)

............

3,145

3,226

Series

2023-1A,

Class

D,

7.88%,

12/15/31,

Callable

11/15/27

@

100(a)

............

5,171

5,428

Oscar

US

Funding

XII

LLC,

Series

2021-1A,

Class

A4,

1.00%,

4/10/28,

Callable

5/10/25

@

100(a)

...........................................................

Oscar

US

Funding

XIV

LLC,

Series

2022-1A,

Class

A4,

2.82%,

4/10/29,

Callable

4/10/26

@

100(a)

...........................................................

1,852

1,822

Oscar

US

Funding

XVII

LLC,

Series

2024-2A,

Class

A3,

4.47%,

3/12/29,

Callable

11/10/28

@

100(a)

...........................................................

3,162

3,154

PenFed

Auto

Receivables

Owner

Trust

........................................

Series

2022-A,

Class

A4,

4.18%,

12/15/28,

Callable

3/15/26

@

100(a)

.............

2,217

2,212

Series

2022-A,

Class

D,

5.85%,

6/17/30,

Callable

3/15/26

@

100(a)

...............

1,382

1,389

Prestige

Auto

Receivables

Trust,

Series

2021-1A,

Class

C,

1.53%,

2/15/28,

Callable

8/15/26

@

100(a)

...........................................................

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2022-A,

Class

B,

5.28%,

5/15/32,

Callable

1/15/26

@

100(a)

...............

$

$

Series

2022-A,

Class

C,

7.38%,

5/15/32,

Callable

1/15/26

@

100(a)

...............

Series

2022-A,

Class

D,

9.97%,

5/15/32,

Callable

1/15/26

@

100(a)

...............

3,174

3,204

Series

2022-C,

Class

C,

6.99%,

12/15/32,

Callable

11/15/26

@

100(a)

.............

Series

2022-C,

Class

D,

8.20%,

12/15/32,

Callable

11/15/26

@

100(a)

.............

527

529

Series

2023-A,

Class

C,

6.74%,

6/15/33,

Callable

6/15/27

@

100(a)

...............

Series

2023-A,

Class

D,

7.08%,

6/15/33,

Callable

6/15/27

@

100(a)

...............

Series

2023-B,

Class

B,

5.64%,

12/15/33,

Callable

9/15/27

@

100(a)

..............

2,168

2,180

Series

2023-B,

Class

C,

5.93%,

12/15/33,

Callable

9/15/27

@

100(a)

..............

916

921

Series

2023-B,

Class

D,

6.66%,

12/15/33,

Callable

9/15/27

@

100(a)

..............

4,263

4,305

Series

2024-B,

Class

B,

4.97%,

1/18/33,

Callable

12/15/28

@

100(a)

..............

4,296

4,299

Series

2024-B,

Class

C,

5.14%,

1/18/33,

Callable

12/15/28

@

100(a)

..............

4,431

4,431

Series

2024-B,

Class

D,

5.48%,

1/18/33,

Callable

12/15/28

@

100(a)

..............

5,109

5,093

Series

2024-B,

Class

E,

6.80%,

1/18/33,

Callable

12/15/28

@

100(a)

..............

3,053

3,027

Santander

Consumer

Auto

Receivables

Trust,

Series

2021-AA,

Class

E,

3.28%,

3/15/27,

Callable

11/15/25

@

100(a)

...........................................

940

926

SBNA

Auto

Lease

Trust,

Series

2024-B,

Class

A4,

5.55%,

12/20/28,

Callable

5/20/27

@

100(a)

1,876

1,910

SBNA

Auto

Receivables

Trust,

Series

2024-A,

Class

B,

5.29%,

9/17/29,

Callable

12/15/27

@

100(a)

...........................................................

2,749

2,773

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A,

Class

C,

6.61%,

3/15/30,

Callable

10/15/27

@

100(a)

.............

6,570

6,832

Series

2023-1A,

Class

D,

7.34%,

11/17/31,

Callable

10/15/27

@

100(a)

............

3,459

3,588

Series

2024-1A,

Class

C,

5.62%,

12/16/30,

Callable

12/15/27

@

100(a)

............

2,716

2,762

Securitized

Term

Auto

Receivables

Trust

......................................

Series

2025-A,

Class

B,

5.04%,

7/25/31,

Callable

5/25/28

@

100(a)

...............

1,235

1,243

Series

2025-A,

Class

C,

5.19%,

7/25/31,

Callable

5/25/28

@

100(a)

...............

1,461

1,471

SFS

Auto

Receivables

Securitization

Trust

.....................................

Series

2023-1A,

Class

C,

5.97%,

2/20/31,

Callable

8/20/27

@

100(a)

..............

2,541

2,607

Series

2024-1A,

Class

C,

5.51%,

1/20/32,

Callable

9/20/27

@

100(a)

..............

1,841

1,873

Tesla

Auto

Lease

Trust

...................................................

Series

2023-A,

Class

B,

6.41%,

7/20/27,

Callable

8/20/25

@

100(a)

...............

6,381

6,402

Series

2023-B,

Class

A4,

6.22%,

3/22/27,

Callable

11/20/25

@

100(a)

.............

1,362

1,372

Tesla

Electric

Vehicle

Trust,

Series

2023-1,

Class

B,

5.82%,

5/20/31,

Callable

6/20/27

@

100(a)

...........................................................

2,900

2,979

Toyota

Lease

Owner

Trust,

Series

2023-A,

Class

A4,

5.05%,

8/20/27,

Callable

8/20/25

@

100(a)

...........................................................

5,234

5,238

U.S.

Bank

NA,

Series

2023-1,

Class

B,

6.79%,

8/25/32,

Callable

9/25/26

@

100(a)

........

2,339

2,367

United

Auto

Credit

Securitization

Trust

.......................................

Series

2023-1,

Class

C,

6.28%,

7/10/28,

Callable

12/10/26

@

100(a)

..............

2,159

2,160

Series

2024-1,

Class

B,

6.57%,

6/10/27,

Callable

3/10/27

@

100(a)

...............

4,350

4,363

Veridian

Auto

Receivables

Trust

............................................

Series

2023-1A,

Class

B,

5.86%,

4/16/29,

Callable

7/15/27

@

100(a)

..............

2,509

2,559

Series

2023-1A,

Class

C,

6.37%,

7/16/29,

Callable

7/15/27

@

100(a)

..............

3,280

3,378

Westlake

Automobile

Receivables

Trust,

Series

2023-P1,

Class

C,

6.44%,

6/15/27,

Callable

6/15/26

@

100(a)

...................................................

1,200

1,209

Wheels

Fleet

Lease

Funding

LLC

..........................................

Series

2023-1A,

Class

A,

5.80%,

4/18/38(a)

................................

1,452

1,462

Series

2023-2A,

Class

B,

6.75%,

8/18/38(a)

................................

2,819

2,907

Series

2023-2A,

Class

C,

6.94%,

8/18/38(a)

................................

3,036

3,138

Series

2023-2A,

Class

D,

7.38%,

8/18/38(a)

................................

3,425

3,568

Series

2024-1A,

Class

C,

5.69%,

2/18/39(a)

................................

4,009

4,072

Series

2024-2A,

Class

A1,

4.87%,

6/21/39(a)

...............................

4,524

4,547

Series

2024-2A,

Class

C,

4.89%,

6/21/39(a)

................................

4,524

4,522

Series

2024-3A,

Class

B,

5.07%,

9/19/39(a)

................................

3,366

3,379

Series

2024-3A,

Class

C,

5.21%,

9/19/39(a)

................................

3,655

3,674

World

Omni

Auto

Receivables

Trust,

Series

2021-C,

Class

C,

1.06%,

4/17/28,

Callable

8/15/25

@

...........................................................

5,000

4,940

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

C,

1.09%,

11/15/27,

Callable

10/15/25

@

.............................................................

1,250

1,237

515,619

ABS

Card

(1.8%):

American

Express

Credit

Account

Master

Trust,

Series

2024-2,

Class

A,

5.24%,

4/15/31

....

3,207

3,334

BA

Credit

Card

Trust,

Series

2024-A1,

Class

A,

4.93%,

5/15/29

......................

3,168

3,218

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) CARDS

II

Trust

........................................................

Series

2024-1A,

Class

C,

5.84%,

7/16/29(a)

................................

$

2,282

$

2,298

Series

2025-1A,

Class

C,

5.42%,

3/17/31(a)

................................

3,650

3,667

Evergreen

Credit

Card

Trust

...............................................

Series

2024-CRT4,

Class

B,

5.25%,

10/15/28(a)

.............................

5,295

5,335

Series

2024-CRT4,

Class

C,

5.64%,

10/15/28(a)

.............................

3,029

3,046

Series

2025-CRT5,

Class

B,

5.24%,

5/15/29(a)

..............................

6,394

6,456

Series

2025-CRT5,

Class

C,

5.53%,

5/15/29(a)

..............................

1,992

2,003

Golden

Credit

Card

Trust

.................................................

Series

2021-1A,

Class

A,

1.14%,

8/15/28(a)

................................

5,000

4,802

Series

2021-1A,

Class

B,

1.44%,

8/15/28(a)

................................

4,500

4,318

Series

2021-1A,

Class

C,

1.74%,

8/15/28(a)

................................

2,233

2,136

Master

Credit

Card

Trust,

Series

2022-2A,

Class

C,

2.73%,

7/21/28(a)

.................

1,719

1,648

Master

Credit

Card

Trust

II

................................................

Series

2023-1A,

Class

C,

5.87%,

6/21/27(a)

................................

2,575

2,582

Series

2023-2A,

Class

B,

6.26%,

1/21/27(a)

................................

2,051

2,056

Series

2023-2A,

Class

C,

6.89%,

1/21/27(a)

................................

3,476

3,486

Series

2023-4A,

Class

B,

6.56%,

10/21/32(a)

...............................

1,646

1,750

Series

2023-4A,

Class

C,

7.53%,

10/21/32(a)

...............................

4,190

4,449

Series

2024-1A,

Class

B,

5.53%,

1/21/28(a)

................................

2,838

2,849

Series

2024-1A,

Class

C,

6.02%,

1/21/28(a)

................................

2,515

2,526

Synchrony

Card

Funding

LLC,

Series

2023-A1,

Class

A,

5.54%,

7/15/29

...............

941

954

Synchrony

Card

Issuance

Trust,

Series

2025-A1,

Class

A,

4.78%,

2/15/31

..............

2,077

2,109

Trillium

Credit

Card

Trust

II

...............................................

Series

2021-1A,

Class

C,

2.42%,

10/26/29(a)

...............................

10,200

9,790

Series

2023-1A,

Class

C,

6.06%,

3/26/31(a)

................................

1,053

1,076

Series

2023-2A,

Class

B,

5.35%,

3/26/33(a)

................................

2,900

2,939

Series

2023-2A,

Class

C,

6.32%,

3/26/33(a)

................................

2,702

2,806

Series

2023-3A,

Class

B,

6.26%,

8/26/28(a)

................................

3,625

3,637

Series

2023-3A,

Class

C,

6.94%,

8/26/28(a)

................................

3,319

3,333

Series

2024-1A,

Class

B,

5.50%,

12/26/28(a)

...............................

2,995

3,004

Series

2024-1A,

Class

C,

5.99%,

12/26/28(a)

...............................

1,677

1,683

93,290

ABS

Other

(8.3%):

Aligned

Data

Centers

Issuer

LLC

...........................................

Series

2021-1A,

Class

A2,

1.94%,

8/15/46,

Callable

5/15/25

@

100(a)

.............

3,000

2,869

Series

2021-1A,

Class

B,

2.48%,

8/15/46,

Callable

5/15/25

@

100(a)

..............

1,500

1,433

AMSR

Trust

..........................................................

Series

2021-SFR1,

Class

C,

2.35%,

6/17/38(a)(b)

............................

1,800

1,653

Series

2021-SFR1,

Class

D,

2.60%,

6/17/38(a)(b)

............................

1,500

1,378

Amur

Equipment

Finance

Receivables

X

LLC,

Series

2022-1A,

Class

B,

2.20%,

1/20/28,

Callable

9/20/25

@

100(a)

............................................

1,216

1,206

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/28,

Callable

6/20/26

@

100(a)

............................................

1,058

1,060

Amur

Equipment

Finance

Receivables

XII

LLC

.................................

Series

2023-1A,

Class

C,

6.36%,

12/20/29,

Callable

6/20/27

@

100(a)

.............

1,998

2,060

Series

2023-1A,

Class

D,

7.48%,

7/22/30,

Callable

6/20/27

@

100(a)

..............

563

589

Amur

Equipment

Finance

Receivables

XIII

LLC

................................

Series

2024-1A,

Class

B,

5.37%,

1/21/31,

Callable

2/20/28

@

100(a)

..............

1,638

1,665

Series

2024-1A,

Class

C,

5.55%,

1/21/31,

Callable

2/20/28

@

100(a)

..............

2,616

2,663

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

C,

5.38%,

7/21/31,

Callable

8/20/28

@

100(a)

............................................

4,527

4,597

Auxilior

Term

Funding

LLC

...............................................

Series

2023-1A,

Class

B,

6.05%,

6/17/30,

Callable

2/15/28

@

100(a)

..............

1,890

1,947

Series

2023-1A,

Class

C,

6.50%,

11/15/30,

Callable

2/15/28

@

100(a)

.............

1,337

1,393

Series

2023-1A,

Class

D,

7.27%,

12/16/30,

Callable

2/15/28

@

100(a)

.............

1,018

1,071

Series

2024-1A,

Class

B,

5.69%,

7/15/31,

Callable

3/15/29

@

100(a)

..............

1,666

1,718

Barings

Equipment

Finance

LLC,

Series

2025-A,

Class

A4,

5.02%,

6/13/50,

Callable

11/13/29

@

100(a)

.........................................................

3,969

4,045

Blue

Owl

Asset

Leasing

Trust

..............................................

Series

2024-1A,

Class

B,

5.41%,

3/15/30,

Callable

8/15/27

@

100(a)

..............

1,615

1,617

Series

2024-1A,

Class

C,

6.38%,

1/15/31,

Callable

8/15/27

@

100(a)

..............

836

832

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Capital

Automotive

REIT,

Series

2024-3A,

Class

A1,

4.40%,

10/15/54,

Callable

10/15/27

@

100(a)

...........................................................

$

3,309

$

3,188

CARS-DB5

LP,

Series

2021-1A,

Class

A2,

2.28%,

8/15/51,

Callable

8/15/28

@

100(a)

.....

2,081

1,750

CARS-DB7

LP,

Series

2023-1A,

Class

A1,

5.75%,

9/15/53,

Callable

9/15/26

@

100(a)

.....

3,090

3,114

CCG

Receivables

Trust

...................................................

Series

2021-2,

Class

C,

1.50%,

3/14/29,

Callable

5/14/25

@

100(a)

...............

4,488

4,482

Series

2023-1,

Class

C,

6.28%,

9/16/30,

Callable

7/14/26

@

100(a)

...............

2,493

2,535

Series

2023-2,

Class

D,

7.18%,

4/14/32,

Callable

5/14/27

@

100(a)

...............

1,424

1,482

Series

2025-1,

Class

C,

4.89%,

10/14/32,

Callable

10/14/28

@

100(a)

.............

1,212

1,205

Series

2025-1,

Class

D,

5.28%,

10/14/32,

Callable

10/14/28

@

100(a)

.............

CF

Hippolyta

Issuer

LLC,

Series

2021-1A,

Class

B1,

1.98%,

3/15/61,

Callable

5/15/25

@

100(a)

...........................................................

1,885

1,774

Clarus

Capital

Funding

LLC,

Series

2024-1A,

Class

C,

5.01%,

8/20/32,

Callable

4/20/28

@

100(a)

...........................................................

925

916

Cloud

Capital

Holdco

LP,

Series

2024-1A,

Class

A2,

5.78%,

11/22/49,

Callable

11/22/27

@

100(a)

...........................................................

6,182

6,215

CP

EF

Asset

Securitization

I

LLC,

Series

2022-1A,

Class

A,

5.96%,

4/15/30,

Callable

12/15/25

@

100(a)

.........................................................

CP

EF

Asset

Securitization

II

LLC,

Series

2023-1A,

Class

A,

7.48%,

3/15/32,

Callable

6/15/27

@

100(a)

.........................................................

CyrusOne

Data

Centers

Issuer

I

LLC

.........................................

Series

2024-2A,

Class

A2,

4.50%,

5/20/49,

Callable

5/20/27

@

100(a)

.............

4,218

4,079

Series

2025-1A,

Class

A2,

5.91%,

2/20/50,

Callable

2/20/28

@

100(a)

.............

3,893

3,973

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2II,

2.49%,

11/20/51,

Callable

11/20/25

@

100(a)

...........................................................

7,529

6,947

Dell

Equipment

Finance

Trust

..............................................

Series

2023-1,

Class

D,

6.80%,

3/22/29,

Callable

9/22/25

@

100(a)

...............

2,125

2,137

Series

2023-2,

Class

C,

6.06%,

1/22/29,

Callable

2/22/26

@

100(a)

...............

1,975

1,987

Series

2023-2,

Class

D,

6.74%,

7/23/29,

Callable

2/22/26

@

100(a)

...............

3,569

3,601

Series

2023-3,

Class

D,

6.75%,

10/22/29,

Callable

5/22/26

@

100(a)

..............

1,164

1,181

Series

2024-1,

Class

C,

5.73%,

3/22/30,

Callable

12/22/26

@

100(a)

..............

1,237

1,252

Series

2024-1,

Class

D,

6.12%,

9/23/30,

Callable

12/22/26

@

100(a)

..............

1,250

1,267

Series

2025-1,

Class

D,

5.64%,

8/22/31,

Callable

12/22/27

@

100(a)

..............

925

931

Dext

ABS

LLC

........................................................

Series

2023-1,

Class

B,

6.55%,

3/15/32,

Callable

2/15/27

@

100(a)

...............

8,330

8,494

Series

2023-2,

Class

C,

6.93%,

5/15/34,

Callable

10/15/27

@

100(a)

..............

3,476

3,589

Series

2023-2,

Class

D,

8.30%,

5/15/34,

Callable

10/15/27

@

100(a)

..............

1,566

1,679

Diamond

Infrastructure

Funding

LLC

........................................

Series

2021-1A,

Class

B,

2.36%,

4/15/49,

Callable

9/20/25

@

100(a)

..............

6,000

5,649

Series

2021-1A,

Class

C,

3.48%,

4/15/49,

Callable

9/20/25

@

100(a)

..............

3,000

2,822

Diamond

Issuer

LLC,

Series

2021-1A,

Class

B,

2.70%,

11/20/51,

Callable

11/20/25

@

100(a)

4,418

4,119

Diamond

Resorts

Owner

Trust,

Series

2021-1A,

Class

B,

2.05%,

11/21/33,

Callable

9/20/25

@

100(a)

...........................................................

DLLAA

LLC

..........................................................

Series

2023-1A,

Class

A2,

5.93%,

7/20/26,

Callable

7/20/26

@

100(a)

.............

Series

2025-1A,

Class

A4,

5.08%,

4/20/33,

Callable

5/20/29

@

100(a)

.............

4,203

4,294

DLLAD

LLC,

Series

2024-1A,

Class

A4,

5.38%,

9/22/31,

Callable

2/20/29

@

100(a)

......

2,386

2,459

DLLMT

LLC,

Series

2024-1A,

Class

A3,

4.84%,

8/21/28,

Callable

6/20/28

@

100(a)

......

2,715

2,735

FirstKey

Homes

Trust

....................................................

Series

2021-SFR2,

Class

C,

1.71%,

9/17/38(a)(b)

............................

6,512

6,235

Series

2021-SFR2,

Class

D,

2.06%,

9/17/38(a)(b)

............................

4,500

4,326

Series

2021-SFR3,

Class

A,

2.14%,

12/17/38(a)(b)

...........................

2,419

2,329

Ford

Credit

Floorplan

Master

Owner

Trust

A

...................................

Series

2020-2,

Class

C,

1.87%,

9/15/27

...................................

1,447

1,429

Series

2023-1,

Class

B,

5.31%,

5/15/28(a)

.................................

3,430

3,448

Series

2023-1,

Class

C,

5.75%,

5/15/28(a)

.................................

3,886

3,925

Series

2024-2,

Class

B,

5.56%,

4/15/31(a)

.................................

3,174

3,282

Series

2024-4,

Class

B,

4.61%,

9/15/31(a)

.................................

6,005

6,023

Frontier

Issuer

LLC

.....................................................

Series

2023-1,

Class

A2,

6.60%,

8/20/53,

Callable

7/20/26

@

100(a)

..............

9,439

9,588

Series

2023-1,

Class

B,

8.30%,

8/20/53,

Callable

7/20/26

@

100(a)

...............

6,585

6,776

Series

2023-1,

Class

C,

11.50%,

8/20/53,

Callable

7/20/26

@

100(a)

..............

22,560

23,650

Series

2024-1,

Class

A2,

6.19%,

6/20/54,

Callable

5/20/28

@

100(a)

..............

2,716

2,792

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-1,

Class

C,

11.16%,

6/20/54,

Callable

5/20/28

@

100(a)

..............

$

16,618

$

18,348

FRTKL,

Series

2021-SFR1,

Class

D,

2.17%,

9/17/38(a)(b)

.........................

1,500

1,434

Granite

Park

Equipment

Leasing

LLC

........................................

Series

2023-1A,

Class

B,

6.62%,

4/20/33,

Callable

8/20/25

@

100(a)

..............

1,538

1,596

Series

2023-1A,

Class

C,

6.97%,

8/22/33,

Callable

8/20/25

@

100(a)

..............

1,411

1,476

Series

2023-1A,

Class

E,

7.00%,

6/20/35,

Callable

8/20/25

@

100(a)

..............

1,176

1,159

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2024-1,

Class

C,

5.43%,

12/15/31,

Callable

2/15/28

@

100(a)

..............

910

920

Series

2025-1,

Class

C,

5.01%,

1/18/33,

Callable

5/15/29

@

100(a)

...............

3,430

3,412

HPEFS

Equipment

Trust

..................................................

Series

2022-3A,

Class

C,

6.13%,

8/20/29,

Callable

4/20/26

@

100(a)

..............

4,076

4,084

Series

2023-2A,

Class

D,

6.97%,

7/21/31,

Callable

12/20/26

@

100(a)

.............

2,350

2,393

Series

2024-1A,

Class

D,

5.82%,

11/20/31,

Callable

8/20/27

@

100(a)

.............

2,259

2,285

Series

2024-2A,

Class

B,

5.35%,

10/20/31,

Callable

12/20/27

@

100(a)

............

3,621

3,656

Series

2024-2A,

Class

D,

5.82%,

4/20/32,

Callable

12/20/27

@

100(a)

.............

1,940

1,965

Kubota

Credit

Owner

Trust

................................................

Series

2022-1A,

Class

A3,

2.67%,

10/15/26,

Callable

1/15/26

@

100(a)

............

648

643

Series

2024-2A,

Class

A4,

5.19%,

5/15/30,

Callable

4/15/28

@

100(a)

.............

1,765

1,805

Series

2025-1A,

Class

A4,

4.87%,

7/15/30,

Callable

2/15/29

@

100(a)

.............

3,463

3,512

M&T

Equipment

LEAF1

Notes

.............................................

Series

2023-1A,

Class

A3,

5.74%,

7/15/30,

Callable

6/15/27

@

100(a)

.............

1,882

1,893

Series

2024-1A,

Class

A2,

4.99%,

8/18/31,

Callable

7/16/28

@

100(a)

.............

2,715

2,715

MMAF

Equipment

Finance

LLC

............................................

Series

2021-A,

Class

A4,

1.04%,

11/13/30(a)

...............................

3,682

3,572

Series

2023-A,

Class

A4,

5.50%,

12/13/38(a)

...............................

2,348

2,412

Series

2024-A,

Class

A4,

5.10%,

7/13/49,

Callable

5/13/30

@

100(a)

..............

3,773

3,862

MVW

LLC,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41,

Callable

1/20/27

@

100(a)

.......

New

Economy

Assets

-

Phase

Sponsor

LLC

...................................

Series

2021-1,

Class

A1,

1.91%,

10/20/61,

Callable

5/20/25

@

100(a)

.............

6,097

5,691

Series

2021-1,

Class

B1,

2.41%,

10/20/61,

Callable

5/20/25

@

100(a)

.............

1,832

1,665

NMEF

Funding

LLC

....................................................

Series

2023-A,

Class

B,

6.83%,

6/17/30,

Callable

6/15/27

@

100(a)

...............

1,043

1,063

Series

2024-A,

Class

A2,

5.15%,

12/15/31,

Callable

2/15/28

@

100(a)

.............

3,862

3,875

Series

2024-A,

Class

B,

5.32%,

12/15/31,

Callable

2/15/28

@

100(a)

..............

3,217

3,205

Series

2025-A,

Class

B,

5.18%,

7/15/32,

Callable

11/15/28

@

100(a)

..............

2,860

2,834

Series

2025-A,

Class

C,

5.79%,

7/15/32,

Callable

11/15/28

@

100(a)

..............

1,634

1,579

NP

SPE

II

LLC,

Series

2017-1A,

Class

A2,

4.22%,

10/21/47(a)

......................

5,875

5,658

NP

SPE

X

LP

..........................................................

Series

2019-2A,

Class

A2,

3.10%,

11/19/49(a)

..............................

1,748

1,605

Series

2019-2A,

Class

C1,

6.44%,

11/19/49(a)

..............................

2,035

1,973

Pawnee

Equipment

Receivables

LLC,

Series

2021-1,

Class

B,

1.82%,

7/15/27,

Callable

8/15/25

@

100(a)

.........................................................

1,112

1,109

PEAC

Solutions

Receivables

LLC

...........................................

Series

2025-1A,

Class

A3,

5.04%,

7/20/32,

Callable

11/20/28

@

100(a)

............

3,629

3,611

Series

2025-1A,

Class

B,

5.20%,

7/20/32,

Callable

11/20/28

@

100(a)

.............

3,315

3,301

Series

2025-1A,

Class

C,

5.49%,

7/20/32,

Callable

11/20/28

@

100(a)

.............

2,601

2,598

Post

Road

Equipment

Finance

LLC

..........................................

Series

2024-1A,

Class

C,

5.81%,

10/15/30,

Callable

4/15/27

@

100(a)

.............

1,139

1,158

Series

2024-1A,

Class

D,

6.77%,

10/15/30,

Callable

4/15/27

@

100(a)

.............

Series

2025-1A,

Class

B,

5.04%,

5/15/31,

Callable

8/15/28

@

100(a)

..............

948

956

Series

2025-1A,

Class

C,

5.13%,

5/15/31,

Callable

8/15/28

@

100(a)

..............

2,254

2,272

Progress

Residential

Trust

.................................................

Series

2021-SFR3,

Class

D,

2.29%,

5/17/26(a)(b)

............................

2,000

1,955

Series

2021-SFR4,

Class

C,

2.04%,

5/17/38(a)(b)

............................

2,351

2,294

Series

2021-SFR4,

Class

D,

2.31%,

5/17/38(a)(b)

............................

2,500

2,442

Series

2021-SFR5,

Class

D,

2.11%,

7/17/38(a)(b)

............................

2,000

1,938

Series

2021-SFR6,

Class

D,

2.23%,

7/17/38,

Callable

7/17/26

@

100(a)(b)

..........

3,000

2,911

Series

2021-SFR7,

Class

B,

1.94%,

8/17/40(a)(b)

............................

3,250

3,039

Retained

Vantage

Data

Centers

Issuer

LLC

.....................................

Series

2024-1A,

Class

A2,

4.99%,

9/15/49,

Callable

9/15/27

@

100(a)

.............

5,195

5,143

Series

2024-1A,

Class

B,

5.78%,

9/15/49,

Callable

9/15/27

@

100(a)

..............

1,400

1,405

SCF

Equipment

Leasing

LLC

..............................................

Series

2022-2A,

Class

C,

6.50%,

8/20/32,

Callable

9/20/28

@

100(a)

..............

2,356

2,396

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2022-2A,

Class

D,

6.50%,

10/20/32,

Callable

9/20/28

@

100(a)

.............

$

2,144

$

2,196

Series

2023-1A,

Class

A3,

6.17%,

5/20/32,

Callable

9/20/27

@

100(a)

.............

2,347

2,378

SCF

Equipment

Trust

LLC

................................................

Series

2025-1A,

Class

B,

5.23%,

9/20/34,

Callable

9/20/31

@

100(a)

..............

5,955

6,040

Series

2025-1A,

Class

C,

5.37%,

9/20/34,

Callable

9/20/31

@

100(a)

..............

4,440

4,511

Series

2025-1A,

Class

D,

5.88%,

11/20/35,

Callable

9/20/31

@

100(a)

.............

3,001

3,013

Sotheby's

Artfi

Master

Trust,

Series

2024-1A,

Class

A1,

6.43%,

12/22/31(a)

.............

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

7/30/54,

Callable

7/30/28

@

100(a)

3,158

3,221

Switch

ABS

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.04%,

3/25/55(a)

.................

4,281

4,160

Tricon

Residential

Trust

..................................................

Series

2022-SFR2,

Class

B,

5.24%,

7/17/40,

Callable

7/17/28

@

100(a)(b)

..........

1,800

1,840

Series

2024-SFR4,

Class

A,

4.30%,

11/17/41,

Callable

11/17/29

@

100(a)(b)

........

2,307

2,250

Trinity

Rail

Leasing

LLC

.................................................

Series

2019-1A,

Class

A,

3.82%,

4/17/49(a)

................................

2,951

2,908

Series

2021-1A,

Class

A,

2.26%,

7/19/51,

Callable

5/19/25

@

100(a)

..............

846

777

Series

2022-1A,

Class

A,

4.55%,

5/19/52,

Callable

5/21/25

@

100(a)

..............

2,259

2,200

Uniti

Fiber

ABS

Issuer

LLC

...............................................

Series

2025-1A,

Class

A2,

5.88%,

4/20/55,

Callable

10/20/28

@

100(a)

............

4,134

4,210

Series

2025-1A,

Class

B,

6.37%,

4/20/55,

Callable

10/20/28

@

100(a)

.............

1,642

1,673

Vantage

Data

Centers

Issuer

LLC,

Series

2020-1A,

Class

A2,

1.65%,

9/15/45,

Callable

5/15/25

@

100(a)

.........................................................

586

578

Vantage

Data

Centers

LLC,

Series

2020-2A,

Class

A2,

1.99%,

9/15/45,

Callable

9/15/25

@

100(a)

...........................................................

9,000

8,374

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A,

Class

C2II,

3.71%,

2/15/57,

Callable

2/15/30

@

100(a)

............

4,500

3,949

Series

2022-1A,

Class

D,

4.29%,

2/15/52,

Callable

2/15/26

@

100(a)

..............

3,263

3,102

Series

2022-1A,

Class

F,

5.27%,

2/15/52,

Callable

2/15/26

@

100(a)

..............

7,500

7,060

Series

2024-1A,

Class

C2,

5.59%,

5/15/54,

Callable

5/15/27

@

100(a)

.............

2,074

2,087

Series

2024-1A,

Class

D,

6.64%,

5/15/54,

Callable

5/15/27

@

100(a)

..............

1,511

1,555

Series

2024-1A,

Class

F,

8.87%,

5/15/54,

Callable

5/15/27

@

100(a)

..............

Verdant

Receivables

LLC

.................................................

Series

2023-1A,

Class

A2,

6.24%,

1/13/31,

Callable

7/12/27

@

100(a)

.............

909

921

Series

2023-1A,

Class

C,

6.73%,

1/13/31,

Callable

7/12/27

@

100(a)

..............

1,077

1,108

Series

2024-1A,

Class

A2,

5.68%,

12/12/31,

Callable

8/12/28

@

100(a)

............

2,301

2,329

Series

2024-1A,

Class

B,

5.72%,

12/12/31,

Callable

8/12/28

@

100(a)

.............

793

803

Series

2024-1A,

Class

C,

6.25%,

12/12/31,

Callable

8/12/28

@

100(a)

.............

661

675

Series

2024-1A,

Class

D,

7.23%,

12/12/31,

Callable

8/12/28

@

100(a)

.............

819

829

Verizon

Master

Trust

....................................................

Series

2024-2,

Class

B,

5.08%,

12/22/31,

Callable

12/20/28

@

100(a)

.............

3,866

3,948

Series

2024-3,

Class

C,

5.73%,

4/22/30,

Callable

4/20/27

@

.................

1,145

1,172

Series

2024-4,

Class

C,

5.60%,

6/20/29,

Callable

6/20/26

@

.................

814

823

Series

2024-7,

Class

C,

4.84%,

8/20/32,

Callable

8/20/29

@

100(a)

...............

6,425

6,460

Series

2024-8,

Class

C,

4.99%,

11/20/30,

Callable

11/20/27

@

...............

3,113

3,151

Series

2025-2,

Class

C,

5.34%,

1/20/33,

Callable

1/20/30

@

100(a)

...............

7,427

7,605

Wingspire

Equipment

Finance

LLC,

Series

2024-1A,

Class

D,

6.31%,

9/20/32,

Callable

11/20/27

@

100(a)

..................................................

1,447

1,434

Zayo

Issuer

LLC

.......................................................

Series

2025-1A,

Class

A2,

5.65%,

3/20/55,

Callable

9/20/28

@

100(a)

.............

3,481

3,479

Series

2025-1A,

Class

B,

6.09%,

3/20/55,

Callable

9/20/28

@

100(a)

..............

2,593

2,580

436,428

Agency

ABS

Other

(0.1%):

SLM

Student

Loan

Trust

..................................................

Series

2003-14,

Class

B,

5.17%

(SOFR90A+81bps),

10/25/65,

Callable

7/25/25

@

100(c)

Series

2012-6,

Class

B,

5.47%

(SOFR30A+111bps),

4/27/43,

Callable

12/25/29

@

100(c)

2,500

2,343

2,619

Total

Asset-Backed

Securities

(Cost

$1,042,726)

a

a

a

1,047,956

Collateralized

Loan

Obligations

(1.7%)

Cash

Flow

CLO

(1.7%):

720

East

CLO

I

Ltd.

.....................................................

Series

2022-1A,

Class

A2R,

5.87%

(TSFR3M+160bps),

1/20/38,

Callable

1/20/27

@

100(a)(c)

.........................................................

4,197

4,161

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2022-1A,

Class

BR,

5.97%

(TSFR3M+170bps),

1/20/38,

Callable

1/20/27

@

100(a)(c)

.........................................................

$

3,997

$

3,943

720

East

CLO

II

Ltd.

....................................................

Series

2023-2A,

Class

A2,

6.41%

(TSFR3M+215bps),

10/15/36,

Callable

10/15/25

@

100(a)(c)

.........................................................

3,755

3,759

Series

2023-2A,

Class

D,

9.41%

(TSFR3M+515bps),

10/15/36,

Callable

10/15/25

@

100(a)(c)

.........................................................

2,816

2,824

720

East

CLO

IV

Ltd.,

Series

2024-1A,

Class

A2,

6.06%

(TSFR3M+180bps),

4/15/37,

Callable

4/15/26

@

100(a)(c)

.................................................

2,767

2,764

720

East

CLO

VII

Ltd.,

Series

2025-7A,

Class

A2,

5.68%

(TSFR3M+140bps),

4/20/37,

Callable

4/20/26

@

100(a)(c)

..........................................

2,587

2,548

AIMCO

CLO

Ltd.

......................................................

Series

2022-17A,

Class

XR,

5.42%

(TSFR3M+115bps),

7/20/37,

Callable

7/22/26

@

100(a)(c)

.........................................................

3,058

3,046

Series

2023-20A,

Class

B1,

6.46%

(TSFR3M+220bps),

10/16/36,

Callable

10/16/25

@

100(a)(c)

.........................................................

2,822

2,826

Series

2023-20A,

Class

C1,

6.96%

(TSFR3M+270bps),

10/16/36,

Callable

10/16/25

@

100(a)(c)

.........................................................

2,822

2,798

Barrow

Hanley

CLO

II

Ltd.,

Series

2023-2A,

Class

C,

7.77%

(TSFR3M+350bps),

10/20/35,

Callable

10/20/25

@

100(a)(c)

.........................................

2,816

2,817

Columbia

Cent

CLO

Ltd.,

Series

2022-32A,

Class

BF,

5.20%,

7/24/34,

Callable

7/24/25

@

100(a)

...........................................................

3,750

3,683

Dryden

CLO

Ltd.

.......................................................

Series

2021-93A,

Class

A2R,

5.86%

(TSFR3M+160bps),

1/15/38,

Callable

1/15/27

@

100(a)(c)

.........................................................

2,169

2,161

Series

2021-93A,

Class

XR,

5.41%

(TSFR3M+115bps),

1/15/38,

Callable

1/15/27

@

100(a)(c)

.........................................................

3,342

3,342

Series

2023-102A,

Class

A2,

6.26%

(TSFR3M+200bps),

10/15/36,

Callable

10/15/25

@

100(a)(c)

.........................................................

1,690

1,693

Series

2024-121A,

Class

B,

6.03%

(TSFR3M+170bps),

1/15/37,

Callable

1/15/27

@

100(a)(c)

.........................................................

4,420

4,403

Golub

Capital

Partners

CLO

Ltd.,

Series

2023-68A,

Class

B,

7.08%

(TSFR3M+280bps),

7/25/36,

Callable

7/25/25

@

100(a)(c)

....................................

2,345

2,349

Magnetite

XXXV

Ltd.,

Series

2022-35A,

Class

AR,

5.93%

(TSFR3M+165bps),

10/25/36,

Callable

10/25/25

@

100(a)(c)

.........................................

4,705

4,711

Mountain

View

CLO

Ltd.,

Series

2013-1A,

Class

CRR,

6.70%

(TSFR3M+246bps),

10/12/30,

Callable

7/12/25

@

100(a)(c)

..........................................

4,000

3,982

NGC

Ltd.,

Series

2024-1A,

Class

X,

5.42%

(TSFR3M+115bps),

7/20/37,

Callable

7/20/26

@

100(a)(c)

.........................................................

3,243

3,243

Oaktree

CLO

Ltd.,

Series

2023-1A,

Class

B,

6.81%

(TSFR3M+255bps),

4/15/36(a)(c)

.....

2,250

2,250

Octagon

Ltd.,

Series

2023-1A,

Class

X,

5.57%

(TSFR3M+130bps),

10/20/36,

Callable

10/20/25

@

100(a)(c)

................................................

3,527

3,528

Palmer

Square

Loan

Funding

Ltd.

...........................................

Series

2022-2A,

Class

A2,

6.16%

(TSFR3M+190bps),

10/15/30,

Callable

7/15/25

@

100(a)(c)

.........................................................

3,000

3,005

Series

2024-3A,

Class

A2,

5.95%

(TSFR3M+165bps),

8/8/32,

Callable

8/8/25

@

100(a)

(c) .............................................................

3,625

3,617

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

B2,

2.72%,

7/21/34,

Callable

7/21/25

@

100(a)

.

1,000

887

Trimaran

Cavu

Ltd.,

Series

2021-3A,

Class

C1,

7.00%

(TSFR3M+273bps),

1/18/35,

Callable

7/18/25

@

100(a)(c)

.................................................

5,000

5,011

Venture

CLO

Ltd.

......................................................

Series

2023-47A,

Class

AJ,

6.57%

(TSFR3M+230bps),

4/20/36,

Callable

7/20/25

@

100(a)(c)

.........................................................

2,806

2,807

Series

2023-48A,

Class

B1,

7.02%

(TSFR3M+275bps),

10/20/36,

Callable

10/20/25

@

100(a)(c)

.........................................................

3,053

3,066

Series

2024-49A,

Class

X,

5.62%

(TSFR3M+135bps),

4/20/37,

Callable

4/20/26

@

100(a)(c)

.........................................................

1,717

1,715

Series

2024-50A,

Class

X,

5.52%

(TSFR3M+125bps),

10/20/37,

Callable

10/20/26

@

100(a)(c)

.........................................................

3,260

3,262

90,201

Total

Collateralized

Loan

Obligations

(Cost

$90,460)

a

a

a

90,201

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Collateralized

Mortgage

Obligations

(9.0%)

Agency

CMO

Other

(0.7%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5270,

Class

AB,

5.50%,

1/25/49

...................................

$

3,357

$

3,425

Series

5450,

Class

KA,

4.50%,

6/25/51

...................................

6,543

6,477

Series

5478,

Class

J,

5.50%,

3/25/51

.....................................

16,033

16,181

Federal

National

Mortgage

Association,

Series

2022-88,

Class

BA,

5.50%,

7/25/47

........

1,949

1,972

Government

National

Mortgage

Association

....................................

Series

2022-207,

Class

NA,

3.00%,

1/20/52

................................

2,423

2,135

Series

2023-107,

Class

PA,

5.50%,

1/20/46

................................

4,098

4,136

Series

2023-131,

Class

P,

5.50%,

6/20/48

..................................

2,465

2,467

36,793

Agency

Commercial

MBS

(2.2%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

K141,

Class

A2,

2.25%,

2/25/32,

Callable

2/25/32

@

.................

15,660

13,757

Series

K142,

Class

A2,

2.40%,

3/25/32,

Callable

3/25/32

@

.................

17,736

15,694

Series

K143,

Class

A2,

2.35%,

3/25/32,

Callable

3/25/32

@

.................

5,065

4,464

Series

K144,

Class

A2,

2.45%,

4/25/32,

Callable

4/25/32

@

.................

10,000

8,855

Series

K145,

Class

A2,

2.58%,

5/25/32,

Callable

5/25/32

@

.................

20,137

17,953

Series

K146,

Class

A2,

2.92%,

6/25/32,

Callable

6/25/32

@

.................

7,631

6,949

Series

K147,

Class

A2,

3.00%,

6/25/32,

Callable

6/25/32

@

100(d)

...............

10,994

10,058

Series

K149,

Class

A2,

3.53%,

8/25/32,

Callable

8/25/32

@

.................

13,418

12,682

Series

K-159,

Class

A2,

4.50%,

7/25/33,

Callable

7/25/33

@

100(d)

...............

17,895

17,898

Series

K536,

Class

AS,

4.83%

(SOFR30A+50bps),

11/25/29,

Callable

11/25/29

@

100(c)

3,434

3,435

Federal

National

Mortgage

Association,

Series

2017-M7,

Class

A2,

2.96%,

2/25/27(d)

.....

1,964

1,923

113,668

Commercial

MBS

(6.1%):

AOA

Mortgage

Trust

....................................................

Series

2021-1177,

Class

B,

5.61%

(TSFR1M+129bps),

10/15/38(a)(b)(c)

...........

3,000

2,772

Series

2021-1177,

Class

D,

6.26%

(TSFR1M+194bps),

10/15/38(a)(b)(c)

...........

10,600

9,401

Arbor

Multifamily

Mortgage

Securities

Trust

...................................

Series

2020-MF1,

Class

C,

3.72%,

5/15/53,

Callable

5/15/30

@

100(a)(d)

..........

1,500

1,350

Series

2021-MF2,

Class

B,

2.56%,

6/15/54,

Callable

7/15/31

@

100(a)(d)

..........

5,150

4,365

Aventura

Mall

Trust

.....................................................

Series

2018-AVM,

Class

A,

4.25%,

7/5/40(a)(b)(d)

...........................

1,450

1,423

Series

2018-AVM,

Class

C,

4.25%,

7/5/40(a)(b)(d)

...........................

1,310

1,252

Series

2018-AVM,

Class

D,

4.25%,

7/5/40(a)(b)(d)

...........................

12,860

12,151

BANK,

Series

2017-BNK4,

Class

AS,

3.78%,

5/15/50,

Callable

4/15/27

@

..........

5,000

4,860

BBCCRE

Trust,

Series

2015-GTP,

Class

A,

3.97%,

8/10/33,

Callable

5/10/25

@

100(a)(b)

...

5,935

5,768

BBCMS

Mortgage

Trust,

Series

2020-BID,

Class

C,

8.08%

(TSFR1M+375bps),

10/15/37(a)(b)

(c) .............................................................

3,781

3,786

Benchmark

Mortgage

Trust

................................................

Series

2021-B25,

Class

300D,

3.09%,

4/15/54,

Callable

4/15/31

@

100(a)(d)

........

2,417

1,231

Series

2022-B36,

Class

XA,

0.81%,

7/15/55,

Callable

6/15/32

@

100(b)(d)

.........

40,616

1,728

BLP

Commercial

Mortgage

Trust,

Series

2025-IND,

Class

A,

5.52%

(TSFR1M+120bps),

3/15/42(a)(b)(c)

....................................................

2,570

2,520

BPR

Trust

............................................................

Series

2021-TY,

Class

B,

5.59%

(TSFR1M+126bps),

9/15/38(a)(b)(c)

.............

750

742

Series

2021-TY,

Class

C,

6.14%

(TSFR1M+181bps),

9/15/38(a)(b)(c)

.............

1,388

1,376

Series

2021-TY,

Class

D,

6.79%

(TSFR1M+246bps),

9/15/38(a)(b)(c)

.............

2,752

2,728

Series

2022-OANA,

Class

A,

6.22%

(TSFR1M+190bps),

4/15/37(a)(b)(c)

..........

4,500

4,500

Series

2022-OANA,

Class

D,

8.02%

(TSFR1M+370bps),

4/15/37(a)(b)(c)

..........

9,500

9,405

Series

2022-STAR,

Class

A,

7.55%

(TSFR1M+323bps),

8/15/39(a)(b)(c)

...........

2,804

2,786

BX

Commercial

Mortgage

Trust

............................................

Series

2021-VOLT,

Class

B,

5.39%

(TSFR1M+106bps),

9/15/36(a)(b)(c)

...........

Series

2022-CSMO,

Class

C,

8.21%

(TSFR1M+389bps),

6/15/27(a)(b)(c)

..........

7,500

7,510

Series

2022-CSMO,

Class

D,

8.66%

(TSFR1M+434bps),

6/15/27(a)(b)(c)

..........

2,400

2,404

Series

2023-XL3,

Class

A,

6.08%

(TSFR1M+176bps),

12/9/40(a)(b)(c)

............

BX

Mortgage

Trust,

Series

2021-PAC,

Class

B,

5.34%

(TSFR1M+101bps),

10/15/36(a)(b)(c)

3,250

3,204

BX

Trust

.............................................................

Series

2022-CLS,

Class

B,

6.30%,

10/13/27(a)(b)

............................

3,000

2,971

Series

2022-CLS,

Class

C,

6.79%,

10/13/27(a)(b)

............................

2,500

2,384

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-ROIC,

Class

A,

5.47%

(TSFR1M+114bps),

3/15/30(a)(b)(c)

...........

$

2,674

$

2,621

Series

2025-ROIC,

Class

B,

5.72%

(TSFR1M+139bps),

3/15/30(a)(b)(c)

...........

3,053

2,981

BXP

Trust

............................................................

Series

2021-601L,

Class

B,

2.87%,

1/15/44(a)(b)(d)

..........................

5,545

4,673

Series

2021-601L,

Class

C,

2.87%,

1/15/44(a)(b)(d)

..........................

3,750

3,042

Series

2021-601L,

Class

D,

2.87%,

1/15/44(a)(b)(d)

..........................

5,750

4,372

CAMB

Commercial

Mortgage

Trust,

Series

2021-CX2,

Class

A,

2.70%,

11/10/46,

Callable

11/10/31

@

100(a)(b)

................................................

2,000

1,703

COMM

Mortgage

Trust

..................................................

Series

2015-PC1,

Class

AM,

4.29%,

7/10/50,

Callable

6/10/25

@

100(d)

...........

3,280

3,242

Series

2015-PC1,

Class

B,

4.39%,

7/10/50,

Callable

6/10/25

@

100(d)

.............

3,399

3,323

Series

2020-CX,

Class

A,

2.17%,

11/10/46,

Callable

11/10/30

@

100(a)(b)

..........

1,075

915

Series

2024-277P,

Class

A,

6.34%,

8/10/44(a)(b)

............................

3,622

3,793

Series

2024-277P,

Class

B,

7.23%,

8/10/44(a)(b)(d)

..........................

CSMC

Trust

..........................................................

Series

2019-UVIL,

Class

A,

3.16%,

12/15/41(a)(b)

...........................

1,950

1,781

Series

2019-UVIL,

Class

C,

3.39%,

12/15/41(a)(b)(d)

.........................

5,000

4,407

Series

2020-WEST,

Class

A,

3.04%,

2/15/35,

Callable

2/15/30

@

100(a)(b)

.........

2,500

2,169

DBJPM

Mortgage

Trust

..................................................

Series

2016-C1,

Class

A4,

3.28%,

5/10/49,

Callable

4/10/26

@

...............

580

570

Series

2016-SFC,

Class

A,

2.83%,

8/10/36,

Callable

8/10/26

@

100(a)(b)

...........

5,000

2,316

Series

2016-SFC,

Class

B,

3.24%,

8/10/36,

Callable

8/10/26

@

100(a)(b)

...........

2,500

—(e)

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

A,

6.06%

(TSFR1M+174bps),

4/15/37(a)(b)

(c) .............................................................

2,750

2,735

GS

Mortgage

Securities

Corp.

Trust,

Series

2023-SHIP,

Class

C,

5.69%,

9/10/38(a)(b)(d)

...

1,882

1,874

GS

Mortgage

Securities

Trust

..............................................

Series

2019-GSA1,

Class

A4,

3.05%,

11/10/52,

Callable

11/10/29

@

...........

4,000

3,717

Series

2019-GSA1,

Class

AS,

3.34%,

11/10/52,

Callable

11/10/29

@

...........

5,000

4,548

Hilton

USA

Trust

.......................................................

Series

2016-HHV,

Class

B,

4.33%,

11/5/38(a)(b)(d)

..........................

4,650

4,570

Series

2016-HHV,

Class

C,

4.33%,

11/5/38(a)(b)(d)

..........................

824

806

Series

2016-HHV,

Class

D,

4.33%,

11/5/38(a)(b)(d)

..........................

1,866

1,816

Houston

Galleria

Mall

Trust,

Series

2025-HGLR,

Class

A,

5.64%,

2/5/45(a)(b)(d)

.........

1,593

1,617

Hudson

Yards

Mortgage

Trust

..............................................

Series

2016-10HY,

Class

A,

2.84%,

8/10/38,

Callable

8/10/26

@

100(a)(b)

..........

8,865

8,630

Series

2019-30HY,

Class

A,

3.23%,

7/10/39(a)(b)

............................

1,906

1,780

Series

2019-30HY,

Class

D,

3.56%,

7/10/39(a)(b)(d)

..........................

4,947

4,461

Series

2019-55HY,

Class

A,

3.04%,

12/10/41(a)(b)(d)

.........................

4,960

4,549

Series

2025-SPRL,

Class

A,

5.65%,

1/13/40(a)(b)(d)

..........................

5,796

5,952

Series

2025-SPRL,

Class

B,

5.95%,

1/13/40(a)(b)(d)

..........................

2,624

2,695

HYT

Commercial

Mortgage

Trust,

Series

2024-RGCY,

Class

A,

6.16%

(TSFR1M+184bps),

9/15/41(a)(b)(c)

....................................................

8,466

8,426

ILPT

Commercial

Mortgage

Trust

...........................................

Series

2022-LPF2,

Class

C,

7.81%

(TSFR1M+349bps),

10/15/39(a)(b)(c)

..........

1,900

1,867

Series

2022-LPFX,

Class

C,

3.95%,

3/15/32(a)(b)(d)

.........................

2,500

2,171

IRV

Trust,

Series

2025-200P,

Class

A,

5.47%,

3/14/47,

Callable

2/14/35

@

100(a)(b)(d)

....

4,904

4,911

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

..........................

Series

2013-C10,

Class

C,

4.23%,

12/15/47,

Callable

12/15/26

@

100(d)

...........

647

628

Series

2019-OSB,

Class

A,

3.40%,

6/5/39,

Callable

6/5/29

@

100(a)(b)

............

5,000

4,684

Series

2019-OSB,

Class

C,

3.75%,

6/5/39,

Callable

6/5/29

@

100(a)(b)(d)

..........

2,436

2,226

Series

2019-OSB,

Class

D,

3.91%,

6/5/39,

Callable

6/5/29

@

100(a)(b)(d)

..........

2,000

1,799

Series

2021-2NU,

Class

D,

2.15%,

1/5/40(a)(b)

.............................

2,700

2,073

Series

2021-2NU,

Class

XA,

0.15%,

1/5/40(a)(b)(d)

..........................

226,300

511

Jackson

Park

Trust

......................................................

Series

2019-LIC,

Class

A,

2.77%,

10/14/39(a)(b)

............................

5,000

4,508

Series

2019-LIC,

Class

C,

3.13%,

10/14/39(a)(b)(d)

..........................

5,000

4,434

JW

Commercial

Mortgage

Trust,

Series

2024-MRCO,

Class

A,

5.94%

(TSFR1M+162bps),

6/15/39(a)(b)(c)

....................................................

2,716

2,701

LBA

Trust,

Series

2024-7IND,

Class

B,

6.06%

(TSFR1M+174bps),

10/15/41(a)(b)(c)

......

2,059

2,051

LEX

Mortgage

Trust,

Series

2024-BBG,

Class

A,

5.04%,

10/13/33,

Callable

10/13/28

@

100(a)

(b)(d) ...........................................................

4,351

4,363

Life

Mortgage

Trust,

Series

2022-BMR2,

Class

C,

6.41%

(TSFR1M+209bps),

5/15/39,

Callable

5/15/25

@

100(a)(b)(c)

........................................

2,250

2,025

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Manhattan

West

Mortgage

Trust

............................................

Series

2020-1MW,

Class

A,

2.13%,

9/10/39(a)(b)

............................

$

8,617

$

8,106

Series

2020-1MW,

Class

B,

2.41%,

9/10/39(a)(b)(d)

..........................

2,703

2,526

Series

2020-1MW,

Class

C,

2.41%,

9/10/39(a)(b)(d)

..........................

5,000

4,649

Series

2020-1MW,

Class

D,

2.41%,

9/10/39(a)(b)(d)

..........................

6,475

5,983

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

D,

6.04%

(TSFR1M+172bps),

4/15/38(a)(b)(c)

....................................................

1,600

1,590

MHC

Trust,

Series

2021-MHC2,

Class

D,

5.94%

(TSFR1M+161bps),

5/15/38(a)(b)(c)

.....

1,520

1,510

MHP,

Series

2022-MHIL,

Class

D,

5.93%

(TSFR1M+161bps),

1/15/39(a)(b)(c)

..........

2,000

1,979

Morgan

Stanley

Capital

I

Trust,

Series

2021-PLZA,

Class

C,

2.90%,

11/9/43(a)(b)

........

2,750

2,144

MTN

Commercial

Mortgage

Trust,

Series

2022-LPFL,

Class

C,

6.72%

(TSFR1M+239bps),

3/15/39(a)(b)(c)

....................................................

3,000

2,996

NRTH

Mortgage

Trust,

Series

2024-PARK,

Class

A,

5.96%

(TSFR1M+164bps),

3/15/39(a)(b)

(c) .............................................................

3,860

3,830

One

Bryant

Park

Trust,

Series

2019-OBP,

Class

A,

2.52%,

9/15/54(a)(b)

................

7,791

6,990

ONE

Mortgage

Trust,

Series

2021-PARK,

Class

D,

5.94%

(TSFR1M+161bps),

3/15/36(a)(b)

(c) .............................................................

5,000

4,613

SCOTT

Trust,

Series

2023-SFS,

Class

AS,

6.20%,

3/10/40(a)(b)

.....................

2,357

2,383

SHR

Trust

............................................................

Series

2024-LXRY,

Class

B,

6.77%

(TSFR1M+245bps),

10/15/41(a)(b)(c)

..........

4,487

4,451

Series

2024-LXRY,

Class

D,

7.92%

(TSFR1M+360bps),

10/15/41(a)(b)(c)

..........

1,122

1,110

SLG

Office

Trust

.......................................................

Series

2021-OVA,

Class

B,

2.71%,

7/15/41(a)(b)

............................

4,000

3,468

Series

2021-OVA,

Class

C,

2.85%,

7/15/41(a)(b)

............................

4,000

3,478

SREIT

Trust,

Series

2021-MFP2,

Class

D,

6.01%

(TSFR1M+168bps),

11/15/36(a)(b)(c)

....

1,000

992

SWCH

Commercial

Mortgage

Trust,

Series

2025-DATA,

Class

A,

5.76%

(TSFR1M+144bps),

3/15/42(a)(b)(c)

....................................................

4,335

4,257

TTAN,

Series

2021-MHC,

Class

D,

6.19%

(TSFR1M+186bps),

3/15/38(a)(b)(c)

..........

1,384

1,376

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2015-NXS3,

Class

B,

4.65%,

9/15/57,

Callable

10/15/25

@

100(d)

..........

2,000

1,978

Series

2015-NXS4,

Class

AS,

3.97%,

12/15/48,

Callable

11/15/25

@

...........

3,500

3,467

Series

2015-NXS4,

Class

B,

4.22%,

12/15/48,

Callable

11/15/25

@

100(d)

..........

5,000

4,945

Series

2018-AUS,

Class

A,

4.19%,

8/17/36(a)(b)(d)

..........................

4,200

4,095

Series

2020-C56,

Class

AS,

3.11%,

6/15/53,

Callable

4/15/30

@

..............

2,000

1,789

Series

2021-SAVE,

Class

D,

7.04%

(TSFR1M+271bps),

2/15/40(a)(b)(c)

...........

1,200

1,169

320,365

Private

CMO

Floating

(0.0%):(f)

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2005-AR5,

Class

B1,

5.18%

(TSFR1M+86bps),

7/19/35,

Callable

5/19/25

@

100(c)

........................

Total

Collateralized

Mortgage

Obligations

(Cost

$490,825)

a

a

a

471,029

Shares

Preferred

Stocks

(0.3%)

Consumer

Staples

(0.2%):

CHS,

Inc.,

Series

2,

7.10%(g)(h)

............................................

400,000

10,100

Financials

(0.1%):

Citigroup

Capital

XIII,

10.91%

(TSFR3M+663bps),

10/30/40(c)

.....................

87,500

2,608

U.S.

Bancorp,

Series

A,

5.54%

(TSFR3M+128bps)(c)(h)

...........................

5,000

4,220

6,828

Total

Preferred

Stocks

(Cost

$15,932)

a

a

a

16,928

Principal

Amount

(000) Senior

Secured

Loans

(1.6%)

Communication

Services

(0.0%):(f)

Altafiber,

Term

Loans,

First

Lien,

7.07%

(SOFR01M+275bps),

11/24/28(c)

..........

Frontier

Communications

Holdings

LLC,

Initial

Term

Loans,

First

Lien,

6.79%

(SOFR06M+250bps),

7/1/31(c)

.........................................

Zayo

Group

Holdings,

Inc.,

2022

Incremental

Term

Loans,

First

Lien,

3/9/27(i)

..........

—(e)

—

727

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Consumer

Discretionary

(0.5%):

Academy

Ltd.,

Refinancing

Term

Loans,

First

Lien,

8.07%

(SOFR01M+375bps),

11/8/27(c)

.

$

$

Alterra

Mountain

Co.,

Term

Loan,

First

Lien,

7.07%

(SOFR01M+275bps),

8/17/28(c)

..

Aramark

Services,

Inc.,

Term

Loan

B8,

First

Lien,

6.32%

(SOFR01M+200bps),

6/24/30(c)

..

3,024

3,019

BJ's

Wholesale

Club,

Inc.,

Tranch

B

Term,

First

Lien,

6.07%

(SOFR01M+175bps),

2/5/29(c)

.

825

827

Burlington

Coat

Factory

Warehouse

Corp.,

Term

Loan

B7,

First

Lien,

6.07%

(SOFR01M+175bps),

9/19/31(c)

........................................

4,801

4,705

Carnival

Corp.,

2025

Repricing

Advance,

First

Lien,

6.33%

(SOFR01M+200bps),

10/18/28(c)

2,382

2,372

Carnival

Corp.,

2025

Repricing

Advance,

First

Lien,

6.33%

(SOFR01M+200bps),

8/9/27(c)

.

Charter

Communications

Operating

LLC,

Term

Loan

B-5,

First

Lien,

6.55%

(SOFR03M+225bps),

12/15/31(c)

.......................................

4,664

4,645

DK

Crown

Holdings,

Inc.,

Term

B

Loans,

First

Lien,

6.07%

(SOFR01M+175bps),

3/4/32(c)

.

1,000

990

Flutter

Financing

B.V.,

Refinancing

Term

B

Loan,

First

Lien,

6.05%

(SOFR03M+175bps),

11/29/30(c)

.......................................................

1,881

1,849

Four

Seasons

Hotels

Ltd.,

Term

Loan

B,

First

Lien,

6.07%

(SOFR01M+175bps),

11/30/29(c)

3,324

3,325

Great

Outdoors

Group

LLC,

Term

Loan

B,

First

Lien,

7.57%

(SOFR01M+325bps),

1/23/32(c)

901

879

Light

&

Wonder

International,

Inc.,

Term

Loans,

First

Lien,

6.57%

(SOFR01M+225bps),

4/16/29(c)

........................................................

973

969

Topgolf

Callaway

Brands

Corp.,

Initial

Term

Loans,

First

Lien,

7.32%

(SOFR01M+300bps),

3/18/30(c)

........................................................

1,880

1,763

26,359

Consumer

Staples

(0.1%):

Reynolds

Consumer

Products

LLC,

Initial

Term

Loan,

First

Lien,

6.07%

(SOFR01M+175bps),

3/4/32(c)

.........................................................

1,700

1,704

US

Foods,

Inc.,

Term

Loan

B,

First

Lien,

6.07%

(SOFR01M+175bps),

10/3/31(c)

.........

2,444

2,449

4,153

Energy

(0.1%):

Hilcorp

Energy

I

LP,

Initial

Loan,

First

Lien,

6.32%

(SOFR01M+200bps),

2/11/30(c)

......

2,400

2,358

Murphy

USA,

Inc.,

Tranche

B

Term

Loan,

First

Lien,

4/1/32(i)

......................

750

752

3,110

Financials

(0.6%):

Ardonagh

Finco

B.V.,

Term

Loan

B,

First

Lien,

2/18/31(i)

..........................

500

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien,

7.04%

(SOFR06M+275bps),

2/18/31(c)

........................................

2,974

2,909

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien,

7.05%

(SOFR03M+275bps),

2/18/31(c)

........................................

AS

Mileage

Plan

IP

Ltd.,

Initial

Term

Loan,

First

Lien,

6.27%

(SOFR03M+200bps),

10/15/31(c)

.......................................................

4,174

4,151

Asplundh

Tree

Expert

LLC,

Term

Loan

B,

First

Lien,

6.07%

(SOFR01M+175bps),

5/23/31(c)

2,553

2,543

Boost

Newco

Borrower

LLC,

Term

Loan

B-2,

First

Lien,

6.30%

(SOFR03M+200bps),

1/31/31(c)

........................................................

3,292

3,284

Broadstreet

Partners,

Inc.,

Term

B

Loans,

First

Lien,

7.32%

(SOFR01M+300bps),

6/16/31(c)

993

987

CNT

Holdings

I

Corp.,

2025

Replacement

Term

Loans,

First

Lien,

6.80%

(SOFR03M+250bps),

11/8/32(c)

........................................

2,703

2,686

Delta

(LUX)

SARL,

Inc.,

Delayed

Draw

Term

Loan,

First

Lien,

9/10/31(i)(j)

...........

Delta

(LUX)

SARL,

Term

Loan

B,

First

Lien,

6.30%

(SOFR03M+200bps),

9/19/31(c)

....

750

746

Fertitta

Entertainment

LLC,

Initial

B

Term

Loan,

First

Lien,

7.82%

(SOFR01M+350bps),

1/29/29(c)

........................................................

Focus

Financial

Partners

LLC,

Tranhe

B

Incremental

Term

Loan,

First

Lien,

7.07%

(SOFR01M+275bps),

9/15/31(c)

........................................

Jefferies

Finance

PLC,

Initial

Term

Loan,

First

Lien,

7.32%

(SOFR01M+300bps),

10/9/31(c)

4,389

4,384

OEG

Borrower

LLC,

Amendment

No.1

Term

Loan,

First

Lien,

7.80%

(SOFR03M+350bps),

6/30/31(c)

........................................................

896

890

OneDigital

Borrower

LLC,

Refinancing

Term

Loans,

First

Lien,

7.32%

(SOFR01M+300bps),

7/2/31(c)

.........................................................

1,811

1,780

Polaris

Newco

LLC,

Dollar

Term

Loan,

First

Lien,

8.04%

(SOFR03M+375bps),

6/2/28(c)

...

Ryan

Specialty

Group

LLC,

Term

Loan

B1,

First

Lien,

6.57%

(SOFR01M+225bps),

9/15/31(c)

Truist

Insurance

Holdings

LLC,

Term

Loan

B,

First

Lien,

7.05%

(SOFR03M+275bps),

5/6/31(c)

.........................................................

563

556

27,203

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Industrials

(0.0%):(f)

Arcosa,

Inc.,

Initial

Term

Loans,

First

Lien,

6.57%

(SOFR01M+225bps),

8/1/31(c)

........

$

1,746

$

1,738

Berlin

Packaging

LLC,

Replacement

Term

Loan,

First

Lien,

7.80%

(SOFR03M+350bps),

6/9/31(c)

.........................................................

Berlin

Packaging

LLC,

Replacement

Term

Loan,

First

Lien,

7.82%

(SOFR01M+350bps),

6/9/31(c)

.........................................................

Delta

Air

Lines,

Inc.

and

SkyMiles

IP

Ltd.,

Initial

Term

Loan,

First

Lien,

8.02%

(SOFR03M+375bps),

10/20/27(c)

.......................................

Janus

International

Group

LLC,

Term

Loan

B,

First

Lien,

6.79%

(SOFR03M+250bps),

8/5/30(c)

.........................................................

Knife

River

Corp.,

Initial

Tranche

B

Term

Loans,

First

Lien,

6.29%

(SOFR03M+200bps),

3/8/32(c)

.........................................................

1,725

1,723

The

GEO

Group,

Inc.,

Term

Loan,

First

Lien,

9.58%

(SOFR01M+525bps),

4/16/29(c)

.....

1,695

1,715

TricorBraun

Holdings

Inc.,

Closing

Date

Initial

Term

Loans,

First

Lien,

7.57%

(SOFR01M+325bps),

3/3/28(c)

.........................................

6,350

Information

Technology

(0.2%):

Open

Text

Corp.,

Term

Loan

B,

First

Lien,

6.07%

(SOFR01M+175bps),

1/31/30(c)

.......

4,588

4,568

Proofpoint,

Inc.,

Term

Loan,

First

Lien,

7.32%

(SOFR01M+300bps),

8/31/28(c)

..........

SanDisk

Corp.,

Term

B

Loan,

First

Lien,

7.33%

(SOFR03M+300bps),

12/13/31(c)

........

5,300

5,048

10,082

Materials

(0.1%):

The

Chemours

Co.,

Term

Loan

B,

First

Lien,

7.32%

(SOFR01M+300bps),

8/18/28(c)

......

3,242

3,153

Total

Senior

Secured

Loans

(Cost

$81,717)

a

a

a

81,137

Corporate

Bonds

(20.3%)

Communication

Services

(1.3%):

AT&T,

Inc.,

4.50%,

5/15/35,

Callable

11/15/34

@

............................

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.80%,

3/1/50,

Callable

9/1/49

@

..........................................

Clear

Channel

Outdoor

Holdings,

Inc.

9.00%,

9/15/28,

Callable

9/15/25

@

104.5(a)

...............................

874

906

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(a)

...............................

4,824

4,829

Cox

Communications,

Inc.,

5.70%,

6/15/33,

Callable

3/15/33

@

100(a)

................

2,139

2,151

Directv

Financing

LLC/Directv

Financing

Co.-Obligor,

Inc.,

10.00%,

2/15/31,

Callable

2/15/27

@

105(a)

.........................................................

4,339

4,122

Frontier

Communications

Holdings

LLC,

6.75%,

5/1/29,

Callable

6/5/25

@

101.69(a)

......

26,401

26,525

Lamar

Media

Corp.,

3.63%,

1/15/31,

Callable

1/15/26

@

101.81 .....................

2,688

2,430

Paramount

Global,

4.38%,

3/15/43

..........................................

7,634

5,503

Sprint

Spectrum

Co.

LLC/Sprint

Spectrum

Co.

II

LLC/Sprint

Spectrum

Co.

III

LLC,

5.15%,

3/20/28,

Callable

3/20/27

@

100(a)

......................................

T-Mobile

US,

Inc.

5.30%,

5/15/35,

Callable

2/15/35

@

..................................

2,566

2,577

5.50%,

1/15/55,

Callable

7/15/54

@

..................................

1,155

1,075

Verizon

Communications,

Inc.,

2.55%,

3/21/31,

Callable

12/21/30

@

...............

1,584

1,410

Warnermedia

Holdings,

Inc.

4.28%,

3/15/32,

Callable

12/15/31

@

.................................

2,787

2,387

5.14%,

3/15/52,

Callable

9/15/51

@

..................................

2,004

1,376

WMG

Acquisition

Corp.,

3.88%,

7/15/30,

Callable

7/15/25

@

101.94(a)

...............

15,910

14,641

70,817

Consumer

Discretionary

(1.3%):

AutoNation,

Inc.

2.40%,

8/1/31,

Callable

5/1/31

@

....................................

1,661

1,392

5.89%,

3/15/35,

Callable

12/15/34

@

.................................

5,973

5,902

Boyne

USA,

Inc.,

4.75%,

5/15/29,

Callable

6/5/25

@

101.19(a)

......................

1,709

1,627

Caesars

Entertainment,

Inc.

7.00%,

2/15/30,

Callable

2/15/26

@

103.5(a)

...............................

1,093

1,120

6.50%,

2/15/32,

Callable

2/15/27

@

103.25(a)

..............................

2,875

2,891

Choice

Hotels

International,

Inc.,

5.85%,

8/1/34,

Callable

5/1/34

@

................

3,789

3,722

Daimler

Truck

Finance

North

America

LLC,

5.38%,

6/25/34,

Callable

3/25/34

@

100(a)

....

3,168

3,124

DR

Horton,

Inc.,

5.50%,

10/15/35,

Callable

7/15/35

@

.........................

3,017

3,024

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) ERAC

USA

Finance

LLC,

4.90%,

5/1/33,

Callable

2/1/33

@

100(a)

...................

$

2,829

$

2,791

Everi

Holdings,

Inc.,

5.00%,

7/15/29,

Callable

6/5/25

@

102.5(a)

....................

4,779

4,791

Genuine

Parts

Co.,

2.75%,

2/1/32,

Callable

11/1/31

@

.........................

1,707

1,461

Hyatt

Hotels

Corp.

5.75%,

3/30/32,

Callable

1/30/32

@

..................................

4,277

4,285

5.50%,

6/30/34,

Callable

3/30/34

@

..................................

Las

Vegas

Sands

Corp.,

6.20%,

8/15/34,

Callable

5/15/34

@

.....................

5,059

4,966

LKQ

Corp.,

6.25%,

6/15/33,

Callable

3/15/33

@

.............................

870

898

Marriott

International,

Inc.,

5.50%,

4/15/37,

Callable

1/15/37

@

..................

3,432

3,348

Meritage

Homes

Corp.,

5.65%,

3/15/35,

Callable

12/15/34

@

100(g)

..................

3,429

3,345

O'Reilly

Automotive,

Inc.,

5.00%,

8/19/34,

Callable

5/19/34

@

...................

3,169

3,096

PulteGroup,

Inc.,

6.00%,

2/15/35

............................................

939

963

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.,

4.63%,

4/6/31,

Callable

1/6/31

@

100(a)

.

Toll

Brothers

Finance

Corp.,

3.80%,

11/1/29,

Callable

8/1/29

@

..................

2,156

2,063

Tractor

Supply

Co.,

1.75%,

11/1/30,

Callable

8/1/30

@

.........................

1,576

1,344

Vail

Resorts,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25(a)

.....................

2,779

2,815

Vanderbilt

University

Medical

Center,

4.17%,

7/1/37,

Callable

1/1/37

@

............

1,445

1,258

Volkswagen

Group

of

America

Finance

LLC

6.45%,

11/16/30,

Callable

9/16/30

@

100(a)

................................

1,995

2,084

5.60%,

3/22/34,

Callable

12/22/33

@

100(a)(g)

.............................

3,208

3,160

65,928

Consumer

Staples

(1.0%):

7-Eleven,

Inc.

1.80%,

2/10/31,

Callable

11/10/30

@

100(a)

................................

7,183

5,972

2.80%,

2/10/51,

Callable

8/2/50

@

100(a)

.................................

10,190

5,850

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

6.50%,

2/15/28,

Callable

6/5/25

@

103.25(a)

...............................

6,200

6,300

4.88%,

2/15/30,

Callable

6/5/25

@

103.66(a)

...............................

1,150

1,111

Bimbo

Bakeries

USA,

Inc.,

5.38%,

1/9/36,

Callable

10/9/35

@

100(a)

.................

3,399

3,319

Coca-Cola

Consolidated,

Inc.,

5.45%,

6/1/34,

Callable

3/1/34

@

..................

3,539

3,640

Dollar

General

Corp.,

5.45%,

7/5/33,

Callable

4/5/33

@

100(g)

......................

Dollar

Tree,

Inc.,

2.65%,

12/1/31,

Callable

9/1/31

@

100(g)

........................

524

JBS

USA

Holding

LUX

SARL/JBS

USA

Food

Co./JBS

USA

Foods

Group,

5.95%,

4/20/35,

Callable

1/20/35

@

100(a)

............................................

2,466

2,544

Kellanova,

4.50%,

4/1/46

.................................................

Kraft

Heinz

Foods

Co.,

5.40%,

3/15/35,

Callable

12/15/34

@

....................

2,589

2,606

Mars,

Inc.,

5.20%,

3/1/35,

Callable

12/1/34

@

100(a)

.............................

5,137

5,159

Pilgrim's

Pride

Corp.,

6.25%,

7/1/33,

Callable

4/1/33

@

........................

500

521

Post

Holdings,

Inc.,

6.38%,

3/1/33,

Callable

9/1/27

@

103.19(a)

.....................

1,357

1,345

Smithfield

Foods,

Inc.,

2.63%,

9/13/31,

Callable

6/13/31

@

100(a)

....................

2,135

1,812

Sodexo,

Inc.,

2.72%,

4/16/31,

Callable

1/16/31

@

100(a)

..........................

1,900

1,674

Sysco

Corp.,

5.40%,

3/23/35,

Callable

12/23/34

@

............................

3,024

3,027

The

Hershey

Co.,

5.10%,

2/24/35,

Callable

11/24/34

@

........................

4,312

4,352

The

J.M.

Smucker

Co.,

6.50%,

11/15/53,

Callable

5/15/53

@

....................

1,188

1,262

The

Kroger

Co.,

5.50%,

9/15/54,

Callable

3/15/54

@

..........................

51,297

Energy

(1.7%):

Cameron

LNG

LLC,

3.30%,

1/15/35,

Callable

9/15/34

@

100(a)

.....................

2,227

1,871

Cheniere

Energy,

Inc.,

4.63%,

10/15/28,

Callable

5/16/25

@

101.16 ...................

500

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(a)

...............

5,986

6,001

Coterra

Energy,

Inc.,

5.40%,

2/15/35,

Callable

11/15/34

@

......................

10,848

10,479

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC,

5.50%,

6/15/31,

Callable

6/15/26

@

102.75(a)

1,000

961

Diamondback

Energy,

Inc.

5.40%,

4/18/34,

Callable

1/18/34

@

..................................

2,343

2,290

5.75%,

4/18/54,

Callable

10/18/53

@

.................................

4,450

3,978

DT

Midstream,

Inc.,

5.80%,

12/15/34,

Callable

9/15/34

@

100(a)

....................

1,808

1,794

Eastern

Energy

Gas

Holdings

LLC,

5.80%,

1/15/35,

Callable

10/15/34

@

...........

4,819

4,974

Evergy

Missouri

West

Storm

Funding

I

LLC,

5.10%,

12/1/38

.......................

3,118

3,123

Helmerich

&

Payne,

Inc.,

5.50%,

12/1/34,

Callable

9/1/34

@

100(a)(g)

................

6,367

5,589

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.,

7.25%,

2/15/35,

Callable

2/15/30

@

103.63(a)

...

3,673

3,206

Murphy

Oil

Corp.,

6.00%,

10/1/32,

Callable

10/1/27

@

........................

1,445

1,316

Occidental

Petroleum

Corp.,

6.45%,

9/15/36

...................................

2,348

2,288

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) ONEOK,

Inc.,

5.15%,

10/15/43,

Callable

4/15/43

@

...........................

$

1,763

$

1,524

Permian

Resources

Operating

LLC,

6.25%,

2/1/33,

Callable

8/1/27

@

103.13(a)

..........

854

835

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.,

5.70%,

9/15/34,

Callable

6/15/34

@

100(g)

...........................................................

2,528

2,502

South

Bow

USA

Infrastructure

Holdings

LLC,

5.58%,

10/1/34,

Callable

7/1/34

@

100(a)

...

2,313

2,245

Viper

Energy,

Inc.

5.38%,

11/1/27,

Callable

5/21/25

@

100.9(a)

...............................

9,144

9,106

7.38%,

11/1/31,

Callable

11/1/26

@

103.69(a)

..............................

22,707

23,607

88,183

Financials

(6.3%):

AerCap

Global

Aviation

Trust,

6.50%

(TSFR3M+456bps),

6/15/45,

Callable

6/16/25

@

100(a)

(c) .............................................................

3,711

3,714

American

Express

Co.,

5.28%

(SOFR+142bps),

7/26/35,

Callable

7/26/34

@

100(c)

.......

4,470

4,454

American

National

Global

Funding,

5.55%,

1/28/30(a)

............................

2,538

2,595

Antares

Holdings

LP,

6.35%,

10/23/29,

Callable

9/23/29

@

100(a)

....................

3,224

3,214

Aon

Corp./Aon

Global

Holdings

PLC,

5.35%,

2/28/33,

Callable

11/28/32

@

.........

699

710

Arthur

J. Gallagher

&

Co.

5.45%,

7/15/34,

Callable

4/15/34

@

..................................

2,320

2,359

5.55%,

2/15/55,

Callable

8/15/54

@

..................................

2,436

2,289

Athene

Global

Funding,

2.67%,

6/7/31(a)

......................................

3,500

3,038

Bank

of

America

Corp.

2.30%

(SOFR+122bps),

7/21/32,

Callable

7/21/31

@

100(c)

....................

4,000

3,438

2.48%

(H15T5Y+120bps),

9/21/36,

Callable

9/21/31

@

100(c)

..................

2,050

1,708

Blue

Owl

Finance

LLC,

6.25%,

4/18/34,

Callable

1/18/34

@

.....................

2,782

2,810

Boost

Newco

Borrower

LLC,

7.50%,

1/15/31,

Callable

1/15/27

@

103.75(a)

............

22,065

23,269

Brown

&

Brown,

Inc.,

5.65%,

6/11/34,

Callable

3/11/34

@

......................

3,176

3,203

Capital

One

Financial

Corp.,

2.36%

(SOFR+134bps),

7/29/32,

Callable

7/29/31

@

100(c)

...

4,000

3,293

Citigroup,

Inc.,

5.95%

(TSFR3M+417bps),

Callable

5/15/25

@

100(c)(h)

...............

4,281

4,279

Citizens

Financial

Group,

Inc.

5.65%

(H15T5Y+531bps),

Callable

10/6/25

@

100(c)(h)

......................

24,190

23,982

2.64%,

9/30/32,

Callable

7/2/32

@

...................................

2,574

2,088

Comerica,

Inc.,

5.63%

(H15T5Y+529bps),

Callable

7/1/25

@

100(c)(g)(h)

..............

6,181

6,132

Compeer

Financial

FLCA/Compeer

Financial

PCA,

3.38%

(SOFR+197bps),

6/1/36,

Callable

6/1/31

@

100(a)(c)

..................................................

978

694

Cullen/Frost

Bankers,

Inc.,

4.50%,

3/17/27,

Callable

2/17/27

@

...................

1,000

988

Diageo

Investment

Corp.,

5.63%,

4/15/35,

Callable

1/15/35

@

...................

2,769

2,850

Discover

Financial

Services,

6.13%

(H15T5Y+578bps),

Callable

6/23/25

@

100(c)(h)

.....

6,642

6,633

Enstar

Finance

LLC,

5.75%

(H15T5Y+547bps),

9/1/40,

Callable

9/1/25

@

100(c)

........

3,427

3,401

Fifth

Third

Bancorp,

4.50%

(H15T5Y+422bps),

Callable

9/30/25

@

100(c)(g)(h)

.........

7,028

6,947

First

Citizens

Bancshares,

Inc.,

6.76%

(TSFR3M+247bps),

3/15/30,

Callable

6/15/25

@

100(c)

2,846

2,843

First

Horizon

Bank,

5.75%,

5/1/30,

Callable

2/1/30

@

.........................

2,500

2,505

Fiserv,

Inc.

5.15%,

8/12/34,

Callable

5/12/34

@

..................................

2,743

2,697

4.40%,

7/1/49,

Callable

1/1/49

@

....................................

Focus

Financial

Partners

LLC,

6.75%,

9/15/31,

Callable

9/15/27

@

103.38(a)

............

Ford

Motor

Credit

Co.

LLC

5.11%,

5/3/29,

Callable

2/3/29

@

....................................

4,286

4,110

6.13%,

3/8/34

.....................................................

3,662

3,458

Global

Atlantic

Fin

Co.,

7.95%,

6/15/33,

Callable

3/15/33

@

100(a)

...................

4,002

4,441

Global

Payments,

Inc.

4.15%,

8/15/49,

Callable

2/15/49

@

..................................

2,388

1,703

5.95%,

8/15/52,

Callable

2/15/52

@

..................................

1,416

1,296

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

8.00%,

6/15/27,

Callable

3/15/27

@

100(a)

...

4,277

4,401

Holcim

Finance

US

LLC,

5.40%,

4/7/35,

Callable

1/7/35

@

100(a)

...................

4,758

4,757

Huntington

Bancshares,

Inc.,

2.49%

(H15T5Y+117bps),

8/15/36,

Callable

8/15/31

@

100(c)

.

3,898

3,204

Janus

Henderson

US

Holdings,

Inc.,

5.45%,

9/10/34,

Callable

6/10/34

@

............

8,076

7,711

Jefferies

Finance

LLC/JFIN

Co.-Issuer

Corp.,

6.63%,

10/15/31,

Callable

10/15/27

@

103.31(a)

1,771

1,734

JPMorgan

Chase

&

Co.

2.96%

(SOFR+126bps),

1/25/33,

Callable

1/25/32

@

100(c)

....................

3,168

2,804

5.77%

(SOFR+149bps),

4/22/35,

Callable

4/22/34

@

100(c)

....................

1,914

1,983

KeyCorp

4.79%

(SOFRINDX+206bps),

6/1/33,

Callable

6/1/32

@

100,

MTN(c)

............

2,335

2,221

6.40%

(SOFRINDX+242bps),

3/6/35,

Callable

3/6/34

@

100(c)

.................

3,445

3,609

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) KeyCorp

Capital

II,

6.88%,

3/17/29

..........................................

$

750

$

749

LPL

Holdings,

Inc.,

5.65%,

3/15/35,

Callable

12/15/34

@

.......................

3,432

3,393

Markel

Group,

Inc.,

6.00%

(H15T5Y+566bps),

Callable

6/1/25

@

100(c)(h)

.............

6,616

6,592

Marsh

&

McLennan

Cos.,

Inc.,

5.40%,

3/15/55,

Callable

9/15/54

@

...............

513

MetLife,

Inc.

3.85%

(H15T5Y+358bps),

Callable

9/15/25

@

100(c)(h)

......................

7,523

7,449

9.25%,

4/8/38,

Callable

4/8/33

@

100(a)

..................................

3,431

3,981

Morgan

Stanley

5.32%

(SOFR+156bps),

7/19/35,

Callable

7/19/34

@

100(c)

....................

4,956

4,934

2.48%

(SOFR+136bps),

9/16/36,

Callable

9/16/31

@

100(c)

....................

4,875

4,060

New

York

Life

Global

Funding,

5.35%,

1/23/35(a)

...............................

5,230

5,331

Northern

Trust

Corp.,

6.13%,

11/2/32,

Callable

8/2/32

@

.......................

912

981

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.,

6.20%,

6/15/30,

Callable

4/15/30

@

100(a)

1,043

1,103

PPL

Capital

Funding,

Inc.,

5.25%,

9/1/34,

Callable

6/1/34

@

.....................

690

690

Regions

Financial

Corp.,

5.75%

(H15T5Y+543bps),

Callable

6/15/25

@

100(c)(h)

........

6,847

6,818

Ryan

Specialty

LLC,

5.88%,

8/1/32,

Callable

8/1/27

@

102.94(a)

....................

6,500

6,432

Santander

Holdings

USA,

Inc.

5.35%

(SOFR+194bps),

9/6/30,

Callable

9/6/29

@

100(c)

......................

3,728

3,737

6.34%

(SOFR+214bps),

5/31/35,

Callable

5/31/34

@

100(c)

....................

2,344

2,393

State

Street

Corp.,

6.12%

(SOFR+196bps),

11/21/34,

Callable

11/21/33

@

100(c)

.........

4,561

4,764

Stonepeak

Nile

Parent

LLC,

7.25%,

3/15/32,

Callable

3/15/28

@

103.63(a)

.............

2,242

2,276

Swepco

Storm

Recovery

Funding

LLC,

4.88%,

9/1/39

............................

4,914

4,891

The

Bank

of

New

York

Mellon

Corp.

4.70%

(H15T5Y+436bps),

Callable

9/20/25

@

100(c)(h)

......................

15,775

15,672

5.19%

(SOFR+142bps),

3/14/35,

Callable

3/14/34

@

100(c)

....................

2,322

2,345

5.61%

(SOFR+177bps),

7/21/39,

Callable

7/21/34

@

100(c)

....................

2,668

2,677

The

Charles

Schwab

Corp.

5.38%

(H15T5Y+497bps),

Callable

6/1/25

@

100(c)(h)

.......................

20,136

20,094

5.85%

(SOFR+250bps),

5/19/34,

Callable

5/19/33

@

100(c)

....................

559

584

The

Goldman

Sachs

Group,

Inc.,

5.85%

(SOFR+155bps),

4/25/35,

Callable

4/25/34

@

100(c)

2,444

2,518

The

PNC

Financial

Services

Group,

Inc.

5.68%

(SOFR+190bps),

1/22/35,

Callable

1/22/34

@

100(c)

....................

1,826

1,862

5.58%

(SOFR+139bps),

1/29/36,

Callable

1/29/35

@

100(c)

....................

4,365

4,414

Toyota

Motor

Credit

Corp.,

5.35%,

1/9/35

.....................................

5,063

5,190

Truist

Financial

Corp.

4.95%

(H15T5Y+461bps),

Callable

9/1/25

@

100(c)(h)

.......................

12,301

12,232

5.10%

(H15T10Y+435bps),

Callable

3/1/30

@

100(c)(h)

......................

1,886

1,809

7.16%

(SOFR+245bps),

10/30/29,

Callable

10/30/28

@

100(c)

..................

746

805

U.S.

Bancorp

4.97%

(SOFR+211bps),

7/22/33,

Callable

7/22/32

@

100,

MTN(c)

...............

2,465

2,382

4.84%

(SOFR+160bps),

2/1/34,

Callable

2/1/33

@

100(c)

......................

2,500

2,425

Wells

Fargo

&

Co.

3.90%

(H15T5Y+345bps),

Callable

3/15/26

@

100(c)(h)

......................

1,758

1,726

5.88%,

Callable

9/15/25

@

100(h)

.......................................

2,615

2,613

Willis

North

America,

Inc.

5.35%,

5/15/33,

Callable

2/15/33

@

..................................

2,401

2,420

5.90%,

3/5/54,

Callable

9/5/53

@

....................................

1,469

1,423

328,240

Health

Care

(1.2%):

Acadia

Healthcare

Co.,

Inc.,

7.38%,

3/15/33,

Callable

3/15/28

@

103.69(a)

.............

1,298

1,300

Agilent

Technologies,

Inc.,

4.75%,

9/9/34,

Callable

6/9/34

@

....................

Alcon

Finance

Corp.,

5.75%,

12/6/52,

Callable

6/6/52

@

100(a)

.....................

952

921

Bayer

US

Finance

II

LLC,

4.63%,

6/25/38,

Callable

12/25/37

@

100(a)

................

4,000

3,428

Bon

Secours

Charity

Health

System,

Inc.,

5.25%,

11/1/25

..........................

5,000

4,974

Boston

Medical

Center

Corp.,

3.91%,

7/1/28

...................................

3,000

2,922

CHS/Community

Health

Systems,

Inc.,

4.75%,

2/15/31,

Callable

2/15/26

@

102.38(a)

.....

1,000

826

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC,

6.63%,

7/15/30,

Callable

7/16/26

@

103.31(a)(g)

........................................

8,561

8,593

CVS

Health

Corp.,

6.75%

(H15T5Y+252bps),

12/10/54,

Callable

9/10/34

@

100(c)

.......

918

913

DENTSPLY

SIRONA,

Inc.,

3.25%,

6/1/30,

Callable

3/1/30

@

....................

20,523

18,322

Eastern

Maine

Healthcare

Systems,

3.71%,

7/1/26

...............................

6,135

6,015

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) HCA,

Inc.

5.60%,

4/1/34,

Callable

1/1/34

@

....................................

$

1,071

$

1,075

5.75%,

3/1/35,

Callable

12/1/34

@

...................................

4,726

4,772

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.,

5.88%,

6/15/54,

Callable

12/15/53

@

100(a)

...........................................................

927

894

Orlando

Health

Obligated

Group,

5.48%,

10/1/35,

Callable

4/1/34

@

...............

Solventum

Corp.,

5.60%,

3/23/34,

Callable

12/23/33

@

........................

998

1,009

Tenet

Healthcare

Corp.,

4.25%,

6/1/29,

Callable

5/21/25

@

102.13 ...................

Universal

Health

Services,

Inc.

2.65%,

1/15/32,

Callable

10/15/31

@

.................................

3,165

2,617

5.05%,

10/15/34,

Callable

7/15/34

@

.................................

4,020

3,754

Zimmer

Biomet

Holdings,

Inc.,

5.20%,

9/15/34,

Callable

6/15/34

@

...............

2,137

2,127

64,983

Industrials

(3.9%):

Acuity

Brands

Lighting,

Inc.,

2.15%,

12/15/30,

Callable

9/15/30

@

................

3,855

3,346

Air

Lease

Corp.,

4.65%

(H15T5Y+408bps),

Callable

6/15/26

@

100(c)(h)

..............

Alaska

Airlines

Pass

Through

Trust

8.00%,

8/15/25(a)

..................................................

1,031

1,037

4.80%,

8/15/27(a)

..................................................

3,884

3,851

American

Airlines

Pass

Through

Trust

4.00%,

7/15/25

....................................................

3,261

3,240

3.70%,

10/15/25

....................................................

2,762

2,723

3.60%,

10/15/29

....................................................

1,242

1,145

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.,

5.75%,

4/20/29(a)

................

14,022

13,590

Aon

North

America,

Inc.,

5.75%,

3/1/54,

Callable

9/1/53

@

.....................

840

813

Ashtead

Capital,

Inc.,

5.50%,

8/11/32,

Callable

5/11/32

@

100(a)

....................

1,500

1,488

Axon

Enterprise,

Inc.,

6.25%,

3/15/33,

Callable

3/15/28

@

103.13(a)

..................

3,872

3,951

BlueLinx

Holdings,

Inc.,

6.00%,

11/15/29,

Callable

6/5/25

@

103(a)

..................

720

687

British

Airways

Pass

Through

Trust,

3.35%,

6/15/29(a)

............................

1,190

1,128

CRH

America

Finance,

Inc.

5.50%,

1/9/35,

Callable

10/9/34

@

...................................

4,863

4,937

5.88%,

1/9/55,

Callable

7/9/54

@

....................................

1,654

1,634

Delta

Air

Lines

Pass

Through

Trust,

2.50%,

6/10/28

..............................

3,264

3,065

Delta

Air

Lines,

Inc.,

3.75%,

10/28/29,

Callable

7/28/29

@

......................

1,681

1,561

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.,

4.75%,

10/20/28(a)

.........................

6,464

6,408

EMRLD

Borrower

LP/Emerald

Co.-Issuer,

Inc.,

6.75%,

7/15/31,

Callable

7/15/27

@

103.38(a)

1,443

1,473

Esab

Corp.,

6.25%,

4/15/29,

Callable

4/15/26

@

103.13(a)

.........................

Extra

Space

Storage

LP,

5.35%,

1/15/35,

Callable

10/15/34

@

100(g)

..................

2,979

2,931

Genesee

&

Wyoming,

Inc.,

6.25%,

4/15/32,

Callable

4/15/27

@

103.13(a)

..............

3,106

3,146

GXO

Logistics,

Inc.,

6.50%,

5/6/34,

Callable

2/6/34

@

.........................

6,304

6,293

Hawaiian

Airlines

Pass

Through

Certificates,

3.90%,

1/15/26

........................

4,103

3,961

HEICO

Corp.,

5.35%,

8/1/33,

Callable

5/1/33

@

.............................

906

916

JetBlue

Airways

Corp./JetBlue

Loyalty

LP,

9.88%,

9/20/31,

Callable

8/27/27

@

104.94(a)

...

7,106

6,549

JetBlue

Pass

Through

Trust,

7.75%,

11/15/28

...................................

2,913

2,942

Kennametal,

Inc.,

4.63%,

6/15/28,

Callable

3/15/28

@

.........................

2,110

2,106

Lincoln

Center

for

the

Performing

Arts,

Inc.,

3.71%,

12/1/35,

Callable

9/1/35

@

.......

1,475

1,279

MasTec,

Inc.,

5.90%,

6/15/29,

Callable

5/15/29

@

............................

1,479

1,514

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.,

6.50%,

6/20/27,

Callable

6/5/25

@

101.63(a)

...........................................

4,890

4,906

Northwestern

Mutual

Global

Funding,

4.96%,

1/13/30(a)

..........................

4,372

4,467

OneSky

Flight

LLC,

8.88%,

12/15/29,

Callable

12/15/26

@

104.44(a)

.................

3,682

3,713

Paychex,

Inc.,

5.60%,

4/15/35,

Callable

1/15/35

@

............................

2,562

2,602

Regal

Rexnord

Corp.,

6.40%,

4/15/33,

Callable

1/15/33

@

......................

19,241

19,604

Resideo

Funding,

Inc.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25(a)

.................

1,523

1,509

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29,

Callable

6/5/25

@

102.19(a)

.......

855

812

RXO,

Inc.,

7.50%,

11/15/27,

Callable

6/5/25

@

103.75(a)

..........................

9,535

9,771

Spirit

AeroSystems,

Inc.

9.38%,

11/30/29,

Callable

11/30/25

@

104.69(a)

............................

5,467

5,830

9.75%,

11/15/30,

Callable

11/15/26

@

104.88(a)

............................

15,787

17,497

The

Boeing

Co.

6.88%,

3/15/39

....................................................

11,585

12,434

5.81%,

5/1/50,

Callable

11/1/49

@

...................................

7,314

6,858

6.86%,

5/1/54,

Callable

11/1/53

@

...................................

3,907

4,172

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

Timken

Co.,

4.13%,

4/1/32,

Callable

1/1/32

@

............................

$

1,971

$

1,797

U.S.

Airways

Pass

Through

Trust,

3.95%,

11/15/25

...............................

3,173

3,173

Uber

Technologies,

Inc.,

6.25%,

1/15/28,

Callable

5/16/25

@

101.56(a)

................

United

Airlines

Pass

Through

Trust

4.30%,

8/15/25

....................................................

2,392

2,384

4.00%,

4/11/26

.....................................................

5,965

5,882

3.50%,

5/1/28

.....................................................

2,372

2,252

5.88%,

2/15/37

....................................................

1,795

1,760

United

Airlines,

Inc.,

4.63%,

4/15/29,

Callable

10/15/28

@

100(a)

....................

4,270

4,011

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06(a)

........

XPO,

Inc.,

6.25%,

6/1/28,

Callable

6/1/25

@

103.13(a)

............................

2,687

2,714

206,896

Information

Technology

(0.4%):

Atlassian

Corp.,

5.50%,

5/15/34,

Callable

2/15/34

@

..........................

2,655

2,671

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100(a)

........................

Cadence

Design

Systems,

Inc.,

4.70%,

9/10/34,

Callable

6/10/34

@

100(g)

..............

542

530

Crowdstrike

Holdings,

Inc.,

3.00%,

2/15/29,

Callable

5/16/25

@

100.75 ................

1,409

1,306

Foundry

JV

Holdco

LLC,

6.40%,

1/25/38,

Callable

10/25/37

@

100(a)

................

1,814

1,895

Keysight

Technologies,

Inc.,

4.95%,

10/15/34,

Callable

7/15/34

@

................

3,474

3,374

Micron

Technology,

Inc.,

6.05%,

11/1/35,

Callable

8/2/35

@

.....................

3,414

3,464

Oracle

Corp.

3.85%,

7/15/36,

Callable

1/15/36

@

..................................

3,836

3,300

3.60%,

4/1/50,

Callable

10/1/49

@

...................................

Roper

Technologies,

Inc.,

4.90%,

10/15/34,

Callable

7/15/34

@

...................

3,625

3,515

Synopsys,

Inc.,

5.15%,

4/1/35,

Callable

1/1/35

@

.............................

3,398

3,409

Trimble,

Inc.,

6.10%,

3/15/33,

Callable

12/15/32

@

...........................

23,587

Materials

(0.8%):

Amcor

Flexibles

North

America,

Inc.

2.69%,

5/25/31,

Callable

2/25/31

@

..................................

2,170

1,918

5.50%,

3/17/35,

Callable

12/17/34

@

100(a)

...............................

5,989

5,965

AptarGroup,

Inc.,

3.60%,

3/15/32,

Callable

12/15/31

@

........................

2,222

2,025

LYB

International

Finance

III

LLC,

3.38%,

10/1/40,

Callable

4/1/40

@

.............

2,013

1,445

Martin

Marietta

Materials,

Inc.

5.15%,

12/1/34,

Callable

9/1/34

@

...................................

3,572

3,548

5.50%,

12/1/54,

Callable

6/1/54

@

...................................

1,519

1,414

Olin

Corp.

5.00%,

2/1/30,

Callable

6/5/25

@

101.25 ..................................

1,725

1,620

6.63%,

4/1/33,

Callable

4/1/28

@

103.31(a)

................................

6,424

6,097

Panther

Escrow

Issuer

LLC,

7.13%,

6/1/31,

Callable

6/1/27

@

103.56(a)

...............

1,363

1,399

Reliance,

Inc.,

6.85%,

11/15/36

.............................................

1,862

2,030

Sonoco

Products

Co.,

5.00%,

9/1/34,

Callable

6/1/34

@

........................

3,894

3,723

Syensqo

Finance

America

LLC,

5.85%,

6/4/34,

Callable

3/4/34

@

100(a)

...............

2,469

2,504

The

Dow

Chemical

Co.,

6.90%,

5/15/53,

Callable

11/15/52

@

....................

The

Sherwin-Williams

Co.,

4.80%,

9/1/31,

Callable

7/1/31

@

....................

1,384

1,385

Vulcan

Materials

Co.

5.35%,

12/1/34,

Callable

9/1/34

@

...................................

4,423

4,459

5.70%,

12/1/54,

Callable

6/1/54

@

...................................

2,742

2,625

42,626

Real

Estate

(1.5%):

Alexandria

Real

Estate

Equities,

Inc.,

5.50%,

10/1/35,

Callable

7/1/35

@

............

2,620

2,592

American

Assets

Trust

LP,

6.15%,

10/1/34,

Callable

7/1/34

@

....................

2,735

2,689

American

Tower

Trust

#1,

5.49%,

3/15/28,

Callable

3/15/27

@

100(a)

.................

3,740

3,805

Boston

Properties

LP,

2.45%,

10/1/33,

Callable

7/1/33

@

.......................

2,037

1,595

CBRE

Services,

Inc.

2.50%,

4/1/31,

Callable

1/1/31

@

....................................

2,228

1,942

5.50%,

6/15/35,

Callable

3/15/35

@

..................................

4,268

4,253

CoStar

Group,

Inc.,

2.80%,

7/15/30,

Callable

4/15/30

@

100(a)

......................

2,446

2,166

EPR

Properties,

3.60%,

11/15/31,

Callable

8/15/31

@

..........................

2,410

2,132

Federal

Realty

OP

LP,

3.50%,

6/1/30,

Callable

3/1/30

@

........................

2,500

2,357

GLP

Capital

LP/GLP

Financing

II,

Inc.,

4.00%,

1/15/30,

Callable

10/15/29

@

........

Healthpeak

OP

LLC,

5.38%,

2/15/35,

Callable

11/15/34

@

......................

2,602

2,585

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Keenan

Development

Associates

of

Tennessee

LLC

(INS

-

XL

Capital

Assurance),

5.02%,

7/15/28(a)

........................................................

$

$

Kilroy

Realty

LP,

6.25%,

1/15/36,

Callable

10/15/35

@

........................

4,056

3,924

Regency

Centers

LP,

5.10%,

1/15/35,

Callable

10/15/34

@

......................

2,741

2,702

RHP

Hotel

Properties

LP/RHP

Finance

Corp.

4.50%,

2/15/29,

Callable

6/5/25

@

101.5(a)

................................

6.50%,

4/1/32,

Callable

4/1/27

@

103.25(a)

................................

855

853

SBA

Tower

Trust

2.33%,

1/15/28,

Callable

7/15/26

@

100(a)

................................

3,000

2,805

6.60%,

1/15/28,

Callable

1/15/27

@

100(a)

................................

2,947

3,015

4.83%,

10/15/29,

Callable

10/15/27

@

100(a)

...............................

9,035

8,918

2.59%,

10/15/31(a)

..................................................

5,000

4,332

The

Howard

Hughes

Corp.,

4.38%,

2/1/31,

Callable

2/1/26

@

102.19(a)

................

3,597

3,190

The

NHP

Foundation,

6.00%,

12/1/33,

Callable

6/1/33

@

.......................

2,821

2,995

VICI

Properties

LP,

5.63%,

4/1/35,

Callable

1/1/35

@

..........................

3,636

3,605

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.13%,

8/15/30,

Callable

6/5/25

@

102.06(a)

.....

15,072

14,220

77,359

Utilities

(0.9%):

Black

Hills

Corp.,

6.00%,

1/15/35,

Callable

10/15/34

@

........................

511

527

Calpine

Corp.

5.13%,

3/15/28,

Callable

6/5/25

@

100.85(a)

...............................

4,280

4,235

5.00%,

2/1/31,

Callable

2/1/26

@

102.5(a)

.................................

17,433

16,780

CenterPoint

Energy

Houston

Electric

LLC,

5.05%,

3/1/35,

Callable

12/1/34

@

........

3,592

3,567

CMS

Energy

Corp.,

4.75%

(H15T5Y+412bps),

6/1/50,

Callable

3/1/30

@

100(c)

.........

959

899

DTE

Energy

Co.,

5.85%,

6/1/34,

Callable

3/1/34

@

...........................

920

949

Duke

Energy

Corp.,

5.45%,

6/15/34,

Callable

3/15/34

@

.......................

2,502

2,543

Duke

Energy

Progress

SC

Storm

Funding

LLC,

5.40%,

3/1/44

.......................

2,299

2,335

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(a)

..............

733

629

Entergy

Corp.,

2.40%,

6/15/31,

Callable

3/5/31

@

............................

1,401

1,213

Entergy

Louisiana

LLC,

5.15%,

9/15/34,

Callable

6/15/34

@

....................

4,360

4,372

Essex

Portfolio

LP,

5.50%,

4/1/34,

Callable

1/1/34

@

..........................

2,977

2,992

Interstate

Power

and

Light

Co.,

4.95%,

9/30/34,

Callable

6/30/34

@

...............

2,502

2,439

Oncor

Electric

Delivery

Co.

LLC,

5.35%,

4/1/35,

Callable

1/1/35

@

100(a)

.............

2,567

2,601

The

Southern

Co.,

4.00%

(H15T5Y+373bps),

1/15/51,

Callable

10/15/25

@

100(c)

........

1,749

1,726

47,807

Total

Corporate

Bonds

(Cost

$1,069,503)

a

a

a

1,067,723

Yankee

Dollars

(6.1%)

Communication

Services

(0.1%):

Bell

Telephone

Co.

of

Canada

or

Bell

Canada,

6.88%

(H15T5Y+239bps),

9/15/55,

Callable

6/15/30

@

100(c)

...................................................

2,597

2,602

Rogers

Communications,

Inc.,

3.80%,

3/15/32,

Callable

12/15/31

@

...............

1,700

1,555

Zegona

Finance

PLC,

8.63%,

7/15/29,

Callable

7/15/26

@

104.31(a)

..................

1,381

1,472

5,629

Consumer

Discretionary

(1.7%):

Carnival

Corp.

7.00%,

8/15/29,

Callable

8/15/26

@

103.5(a)

...............................

12,449

12,994

6.13%,

2/15/33,

Callable

2/15/28

@

103.06(a)

..............................

3,630

3,597

Flutter

Treasury

DAC,

6.38%,

4/29/29,

Callable

4/15/26

@

103.19(a)

.................

16,632

16,964

IHO

Verwaltungs

GmbH,

8.00%,

11/15/32,

Callable

11/15/27

@

104(a)(k)

..............

8,955

8,559

International

Game

Technology

PLC

6.25%,

1/15/27,

Callable

7/15/26

@

100(a)

................................

1,402

1,412

5.25%,

1/15/29,

Callable

6/5/25

@

101.31(a)

...............................

13,753

13,444

NCL

Corp.

Ltd.

5.88%,

3/15/26,

Callable

12/15/25

@

100(a)

...............................

6.75%,

2/1/32,

Callable

2/1/28

@

103.38(a)(g)

..............................

7,065

6,898

Royal

Caribbean

Cruises

Ltd.

5.63%,

9/30/31,

Callable

9/30/27

@

102.81(a)

..............................

4,699

4,667

6.25%,

3/15/32,

Callable

3/15/27

@

103.13(a)

..............................

16,341

16,594

6.00%,

2/1/33,

Callable

8/1/27

@

103(a)

..................................

1,809

1,814

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Viking

Cruises

Ltd.

5.88%,

9/15/27,

Callable

6/5/25

@

100.98(a)

...............................

$

1,709

$

1,705

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(a)

..............................

1,184

1,266

90,315

Consumer

Staples

(0.4%):

Alimentation

Couche-Tard,

Inc.,

5.27%,

2/12/34,

Callable

11/12/33

@

100(a)

............

6,834

6,730

Bacardi

Ltd./Bacardi-Martini

BV,

5.40%,

6/15/33,

Callable

3/15/33

@

100(a)

............

2,562

2,487

Bacardi-Martini

BV,

6.00%,

2/1/35,

Callable

11/1/34

@

100(a)

......................

4,441

4,447

Becle

SAB

de

CV,

2.50%,

10/14/31,

Callable

7/14/31

@

100(a)(g)

....................

7,306

5,926

JBS

USA

Holding

LUX

SARL/JBS

USA

Food

Co./JBS

LUX

Co.

SARL,

6.50%,

12/1/52,

Callable

6/1/52

@

...............................................

20,046

Energy

(0.3%):

Aker

BP

ASA,

5.13%,

10/1/34,

Callable

7/1/34

@

100(a)

..........................

6,518

6,116

Enbridge,

Inc.

5.63%,

4/5/34,

Callable

1/5/34

@

....................................

2,668

2,703

5.75%

(H15T5Y+531bps),

7/15/80,

Callable

4/15/30

@

100(c)

..................

1,048

1,009

Harbour

Energy

PLC,

6.33%,

4/1/35,

Callable

1/1/35

@

100(a)

......................

5,581

5,330

15,158

Financials

(2.4%):

Allianz

SE,

6.35%

(H15T5Y+323bps),

9/6/53,

Callable

3/6/33

@

100(a)(c)

.............

1,200

1,230

Ardonagh

Finco

Ltd.,

7.75%,

2/15/31,

Callable

2/15/27

@

103.88(a)

..................

1,450

1,483

AS

Mileage

Plan

IP

Ltd.,

5.31%,

10/20/31,

Callable

8/20/31

@

100(a)

.................

12,015

11,490

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.62%,

12/10/29,

Callable

11/10/29

@

100(a)

....................................

544

552

Banco

Santander

SA,

6.92%,

8/8/33

.........................................

3,400

3,623

Bank

of

Montreal,

3.09%

(H15T5Y+140bps),

1/10/37,

Callable

1/10/32

@

100(c)

........

2,574

2,177

Barclays

PLC,

3.56%

(H15T5Y+290bps),

9/23/35,

Callable

9/23/30

@

100(c)

...........

3,200

2,913

BBVA

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

BBVA

Mexico,

7.63%

(H15T5Y+338bps),

2/11/35,

Callable

2/11/30

@

100(a)(c)(g)

...................

2,602

2,621

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

8.45%

(H15T5Y+466bps),

6/29/38,

Callable

6/29/33

@

100(a)

..................

1,759

1,828

8.13%

(H15T5Y+421bps),

1/8/39,

Callable

1/8/34

@

100(a)(c)

..................

3,682

3,746

BNP

Paribas

SA

2.87%

(TSFR3M+139bps),

4/19/32,

Callable

4/19/31

@

100(a)(c)

................

500

5.74%

(SOFR+188bps),

2/20/35,

Callable

2/20/34

@

100(a)(c)(g)

................

510

524

BP

Capital

Markets

PLC

4.38%

(H15T5Y+404bps),

Callable

6/22/25

@

100(c)(h)

......................

1,500

1,492

4.88%

(H15T5Y+440bps),

Callable

3/22/30

@

100(c)(h)

......................

BPCE

SA,

6.29%

(SOFR+204bps),

1/14/36,

Callable

1/14/35

@

100(a)(c)

..............

3,873

4,012

Brookfield

Finance,

Inc.,

5.68%,

1/15/35,

Callable

10/15/34

@

...................

2,839

2,865

Credit

Agricole

SA,

6.25%

(SOFR+267bps),

1/10/35,

Callable

1/10/34

@

100(a)(c)

.......

1,977

2,009

Deutsche

Bank

AG,

5.40%

(SOFR+205bps),

9/11/35,

Callable

9/11/34

@

100(c)

.........

3,167

3,089

HSBC

Holdings

PLC

8.11%

(SOFR+425bps),

11/3/33,

Callable

11/3/32

@

100(c)

....................

1,200

1,367

6.80%,

6/1/38

.....................................................

1,500

1,601

ING

Groep

NV,

6.11%

(SOFR+209bps),

9/11/34,

Callable

9/11/33

@

100(c)

............

2,818

2,966

JAB

Holdings

BV,

3.75%,

5/28/51,

Callable

11/28/50

@

100(a)

......................

Lloyds

Banking

Group

PLC,

7.95%

(H15T1Y+375bps),

11/15/33,

Callable

8/15/32

@

100(c)

1,595

1,815

Macquarie

Airfinance

Holdings

Ltd.,

6.50%,

3/26/31,

Callable

1/26/31

@

100(a)

.........

Mitsubishi

UFJ

Financial

Group,

Inc.,

5.62%

(H15T1Y+127bps),

4/24/36,

Callable

4/24/35

@

100(c)

...........................................................

4,270

4,362

Mizuho

Financial

Group,

Inc.,

5.58%

(H15T1Y+130bps),

5/26/35,

Callable

5/26/34

@

100(c)

3,752

3,822

Nationwide

Building

Society,

4.00%,

9/14/26(a)

.................................

1,618

1,601

QBE

Insurance

Group

Ltd.,

5.88%

(H15T5Y+551bps),

Callable

5/12/25

@

100(a)(c)(h)

....

16,047

16,035

Royal

Bank

of

Canada,

5.15%,

2/1/34

........................................

3,486

3,536

Societe

Generale

SA

6.22%

(H15T1Y+320bps),

6/15/33,

Callable

6/15/32

@

100(a)(c)(g)

..............

2,000

2,032

4.03%

(H15T1Y+190bps),

1/21/43,

Callable

1/21/42

@

100(a)(c)

................

1,250

901

Standard

Chartered

PLC,

4.87%

(USISOA05+197bps),

3/15/33,

Callable

3/15/28

@

100(a)(c)

1,500

1,483

Sumitomo

Mitsui

Trust

Bank

Ltd.,

5.05%,

3/13/35(a)

.............................

4,480

4,400

The

Bank

of

Nova

Scotia,

4.90%

(H15T5Y+455bps),

Callable

6/4/25

@

100(c)(h)

........

18,925

18,880

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

Toronto-Dominion

Bank,

5.15%

(H15T5Y+150bps),

9/10/34,

Callable

9/10/29

@

100(c)

$

3,212

$

3,195

UBS

Group

AG

2.19%

(SOFR+204bps),

6/5/26,

Callable

6/5/25

@

100(a)(c)

....................

5,500

5,485

3.09%

(SOFR+173bps),

5/14/32,

Callable

5/14/31

@

100(a)(c)

..................

4,000

3,580

Westpac

Banking

Corp.,

4.11%

(H15T5Y+200bps),

7/24/34,

Callable

7/24/29

@

100(c)

....

1,500

1,434

125,295

Industrials

(0.7%):

Air

Canada

Pass

Through

Trust

4.13%,

5/15/25(a)

..................................................

8,322

8,299

3.75%,

12/15/27(a)

..................................................

3,541

3,409

Aircastle

Ltd.,

5.25%

(H15T5Y+441bps),

Callable

6/15/26

@

100(a)(c)(h)

..............

1,868

1,813

Avianca

Midco

PLC,

9.63%,

2/14/30,

Callable

2/14/27

@

104.81(a)

.................

1,441

1,262

Grupo

Aeromexico

SAB

de

CV,

8.63%,

11/15/31,

Callable

11/15/27

@

104.31(a)(g)

.......

2,026

1,876

Latam

Airlines

Group

SA,

7.88%,

4/15/30,

Callable

10/15/26

@

103.94(a)(g)

............

5,788

5,668

LG

Energy

Solution

Ltd.,

5.50%,

7/2/34(a)

.....................................

4,521

4,337

nVent

Finance

SARL,

5.65%,

5/15/33,

Callable

2/15/33

@

......................

1,744

1,728

The

Weir

Group

PLC,

5.35%,

5/6/30,

Callable

4/6/30

@

100(a)

......................

6,720

6,749

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.,

9.50%,

6/1/28,

Callable

6/5/25

@

104.75(a)(g)

....................................................

35,223

Information

Technology

(0.3%):

Open

Text

Corp.,

6.90%,

12/1/27,

Callable

11/1/27

@

100(a)

........................

9,082

9,331

SK

Hynix,

Inc.,

6.50%,

1/17/33(a)(g)

.........................................

5,576

5,935

15,266

Materials

(0.1%):

Minera

Mexico

SA

de

CV,

5.63%,

2/12/32,

Callable

12/12/31

@

100(a)

................

5,204

5,201

NOVA

Chemicals

Corp.,

4.25%,

5/15/29,

Callable

6/5/25

@

101.06(a)

.................

3,424

3,236

8,437

Real

Estate

(0.1%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust,

2.50%,

10/15/31,

Callable

7/15/31

@

100(a)

...........................................................

6,700

5,832

Utilities

(0.0%):(f)

GENM

Capital

Labuan

Ltd.,

3.88%,

4/19/31,

Callable

1/19/31

@

100(a)

...............

650

573

Total

Yankee

Dollars

(Cost

$321,023)

a

a

a

321,774

Municipal

Bonds

(4.6%)

Arizona

(0.1%):

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

1.84%,

7/1/31,

Continuously

Callable

@100

...........................................................

1,000

862

The

University

of

Arizona

Revenue,

Series

A,

1.82%,

6/1/30

........................

3,070

2,718

3,580

California

(0.0%):(f)

California

Infrastructure

&

Economic

Development

Bank

Revenue,

Series

B,

6.03%,

7/1/38

.

1,500

1,590

Colorado

(0.3%):

Colorado

Housing

and

Finance

Authority

Revenue

Series

C1,

5.66%,

11/1/39,

Continuously

Callable

@100

.......................

9,065

9,032

Series

D-1,

5.84%,

5/1/44,

Continuously

Callable

@100

.......................

1,300

1,302

Series

E-1,

5.28%,

11/1/39,

Continuously

Callable

@102

......................

1,585

1,522

Series

G-1,

5.86%,

11/1/43,

Continuously

Callable

@100

......................

1,255

1,272

13,128

Connecticut

(0.1%):

Connecticut

Housing

Finance

Authority

Revenue,

Series

C-2,

5.81%,

11/15/39,

Continuously

Callable

@100

.....................................................

4,535

4,626

District

of

Columbia

(0.0%):(f)

District

of

Columbia

Revenue

2.25%,

4/1/27

.....................................................

800

768

2.68%,

4/1/31

.....................................................

1,500

1,315

2,083

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Florida

(0.7%):

City

of

Gainesville

Revenue,

2.04%,

10/1/30

...................................

$

2,500

$

2,171

County

of

Miami-Dade

Aviation

Revenue

Series

B,

2.61%,

10/1/32,

Continuously

Callable

@100

........................

1,000

872

Series

C,

5.55%,

10/1/43,

Continuously

Callable

@100

........................

980

979

Florida

Housing

Finance

Corp.

Revenue

Series

4,

5.67%,

7/1/39,

Continuously

Callable

@100

.........................

4,100

4,161

Series

4,

5.88%,

7/1/44,

Continuously

Callable

@100

.........................

2,720

2,783

Series

6,

5.07%,

7/1/39,

Continuously

Callable

@100

.........................

635

611

State

Board

of

Administration

Finance

Corp.

Revenue,

Series

A,

5.53%,

7/1/34,

Continuously

Callable

@100

.....................................................

26,804

27,381

38,958

Hawaii

(0.1%):

State

of

Hawaii,

GO

Series

GN,

4.64%,

10/1/34

............................................

3,360

3,338

Series

GN,

5.11%,

10/1/43,

Continuously

Callable

@100

......................

3,075

2,977

6,315

Idaho

(0.1%):

Idaho

Housing

&

Finance

Association

Revenue

Series

A,

5.67%,

1/1/45,

Continuously

Callable

@100

.........................

4,285

4,317

Series

C,

5.43%,

7/1/39,

Continuously

Callable

@100

.........................

1,915

1,942

6,259

Illinois

(0.2%):

City

of

Kankakee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.),

5.28%,

12/1/36,

Continuously

Callable

@100

...........................................

905

902

Illinois

Finance

Authority

Revenue,

5.45%,

8/1/38

...............................

1,500

1,425

Illinois

Housing

Development

Authority

Revenue

Series

B,

5.63%,

10/1/41,

Continuously

Callable

@100

........................

2,165

2,183

Series

F,

5.44%,

10/1/39,

Continuously

Callable

@100

........................

3,395

3,385

Sales

Tax

Securitization

Corp.

Revenue,

Series

B,

5.23%,

1/1/39,

Continuously

Callable

@100

1,760

1,722

9,617

Indiana

(0.1%):

Indiana

Finance

Authority

Revenue

Series

B,

3.08%,

9/15/27

.............................................

1,130

1,081

Series

B,

3.18%,

9/15/28

.............................................

1,000

942

Indiana

Housing

&

Community

Development

Authority

Revenue,

Series

A-2,

5.83%,

7/1/45,

Continuously

Callable

@100

...........................................

1,170

1,179

3,202

Iowa

(0.0%):(f)

Iowa

Finance

Authority

Revenue,

Series

H,

5.38%,

7/1/39,

Continuously

Callable

@100

....

1,180

1,171

Louisiana

(0.2%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A,

4.48%,

8/1/39,

Callable

8/1/37

@

.............................

12,562

11,978

Series

A1-A3,

5.08%,

6/1/31,

Callable

6/1/29

@

..........................

662

672

12,650

Maryland

(0.1%):

Maryland

Economic

Development

Corp.

Revenue

5.07%,

11/30/34

....................................................

905

901

Series

B,

4.25%,

6/1/29

..............................................

2,490

2,423

Series

B,

4.35%,

6/1/30

..............................................

1,330

1,285

Series

B,

4.40%,

6/1/31

..............................................

1,385

1,325

5,934

Massachusetts

(0.0%):(f)

Massachusetts

Housing

Finance

Agency

Revenue,

Series

238,

4.94%,

12/1/39,

Continuously

Callable

@100

.....................................................

1,985

1,874

Massachusetts

State

College

Building

Authority

Revenue,

Series

A,

1.80%,

5/1/29

........

1,879

Michigan

(0.1%):

Michigan

State

Housing

Development

Authority

Revenue,

Series

E,

5.10%,

12/1/39,

Continuously

Callable

@100

...........................................

4,485

4,319

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Minnesota

(0.4%):

Minnesota

Housing

Finance

Agency

Revenue

Series

D,

5.58%,

8/1/39,

Continuously

Callable

@100

........................

$

1,240

$

1,248

Series

J,

5.62%,

7/1/39,

Continuously

Callable

@100

.........................

2,570

2,668

Series

M,

5.73%,

7/1/39,

Continuously

Callable

@100

........................

3,625

3,690

Series

M,

5.92%,

7/1/44,

Continuously

Callable

@100

........................

4,620

4,652

Series

P,

5.39%,

7/1/39,

Continuously

Callable

@100

.........................

6,335

6,296

Series

V,

5.88%,

7/1/44,

Continuously

Callable

@100

.........................

4,420

4,446

23,000

Nebraska

(0.0%):(f)

Nebraska

Investment

Finance

Authority

Revenue,

Series

H,

5.77%,

3/1/43,

Continuously

Callable

@100

.....................................................

1,980

1,979

Nevada

(0.1%):

Nevada

Housing

Division

Revenue

Series

B,

5.68%,

10/1/45,

Continuously

Callable

@100

........................

3,480

3,422

Series

D,

5.79%,

10/1/35,

Continuously

Callable

@100

........................

500

522

Series

F,

5.13%,

10/1/39,

Continuously

Callable

@100

........................

2,260

2,183

6,127

New

Hampshire

(0.1%):

New

Hampshire

Business

Finance

Authority

Revenue,

Series

B,

5.35%,

11/1/39,

Continuously

Callable

@100

.....................................................

3,580

3,525

New

Jersey

(0.0%):(f)

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Series

L,

5.64%,

10/1/34,

Continuously

Callable

@100

........................

Series

L,

5.69%,

4/1/35,

Continuously

Callable

@100

.........................

Series

L,

5.71%,

10/1/35,

Continuously

Callable

@100

........................

South

Jersey

Transportation

Authority

Revenue,

Series

B,

3.12%,

11/1/26

...............

1,743

New

York

(0.4%):

Metropolitan

Transportation

Authority

Revenue,

Build

America

Bond,

Series

E,

6.73%,

11/15/30

.........................................................

5,000

5,281

New

York

City

Housing

Development

Corp.

Revenue

Series

C,

5.71%,

11/1/39,

Continuously

Callable

@100

........................

3,620

3,694

Series

C,

5.90%,

11/1/44,

Continuously

Callable

@100

........................

3,070

3,111

New

York

City

IDA

Revenue

2.34%,

1/1/35

.....................................................

1,000

774

2.44%,

1/1/36

.....................................................

1,250

947

New

York

City

Transitional

Finance

Authority

Revenue,

Series

G-3,

5.11%,

5/1/36,

Continuously

Callable

@100

...........................................

3,175

3,193

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue,

Series

268,

5.57%,

10/1/40,

Continuously

Callable

@100

....................................

1,130

1,136

18,136

North

Carolina

(0.2%):

North

Carolina

Housing

Finance

Agency

Revenue

Series

54-B,

5.60%,

7/1/39,

Continuously

Callable

@100

......................

1,810

1,830

Series

54-B,

5.81%,

7/1/44,

Continuously

Callable

@100

......................

4,530

4,554

Series

57-B,

5.80%,

7/1/50,

Continuously

Callable

@100

......................

1,100

1,089

7,473

Ohio

(0.1%):

Columbus

Metropolitan

Housing

Authority

Revenue,

5.38%,

9/1/28,

Continuously

Callable

@100

...........................................................

1,790

1,823

University

of

Cincinnati

Revenue,

Series

B,

5.53%,

6/1/40,

Continuously

Callable

@100

...

905

928

2,751

Oregon

(0.1%):

State

of

Oregon,

GO,

Series

B,

5.36%,

5/1/39,

Continuously

Callable

@100

.............

2,720

2,759

Pennsylvania

(0.2%):

Allegheny

County

Airport

Authority

Revenue

Series

B,

5.50%,

1/1/36,

Continuously

Callable

@100

.........................

895

911

Series

B,

5.62%,

1/1/37,

Continuously

Callable

@100

.........................

780

794

City

of

Philadelphia

Water

&

Wastewater

Revenue,

Series

B,

1.73%,

11/1/28

............

1,000

927

City

of

Philadelphia,

GO,

Series

A,

2.71%,

7/15/29

...............................

1,000

944

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Pennsylvania

Economic

Development

Financing

Authority

Revenue

2.62%,

3/1/29

.....................................................

$

1,855

$

1,732

Series

B,

3.20%,

11/15/27

.............................................

1,000

974

Pennsylvania

Housing

Finance

Agency

Revenue

Series

145B,

5.71%,

10/1/39,

Continuously

Callable

@100

.....................

2,720

2,764

Series

146B,

5.56%,

10/1/39,

Continuously

Callable

@100

.....................

905

911

Series

147B,

5.89%,

10/1/44,

Continuously

Callable

@100

.....................

1,610

1,623

Public

Parking

Authority

of

Pittsburgh

Revenue,

2.23%,

12/1/28

.....................

730

676

12,256

Rhode

Island

(0.2%):

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Series

83-T,

5.71%,

10/1/39,

Continuously

Callable

@100

.....................

2,715

2,785

Series

83-T,

5.89%,

10/1/44,

Continuously

Callable

@100

.....................

4,530

4,619

Series

84-T,

4.93%,

10/1/39,

Continuously

Callable

@100

.....................

3,615

3,477

10,881

South

Carolina

(0.0%):(f)

Greenville-Spartanburg

Airport

District

Revenue

Series

B,

5.06%,

7/1/34

..............................................

Series

B,

5.11%,

7/1/35,

Continuously

Callable

@100

.........................

Tennessee

(0.1%):

Metropolitan

Government

Nashville

&

Davidson

County

Sports

Authority

Revenue

Series

C,

2.45%,

8/1/32,

Continuously

Callable

@100

.........................

1,500

1,290

Series

D,

5.27%,

7/1/35

..............................................

1,175

1,219

Tennessee

Housing

Development

Agency

Revenue

Series

1B,

5.64%,

7/1/40,

Continuously

Callable

@100

........................

Series

2B,

5.65%,

7/1/39,

Continuously

Callable

@100

........................

2,720

2,722

5,571

Texas

(0.2%):

Central

Texas

Regional

Mobility

Authority

Revenue,

Series

C,

2.19%,

1/1/29

............

855

791

County

of

Harris

Hotel

Occupancy

Tax

Revenue,

5.26%,

8/15/44,

Continuously

Callable

@100

1,615

1,573

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

2.79%,

11/15/29

......

1,385

1,290

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

2.41%,

9/1/31,

Continuously

Callable

@100

...........................................

1,000

875

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Series

D,

5.55%,

1/1/39,

Continuously

Callable

@100

........................

905

929

Series

D,

5.73%,

1/1/44,

Continuously

Callable

@100

........................

905

898

Texas

Water

Development

Board

Revenue,

Series

B,

4.31%,

10/15/34

.................

1,795

1,734

University

of

Houston

Revenue,

Series

B,

4.86%,

2/15/37,

Continuously

Callable

@100

....

Uptown

Development

Authority

Tax

Allocation,

Series

B,

2.68%,

9/1/32,

Continuously

Callable

@100

.....................................................

Waco

Educational

Finance

Corp.

Revenue,

1.79%,

3/1/29

..........................

1,500

1,370

10,169

Utah

(0.1%):

Utah

Housing

Corp.

Revenue

Series

F,

5.61%,

7/1/36,

Continuously

Callable

@100

.........................

675

690

Series

F,

5.69%,

7/1/39,

Continuously

Callable

@100

.........................

1,970

1,993

2,683

Virginia

(0.2%):

Virginia

Housing

Development

Authority

Revenue

Series

B,

5.66%,

10/1/39,

Continuously

Callable

@100

........................

4,535

4,598

Series

C,

5.31%,

10/1/39,

Continuously

Callable

@100

........................

4,070

4,010

Series

S,

5.51%,

7/1/39,

Continuously

Callable

@100

.........................

1,590

1,599

10,207

West

Virginia

(0.1%):

West

Virginia

Housing

Development

Fund

Revenue

Series

C,

5.83%,

11/1/39,

Continuously

Callable

@100

........................

1,585

1,619

Series

C,

6.02%,

11/1/44,

Continuously

Callable

@100

........................

1,810

1,849

3,468

Total

Municipal

Bonds

(Cost

$240,637)

a

a

a

238,519

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Government

Agency

Mortgages

(17.3%)

Farm

Credit

Bank

of

Texas

Series

4,

5.70%

(H15T5Y+542bps)(a)(c)(h)

................................

$

19,908

$

19,698

Federal

Farm

Credit

Banks

Funding

Corporation

6.00%,

6/5/34

.....................................................

4,532

4,533

5.14%,

10/30/34

....................................................

6,224

6,156

2.55%,

12/21/34

....................................................

4,613

3,862

2.20%,

9/2/36

.....................................................

11,023

8,401

5.60%,

8/5/39

.....................................................

4,527

4,522

6.19%,

6/17/44

....................................................

4,597

4,594

32,068

Federal

Home

Loan

Banks

5.25%,

9/25/34

....................................................

9,040

8,971

Federal

Home

Loan

Mortgage

Corporation

5.50%,

4/1/36

-

1/1/55

...............................................

129,386

129,558

1.50%,

4/1/37

.....................................................

6,572

5,804

5.00%,

2/1/40

-

1/1/55

...............................................

45,919

45,371

3.00%,

4/1/40

-

5/1/52

...............................................

7,692

6,815

2.50%,

5/1/42

.....................................................

12,766

11,305

4.50%,

11/1/42

-

10/1/52

..............................................

11,221

10,821

4.00%,

1/1/43

-

12/1/54

..............................................

18,550

17,377

3.50%,

7/1/52

.....................................................

4,451

4,022

6.00%,

8/1/53

-

3/1/55

...............................................

52,727

53,655

284,728

Federal

National

Mortgage

Association

2.50%,

7/1/27

-

7/1/52

...............................................

17,546

15,067

2.13%,

1/1/34

.....................................................

4,279

3,594

5.00%,

12/1/37

-

2/1/54

..............................................

36,642

36,291

4.00%,

4/1/38

-

7/1/53

...............................................

41,024

38,550

3.50%,

12/1/42

-

8/1/52

..............................................

45,717

41,767

5.50%,

12/1/44

-

3/1/55

..............................................

103,918

104,179

3.00%,

12/1/51

....................................................

3,589

3,114

4.50%,

6/1/52

-

1/1/53

...............................................

24,719

23,718

6.00%,

7/1/52

-

11/1/54

..............................................

15,455

15,761

282,041

Government

National

Mortgage

Association

5.00%,

8/20/38

-

2/20/54

.............................................

44,302

43,682

2.50%,

1/20/51

-

9/20/53

.............................................

27,444

23,224

3.50%,

2/20/52

-

11/20/52

.............................................

27,151

24,648

3.00%,

3/20/52

-

11/20/53

.............................................

62,586

55,405

4.00%,

6/20/52

-

5/20/53

.............................................

24,633

23,029

4.50%,

8/20/52

-

11/20/53

.............................................

46,741

44,890

5.50%,

4/20/53

-

2/20/54

.............................................

37,216

37,378

6.00%,

9/20/53

-

10/20/53

.............................................

13,230

13,488

5.50%,

1/20/54

....................................................

4,047

4,060

7.50%,

10/20/54

....................................................

9,976

10,056

279,860

Total

U.S.

Government

Agency

Mortgages

(Cost

$909,095)

a

a

a

907,366

U.S.

Treasury

Obligations

(16.9%)

U.S.

Treasury

Bonds

4.50%,

2/15/36

....................................................

92,968

95,902

5.00%,

5/15/37

....................................................

140,862

150,656

4.38%,

11/15/39

....................................................

74,467

73,560

1.13%,

5/15/40

....................................................

35,000

21,902

2.38%,

2/15/42

....................................................

86,602

63,531

3.25%,

5/15/42

....................................................

28,000

23,380

3.88%,

5/15/43

....................................................

13,204

11,923

4.38%,

8/15/43

....................................................

9,163

8,835

4.75%,

11/15/43

....................................................

48,139

48,658

4.63%,

11/15/44

....................................................

12,864

12,743

2.50%,

2/15/45

....................................................

23,500

16,703

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4.75%,

2/15/45

....................................................

$

31,753

$

31,981

1.25%,

5/15/50

....................................................

4,535

2,207

2.88%,

5/15/52

....................................................

40,000

28,506

3.63%,

2/15/53

....................................................

12,487

10,337

3.63%,

5/15/53

....................................................

8,454

7,001

4.13%,

8/15/53

....................................................

63,303

57,398

4.75%,

11/15/53

....................................................

63,123

63,498

4.25%,

8/15/54

....................................................

29,375

27,255

4.63%,

2/15/55

....................................................

33,180

32,853

U.S.

Treasury

Notes

4.63%,

5/31/31

....................................................

21,388

22,270

4.13%,

11/15/32

....................................................

21,400

21,611

3.38%,

5/15/33

....................................................

32,615

31,152

3.88%,

8/15/33

....................................................

4.50%,

11/15/33

....................................................

11,401

11,754

4.63%,

2/15/35

....................................................

12,596

13,070

Total

U.S.

Treasury

Obligations

(Cost

$920,552)

a

a

a

888,785

Commercial

Paper

(1.3%)

Energy

(1.0%):

APA

Corp.,

5.03%,

5/1/25(a)(l)

.............................................

51,700

51,693

Industrials

(0.3%):

Global

Payments,

Inc.,

4.90%,

5/1/25(a)(l)

.....................................

15,900

15,898

Total

Commercial

Paper

(Cost

$67,600)

a

a

a

67,591

Shares

Collateral

for

Securities

Loaned

(0.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.24%(m)

.......

8,281,779

8,282

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.27%(m)

...........

8,281,779

8,282

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.29%(m)

...............

8,281,779

8,282

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.26%(m)

8,281,779

8,281

Total

Collateral

for

Securities

Loaned

(Cost

$33,127)

a

a

a

33,127

Total

Investments

(Cost

$5,283,197)

—

99.7%

5,232,136

Other

assets

in

excess

of

liabilities

— 0.3%

17,524

NET

ASSETS

-

100.00%

$

5,249,660

At

April

30,

2025,

the

Fund's

investments

in

foreign

securities

were

9.6%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2025,

the

fair

value

of

these

securities

was

$2,134,384

(thousands)

and

amounted

to

40.7%

of

net

assets.

(b) Security

is

interest

only.

(c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

April

30,

2025. (d) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

April

30,

2025. (e) Rounds

to

less

than

$1

thousand.

(f) Amount

represents

less

than

0.05%

of

net

assets.

(g) All

or

a

portion

of

this

security

is

on

loan.

(h) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(i) The

rates

for

this

senior

secured

loan

will

be

known

on

settlement

date

of

the

loan,

subsequent

to

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

in

line

with

prevailing

interest

rates.

(j) The

Fund

may

enter

into

certain

credit

agreements

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

commitments

at

the

borrower's

discretion.

At

April

30,

2025,

the

Fund

held

unfunded

or

partially

unfunded

loan

commitments

of

$348

(thousands),

which

included

$2

(thousands)

unrealized

loss.

(k) Up

to

8.75%

of

the

coupon

may

be

PIK.

(l) Rate

represents

the

effective

yield

at

April

30,

2025. (m) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ABS

—

Asset-Backed

Securities

ADR

—

American

Depositary

Receipt

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. H15T10Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

IDA

—

Industrial

Development

Authority

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

April

30,

2025. SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

April

30,

2025. Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

10-Year

U.S.

Treasury

Note

Futures

......

1,095

6/18/25

$

119,178,112

$

122,879,531

$

3,701,419

30-Year

U.S.

Treasury

Bond

Futures

.....

1,393

6/18/25

160,626,986

162,458,625

1,831,639

5-Year

U.S.

Treasury

Note

Futures

.......

6/30/25

38,916,979

39,965,484

1,048,505

$

6,581,563

Total

unrealized

appreciation

$

6,581,563

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

6,581,563

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(5.1%)

ABS

Auto

(1.7%):

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2023-5A

,

Class

C

,

.85

%

,

4/20/28

(a) ..

$

2,000

$

2,035

Chesapeake

Funding

II

LLC

,

Series

2023-1A

,

Class

D

,

.69

%

,

5/15/35

,

Callable

5/15/26

@

(a) ...........................................................

FCCU

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

D

,

.78

%

,

7/15/32

,

Callable

1/15/28

@

(a) ...........................................................

1,136

1,160

Flagship

Credit

Auto

Trust

,

Series

2019-3

,

Class

E

,

.84

%

,

12/15/26

,

Callable

5/15/25

@

(a) ...........................................................

686

686

Ford

Credit

Auto

Owner

Trust

,

Series

2023-1

,

Class

D

,

.26

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...........................................................

1,966

2,011

Hertz

Vehicle

Financing

III

LLC

,

Series

2023-3A

,

Class

D

,

.43

%

,

2/25/28

(a) ...........

3,000

3,071

LAD

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

D

,

.30

%

,

6/17/30

,

Callable

1/15/27

@

(a) ...........................................................

2,263

2,320

Merchants

Fleet

Funding

LLC

,

Series

2024-1A

,

Class

D

,

.85

%

,

4/20/37

,

Callable

4/20/27

@

(a) ...........................................................

1,673

1,702

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2023-A

,

Class

C

,

.74

%

,

6/15/33

,

Callable

6/15/27

@

(a) ...............

Series

2024-B

,

Class

E

,

.80

%

,

1/18/33

,

Callable

12/15/28

@

(a) ..............

1,001

993

Securitized

Term

Auto

Receivables

Trust

,

Series

2025-A

,

Class

D

,

.75

%

,

7/25/31

,

Callable

5/25/28

@

(a) ...................................................

2,024

2,043

United

Auto

Credit

Securitization

Trust

,

Series

2023-1

,

Class

C

,

.28

%

,

7/10/28

,

Callable

12/10/26

@

(a) ..................................................

771

771

17,277

ABS

Other

(3.4%):

Dext

ABS

LLC

,

Series

2023-2

,

Class

D

,

.30

%

,

5/15/34

,

Callable

10/15/27

@

(a) ......

667

715

Frontier

Issuer

LLC

.....................................................

Series

2023-1

,

Class

C

,

.50

%

,

8/20/53

,

Callable

7/20/26

@

(a) ..............

14,414

15,110

Series

2024-1

,

Class

C

,

.16

%

,

6/20/54

,

Callable

5/20/28

@

(a) ..............

5,551

6,129

NP

SPE

X

LP

,

Series

2019-2A

,

Class

C1

,

.44

%

,

11/19/49

(a) .......................

1,568

1,521

Post

Road

Equipment

Finance

LLC

..........................................

Series

2024-1A

,

Class

D

,

.77

%

,

10/15/30

,

Callable

4/15/27

@

(a) .............

Series

2025-1A

,

Class

E

,

.08

%

,

5/17/32

,

Callable

8/15/28

@

(a) ..............

706

716

SCF

Equipment

Leasing

LLC

,

Series

2022-2A

,

Class

D

,

.50

%

,

10/20/32

,

Callable

9/20/28

@

(a) ...........................................................

989

1,014

Uniti

Fiber

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

C

,

.12

%

,

4/20/55

,

Callable

10/20/28

@

(a) ...........................................................

2,000

2,047

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A

,

Class

F

,

.27

%

,

2/15/52

,

Callable

2/15/26

@

(a) ..............

3,000

2,824

Series

2024-1A

,

Class

F

,

.87

%

,

5/15/54

,

Callable

5/15/27

@

(a) ..............

875

916

Zayo

Issuer

LLC

,

Series

2025-1A

,

Class

C

,

.66

%

,

3/20/55

,

Callable

9/20/28

@

(a) .....

2,500

2,499

33,833

Total

Asset-Backed

Securities

(Cost

$49,809)

a

a

a

51,110

Collateralized

Loan

Obligations

(0.3%)

Cash

Flow

CLO

(0.3%):

720

East

CLO

II

Ltd.

,

Series

2023-2A

,

Class

E

,

.83

%

(TSFR3M

+

857

bps)

,

10/15/36

,

Callable

10/15/25

@

(a) (b) .........................................

1,500

1,500

Oaktree

CLO

Ltd.

,

Series

2023-2A

,

Class

E

,

.92

%

(TSFR3M

+

865

bps)

,

7/20/36

,

Callable

7/20/25

@

(a) (b) .................................................

1,500

1,498

2,998

Total

Collateralized

Loan

Obligations

(Cost

$2,959)

a

a

a

2,998

Collateralized

Mortgage

Obligations

(1.2%)

Commercial

MBS

(1.2%):

Aventura

Mall

Trust

,

Series

2018-AVM

,

Class

C

,

.25

%

,

7/5/40

(a) (c) (d) ...............

3,000

2,868

BPR

Trust

,

Series

2022-STAR

,

Class

A

,

.55

%

(TSFR1M

+

bps)

,

8/15/39

(a) (b) (d) ......

2,536

2,520

BXP

Trust

,

Series

2021-601L

,

Class

D

,

.87

%

,

1/15/44

(a) (c) (d) ......................

2,000

1,521

COMM

Mortgage

Trust

,

Series

2024-277P

,

Class

B

,

.23

%

,

8/10/44

(a) (c) (d) ............

1,500

1,605

Hudson

Yards

Mortgage

Trust

,

Series

2025-SPRL

,

Class

D

,

.55

%

,

1/13/40

(a) (c) (d) .......

Manhattan

West

Mortgage

Trust

,

Series

2020-1MW

,

Class

D

,

.41

%

,

9/10/39

(a) (c) (d) ......

1,155

1,068

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) ONE

Mortgage

Trust

,

Series

2021-PARK

,

Class

D

,

.94

%

(TSFR1M

+

bps)

,

3/15/36

(a) (b) (d) .............................................................

$

1,775

$

1,638

SHR

Trust

,

Series

2024-LXRY

,

Class

D

,

.92

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (d) .....

1,250

1,237

12,559

Private

CMO

Floating

(0.0%):(e)

CHL

Mortgage

Pass-Through

Trust

,

Series

2004-25

,

Class

1A6

,

.40

%

(TSFR1M

+

bps)

,

2/25/35

,

Callable

5/25/25

@

(b) ......................................

Total

Collateralized

Mortgage

Obligations

(Cost

$12,357)

a

a

a

12,597

Shares

Common

Stocks

(0.1%)

Energy

(0.0%):(e)

GenOn

Energy,

Inc.

(f) ...................................................

16,168

Sabine

Oil

&

Gas

Holdings,

Inc.

(f) (g) ........................................

2,824

Real

Estate

(0.1%):

Crown

Castle,

Inc.

......................................................

6,253

661

Total

Common

Stocks

(Cost

$3,137)

a

a

a

945

Preferred

Stocks

(0.4%)

Consumer

Staples

(0.4%):

CHS,

Inc.

,

Series

,

.10

%

(h) ..............................................

76,204

1,924

CHS,

Inc.

,

Series

,

.88

%

(h) ..............................................

87,180

2,293

4,217

Real

Estate

(0.0%):(e)

Prologis,

Inc.

,

Series

Q

,

.54

%

(h) ...........................................

5,310

Total

Preferred

Stocks

(Cost

$4,430)

a

a

a

4,504

Principal

Amount

(000) Senior

Secured

Loans

(6.0%)

Communication

Services

(1.1%):

AMC

Entertainment

Holdings,

Inc.,

Initial

Exchange

Term

Loans,

First

Lien

,

.32

%

(SOFR01M

+

700

bps)

,

1/4/29

(b) .........................................

2,583

2,539

Level

Financing,

Inc.,

Term

Loan

B,

First

Lien

,

3/29/32

(i) ........................

2,625

2,616

United

Talent

Agency

LLC,

Term

B

Loan,

First

Lein

,

.08

%

(SOFR01M

+

bps)

,

7/7/28

(b) .

990

988

Zayo

Group

Holdings,

Inc.,

2022

Incremental

Term

Loans,

First

Lien

,

3/9/27

(i) ..........

4,477

4,172

10,315

Consumer

Discretionary

(1.2%):

Alterra

Mountain

Co.,

Term

loan

B-

7,

First

Lien

,

.32

%

(SOFR01M

+

bps)

,

5/31/30

(b) ..

Fertitta

Entertainment

LLC,

Initial

B

Term

Loan,

First

Lien

,

.82

%

(SOFR01M

+

bps)

,

1/29/29

(b) ........................................................

Getty

Images,

Inc.,

Dollar

Fixed

Rate

Term

Loans,

First

Lien

,

2/21/30

(i) ............

860

847

Great

Outdoors

Group

LLC,

Term

Loan

B,

First

Lien

,

.57

%

(SOFR01M

+

bps)

,

1/23/32

(b) 971

948

Ontario

Gaming

GTA

Ltd.

Partnership,

Term

B

Loans,

First

Lien

,

.55

%

(SOFR03M

+

bps)

,

8/1/30

(b) .........................................................

1,867

1,802

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien

,

.55

%

(SOFR03M

+

bps)

,

3/3/28

(b) .........................................

5,974

5,196

Polaris

Newco

LLC,

Dollar

Term

Loan,

First

Lien

,

.04

%

(SOFR03M

+

bps)

,

6/2/28

(b) ..

2,306

2,220

11,704

Consumer

Staples

(0.5%):

Alliance

Laundry

Systems

LLC,

Initial

Term

B

Loans,

First

Lien

,

.07

%

(SOFR01M

+

bps)

,

8/19/31

(b) ........................................................

3,000

2,973

TKC

Holdings,

Inc.,

Closing

Date

Initial

Term

Loan,

First

Lien

,

.32

%

(SOFR01M

+

500

bps)

,

5/15/28

(b) ........................................................

1,963

1,933

4,906

Financials

(2.3%):

1261229

BC

Ltd.,

Term

Loan,

First

Lien

,

10/8/30

(i) ..............................

875

824

Acrisure

LLC,

Term

Loan

B-

6,

First

Lien

,

.32

%

(SOFR01M

+

bps)

,

11/6/30

(b) .......

995

982

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Amynta

Agency

Borrower,

Inc.,

2024-1

Refinancing

Term

Loans,

First

Lien

,

.29

%

(SOFR03M

+

bps)

,

12/29/31

(b) .......................................

$

1,980

$

1,960

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien

,

.04

%

(SOFR06M

+

bps)

,

2/18/31

(b) ........................................

1,416

1,385

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien

,

.05

%

(SOFR03M

+

bps)

,

2/18/31

(b) ........................................

Bcpe

Pequod

Buyer,

Inc.,

Initial

Term

Loans,

First

Lien

,

.79

%

(SOFR03M

+

bps)

,

11/25/31

(b) .......................................................

500

CCI

Buyer,

Inc.,

Initial

Term

Loans,

First

Lien

,

.30

%

(SOFR03M

+

bps)

,

12/17/27

(b) ...

987

987

Central

Parent

LLC,

2024

Refinancing

Term

Loan,

First

Lien

,

.55

%

(SOFR03M

+

bps)

,

7/6/29

(b) .........................................................

2,970

2,468

Directv

Financing

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien

,

.54

%

(SOFR03M

+

525

bps)

,

8/2/29

(b) .........................................

1,791

1,728

Fortress

Intermediate

3,

Inc.,

Initial

Term

Loan,

First

Lien

,

.07

%

(SOFR01M

+

bps)

,

6/27/31

(b) ........................................................

Hyperion

Refinance

SARL,

Term

Loan

B,

First

Lien

,

.82

%

(SOFR01M

+

bps)

,

4/18/30

(b) 2,955

2,954

LC

Ahab

US

Bidco

LLC,

Initial

Term

Loan,

First

Lien

,

.32

%

(SOFR01M

+

bps)

,

5/1/31

(b) 498

Lealand

Finance

Co.

BV,

Make

Whole

Term

Loan,

First

Lien

,

.32

%

(SOFR01M

+

bps)

,

6/30/27

(b) ........................................................

Moneygram

International,

Inc.,

2024

Repricing

Term

Loans,

First

Lien

,

.04

%

(SOFR03M

+

bps)

,

6/3/30

(b) .........................................

985

890

Neptune

BidCo

US,

Inc.,

Dollar

Term

A

Loan,

First

Lien

,

.98

%

(SOFR03M

+

bps)

,

10/11/28

(b) .......................................................

OneDigital

Borrower

LLC,

Initial

Loan,

Second

Lien

,

.57

%

(SOFR01M

+

525

bps)

,

7/2/32

(b) 3,000

2,934

Roper

Industrial

Products

Investment

Co.

LLC,

Tranche

D

Dollar

Term

Loan,

First

Lien

,

.05

%

(SOFR03M

+

bps)

,

11/22/29

(b) ..................................

2,943

2,914

StubHub

Holdco

Sub

LLC,

Term

B,

First

Lien

,

.07

%

(SOFR01M

+

bps)

,

3/15/30

(b) ....

978

961

WestJet

Loyalty

LP,

Initial

Term

Loan,

First

Lien

,

.55

%

(SOFR03M

+

bps)

,

2/14/31

(b) ..

990

938

23,402

Health

Care

(0.1%):

Bausch

+

Lomb

Corp.,

New

Term

Loans,

First

Lien

,

.32

%

(SOFR01M

+

bps)

,

9/29/28

(b) 1,478

1,462

Industrials

(0.4%):

The

GEO

Group,

Inc.,

Term

Loan,

First

Lien

,

.58

%

(SOFR01M

+

525

bps)

,

4/16/29

(b) .....

1,717

1,737

Twitter

Inco.,

Tranche

Loan,

First

Lien

,

10/26/29

(i) ...........................

997

965

Windstream

Services

LLC,

2024

Term

Loans,

First

Lien

,

.07

%

(SOFR01M

+

bps)

,

9/25/31

(b) ........................................................

1,000

993

3,695

Information

Technology

(0.3%):

Dye

&

Durham

Corp.,

Term

B

Loans,

First

Lien

,

.30

%

(SOFR03M

+

bps)

,

4/11/31

(b) ...

Neptune

BidCo

US,

Inc.,

Dollar

Term

B

Loan,

First

Lien

,

.23

%

(SOFR03M

+

500

bps)

,

4/11/29

(b) ........................................................

Rocket

Software,

Inc.,

Term

Loan,

First

Lien

,

.57

%

(SOFR01M

+

bps)

,

11/28/28

(b) ....

2,970

2,947

UKG,

Inc.,

Initial

Term

Loans,

First

Lien

,

.32

%

(SOFR01M

+

bps)

,

2/10/31

(b) ........

3,660

Materials

(0.1%):

LABL,

Inc.,

Term

Loan

B,

First

Lien

,

.32

%

(SOFR01M

+

500

bps)

,

10/30/28

(b) ..........

987

848

Total

Senior

Secured

Loans

(Cost

$61,651)

a

a

a

59,992

Corporate

Bonds

(61.0%)

Communication

Services

(10.9%):

AMC

Networks,

Inc.

.25

%

,

1/15/29

,

Callable

1/15/26

@

105.13 (a) .............................

1,200

1,241

.25

%

,

2/15/29

,

Callable

5/16/25

@

101.06 ................................

1,500

1,104

Cable

One,

Inc.

,

.00

%

,

11/15/30

,

Callable

11/15/25

@

(a) (j) .....................

Cablevision

Lightpath

LLC

,

.63

%

,

9/15/28

,

Callable

5/16/25

@

101.41 (a) .............

1,997

1,850

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

.75

%

,

3/1/30

,

Callable

6/5/25

@

102.38 (a) ................................

500

.50

%

,

8/15/30

,

Callable

6/5/25

@

102.25 (a) ...............................

500

.50

%

,

6/1/33

,

Callable

6/1/27

@

102.25 (a) ................................

5,000

4,355

.25

%

,

1/15/34

,

Callable

1/15/28

@

102.13 (a) ..............................

4,000

3,366

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corp.

,

.50

%

,

10/15/29

,

Callable

10/15/26

@

104.75 (a) .........................................................

$

1,500

$

1,291

Clear

Channel

Outdoor

Holdings,

Inc.

.00

%

,

9/15/28

,

Callable

9/15/25

@

104.5 (a) ...............................

2,000

2,073

.50

%

,

6/1/29

,

Callable

6/5/25

@

101.88 (a) (j) ..............................

1,754

1,437

.88

%

,

4/1/30

,

Callable

10/1/26

@

103.94 (a) ...............................

6,573

6,580

Consolidated

Communications,

Inc.

,

.50

%

,

10/1/28

,

Callable

5/16/25

@

103.25 (a) .......

2,500

2,456

CSC

Holdings

LLC

.25

%

,

5/15/28

,

Callable

5/16/25

@

105.63 (a) .............................

4,500

4,392

.75

%

,

1/31/29

,

Callable

1/31/26

@

105.88 (a) .............................

3,000

2,832

.50

%

,

2/1/29

,

Callable

5/16/25

@

102.17 (a) ...............................

2,000

1,635

.13

%

,

12/1/30

,

Callable

12/1/25

@

102.06 (a) ..............................

3,000

2,055

.00

%

,

11/15/31

,

Callable

11/15/26

@

102.5 (a) (j) ............................

1,500

686

Cumulus

Media

New

Holdings,

Inc.

,

.00

%

,

7/1/29

,

Callable

6/5/25

@

(a) ...........

7,151

1,963

Directv

Financing

LLC/Directv

Financing

Co.-Obligor,

Inc.

.88

%

,

8/15/27

,

Callable

6/5/25

@

102.94 (a) ...............................

1,543

1,492

.00

%

,

2/15/31

,

Callable

2/15/27

@

(a) ...............................

4,364

4,146

DISH

DBS

Corp.

.75

%

,

7/1/26

.....................................................

1,000

871

.25

%

,

12/1/26

,

Callable

6/1/26

@

(a) .................................

1,500

1,365

DISH

Network

Corp.

,

.75

%

,

11/15/27

,

Callable

6/5/25

@

105.88 (a) .................

5,000

5,253

Frontier

Communications

Holdings

LLC

,

.75

%

,

5/1/29

,

Callable

6/5/25

@

101.69 (a) ......

13,759

13,824

Gray

Media,

Inc.

.50

%

,

7/15/29

,

Callable

7/15/26

@

105.25 (a) (j) ............................

5,791

5,945

.75

%

,

10/15/30

,

Callable

10/15/25

@

102.38 (a) (j) ...........................

.38

%

,

11/15/31

,

Callable

11/15/26

@

102.69 (a) ............................

4,664

2,782

iHeartCommunications,

Inc.

,

.13

%

,

5/1/29

,

Callable

12/20/26

@

(a) ...............

3,800

2,931

Lamar

Media

Corp.

,

.63

%

,

1/15/31

,

Callable

1/15/26

@

101.81 .....................

1,909

1,726

Match

Group

Holdings

II

LLC

,

.63

%

,

6/1/28

,

Callable

6/5/25

@

(a) ...............

2,000

1,925

News

Corp.

,

.13

%

,

2/15/32

,

Callable

2/15/27

@

102.56 (a) .........................

1,000

954

Nexstar

Media,

Inc.

,

.63

%

,

7/15/27

,

Callable

5/16/25

@

101.41 (a) ...................

1,500

1,484

Scripps

Escrow

II,

Inc.

.88

%

,

1/15/29

,

Callable

6/5/25

@

100.97 (a) (j) .............................

3,500

2,691

.38

%

,

1/15/31

,

Callable

1/15/26

@

102.69 (a) (j) ............................

4,573

2,600

Sinclair

Television

Group,

Inc.

.50

%

,

3/1/30

,

Callable

6/5/25

@

102.75 (a) ................................

820

586

.38

%

,

12/31/32

,

Callable

12/1/25

@

102.06 (a) .............................

2,000

1,232

.13

%

,

2/15/33

,

Callable

2/15/28

@

104.06 (a) ..............................

1,309

1,297

Sirius

XM

Radio

LLC

.13

%

,

7/1/30

,

Callable

7/1/25

@

102.06 (a) ................................

1,000

895

.88

%

,

9/1/31

,

Callable

9/1/26

@

101.94 (a) (j) ..............................

2,000

1,716

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC

,

.50

%

,

2/15/29

,

Callable

5/16/25

@

101.63 (a) ......................................................

2,000

1,829

Univision

Communications,

Inc.

,

.38

%

,

6/30/30

,

Callable

6/30/25

@

103.69 (a) ..........

2,000

1,823

Urban

One,

Inc.

,

.38

%

,

2/1/28

,

Callable

6/5/25

@

101.84 (a) .......................

3,616

1,734

Windstream

Services

LLC/Windstream

Escrow

Finance

Corp.

,

.25

%

,

10/1/31

,

Callable

10/1/27

@

104.13 (a) ................................................

1,000

1,025

Zayo

Group

Holdings,

Inc.

.00

%

,

3/1/27

,

Callable

6/5/25

@

(a) (j) ................................

5,000

4,600

.13

%

,

3/1/28

,

Callable

6/5/25

@

(a) (j) ................................

2,000

1,641

108,839

Consumer

Discretionary

(8.5%):

Amsted

Industries,

Inc.

,

.38

%

,

3/15/33

,

Callable

3/15/28

@

103.19 (a) ................

4,389

4,417

Asbury

Automotive

Group,

Inc.

,

.00

%

,

2/15/32

,

Callable

11/15/26

@

102.5 (a) ..........

2,000

1,822

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.

,

.63

%

,

4/1/30

,

Callable

6/5/25

@

102.31 (a) .........................................................

5,032

4,619

Beazer

Homes

USA,

Inc.

,

.25

%

,

10/15/29

,

Callable

5/21/25

@

103.63 ................

1,250

1,215

Boyd

Gaming

Corp.

,

.75

%

,

6/15/31

,

Callable

6/15/26

@

102.38 (a) ...................

1,000

933

Boyne

USA,

Inc.

,

.75

%

,

5/15/29

,

Callable

6/5/25

@

101.19 (a) ......................

3,015

2,870

Caesars

Entertainment,

Inc.

.00

%

,

2/15/30

,

Callable

2/15/26

@

103.5 (a) ...............................

2,000

2,049

.50

%

,

2/15/32

,

Callable

2/15/27

@

103.25 (a) ..............................

5,482

5,512

CEC

Entertainment

LLC

,

.75

%

,

5/1/26

,

Callable

6/5/25

@

(a) ...................

883

868

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Choice

Hotels

International,

Inc.

,

.85

%

,

8/1/34

,

Callable

5/1/34

@

................

$

811

$

797

Churchill

Downs,

Inc.

.75

%

,

4/1/30

,

Callable

5/16/25

@

102.88 (a) ...............................

1,000

978

.75

%

,

5/1/31

,

Callable

5/1/26

@

103.38 (a) ................................

2,500

2,526

Evergreen

Acqco

LP/TVI,

Inc.

,

.75

%

,

4/26/28

,

Callable

5/16/25

@

104.88 (a) ..........

730

755

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

,

.75

%

,

1/15/30

,

Callable

6/5/25

@

103.38 (a) (j) ................................................

4,624

4,039

Ford

Motor

Co.

,

.75

%

,

1/15/43

............................................

2,000

1,495

Garrett

Motion

Holdings,

Inc./Garrett

LX

I

SARL

,

.75

%

,

5/31/32

,

Callable

5/31/27

@

103.88 (a) .........................................................

1,000

998

Graham

Packaging

Co.,

Inc.

,

.13

%

,

8/15/28

,

Callable

6/5/25

@

101.78 (a) ..............

Group

Automotive,

Inc.

,

.38

%

,

1/15/30

,

Callable

7/15/26

@

103.19 (a) ...............

1,000

1,012

Hanesbrands,

Inc.

,

.00

%

,

2/15/31

,

Callable

2/15/26

@

104.5 (a) .....................

1,500

1,555

Hilton

Domestic

Operating

Co.,

Inc.

,

.00

%

,

5/1/31

,

Callable

5/1/26

@

(a) ...........

2,000

1,834

Las

Vegas

Sands

Corp.

,

.20

%

,

8/15/34

,

Callable

5/15/34

@

.....................

939

922

LCM

Investments

Holdings

II

LLC

,

.25

%

,

8/1/31

,

Callable

8/1/26

@

104.13 (a) .........

1,000

1,047

LGI

Homes,

Inc.

,

.00

%

,

11/15/32

,

Callable

11/15/27

@

103.5 (a) ....................

Light

&

Wonder

International,

Inc.

,

.25

%

,

11/15/29

,

Callable

5/21/25

@

103.63 (a) (j) ......

500

509

Lithia

Motors,

Inc.

.88

%

,

6/1/29

,

Callable

6/5/25

@

100.97 (a) ................................

7,239

6,721

.38

%

,

1/15/31

,

Callable

10/15/25

@

102.19 (a) .............................

7,726

7,096

M/I

Homes,

Inc.

,

.95

%

,

2/1/28

,

Callable

5/21/25

@

101.24 ........................

3,000

2,928

MGM

Resorts

International

,

.13

%

,

9/15/29

,

Callable

9/15/26

@

103.06 ...............

1,000

996

Newell

Brands,

Inc.

,

.88

%

,

4/1/36

,

Callable

10/1/35

@

........................

500

Nordstrom,

Inc.

,

.38

%

,

4/1/30

,

Callable

1/1/30

@

............................

898

796

PetSmart,

Inc./PetSmart

Finance

Corp.

,

.75

%

,

2/15/29

,

Callable

6/5/25

@

101.94 (a) ......

2,000

1,865

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

,

.63

%

,

4/6/31

,

Callable

1/6/31

@

(a) .

1,100

881

Saks

Global

Enterprises

LLC

,

.00

%

,

12/15/29

,

Callable

12/15/26

@

105.5 (a) ..........

2,834

1,717

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo,

Inc.

,

.63

%

,

3/1/30

,

Callable

6/5/25

@

103.31 (a) ......................................................

1,000

954

Sotheby's

,

.38

%

,

10/15/27

,

Callable

5/16/25

@

(a) ............................

4,524

4,245

Staples,

Inc.

,

.75

%

,

9/1/29

,

Callable

9/1/26

@

105.38 (a) .........................

2,500

2,173

Taylor

Morrison

Communities,

Inc.

.75

%

,

1/15/28

,

Callable

10/15/27

@

(a) ...............................

1,000

1,001

.13

%

,

8/1/30

,

Callable

2/1/30

@

(a) ..................................

2,183

2,115

Vail

Resorts,

Inc.

,

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.25 (a) .....................

3,224

3,265

VT

Topco,

Inc.

,

.50

%

,

8/15/30

,

Callable

8/15/26

@

104.25 (a) ......................

500

523

Wand

NewCo.

3,

Inc.

,

.63

%

,

1/30/32

,

Callable

1/30/27

@

103.81 (a) ..................

Weekley

Homes

LLC/Weekley

Finance

Corp.

,

.88

%

,

9/15/28

,

Callable

6/5/25

@

101.63 (a) .

2,085

1,951

WW

International,

Inc.

,

.50

%

,

4/15/29

,

Callable

6/5/25

@

101.13 (a) .................

1,500

ZF

North

America

Capital,

Inc.

,

.88

%

,

4/23/32

,

Callable

2/23/32

@

(a) .............

2,000

1,756

85,441

Consumer

Staples

(4.4%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

.50

%

,

2/15/28

,

Callable

6/5/25

@

103.25 (a) ...............................

3,500

3,556

.88

%

,

2/15/30

,

Callable

6/5/25

@

103.66 (a) ...............................

7,500

7,245

.25

%

,

3/15/33

,

Callable

3/15/28

@

103.13 (a) ..............................

500

507

Edgewell

Personal

Care

Co.

,

.13

%

,

4/1/29

,

Callable

5/16/25

@

101.03 (a) ..............

2,379

2,228

Goat

Holdco

LLC

,

.75

%

,

2/1/32

,

Callable

2/1/28

@

103.38 (a) ......................

1,717

1,684

NBM

US

Holdings,

Inc.

,

.63

%

,

8/6/29

,

Callable

6/5/25

@

103.31 (a) (j) ................

3,000

2,984

Performance

Food

Group,

Inc.

.25

%

,

8/1/29

,

Callable

6/5/25

@

102.13 (a) ................................

3,500

3,312

.13

%

,

9/15/32

,

Callable

9/15/27

@

103.06 (a) ..............................

1,000

1,004

Post

Holdings,

Inc.

.63

%

,

4/15/30

,

Callable

5/21/25

@

102.31 (a) ..............................

1,000

944

.25

%

,

2/15/32

,

Callable

2/15/27

@

103.13 (a) ..............................

5,841

5,892

.38

%

,

3/1/33

,

Callable

9/1/27

@

103.19 (a) ................................

3,390

3,359

Quikrete

Holdings,

Inc.

,

.38

%

,

3/1/32

,

Callable

3/1/28

@

103.19 (a) ..................

4,364

4,393

U.S.

Foods,

Inc.

.75

%

,

2/15/29

,

Callable

6/5/25

@

101.19 (a) ...............................

3,000

2,915

.75

%

,

4/15/33

,

Callable

10/15/27

@

102.88 (a) .............................

2,418

2,372

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Walgreens

Boots

Alliance,

Inc.

,

.13

%

,

8/15/29

,

Callable

8/15/26

@

104.06 (j) ...........

$

2,000

$

2,080

44,475

Energy

(4.6%):

CITGO

Petroleum

Corp.

,

.38

%

,

1/15/29

,

Callable

10/15/25

@

104.19 (a) ...............

4,225

4,236

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC

,

.50

%

,

6/15/31

,

Callable

6/15/26

@

102.75 (a) 2,500

2,403

Energy

Transfer

LP

,

.13

%

(H15T5Y

+

531

bps)

,

Callable

5/15/30

@

(b) (h) ...........

1,000

988

Excelerate

Energy

LP

,

.00

%

,

5/15/30

,

Callable

5/15/27

@

(a) ....................

Harvest

Midstream

I

LP

,

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.75 (a) ................

4,000

4,077

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

.25

%

,

11/1/28

,

Callable

6/5/25

@

102.08 (a) ...............................

1,500

1,453

.25

%

,

4/15/32

,

Callable

5/15/27

@

103.13 (a) ..............................

1,000

871

.25

%

,

2/15/35

,

Callable

2/15/30

@

103.63 (a) ..............................

4,766

4,160

Hunt

Cos.,

Inc.

,

.25

%

,

4/15/29

,

Callable

6/5/25

@

101.31 (a) .......................

1,928

1,830

Moss

Creek

Resources

Holdings,

Inc.

,

.25

%

,

9/1/31

,

Callable

9/1/27

@

104.13 (a) ........

5,507

5,060

Murphy

Oil

Corp.

,

.00

%

,

10/1/32

,

Callable

10/1/27

@

........................

1,775

1,617

Murphy

Oil

USA,

Inc.

,

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88 (a) (j) ...............

2,000

1,801

Permian

Resources

Operating

LLC

,

.25

%

,

2/1/33

,

Callable

8/1/27

@

103.13 (a) ..........

1,386

1,354

Prairie

Acquiror

LP

,

.00

%

,

8/1/29

,

Callable

2/1/26

@

104.5 (a) ......................

500

504

SM

Energy

Co.

,

.00

%

,

8/1/32

,

Callable

8/1/27

@

103.5 (a) (j) .......................

1,000

922

Sunoco

LP

.25

%

,

5/1/32

,

Callable

5/1/27

@

103.63 (a) ................................

1,500

1,554

.25

%

,

7/1/33

,

Callable

7/1/28

@

103.13 (a) ................................

1,550

1,548

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.

.00

%

,

3/1/27

,

Callable

6/5/25

@

(a) ..................................

3,000

2,958

.38

%

,

2/15/29

,

Callable

2/15/26

@

103.69 (a) ..............................

1,000

996

Venture

Global

LNG,

Inc.

.38

%

,

6/1/31

,

Callable

6/1/26

@

104.19 (a) ................................

2,000

1,928

.88

%

,

2/1/32

,

Callable

2/1/27

@

104.94 (a) ................................

Venture

Global

Plaquemines

LNG

LLC

,

.75

%

,

5/1/35

,

Callable

12/1/34

@

(a) ........

2,150

2,208

Viper

Energy,

Inc.

,

.38

%

,

11/1/31

,

Callable

11/1/26

@

103.69 (a) ....................

1,552

1,614

Vital

Energy,

Inc.

,

.88

%

,

4/15/32

,

Callable

4/15/27

@

103.94 (a) (j) ...................

1,683

1,300

46,162

Financials

(4.1%):

Acrisure

LLC/Acrisure

Finance,

Inc.

.25

%

,

2/1/29

,

Callable

2/1/26

@

104.13 (a) ................................

500

512

.50

%

,

11/6/30

,

Callable

5/15/26

@

103.75 (a) ..............................

1,205

1,231

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer

,

.50

%

,

10/1/31

,

Callable

10/1/27

@

103.69 (a) ................................................

2,000

1,997

Aretec

Group,

Inc.

,

.00

%

,

8/15/30

,

Callable

10/15/26

@

(a) ....................

1,000

1,078

Baldwin

Insurance

Group

Holdings

LLC/Baldwin

Insurance

Group

Holdings

Finance

,

.13

%

,

5/15/31

,

Callable

5/15/27

@

103.56 (a) ....................................

1,000

1,019

Block,

Inc.

,

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.25 (a) .........................

6,625

6,775

Boost

Newco

Borrower

LLC

,

.50

%

,

1/15/31

,

Callable

1/15/27

@

103.75 (a) ............

3,424

3,611

Citizens

Financial

Group,

Inc.

,

.65

%

(H15T5Y

+

531

bps)

,

Callable

10/6/25

@

(b) (h) ....

2,296

2,276

Credit

Acceptance

Corp.

,

.63

%

,

3/15/30

,

Callable

3/15/27

@

103.31 (a) ................

873

860

EMRLD

Borrower

LP/Emerald

Co.-Issuer,

Inc.

,

.63

%

,

12/15/30

,

Callable

6/15/26

@

103.31 (a) .........................................................

3,000

3,045

Enstar

Finance

LLC

,

.75

%

(H15T5Y

+

547

bps)

,

9/1/40

,

Callable

9/1/25

@

(b) ........

653

648

EZCORP,

Inc.

,

.38

%

,

4/1/32

,

Callable

4/1/28

@

103.69 (a) .........................

700

735

Focus

Financial

Partners

LLC

,

.75

%

,

9/15/31

,

Callable

9/15/27

@

103.38 (a) ............

1,250

1,257

Ford

Motor

Credit

Co.

LLC

.00

%

,

11/13/30

,

Callable

8/13/30

@

..................................

4,000

3,560

.13

%

,

3/8/34

.....................................................

853

806

Hightower

Holding

LLC

,

.13

%

,

1/31/30

,

Callable

7/31/26

@

104.56 (a) ...............

750

767

Lehman

Brothers

Holdings,

Inc.

,

.75

%

,

4/25/11

,

MTN

(k) .........................

1,000

—

(l) Level

Financing,

Inc.

,

.88

%

,

10/15/30

,

Callable

5/16/25

@

101.81 (a) (j) ..............

2,617

2,067

MetLife,

Inc.

,

.75

%

,

8/1/39

,

Callable

8/1/34

@

.............................

1,000

1,306

Mobius

Merger

Sub,

Inc.

,

.00

%

,

6/1/30

,

Callable

6/1/26

@

104.5 (a) ..................

1,350

1,196

NCR

Atleos

Corp.

,

.50

%

,

4/1/29

,

Callable

10/1/26

@

104.75 (a) .....................

500

538

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co.-Issuer

,

.88

%

,

5/15/29

,

Callable

6/5/25

@

101.22 (a) .....................................

500

PRA

Group,

Inc.

,

.88

%

,

1/31/30

,

Callable

6/1/26

@

104.44 (a) ......................

1,700

1,752

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Regions

Financial

Corp.

,

.75

%

(H15T5Y

+

543

bps)

,

Callable

6/15/25

@

(b) (h) ........

$

1,000

$

996

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.

,

.75

%

,

8/15/32

,

Callable

8/15/27

@

103.38 (a) .........................................................

1,000

1,014

Starwood

Property

Trust,

Inc.

.38

%

,

1/15/27

,

Callable

7/15/26

@

(a) ................................

500

.25

%

,

4/1/29

,

Callable

10/1/28

@

(a) .................................

500

519

Watco

Cos.

LLC/Watco

Finance

Corp.

,

.13

%

,

8/1/32

,

Callable

8/1/27

@

103.56 (a) .......

1,000

999

41,522

Health

Care

(4.3%):

Acadia

Healthcare

Co.,

Inc.

,

.38

%

,

3/15/33

,

Callable

3/15/28

@

103.69 (a) (j) ............

1,956

1,958

CHS/Community

Health

Systems,

Inc.

.75

%

,

2/15/31

,

Callable

2/15/26

@

102.38 (a) ..............................

1,500

1,239

.88

%

,

1/15/32

,

Callable

2/15/27

@

105.44 (a) .............................

5,855

6,047

CVS

Health

Corp.

,

.00

%

(H15T5Y

+

bps)

,

3/10/55

,

Callable

12/10/29

@

(b) .......

1,935

1,958

Eastern

Maine

Healthcare

Systems

,

.02

%

,

7/1/36

...............................

3,000

2,633

Embecta

Corp.

,

.75

%

,

2/15/30

,

Callable

2/15/27

@

101.69 (a) ......................

1,000

967

Encompass

Health

Corp.

,

.63

%

,

4/1/31

,

Callable

4/1/26

@

102.31 ...................

500

Medline

Borrower

LP

,

.88

%

,

4/1/29

,

Callable

6/5/25

@

101.94 (a) ...................

4,842

4,517

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.

,

.25

%

,

4/1/29

,

Callable

4/1/26

@

103.13 (a) ..

1,100

1,109

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

BV

,

.13

%

,

4/30/31

,

Callable

4/30/26

@

102.56 (a) .........................................................

3,000

2,517

Pediatrix

Medical

Group,

Inc.

,

.38

%

,

2/15/30

,

Callable

6/5/25

@

102.69 (a) .............

3,500

3,375

Prestige

Brands,

Inc.

,

.75

%

,

4/1/31

,

Callable

4/1/26

@

101.88 (a) ....................

5,300

4,787

Prime

Healthcare

Services,

Inc.

,

.38

%

,

9/1/29

,

Callable

9/1/26

@

104.69 (a) ............

1,329

1,266

Tenet

Healthcare

Corp.

.13

%

,

11/1/27

,

Callable

5/21/25

@

..................................

4,366

4,331

.13

%

,

10/1/28

,

Callable

6/5/25

@

101.53 .................................

2,683

2,677

U.S.

Acute

Care

Solutions

LLC

,

.75

%

,

5/15/29

,

Callable

5/15/26

@

104.88 (a) ..........

2,861

2,901

42,758

Industrials

(11.4%):

Alta

Equipment

Group,

Inc.

,

.00

%

,

6/1/29

,

Callable

6/1/26

@

104.5 (a) (j) ..............

2,264

1,904

American

Airlines

Pass

Through

Trust

,

.70

%

,

10/15/25

...........................

832

820

American

Airlines,

Inc.

.25

%

,

2/15/28

,

Callable

6/5/25

@

103.63 (a) ...............................

500

.50

%

,

5/15/29

,

Callable

11/15/25

@

104.25 (a) .............................

1,000

1,019

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

,

.75

%

,

4/20/29

(a) ................

5,908

5,726

Arcosa,

Inc.

,

.88

%

,

8/15/32

,

Callable

8/15/27

@

103.44 (a) .........................

1,500

1,528

Axon

Enterprise,

Inc.

,

.25

%

,

3/15/33

,

Callable

3/15/28

@

103.13 (a) ..................

1,295

1,322

BlueLinx

Holdings,

Inc.

,

.00

%

,

11/15/29

,

Callable

6/5/25

@

(a) ..................

Brightline

East

LLC

,

.00

%

,

1/31/30

,

Callable

5/9/27

@

105.5 (a) ....................

1,100

901

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

,

.50

%

,

2/1/32

,

Callable

2/1/28

@

103.75 (a) 1,294

1,262

Builders

FirstSource,

Inc.

,

.38

%

,

3/1/34

,

Callable

3/1/29

@

103.19 (a) .................

3,000

2,982

BWX

Technologies,

Inc.

,

.13

%

,

4/15/29

,

Callable

5/21/25

@

101.03 (a) ...............

1,000

950

Concentrix

Corp.

,

.85

%

,

8/2/33

,

Callable

5/2/33

@

(j) .........................

1,592

1,614

Cornerstone

Building

Brands,

Inc.

,

.50

%

,

8/15/29

,

Callable

8/15/26

@

104.75 (a) .........

4,271

3,717

Cougar

JV

Subsidiary

LLC

,

.00

%

,

5/15/32

,

Callable

5/15/27

@

(a) ................

1,000

1,038

EMRLD

Borrower

LP/Emerald

Co.-Issuer,

Inc.

,

.75

%

,

7/15/31

,

Callable

7/15/27

@

103.38 (a) 1,275

1,301

Esab

Corp.

,

.25

%

,

4/15/29

,

Callable

4/15/26

@

103.13 (a) .........................

500

507

Fortress

Intermediate

3,

Inc.

,

.50

%

,

6/1/31

,

Callable

6/1/27

@

103.75 (a) ...............

1,000

1,023

Gates

Corp.

,

.88

%

,

7/1/29

,

Callable

7/1/26

@

103.44 (a) ..........................

1,000

1,016

Genesee

&

Wyoming,

Inc.

,

.25

%

,

4/15/32

,

Callable

4/15/27

@

103.13 (a) ..............

3,187

3,228

Griffon

Corp.

,

.75

%

,

3/1/28

,

Callable

6/5/25

@

100.96 ...........................

1,500

1,480

GXO

Logistics,

Inc.

,

.50

%

,

5/6/34

,

Callable

2/6/34

@

.........................

4,472

4,464

H&E

Equipment

Services,

Inc.

,

.88

%

,

12/15/28

,

Callable

6/5/25

@

100.97 (a) ...........

2,000

1,993

Herc

Holdings,

Inc.

,

.63

%

,

6/15/29

,

Callable

6/15/26

@

103.31 (a) ...................

2,000

1,976

Howmet

Aerospace,

Inc.

,

.95

%

,

2/1/37

.......................................

1,000

1,043

JB

Poindexter

&

Co.,

Inc.

,

.75

%

,

12/15/31

,

Callable

12/15/26

@

104.38 (a) .............

2,000

2,013

JetBlue

Airways

Corp./JetBlue

Loyalty

LP

,

.88

%

,

9/20/31

,

Callable

8/27/27

@

104.94 (a) ...

3,800

3,502

Masterbrand,

Inc.

,

.00

%

,

7/15/32

,

Callable

7/15/27

@

103.5 (a) .....................

1,500

1,503

OneSky

Flight

LLC

,

.88

%

,

12/15/29

,

Callable

12/15/26

@

104.44 (a) .................

2,714

2,737

QXO

Building

Products,

Inc.

,

.75

%

,

4/30/32

,

Callable

4/30/28

@

103.38 (a) ............

Rand

Parent

LLC

,

.50

%

,

2/15/30

,

Callable

2/15/26

@

104.25 (a) (j) ...................

500

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) RB

Global

Holdings,

Inc.

,

.75

%

,

3/15/31

,

Callable

3/15/26

@

103.88 (a) ...............

$

2,000

$

2,098

Regal

Rexnord

Corp.

,

.40

%

,

4/15/33

,

Callable

1/15/33

@

......................

2,136

2,176

Resideo

Funding,

Inc.

,

.50

%

,

7/15/32

,

Callable

7/15/27

@

103.25 (a) .................

2,318

2,297

Roller

Bearing

Co.

of

America,

Inc.

,

.38

%

,

10/15/29

,

Callable

6/5/25

@

102.19 (a) .......

1,000

949

RR

Donnelley

&

Sons

Co.

,

.50

%

,

8/1/29

,

Callable

8/1/26

@

104.75 (a) ................

1,000

955

RXO,

Inc.

,

.50

%

,

11/15/27

,

Callable

6/5/25

@

103.75 (a) ..........................

1,903

1,950

Sensata

Technologies,

Inc.

,

.63

%

,

7/15/32

,

Callable

7/15/27

@

103.31 (a) ..............

1,000

991

Spirit

AeroSystems,

Inc.

.38

%

,

11/30/29

,

Callable

11/30/25

@

104.69 (a) ............................

4,000

4,266

.75

%

,

11/15/30

,

Callable

11/15/26

@

104.88 (a) ............................

5,832

6,464

Spirit

Airlines

Pass

Through

Trust

,

.10

%

,

4/1/28

................................

1,472

1,339

Standard

Industries,

Inc.

.38

%

,

7/15/30

,

Callable

7/15/25

@

102.19 (a) ..............................

3,000

2,795

.38

%

,

1/15/31

,

Callable

7/15/25

@

101.69 (a) ..............................

5,000

4,419

Star

Leasing

Co.

LLC

,

.63

%

,

2/15/30

,

Callable

2/15/27

@

103.81 (a) .................

867

777

The

GEO

Group,

Inc.

,

.63

%

,

4/15/29

,

Callable

4/15/26

@

104.31 ....................

1,940

2,045

The

Hertz

Corp.

,

.63

%

,

7/15/29

,

Callable

7/15/27

@

106.31 (a) .....................

2,550

2,481

TKC

Holdings,

Inc.

,

.50

%

,

5/15/29

,

Callable

6/5/25

@

102.63 (a) (j) .................

3,000

3,009

TransDigm,

Inc.

.50

%

,

11/15/27

,

Callable

6/5/25

@

..................................

2,000

1,991

.88

%

,

5/1/29

,

Callable

6/5/25

@

101.22 ..................................

1,500

1,447

.00

%

,

1/15/33

,

Callable

9/15/27

@

(a) ................................

1,000

998

TriNet

Group,

Inc.

,

.13

%

,

8/15/31

,

Callable

8/15/26

@

103.56 (a) ....................

2,000

2,036

U.S.

Airways

Pass

Through

Trust

,

.95

%

,

11/15/25

...............................

1,356

1,356

United

Airlines

Pass

Through

Trust

,

.88

%

,

1/15/26

..............................

United

Rentals

North

America,

Inc.

.00

%

,

7/15/30

,

Callable

7/15/25

@

..................................

1,500

1,397

.13

%

,

3/15/34

,

Callable

3/15/29

@

103.06 (a) ..............................

6,000

6,065

Veritiv

Operating

Co.

,

.50

%

,

11/30/30

,

Callable

11/30/26

@

105.25 (a) ...............

Waste

Pro

USA,

Inc.

,

.00

%

,

2/1/33

,

Callable

2/1/28

@

103.5 (a) .....................

2,212

2,262

Werner

FinCo.

LP/Werner

FinCo.,

Inc.

,

.50

%

,

6/15/28

,

Callable

6/15/25

@

108.63 (a) ....

500

525

Windsor

Holdings

III

LLC

,

.50

%

,

6/15/30

,

Callable

6/15/26

@

104.25 (a) ..............

2,000

2,104

XPO,

Inc.

,

.13

%

,

6/1/31

,

Callable

6/1/26

@

103.56 (a) ............................

114,036

Information

Technology

(3.8%):

Amentum

Holdings,

Inc.

,

.25

%

,

8/1/32

,

Callable

8/1/27

@

103.63 (a) .................

1,000

1,017

AthenaHealth

Group,

Inc.

,

.50

%

,

2/15/30

,

Callable

6/5/25

@

103.25 (a) ...............

500

Capstone

Borrower,

Inc.

,

.00

%

,

6/15/30

,

Callable

6/15/26

@

(a) ..................

500

511

Central

Parent,

Inc./CDK

Global,

Inc.

,

.25

%

,

6/15/29

,

Callable

6/15/25

@

103.63 (a) ......

4,500

3,868

Cloud

Software

Group,

Inc.

.50

%

,

3/31/29

,

Callable

9/30/25

@

103.25 (a) ..............................

1,879

1,880

.00

%

,

9/30/29

,

Callable

9/30/25

@

104.5 (a) ...............................

500

504

Diebold

Nixdorf,

Inc.

,

.75

%

,

3/31/30

,

Callable

12/18/26

@

103.88 (a) .................

1,748

1,821

Ellucian

Holdings,

Inc.

,

.50

%

,

12/1/29

,

Callable

12/1/26

@

103.25 (a) .................

2,700

2,705

EquipmentShare.com,

Inc.

.00

%

,

5/15/28

,

Callable

6/5/25

@

106.75 (a) ...............................

3,500

3,564

.63

%

,

5/15/32

,

Callable

5/15/27

@

104.31 (a) ..............................

1,000

1,018

.00

%

,

3/15/33

,

Callable

9/15/27

@

(a) ................................

1,000

987

Gen

Digital,

Inc.

.13

%

,

9/30/30

,

Callable

9/30/25

@

103.56 (a) ..............................

500

514

.25

%

,

4/1/33

,

Callable

4/1/28

@

103.13 (a) ................................

873

871

NCR

Voyix

Corp.

,

.13

%

,

4/15/29

,

Callable

6/5/25

@

101.28 (a) .....................

729

702

Open

Text

Holdings,

Inc.

,

.13

%

,

12/1/31

,

Callable

12/1/26

@

102.06 (a) ...............

3,500

3,129

Rocket

Software,

Inc.

.00

%

,

11/28/28

,

Callable

5/16/25

@

(a) ................................

2,000

2,062

.50

%

,

2/15/29

,

Callable

6/5/25

@

101.63 (a) ...............................

500

S&S

Holdings

LLC

,

.38

%

,

10/1/31

,

Callable

10/1/27

@

104.19 (a) ...................

2,700

2,543

Sabre

GLBL,

Inc.

,

.75

%

,

11/15/29

,

Callable

11/15/25

@

105.38 (a) ..................

2,706

2,589

UKG,

Inc.

,

.88

%

,

2/1/31

,

Callable

2/1/27

@

103.44 (a) ............................

2,471

2,544

Western

Digital

Corp.

,

.10

%

,

2/1/32

,

Callable

11/1/31

@

.......................

682

582

Zebra

Technologies

Corp.

,

.50

%

,

6/1/32

,

Callable

6/1/27

@

103.25 (a) ................

1,500

1,508

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp.

,

.88

%

,

2/1/29

,

Callable

5/16/25

@

100.97 (a) .........................................................

$

2,000

$

1,838

37,711

Materials

(3.3%):

AAR

Escrow

Issuer

LLC

,

.75

%

,

3/15/29

,

Callable

3/15/26

@

103.38 (a) ...............

3,000

3,069

Avient

Corp.

,

.25

%

,

11/1/31

,

Callable

9/15/27

@

103.13 (a) ........................

500

Axalta

Coating

Systems

LLC

,

.38

%

,

2/15/29

,

Callable

6/5/25

@

100.84 (a) .............

2,000

1,855

Cleveland-Cliffs,

Inc.

,

.00

%

,

3/15/32

,

Callable

3/15/27

@

103.5 (a) (j) .................

2,000

1,883

Clydesdale

Acquisition

Holdings,

Inc.

,

.75

%

,

4/15/32

,

Callable

4/15/28

@

103.38 (a) ......

Dcli

Bidco

LLC

,

.75

%

,

11/15/29

,

Callable

11/15/26

@

103.88 (a) ....................

1,674

1,560

Knife

River

Corp.

,

.75

%

,

5/1/31

,

Callable

5/1/26

@

103.88 (a) ......................

3,000

3,140

LABL,

Inc.

.50

%

,

11/1/28

,

Callable

11/1/25

@

104.75 (a) ..............................

2,000

1,744

.63

%

,

10/1/31

,

Callable

10/1/27

@

104.31 (a) ..............................

2,000

1,634

Louisiana-Pacific

Corp.

,

.63

%

,

3/15/29

,

Callable

6/5/25

@

100.91 (a) .................

1,000

934

Novelis

Corp.

,

.88

%

,

1/30/30

,

Callable

1/30/27

@

103.44 (a) .......................

1,295

1,314

Panther

Escrow

Issuer

LLC

,

.13

%

,

6/1/31

,

Callable

6/1/27

@

103.56 (a) ...............

1,500

1,539

Sasol

Financing

USA

LLC

,

.75

%

,

5/3/29

,

Callable

3/3/29

@

(a) ..................

1,500

1,425

SCIH

Salt

Holdings,

Inc.

,

.88

%

,

5/1/28

,

Callable

6/5/25

@

101.22 (a) .................

Sealed

Air

Corp.

,

.50

%

,

7/15/32

,

Callable

7/15/27

@

103.25 (a) .....................

3,000

3,054

Smyrna

Ready

Mix

Concrete

LLC

,

.88

%

,

11/15/31

,

Callable

11/15/26

@

104.44 (a) .......

1,500

1,539

The

Chemours

Co.

.75

%

,

11/15/28

,

Callable

5/16/25

@

101.92 (a) .............................

2,000

1,811

.63

%

,

11/15/29

,

Callable

6/5/25

@

102.31 (a) (j) ............................

3,000

2,512

.00

%

,

1/15/33

,

Callable

1/15/28

@

(a) ................................

1,440

1,297

Tronox,

Inc.

,

.63

%

,

3/15/29

,

Callable

6/5/25

@

101.16 (a) (j) ........................

1,100

894

United

States

Steel

Corp.

,

.88

%

,

3/1/29

,

Callable

5/21/25

@

101.72 ..................

903

905

33,227

Real

Estate

(3.6%):

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co.-Issuer

Corp

,

.00

%

,

4/15/30

,

Callable

5/21/25

@

102.63 (a) (j) ...............................................

1,050

931

Cushman

&

Wakefield

U.S.

Borrower

LLC

,

.88

%

,

9/1/31

,

Callable

9/1/26

@

104.44 (a) ....

2,000

2,140

Forestar

Group,

Inc.

,

.50

%

,

3/15/33

,

Callable

3/15/28

@

103.25 (a) ...................

1,762

1,714

GLP

Capital

LP/GLP

Financing

II,

Inc.

,

.63

%

,

9/15/34

,

Callable

6/15/34

@

.........

1,438

1,407

RHP

Hotel

Properties

LP/RHP

Finance

Corp.

.50

%

,

2/15/29

,

Callable

6/5/25

@

101.5 (a) ................................

2,000

1,915

.50

%

,

4/1/32

,

Callable

4/1/27

@

103.25 (a) ................................

2,650

2,643

SBA

Tower

Trust

,

.60

%

,

1/15/28

,

Callable

1/15/27

@

(a) .......................

1,053

1,077

Service

Properties

Trust

.38

%

,

2/15/30

,

Callable

8/15/29

@

..................................

3,000

2,238

.63

%

,

11/15/31

,

Callable

11/15/26

@

104.31 (a) ............................

1,000

1,061

.88

%

,

6/15/32

,

Callable

6/15/27

@

104.44 (j) ..............................

5,000

4,833

The

Howard

Hughes

Corp.

,

.38

%

,

2/1/31

,

Callable

2/1/26

@

102.19 (a) ................

9,555

8,474

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC

,

.50

%

,

2/15/28

,

Callable

9/15/25

@

105.25 (a) ................................................

1,436

1,525

VICI

Properties

LP/VICI

Note

Co.,

Inc.

,

.13

%

,

8/15/30

,

Callable

6/5/25

@

102.06 (a) .....

6,877

6,488

36,446

Utilities

(2.1%):

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer

,

.75

%

,

4/15/28

,

Callable

6/5/25

@

103.38 (a) .................................................

1,000

1,006

Calpine

Corp.

.13

%

,

3/15/28

,

Callable

6/5/25

@

100.85 (a) ...............................

4,250

4,206

.63

%

,

2/1/29

,

Callable

6/5/25

@

101.16 (a) ................................

5,600

5,410

Entergy

Corp.

,

.13

%

(H15T5Y

+

bps)

,

12/1/54

,

Callable

9/1/29

@

(b) ............

7,500

7,554

NRG

Energy,

Inc.

,

.75

%

,

7/15/29

,

Callable

5/16/25

@

102.88 (a) ....................

2,000

1,992

Vistra

Operations

Co.

LLC

,

.88

%

,

4/15/32

,

Callable

4/15/27

@

103.44 (a) ..............

1,000

1,037

21,205

Total

Corporate

Bonds

(Cost

$623,868)

a

a

a

611,822

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Yankee

Dollars

(15.0%)

Communication

Services

(1.9%):

Altice

France

Holding

SA

,

.00

%

,

2/15/28

,

Callable

6/5/25

@

(a) ..................

$

11,000

$

3,394

Altice

France

SA

,

.50

%

,

1/15/28

,

Callable

5/16/25

@

(a) (j) .....................

7,500

6,205

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

.88

%

(H15T5Y

+

bps)

,

9/15/55

,

Callable

6/15/30

@

(b) ...................................................

873

875

Rogers

Communications,

Inc.

,

.00

%

(H15T5Y

+

bps)

,

4/15/55

,

Callable

2/14/30

@

(b) 873

877

Telecom

Italia

Capital

SA

,

.20

%

,

7/18/36

.....................................

753

772

Virgin

Media

Finance

PLC

,

.00

%

,

7/15/30

,

Callable

7/15/25

@

102.5 (a) ...............

2,500

2,190

Vmed

O2

UK

Financing

I

PLC

,

.75

%

,

7/15/31

,

Callable

7/15/26

@

102.38 (a) ...........

2,512

2,207

Zegona

Finance

PLC

,

.63

%

,

7/15/29

,

Callable

7/15/26

@

104.31 (a) ..................

2,251

2,398

18,918

Consumer

Discretionary

(3.7%):

Carnival

Corp.

.75

%

,

3/1/27

,

Callable

12/1/26

@

(a) .................................

3,000

2,990

.00

%

,

5/1/29

,

Callable

6/5/25

@

(a) ..................................

2,000

1,988

.13

%

,

2/15/33

,

Callable

2/15/28

@

103.06 (a) ..............................

555

550

Great

Canadian

Gaming

Corp.

,

.75

%

,

11/15/29

,

Callable

11/15/26

@

104.38 (a) ..........

837

831

IHO

Verwaltungs

GmbH

.38

%

,

5/15/29

,

Callable

6/5/25

@

102.13 (a) (m) ............................

1,024

984

.00

%

,

11/15/32

,

Callable

11/15/27

@

(a) (n) .............................

4,325

4,133

International

Game

Technology

PLC

,

.25

%

,

1/15/27

,

Callable

7/15/26

@

(a) .........

2,594

2,613

Mattamy

Group

Corp.

,

.63

%

,

3/1/30

,

Callable

6/5/25

@

102.31 (a) ...................

2,300

2,108

Melco

Resorts

Finance

Ltd.

,

.38

%

,

12/4/29

,

Callable

6/5/25

@

102.69 (a) ..............

1,000

902

NCL

Corp.

Ltd.

.88

%

,

3/15/26

,

Callable

12/15/25

@

(a) ...............................

2,042

2,032

.75

%

,

2/15/29

,

Callable

11/15/28

@

(a) ................................

.25

%

,

3/1/30

,

Callable

3/1/27

@

103.13 (a) ................................

1,000

975

.75

%

,

2/1/32

,

Callable

2/1/28

@

103.38 (a) (j) ..............................

5,913

5,773

Royal

Caribbean

Cruises

Ltd.

.63

%

,

9/30/31

,

Callable

9/30/27

@

102.81 (a) ..............................

1,029

1,022

.25

%

,

3/15/32

,

Callable

3/15/27

@

103.13 (a) ..............................

1,284

1,304

.00

%

,

2/1/33

,

Callable

8/1/27

@

(a) ..................................

7,787

7,808

Viking

Cruises

Ltd.

,

.13

%

,

7/15/31

,

Callable

7/15/26

@

104.56 (a) ...................

1,192

1,274

37,592

Energy

(0.7%):

Baytex

Energy

Corp.

,

.38

%

,

3/15/32

,

Callable

3/15/27

@

103.69 (a) ..................

3,704

3,194

Consolidated

Energy

Finance

SA

,

.00

%

,

2/15/31

,

Callable

2/15/27

@

(a) ...........

500

Northriver

Midstream

Finance

LP

,

.75

%

,

7/15/32

,

Callable

7/15/27

@

103.38 (a) .........

2,000

1,987

Vallourec

SACA

,

.50

%

,

4/15/32

,

Callable

4/15/27

@

103.75 (a) .....................

Vermilion

Energy,

Inc.

,

.25

%

,

2/15/33

,

Callable

2/28/28

@

103.63 (a) .................

1,800

1,519

7,410

Financials

(2.4%):

1261229

BC

Ltd.

,

.00

%

,

4/15/32

,

Callable

4/15/28

@

(a) ......................

1,525

1,494

Ardonagh

Finco

Ltd.

,

.75

%

,

2/15/31

,

Callable

2/15/27

@

103.88 (a) ..................

3,863

3,950

Ardonagh

Group

Finance

Ltd.

,

.88

%

,

2/15/32

,

Callable

2/15/27

@

104.44 (a) ...........

5,000

5,098

Belron

UK

Finance

PLC

,

.75

%

,

10/15/29

,

Callable

10/15/26

@

102.88 (a) ..............

2,275

2,270

GGAM

Finance

Ltd.

.88

%

,

4/15/29

,

Callable

4/15/26

@

103.44 (a) ..............................

1,000

1,022

.88

%

,

3/15/30

,

Callable

9/15/26

@

102.94 (a) ..............................

1,000

993

Howden

UK

Refinance

PLC/Howden

UK

Refinance

PLC/Howden

U.S.

Refinance

LLC

,

.13

%

,

2/15/32

,

Callable

2/15/27

@

104.06 (a) ..............................

500

507

Jones

Deslauriers

Insurance

Management,

Inc.

.50

%

,

3/15/30

,

Callable

3/15/26

@

104.25 (a) ..............................

500

528

.50

%

,

12/15/30

,

Callable

12/15/25

@

105.25 (a) ...........................

Lehman

Brothers

Treasury

Co.

BV

,

0.00%

,

MTN

(h) (o) ............................

1,447

—

(l) Macquarie

Airfinance

Holdings

Ltd.

,

.13

%

,

3/30/29

,

Callable

9/30/25

@

104.06 (a) .......

500

523

Opal

Bidco

SAS

,

.50

%

,

3/31/32

,

Callable

3/31/28

@

103.25 (a) .....................

1,500

1,502

QBE

Insurance

Group

Ltd.

,

.88

%

(H15T5Y

+

551

bps)

,

Callable

5/12/25

@

(a) (b) (h) ....

1,300

1,299

UniCredit

SpA

,

.86

%

(USISOA05

+

bps)

,

6/19/32

,

Callable

6/19/27

@

(a) (b) ......

5,000

5,015

24,470

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Health

Care

(0.3%):

Bausch

+

Lomb

Corp.

,

.38

%

,

10/1/28

,

Callable

10/1/25

@

104.19 (a) .................

$

500

$

522

Perrigo

Finance

Unlimited

Co.

,

.13

%

,

9/30/32

,

Callable

9/30/27

@

103.06 .............

2,000

1,986

2,508

Industrials

(3.2%):

Air

Canada

Pass

Through

Trust

,

.13

%

,

5/15/25

(a) ...............................

3,779

3,769

ATS

Corp.

,

.13

%

,

12/15/28

,

Callable

6/5/25

@

101.03 (a) ..........................

1,000

929

Avianca

Midco

PLC

,

.63

%

,

2/14/30

,

Callable

2/14/27

@

104.81 (a) .................

2,505

2,194

Azorra

Finance

Ltd.

,

.75

%

,

4/15/30

,

Callable

10/15/26

@

103.88 (a) ..................

4,175

4,149

Bombardier,

Inc.

.00

%

,

2/15/28

,

Callable

6/5/25

@

101.5 (a) ................................

2,500

2,470

.25

%

,

7/1/31

,

Callable

7/1/27

@

103.63 (a) (j) ..............................

4,790

4,912

Cimpress

PLC

,

.38

%

,

9/15/32

,

Callable

9/15/27

@

103.69 (a) .......................

1,100

1,004

Fibercop

SpA

,

.20

%

,

7/18/36

,

Callable

4/18/36

@

(a) .........................

2,247

2,194

Grupo

Aeromexico

SAB

de

CV

,

.63

%

,

11/15/31

,

Callable

11/15/27

@

104.31 (a) (j) .......

3,870

3,583

Latam

Airlines

Group

SA

,

.88

%

,

4/15/30

,

Callable

10/15/26

@

103.94 (a) (j) ............

2,106

2,062

Seaspan

Corp.

,

.50

%

,

8/1/29

,

Callable

6/5/25

@

102.75 (a) .........................

1,500

1,376

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.

.50

%

,

6/1/28

,

Callable

6/5/25

@

104.75 (a) (j) ..............................

1,616

1,579

.38

%

,

2/1/30

,

Callable

6/5/25

@

103.19 (a) (j) ..............................

2,195

1,894

32,115

Information

Technology

(0.8%):

Dye

&

Durham

Ltd.

,

.63

%

,

4/15/29

,

Callable

4/15/26

@

104.31 (a) ...................

1,000

1,017

Iliad

Holding

SASU

,

.50

%

,

4/15/31

,

Callable

4/15/27

@

104.25 (a) ...................

2,000

2,110

Seagate

HDD

Cayman

.50

%

,

7/15/31

,

Callable

7/15/26

@

104.25 ................................

2,000

2,140

.63

%

,

12/1/32

,

Callable

12/1/27

@

104.81 ................................

2,090

2,361

7,628

Materials

(2.0%):

Algoma

Steel,

Inc.

,

.13

%

,

4/15/29

,

Callable

4/15/26

@

104.56 (a) ....................

1,000

844

ARD

Finance

SA

,

.50

%

,

6/30/27

,

Callable

6/5/25

@

(a) (p) ......................

2,073

Aris

Mining

Corp.

,

.00

%

,

10/31/29

,

Callable

10/31/26

@

(a) ....................

900

908

Eldorado

Gold

Corp.

,

.25

%

,

9/1/29

,

Callable

6/5/25

@

103.13 (a) ....................

2,000

1,970

Endeavour

Mining

PLC

,

.00

%

,

10/14/26

,

Callable

10/14/25

@

(a) ................

5,320

5,199

First

Quantum

Minerals

Ltd.

,

.63

%

,

6/1/31

,

Callable

6/1/26

@

104.31 (a) ..............

1,000

1,013

Ivanhoe

Mines

Ltd.

,

.88

%

,

1/23/30

,

Callable

1/23/27

@

103.94 (a) ...................

1,614

1,589

Methanex

Corp.

,

.25

%

,

12/15/29

,

Callable

9/15/29

@

.........................

2,431

2,307

Mineral

Resources

Ltd.

,

.25

%

,

10/1/28

,

Callable

10/1/25

@

104.63 (a) ................

2,000

1,889

NOVA

Chemicals

Corp.

.25

%

,

5/15/29

,

Callable

6/5/25

@

101.06 (a) ...............................

2,215

2,093

.00

%

,

12/1/31

,

Callable

12/1/27

@

103.5 (a) ...............................

1,288

1,332

Trivium

Packaging

Finance

BV

,

.50

%

,

8/15/27

,

Callable

5/16/25

@

(a) .............

1,000

989

20,183

Total

Yankee

Dollars

(Cost

$155,481)

a

a

a

150,824

U.S.

Government

Agency

Mortgages

(0.2%)

Farm

Credit

Bank

of

Texas

Series

,

.70

%

(H15T5Y

+

542

bps)

(a) (b) (h) ................................

2,000

1,979

Total

U.S.

Government

Agency

Mortgages

(Cost

$1,984)

a

a

a

1,979

Commercial

Paper

(5.3%)

Consumer

Discretionary

(1.0%):

Whirlpool

Corp.

.07

%

,

5/6/25

(a) (q) .................................................

800

799

.07

%

,

5/9/25

(a) (q) .................................................

4,800

4,794

.11

%

,

5/22/25

(a) (q) ................................................

4,300

4,287

9,880

Consumer

Staples

(0.5%):

Bacardi

USA,

Inc.

,

.84

%

,

5/15/25

(a) (q) ......................................

5,000

4,990

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Energy

(1.0%):

APA

Corp.

.03

%

,

5/1/25

(a) (q) .................................................

$

8,500

$

8,499

.05

%

,

5/9/25

(a) (q) .................................................

1,400

1,398

9,897

Industrials

(0.6%):

Global

Payments,

Inc.

.90

%

,

5/2/25

(a) (q) .................................................

3,800

3,799

.96

%

,

5/13/25

(a) (q) ................................................

2,000

1,996

5,795

Information

Technology

(0.5%):

Arrow

Electronics,

Inc.

,

.82

%

,

5/5/25

(a) (q) ....................................

5,600

5,596

Materials

(1.5%):

FMC

Corp.

.05

%

,

5/1/25

(a) (q) .................................................

1,100

1,100

.05

%

,

5/2/25

(a) (q) .................................................

4,000

3,999

.07

%

,

5/8/25

(a) (q) .................................................

4,700

4,695

International

Flavors

&

Fragrance

,

.57

%

,

5/1/25

(a) (q) ............................

5,000

4,999

14,793

Real

Estate

(0.2%):

Crown

Castle

International

Corp.

,

.88

%

,

5/13/25

(a) (q) ............................

2,500

2,496

Total

Commercial

Paper

(Cost

$53,453)

a

a

a

53,447

Shares

Exchange-Traded

Funds

(3.5%)

iShares

BB

Rated

Corporate

Bond

ETF

.......................................

246,500

11,339

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(j) ..............................

599

SPDR

Bloomberg

High

Yield

Bond

ETF

(j) ....................................

40,315

3,818

SPDR

Portfolio

High

Yield

Bond

ETF

........................................

844,981

19,646

Total

Exchange-Traded

Funds

(Cost

$35,179)

a

a

a

34,850

Collateral

for

Securities

Loaned

(3.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(r) ........

9,792,937

9,793

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(r) ............

9,792,937

9,793

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(r) ................

9,792,937

9,793

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(r) .

9,792,937

9,793

Total

Collateral

for

Securities

Loaned

(Cost

$39,172)

a

a

a

39,172

Total

Investments

(Cost

$1,043,480)

—

102.0%

1,024,240

Liabilities

in

excess

of

other

assets

— (2.0)%

(20,529)

NET

ASSETS

-

100.00%

$

1,003,711

At

April

30,

2025,

the

Fund's

investments

in

foreign

securities

were

16.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2025,

the

fair

value

of

these

securities

was

$795,084

(thousands)

and

amounted

to

79.2%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

April

30,

2025. (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

April

30,

2025. (d) Security

is

interest

only.

(e) Amount

represents

less

than

0.05%

of

net

assets.

(f) Non-income

producing

security.

(g) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

April

30,

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)

(h) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(i) The

rates

for

this

senior

secured

loan

will

be

known

on

settlement

date

of

the

loan,

subsequent

to

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

in

line

with

prevailing

interest

rates.

(j) All

or

a

portion

of

this

security

is

on

loan.

(k) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(l) Rounds

to

less

than

$1

thousand.

(m) Up

to

7.13%

of

the

coupon

may

be

PIK.

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(n) Up

to

8.75%

of

the

coupon

may

be

PIK.

(o) Zero-coupon

bond.

(p) Up

to

7.25%

of

the

coupon

may

be

PIK.

(q) Rate

represents

the

effective

yield

at

April

30,

2025. (r) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

ETF

—

Exchange-Traded

Fund

H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

RB

—

Revenue

Bond

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

April

30,

2025. Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

10-Year

U.S.

Treasury

Note

Futures

......

6/18/25

$

8,707,077

$

8,977,500

$

270,423

30-Year

U.S.

Treasury

Bond

Futures

.....

6/18/25

686,734

699,750

13,016

5-Year

U.S.

Treasury

Note

Futures

.......

6/30/25

23,924,372

24,568,945

644,573

$

928,012

Total

unrealized

appreciation

$

928,012

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

928,012

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(10.9%)

ABS

Auto

(5.2%):

Ally

Auto

Receivables

Trust

,

Series

2024-1

,

Class

C

,

.41

%

,

11/15/29

,

Callable

6/15/27

@

$

1,500

$

1,523

AmeriCredit

Automobile

Receivables

Trust

,

Series

2021-1

,

Class

D

,

.21

%

,

12/18/26

,

Callable

6/18/25

@

.....................................................

2,000

1,989

ARI

Fleet

Lease

Trust

....................................................

Series

2022-A

,

Class

A3

,

.43

%

,

1/15/31

,

Callable

5/15/25

@

(a) ..............

1,137

1,136

Series

2022-A

,

Class

B

,

.79

%

,

1/15/31

,

Callable

5/15/25

@

(a) ...............

1,400

1,399

Series

2024-B

,

Class

B

,

.39

%

,

4/15/33

,

Callable

8/15/27

@

(a) ...............

1,100

1,119

Series

2025-A

,

Class

A3

,

.46

%

,

1/17/34

,

Callable

10/15/28

@

(a) .............

1,000

1,003

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2020-1A

,

Class

D

,

.34

%

,

8/20/26

,

Callable

9/20/25

@

(a) ..............

1,167

1,160

Series

2022-5A

,

Class

B

,

.09

%

,

4/20/27

(a) ................................

3,500

3,546

Series

2023-6A

,

Class

C

,

.03

%

,

12/20/29

(a) ...............................

4,000

4,120

BofA

Auto

Trust

,

Series

2024-1A

,

Class

A4

,

.31

%

,

6/17/30

,

Callable

5/15/27

@

(a) ....

1,350

1,378

CarMax

Auto

Owner

Trust

................................................

Series

2022-3

,

Class

D

,

.20

%

,

1/16/29

,

Callable

9/15/26

@

.................

2,930

2,957

Series

2023-2

,

Class

B

,

.18

%

,

11/15/28

,

Callable

3/15/27

@

................

5,000

5,051

CarMax

Select

Receivables

Trust

...........................................

Series

2024-A

,

Class

B

,

.35

%

,

1/15/30

,

Callable

2/15/28

@

.................

2,400

2,421

Series

2025-A

,

Class

B

,

.01

%

,

9/16/30

,

Callable

3/15/29

@

.................

2,000

2,014

Carvana

Auto

Receivables

Trust

,

Series

2021-N4

,

Class

A2

,

.80

%

,

9/11/28

,

Callable

9/10/27

@

...........................................................

1,771

1,722

Chase

Auto

Owner

Trust

..................................................

Series

2023-AA

,

Class

C

,

.24

%

,

9/25/29

,

Callable

11/25/27

@

(a) .............

2,750

2,871

Series

2024-1A

,

Class

B

,

.16

%

,

11/26/29

,

Callable

10/25/27

@

(a) ............

964

982

Series

2024-2A

,

Class

B

,

.55

%

,

1/25/30

,

Callable

10/25/27

@

(a) .............

2,500

2,576

Series

2024-3A

,

Class

A4

,

.08

%

,

12/25/29

,

Callable

10/25/27

@

(a) ...........

2,000

2,046

Series

2024-4A

,

Class

B

,

.23

%

,

4/25/30

,

Callable

12/25/27

@

(a) .............

1,500

1,534

Chesapeake

Funding

II

LLC

,

Series

2023-1A

,

Class

C

,

.07

%

,

5/15/35

,

Callable

5/15/26

@

(a) ...........................................................

1,000

1,009

Citizens

Auto

Receivables

Trust

............................................

Series

2023-1

,

Class

A3

,

.84

%

,

1/18/28

,

Callable

1/15/27

@

(a) ..............

2,648

2,666

Series

2023-1

,

Class

A4

,

.78

%

,

10/15/30

,

Callable

1/15/27

@

(a) .............

2,000

2,045

CPS

Auto

Receivables

Trust

,

Series

2022-D

,

Class

B

,

.84

%

,

1/16/29

,

Callable

6/15/27

@

(a) ...........................................................

991

993

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2022-3A

,

Class

B

,

.52

%

,

12/15/32

,

Callable

7/15/26

@

(a) .............

3,500

3,522

Series

2023-2A

,

Class

A

,

.92

%

,

5/16/33

,

Callable

11/15/26

@

(a) .............

1,000

1,005

Series

2023-2A

,

Class

B

,

.61

%

,

7/15/33

,

Callable

11/15/26

@

(a) .............

2,000

2,033

Series

2023-3A

,

Class

B

,

.09

%

,

10/17/33

,

Callable

3/15/27

@

(a) .............

2,842

2,920

Series

2024-3A

,

Class

A

,

.68

%

,

9/15/34

,

Callable

5/15/28

@

(a) ..............

2,000

2,006

Drive

Auto

Receivables

Trust

,

Series

2021-2

,

Class

D

,

.39

%

,

3/15/29

,

Callable

9/15/25

@

1,182

1,168

Ent

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A4

,

.26

%

,

11/15/29

,

Callable

1/15/28

@

(a) ...........................................................

1,750

1,795

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-4

,

Class

A3

,

.65

%

,

10/22/29

,

Callable

6/20/26

@

(a) .............

4,000

4,059

Series

2023-1

,

Class

A3

,

.42

%

,

10/22/29

,

Callable

10/20/26

@

(a) ............

2,222

2,249

Series

2023-2

,

Class

A2

,

.56

%

,

4/22/30

,

Callable

12/20/26

@

(a) .............

2,110

2,122

Series

2024-1

,

Class

A3

,

.16

%

,

9/20/30

,

Callable

8/20/27

@

(a) ..............

3,000

3,055

FCCU

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

A4

,

.46

%

,

4/15/30

,

Callable

1/15/28

@

(a) ...........................................................

3,232

3,288

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2023-1

,

Class

B

,

.29

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...............

2,467

2,507

Series

2023-2

,

Class

B

,

.92

%

,

2/15/36

,

Callable

8/15/28

@

(a) ...............

6,150

6,374

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2024-1

,

Class

B

,

.55

%

,

5/15/29

,

Callable

1/15/27

@

(a) ............................................

2,143

2,154

GECU

Auto

Receivables

Trust

.............................................

Series

2023-1A

,

Class

B

,

.87

%

,

1/15/30

,

Callable

2/15/28

@

(a) ..............

1,660

1,707

Series

2023-1A

,

Class

C

,

.33

%

,

4/15/30

,

Callable

2/15/28

@

(a) ..............

998

1,035

GLS

Auto

Receivables

Issuer

Trust

,

Series

2021-3A

,

Class

E

,

.20

%

,

10/16/28

,

Callable

2/15/26

@

(a) ...................................................

1,000

975

GLS

Auto

Select

Receivables

Trust

..........................................

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-2A

,

Class

B

,

.67

%

,

12/17/29

,

Callable

8/15/28

@

(a) .............

$

3,110

$

3,220

Series

2025-1A

,

Class

A2

,

.71

%

,

4/15/30

(a) ...............................

1,375

1,378

GM

Financial

Automobile

Leasing

Trust

,

Series

2024-1

,

Class

B

,

.33

%

,

3/20/28

,

Callable

7/20/26

@

.....................................................

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2025-1

,

Class

B

,

.00

%

,

8/16/30

,

Callable

1/16/28

@

........................................

2,000

2,037

GreenState

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

A4

,

.17

%

,

1/15/30

,

Callable

1/15/28

@

(a) ...................................................

4,000

4,039

GTE

Auto

Receivables

Trust

,

Series

2023-1

,

Class

A4

,

.12

%

,

4/16/29

,

Callable

1/15/27

@

(a) ...........................................................

7,000

7,030

Hertz

Vehicle

Financing

III

LLC

,

Series

2023-1A

,

Class

B

,

.22

%

,

6/25/27

(a) ...........

1,000

1,006

Hertz

Vehicle

Financing

LLC

..............................................

Series

2022-2A

,

Class

C

,

.95

%

,

6/26/28

,

Callable

6/25/27

@

(a) ..............

3,500

3,326

Series

2022-4A

,

Class

B

,

.12

%

,

9/25/26

,

Callable

9/25/25

@

(a) ..............

1,667

1,688

JPMorgan

Chase

Bank

NA

,

Series

2021-3

,

Class

C

,

.86

%

,

2/26/29

,

Callable

5/25/25

@

(a) 17

LAD

Auto

Receivables

Trust

...............................................

Series

2021-1A

,

Class

C

,

.35

%

,

4/15/27

,

Callable

12/15/25

@

(a) .............

767

764

Series

2023-1A

,

Class

B

,

.59

%

,

8/16/27

,

Callable

1/15/27

@

(a) ..............

2,400

2,405

Series

2023-2A

,

Class

A3

,

.42

%

,

2/15/28

,

Callable

3/15/27

@

(a) .............

3,000

3,008

Series

2023-2A

,

Class

B

,

.45

%

,

4/15/28

,

Callable

3/15/27

@

(a) ..............

2,719

2,728

Series

2023-3A

,

Class

B

,

.09

%

,

6/15/28

,

Callable

7/15/27

@

(a) ..............

2,307

2,337

Series

2023-4A

,

Class

B

,

.39

%

,

10/16/28

,

Callable

6/15/27

@

(a) .............

1,450

1,479

M&T

Bank

Auto

Receivables

Trust

,

Series

2025-1A

,

Class

A4

,

.89

%

,

7/15/32

,

Callable

6/15/28

@

(a) ...................................................

1,800

1,832

Mercedes-Benz

Auto

Receivables

Trust

,

Series

2025-1

,

Class

A4

,

.92

%

,

4/15/31

,

Callable

6/15/28

@

.....................................................

3,000

3,069

Merchants

Fleet

Funding

LLC

,

Series

2024-1A

,

Class

B

,

.95

%

,

4/20/37

,

Callable

4/20/27

@

(a) ...........................................................

4,299

4,373

OCCU

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

B

,

.51

%

,

9/17/29

,

Callable

11/15/27

@

(a) ...........................................................

1,500

1,557

PenFed

Auto

Receivables

Owner

Trust

,

Series

2024-A

,

Class

A4

,

.75

%

,

3/15/30

,

Callable

1/15/29

@

(a) ...................................................

4,500

4,497

Prestige

Auto

Receivables

Trust

............................................

Series

2023-1A

,

Class

B

,

.55

%

,

4/15/27

(a) ................................

2,057

2,057

Series

2023-2A

,

Class

B

,

.64

%

,

12/15/27

(a) ...............................

5,000

5,040

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2022-A

,

Class

B

,

.28

%

,

5/15/32

,

Callable

1/15/26

@

(a) ...................................................

Santander

Drive

Auto

Receivables

Trust

,

Series

2022-3

,

Class

B

,

.13

%

,

8/16/27

,

Callable

6/15/26

@

.....................................................

714

714

SBNA

Auto

Lease

Trust

,

Series

2024-B

,

Class

A4

,

.55

%

,

12/20/28

,

Callable

5/20/27

@

(a) 1,182

1,204

SBNA

Auto

Receivables

Trust

..............................................

Series

2024-A

,

Class

A4

,

.21

%

,

4/16/29

,

Callable

12/15/27

@

(a) .............

3,450

3,482

Series

2024-A

,

Class

B

,

.29

%

,

9/17/29

,

Callable

12/15/27

@

(a) ..............

3,450

3,480

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A

,

Class

A4

,

.70

%

,

8/15/29

,

Callable

10/15/27

@

(a) ............

900

917

Series

2023-1A

,

Class

B

,

.08

%

,

11/15/29

,

Callable

10/15/27

@

(a) ............

3,000

3,080

Series

2024-1A

,

Class

B

,

.33

%

,

7/15/30

,

Callable

12/15/27

@

(a) .............

3,980

4,034

Securitized

Term

Auto

Receivables

Trust

,

Series

2025-A

,

Class

B

,

.04

%

,

7/25/31

,

Callable

5/25/28

@

(a) ...................................................

1,171

1,178

SFS

Auto

Receivables

Securitization

Trust

.....................................

Series

2023-1A

,

Class

B

,

.71

%

,

1/22/30

,

Callable

8/20/27

@

(a) ..............

1,500

1,535

Series

2024-1A

,

Class

B

,

.38

%

,

1/21/31

,

Callable

9/20/27

@

(a) ..............

1,218

1,240

Series

2024-2A

,

Class

B

,

.41

%

,

8/20/30

,

Callable

12/20/27

@

(a) .............

4,349

4,448

Series

2024-3A

,

Class

B

,

.76

%

,

11/20/31

,

Callable

2/20/28

@

(a) .............

3,000

3,008

Tesla

Auto

Lease

Trust

...................................................

Series

2023-B

,

Class

A4

,

.22

%

,

3/22/27

,

Callable

11/20/25

@

(a) .............

1,337

1,347

Series

2024-A

,

Class

A4

,

.31

%

,

12/20/27

,

Callable

6/20/26

@

(a) .............

3,000

3,030

Toyota

Auto

Receivables

Owner

Trust

,

Series

2024-D

,

Class

A4

,

.43

%

,

4/15/30

,

Callable

1/15/28

@

.....................................................

2,883

2,899

Toyota

Lease

Owner

Trust

,

Series

2023-A

,

Class

A4

,

.05

%

,

8/20/27

,

Callable

8/20/25

@

(a) ...........................................................

3,333

3,336

Veridian

Auto

Receivables

Trust

............................................

Series

2023-1A

,

Class

A4

,

.59

%

,

12/15/28

,

Callable

7/15/27

@

(a) ............

3,000

3,034

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-1A

,

Class

B

,

.86

%

,

4/16/29

,

Callable

7/15/27

@

(a) ..............

$

1,600

$

1,632

Series

2023-1A

,

Class

C

,

.37

%

,

7/16/29

,

Callable

7/15/27

@

(a) ..............

3,500

3,604

Westlake

Automobile

Receivables

Trust

,

Series

2025-1A

,

Class

B

,

.98

%

,

9/16/30

,

Callable

9/15/28

@

(a) ...................................................

1,563

1,577

Wheels

Fleet

Lease

Funding

LLC

..........................................

Series

2023-1A

,

Class

A

,

.80

%

,

4/18/38

(a) ................................

2,352

2,368

Series

2024-1A

,

Class

B

,

.50

%

,

2/18/39

(a) ................................

3,167

3,210

206,617

ABS

Card

(0.6%):

American

Express

Credit

Account

Master

Trust

,

Series

2024-2

,

Class

A

,

.24

%

,

4/15/31

....

1,985

2,064

Capital

One

Multi-Asset

Execution

Trust

,

Series

2021-A2

,

Class

A2

,

.39

%

,

7/15/30

.......

1,985

1,818

CARDS

II

Trust

,

Series

2024-1A

,

Class

C

,

.84

%

,

7/16/29

(a) .......................

1,575

1,586

Citibank

Credit

Card

Issuance

Trust

,

Series

2018-A7

,

Class

A7

,

.96

%

,

10/13/30

.........

5,000

4,956

Golden

Credit

Card

Trust

.................................................

Series

2021-1A

,

Class

B

,

.44

%

,

8/15/28

(a) ................................

4,500

4,318

Series

2021-1A

,

Class

C

,

.74

%

,

8/15/28

(a) ................................

4,467

4,272

Master

Credit

Card

Trust

,

Series

2022-2A

,

Class

C

,

.73

%

,

7/21/28

(a) .................

2,344

2,247

Master

Credit

Card

Trust

II

,

Series

2023-4A

,

Class

C

,

.53

%

,

10/21/32

(a) ..............

1,273

1,352

Trillium

Credit

Card

Trust

II

,

Series

2023-2A

,

Class

C

,

.32

%

,

3/26/33

(a) ..............

3,603

3,741

26,354

ABS

Other

(4.3%):

Aligned

Data

Centers

Issuer

LLC

,

Series

2021-1A

,

Class

A2

,

.94

%

,

8/15/46

,

Callable

5/15/25

@

(a) .........................................................

8,500

8,129

Amur

Equipment

Finance

Receivables

X

LLC

,

Series

2022-1A

,

Class

B

,

.20

%

,

1/20/28

,

Callable

9/20/25

@

(a) ............................................

3,500

3,472

Amur

Equipment

Finance

Receivables

XII

LLC

,

Series

2023-1A

,

Class

B

,

.03

%

,

12/20/29

,

Callable

6/20/27

@

(a) ............................................

2,875

2,941

Amur

Equipment

Finance

Receivables

XIII

LLC

,

Series

2024-1A

,

Class

C

,

.55

%

,

1/21/31

,

Callable

2/20/28

@

(a) ............................................

1,365

1,390

Atalaya

Equipment

Leasing

Trust

...........................................

Series

2021-1A

,

Class

B

,

.08

%

,

2/15/27

,

Callable

5/15/25

@

(a) ..............

Series

2021-1A

,

Class

C

,

.69

%

,

6/15/28

,

Callable

5/15/25

@

(a) ..............

1,500

1,476

Auxilior

Term

Funding

LLC

,

Series

2024-1A

,

Class

A3

,

.49

%

,

7/15/31

,

Callable

3/15/29

@

(a) ...........................................................

Barings

Equipment

Finance

LLC

,

Series

2025-A

,

Class

A4

,

.02

%

,

6/13/50

,

Callable

11/13/29

@

(a) .........................................................

1,900

1,937

CCG

Receivables

Trust

...................................................

Series

2023-1

,

Class

A2

,

.82

%

,

9/16/30

,

Callable

7/14/26

@

(a) ..............

939

943

Series

2023-1

,

Class

B

,

.99

%

,

9/16/30

,

Callable

7/14/26

@

(a) ...............

985

1,002

Series

2024-1

,

Class

B

,

.08

%

,

3/15/32

,

Callable

4/14/28

@

(a) ...............

4,000

4,043

Series

2025-1

,

Class

B

,

.69

%

,

10/14/32

,

Callable

10/14/28

@

(a) .............

990

988

CF

Hippolyta

Issuer

LLC

,

Series

2021-1A

,

Class

A1

,

.53

%

,

3/15/61

,

Callable

5/15/25

@

(a) ...........................................................

2,827

2,693

Crossroads

Asset

Trust

,

Series

2024-A

,

Class

B

,

.94

%

,

8/20/30

,

Callable

3/20/28

@

(a) .

2,518

2,571

CyrusOne

Data

Centers

Issuer

I

LLC

,

Series

2024-2A

,

Class

A2

,

.50

%

,

5/20/49

,

Callable

5/20/27

@

(a) ...................................................

3,256

3,148

Dell

Equipment

Finance

Trust

..............................................

Series

2023-1

,

Class

A3

,

.65

%

,

9/22/28

,

Callable

9/22/25

@

(a) ..............

997

999

Series

2023-3

,

Class

A3

,

.93

%

,

4/23/29

,

Callable

5/22/26

@

(a) ..............

1,312

1,322

Dext

ABS

LLC

,

Series

2023-2

,

Class

D

,

.30

%

,

5/15/34

,

Callable

10/15/27

@

(a) ......

2,333

2,501

Diamond

Infrastructure

Funding

LLC

,

Series

2021-1A

,

Class

A

,

.76

%

,

4/15/49

,

Callable

9/20/25

@

(a) ...................................................

5,667

5,356

Diamond

Issuer

LLC

,

Series

2021-1A

,

Class

A

,

.31

%

,

11/20/51

,

Callable

11/20/25

@

(a) 4,875

4,566

DLLAA

LLC

,

Series

2025-1A

,

Class

A4

,

.08

%

,

4/20/33

,

Callable

5/20/29

@

(a) ......

2,375

2,426

DLLAD

LLC

,

Series

2024-1A

,

Class

A4

,

.38

%

,

9/22/31

,

Callable

2/20/29

@

(a) ......

2,257

2,326

DLLMT

LLC

..........................................................

Series

2023-1A

,

Class

A3

,

.34

%

,

3/22/27

,

Callable

3/20/27

@

(a) .............

919

922

Series

2023-1A

,

Class

A4

,

.35

%

,

3/20/31

,

Callable

3/20/27

@

(a) .............

2,286

2,316

Series

2024-1A

,

Class

A4

,

.98

%

,

4/20/32

,

Callable

6/20/28

@

(a) .............

1,758

1,786

FirstKey

Homes

Trust

,

Series

2021-SFR2

,

Class

B

,

.61

%

,

9/17/38

(a) (b) ...............

6,538

6,260

Ford

Credit

Floorplan

Master

Owner

Trust

A

,

Series

2023-1

,

Class

C

,

.75

%

,

5/15/28

(a) ....

1,597

1,613

Frontier

Issuer

LLC

.....................................................

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-1

,

Class

B

,

.30

%

,

8/20/53

,

Callable

7/20/26

@

(a) ...............

$

4,667

$

4,803

Series

2023-1

,

Class

C

,

.50

%

,

8/20/53

,

Callable

7/20/26

@

(a) ..............

1,000

1,048

Series

2024-1

,

Class

C

,

.16

%

,

6/20/54

,

Callable

5/20/28

@

(a) ..............

3,650

4,030

GreatAmerica

Leasing

Receivables

Funding

LLC

,

Series

2025-1

,

Class

A4

,

.58

%

,

1/15/32

,

Callable

5/15/29

@

(a) ............................................

1,990

2,002

HPEFS

Equipment

Trust

,

Series

2023-2A

,

Class

C

,

.48

%

,

1/21/31

,

Callable

12/20/26

@

(a) ...........................................................

2,635

2,662

John

Deere

Owner

Trust

,

Series

2024-B

,

Class

A4

,

.19

%

,

5/15/31

,

Callable

2/15/28

@

.

1,100

1,128

Kubota

Credit

Owner

Trust

,

Series

2024-2A

,

Class

A4

,

.19

%

,

5/15/30

,

Callable

4/15/28

@

(a) ...........................................................

1,300

1,330

M&T

Equipment

LEAF1

Notes

,

Series

2024-1A

,

Class

A4

,

.94

%

,

8/18/31

,

Callable

7/16/28

@

(a) .........................................................

1,600

1,580

MMAF

Equipment

Finance

LLC

............................................

Series

2022-A

,

Class

A4

,

.32

%

,

6/13/44

(a) ................................

1,500

1,483

Series

2023-A

,

Class

A4

,

.50

%

,

12/13/38

(a) ...............................

1,750

1,797

Series

2024-A

,

Class

A4

,

.10

%

,

7/13/49

,

Callable

5/13/30

@

(a) ..............

MVW

LLC

,

Series

2021-1WA

,

Class

A

,

.14

%

,

1/22/41

,

Callable

1/20/27

@

(a) .......

NMEF

Funding

LLC

....................................................

Series

2023-A

,

Class

B

,

.83

%

,

6/17/30

,

Callable

6/15/27

@

(a) ...............

1,985

2,024

Series

2025-A

,

Class

B

,

.18

%

,

7/15/32

,

Callable

11/15/28

@

(a) ..............

1,404

1,391

NP

SPE

II

LLC

,

Series

2017-1A

,

Class

A2

,

.22

%

,

10/21/47

(a) ......................

15,625

15,049

NP

SPE

X

LP

,

Series

2019-2A

,

Class

C1

,

.44

%

,

11/19/49

(a) .......................

4,143

4,018

Pawnee

Equipment

Receivables

LLC

.........................................

Series

2021-1

,

Class

B

,

.82

%

,

7/15/27

,

Callable

8/15/25

@

(a) ...............

Series

2022-1

,

Class

B

,

.40

%

,

7/17/28

,

Callable

7/15/26

@

(a) ...............

1,000

1,003

PEAC

Solutions

Receivables

LLC

...........................................

Series

2024-1A

,

Class

A3

,

.64

%

,

11/20/30

,

Callable

2/20/28

@

(a) ............

3,500

3,550

Series

2025-1A

,

Class

A3

,

.04

%

,

7/20/32

,

Callable

11/20/28

@

(a) ............

837

833

Post

Road

Equipment

Finance

LLC

,

Series

2025-1A

,

Class

C

,

.13

%

,

5/15/31

,

Callable

8/15/28

@

(a) ...................................................

2,061

2,077

Progress

Residential

Trust

.................................................

Series

2021-SFR6

,

Class

A

,

.52

%

,

7/17/38

,

Callable

7/17/26

@

(a) (b) ..........

4,375

4,248

Series

2021-SFR6

,

Class

B

,

.75

%

,

7/17/38

,

Callable

7/17/26

@

(a) (b) ..........

3,938

3,822

PSNH

Funding

LLC

,

Series

2018-1

,

Class

A3

,

.81

%

,

2/1/35

.......................

8,545

8,337

SCF

Equipment

Leasing

LLC

..............................................

Series

2022-2A

,

Class

B

,

.50

%

,

2/20/32

,

Callable

9/20/28

@

(a) ..............

874

878

Series

2023-1A

,

Class

B

,

.37

%

,

5/20/32

,

Callable

9/20/27

@

(a) ..............

3,000

3,079

Series

2024-1A

,

Class

A3

,

.52

%

,

1/20/32

,

Callable

2/20/30

@

(a) .............

2,945

3,002

Switch

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

.04

%

,

3/25/55

(a) .................

4,000

3,888

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A

,

Class

C2I

,

.16

%

,

2/15/52

,

Callable

2/15/26

@

(a) ............

4,000

3,805

Series

2022-1A

,

Class

D

,

.29

%

,

2/15/52

,

Callable

2/15/26

@

(a) ..............

2,438

2,317

Verdant

Receivables

LLC

.................................................

Series

2023-1A

,

Class

A2

,

.24

%

,

1/13/31

,

Callable

7/12/27

@

(a) .............

783

794

Series

2024-1A

,

Class

A2

,

.68

%

,

12/12/31

,

Callable

8/12/28

@

(a) ............

1,778

1,800

Volvo

Financial

Equipment

LLC

............................................

Series

2024-1A

,

Class

A4

,

.29

%

,

7/15/31

,

Callable

6/15/28

@

(a) .............

3,500

3,492

Series

2025-1A

,

Class

A4

,

.53

%

,

10/15/31

,

Callable

11/15/28

@

(a) ...........

1,990

1,997

WEPCO

Environmental

Trust

Finance

I

LLC

,

Series

2021-1

,

Class

A

,

.58

%

,

12/15/35

.....

6,667

5,917

Zayo

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

.65

%

,

3/20/55

,

Callable

9/20/28

@

(a) ....

4,500

4,498

172,025

Agency

ABS

Other

(0.8%):

CIT

Education

Loan

Trust

,

Series

2007-1

,

Class

B

,

.92

%

(SOFR90A

+

bps)

,

6/25/42

,

Callable

3/25/27

@

(a) (c) ..........................................

1,719

1,467

Navient

Student

Loan

Trust

................................................

Series

2015-2

,

Class

B

,

.97

%

(SOFR30A

+

bps)

,

8/25/50

,

Callable

4/25/33

@

(c) 3,000

2,907

Series

2018-2A

,

Class

B

,

.62

%

(SOFR30A

+

bps)

,

3/25/67

,

Callable

2/25/37

@

(a) (c) .........................................................

3,500

3,136

Nelnet

Student

Loan

Trust

,

Series

2005-4

,

Class

B

,

.90

%

(SOFR90A

+

bps)

,

9/22/35

,

Callable

6/22/25

@

(c) ............................................

873

820

SLM

Student

Loan

Trust

..................................................

Series

2003-14

,

Class

B

,

.17

%

(SOFR90A

+

bps)

,

10/25/65

,

Callable

7/25/25

@

(c) 724

690

Series

2005-9

,

Class

B

,

.92

%

(SOFR90A

+

bps)

,

1/25/41

,

Callable

7/25/29

@

(c) 1,078

1,022

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2006-10

,

Class

B

,

.84

%

(SOFR90A

+

bps)

,

3/25/44

,

Callable

10/25/30

@

(c) $

902

$

880

Series

2007-1

,

Class

B

,

.84

%

(SOFR90A

+

bps)

,

1/27/42

,

Callable

7/25/29

@

(c) 3,271

3,021

Series

2007-7

,

Class

B

,

.37

%

(SOFR90A

+

bps)

,

10/27/70

,

Callable

7/25/25

@

(c) 5,740

5,485

Series

2012-6

,

Class

B

,

.47

%

(SOFR30A

+

bps)

,

4/27/43

,

Callable

12/25/29

@

(c) 12,862

12,053

31,481

Total

Asset-Backed

Securities

(Cost

$436,807)

a

a

a

436,477

Collateralized

Mortgage

Obligations

(5.7%)

Agency

CMO

Other

(0.3%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

5270

,

Class

AB

,

.50

%

,

1/25/49

........

1,608

1,641

Government

National

Mortgage

Association

....................................

Series

2024-1

,

Class

GA

,

.50

%

,

6/20/50

..................................

5,678

5,627

Series

2024-160

,

Class

MA

,

.50

%

,

6/20/52

................................

4,464

4,413

11,681

Agency

Commercial

MBS

(1.3%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

K097

,

Class

A2

,

.51

%

,

7/25/29

...................................

8,000

7,513

Series

K100

,

Class

A2

,

.67

%

,

9/25/29

...................................

5,455

5,145

Series

K121

,

Class

A2

,

.55

%

,

10/25/30

..................................

Series

K135

,

Class

A2

,

.15

%

,

10/25/31

(d) ................................

1,200

1,055

Series

K138

,

Class

A2

,

.48

%

,

1/25/32

...................................

980

875

Series

KG02

,

Class

A2

,

.41

%

,

8/25/29

...................................

9,091

8,507

Series

KIR1

,

Class

A2

,

.85

%

,

3/25/26

...................................

12,000

11,828

Series

S8FX

,

Class

A1

,

.02

%

,

3/25/27

...................................

5,862

5,782

Federal

National

Mortgage

Association

.......................................

Series

2017-M2

,

Class

A2

,

.91

%

,

2/25/27

(d) ...............................

1,859

1,819

Series

2017-M7

,

Class

A2

,

.96

%

,

2/25/27

(d) ...............................

1,964

1,924

Series

2018-M4

,

Class

A2

,

.16

%

,

3/25/28

(d) ...............................

5,046

4,924

Series

2022-M12

,

Class

A

,

.18

%

,

12/25/28

(d) ..............................

2,480

2,404

52,155

Commercial

MBS

(4.1%):

Aventura

Mall

Trust

.....................................................

Series

2018-AVM

,

Class

A

,

.25

%

,

7/5/40

(a) (b) (d) ...........................

5,000

4,906

Series

2018-AVM

,

Class

D

,

.25

%

,

7/5/40

(a) (b) (d) ...........................

4,000

3,780

BANK

,

Series

2017-BNK4

,

Class

B

,

.00

%

,

5/15/50

,

Callable

4/15/27

@

...........

5,600

5,330

Benchmark

Mortgage

Trust

,

Series

2020-B22

,

Class

A5

,

.97

%

,

1/15/54

,

Callable

1/15/31

@

.............................................................

2,000

1,706

BPR

Trust

............................................................

Series

2021-TY

,

Class

A

,

.49

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

4,904

4,871

Series

2021-TY

,

Class

C

,

.14

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

1,538

1,525

Series

2022-OANA

,

Class

A

,

.22

%

(TSFR1M

+

bps)

,

4/15/37

(a) (b) (c) ..........

1,985

1,985

Series

2022-OANA

,

Class

B

,

.77

%

(TSFR1M

+

bps)

,

4/15/37

(a) (b) (c) ..........

6,000

5,981

Series

2022-OANA

,

Class

D

,

.02

%

(TSFR1M

+

bps)

,

4/15/37

(a) (b) (c) ..........

5,000

4,950

Series

2022-STAR

,

Class

A

,

.55

%

(TSFR1M

+

bps)

,

8/15/39

(a) (b) (c) ...........

7,726

7,676

BX

Commercial

Mortgage

Trust

............................................

Series

2020-VIV4

,

Class

A

,

.84

%

,

3/9/44

,

Callable

3/9/30

@

(a) (b) ............

2,265

2,045

Series

2022-CSMO

,

Class

A

,

.44

%

(TSFR1M

+

bps)

,

6/15/27

(a) (b) (c) ..........

1,985

1,987

Series

2022-CSMO

,

Class

B

,

.46

%

(TSFR1M

+

bps)

,

6/15/27

(a) (b) (c) ..........

5,000

5,006

BX

Trust

.............................................................

Series

2019-OC11

,

Class

A

,

.20

%

,

12/9/41

,

Callable

12/9/29

@

(a) (b) ..........

9,231

8,562

Series

2022-CLS

,

Class

B

,

.30

%

,

10/13/27

(a) (b) ............................

4,000

3,961

BXP

Trust

............................................................

Series

2021-601L

,

Class

C

,

.87

%

,

1/15/44

(a) (b) (d) ..........................

6,500

5,273

Series

2021-601L

,

Class

D

,

.87

%

,

1/15/44

(a) (b) (d) ..........................

3,500

2,662

COMM

Mortgage

Trust

..................................................

Series

2012-CR4

,

Class

AM

,

.25

%

,

10/15/45

,

Callable

5/15/25

@

(b) ..........

8,600

7,945

Series

2012-CR4

,

Class

XA

,

.29

%

,

10/15/45

(b) (d) ..........................

10,719

Series

2015-LC23

,

Class

AM

,

.16

%

,

10/10/48

,

Callable

11/10/25

@

(d) ........

6,300

6,254

Series

2015-PC1

,

Class

AM

,

.29

%

,

7/10/50

,

Callable

6/10/25

@

(d) ...........

3,500

3,459

Series

2015-PC1

,

Class

B

,

.39

%

,

7/10/50

,

Callable

6/10/25

@

(d) .............

2,500

2,444

Series

2020-CX

,

Class

A

,

.17

%

,

11/10/46

,

Callable

11/10/30

@

(a) (b) ..........

3,500

2,981

Series

2024-277P

,

Class

A

,

.34

%

,

8/10/44

(a) (b) ............................

4,000

4,189

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) CSMC

Trust

,

Series

2020-WEST

,

Class

A

,

.04

%

,

2/15/35

,

Callable

2/15/30

@

(a) (b) ...

$

2,500

$

2,169

DBJPM

Mortgage

Trust

..................................................

Series

2016-SFC

,

Class

A

,

.83

%

,

8/10/36

,

Callable

8/10/26

@

(a) (b) ...........

6,250

2,895

Series

2016-SFC

,

Class

B

,

.24

%

,

8/10/36

,

Callable

8/10/26

@

(a) (b) ...........

2,500

—

(e) DBWF

Mortgage

Trust

,

Series

2024-LCRS

,

Class

A

,

.06

%

(TSFR1M

+

bps)

,

4/15/37

(a) (b) (c) .............................................................

2,000

1,989

Extended

Stay

America

Trust

,

Series

2021-ESH

,

Class

B

,

.82

%

(TSFR1M

+

bps)

,

7/15/38

(a) (b) (c) ....................................................

4,345

4,324

GS

Mortgage

Securities

Corp.

Trust

..........................................

Series

2017-GPTX

,

Class

A

,

.86

%

,

5/10/34

(a) (b) ...........................

1,697

1,462

Series

2023-SHIP

,

Class

B

,

.10

%

,

9/10/38

(a) (b) (d) ..........................

1,920

1,908

GS

Mortgage

Securities

Trust

,

Series

2020-GC45

,

Class

A5

,

.91

%

,

2/13/53

,

Callable

1/13/30

@

...........................................................

4,231

3,894

Houston

Galleria

Mall

Trust

,

Series

2025-HGLR

,

Class

A

,

.64

%

,

2/5/45

(a) (b) (d) .........

1,833

1,861

Hudson

Yards

Mortgage

Trust

..............................................

Series

2016-10HY

,

Class

A

,

.84

%

,

8/10/38

,

Callable

8/10/26

@

(a) (b) ..........

1,650

1,606

Series

2019-55HY

,

Class

A

,

.04

%

,

12/10/41

(a) (b) (d) .........................

2,000

1,834

Series

2025-SPRL

,

Class

A

,

.65

%

,

1/13/40

(a) (b) (d) ..........................

3,242

3,329

HYT

Commercial

Mortgage

Trust

,

Series

2024-RGCY

,

Class

A

,

.16

%

(TSFR1M

+

bps)

,

9/15/41

(a) (b) (c) ....................................................

3,100

3,086

ILPT

Commercial

Mortgage

Trust

,

Series

2022-LPFX

,

Class

A

,

.38

%

,

3/15/32

(a) (b) ......

6,000

5,302

IRV

Trust

,

Series

2025-200P

,

Class

A

,

.47

%

,

3/14/47

,

Callable

2/14/35

@

(a) (b) (d) ....

1,000

1,001

LEX

Mortgage

Trust

,

Series

2024-BBG

,

Class

A

,

.04

%

,

10/13/33

,

Callable

10/13/28

@

(a) (b) (d) .......................................................

2,407

2,414

Manhattan

West

Mortgage

Trust

............................................

Series

2020-1MW

,

Class

A

,

.13

%

,

9/10/39

(a) (b) ............................

1,980

1,862

Series

2020-1MW

,

Class

C

,

.41

%

,

9/10/39

(a) (b) (d) ..........................

1,000

930

Morgan

Stanley

Capital

I

Trust

,

Series

2015-MS1

,

Class

AS

,

.15

%

,

5/15/48

,

Callable

7/15/25

@

(d) .........................................................

7,000

6,881

NRTH

Mortgage

Trust

,

Series

2024-PARK

,

Class

A

,

.96

%

(TSFR1M

+

bps)

,

3/15/39

(a) (b) (c) .............................................................

3,074

3,050

One

Bryant

Park

Trust

,

Series

2019-OBP

,

Class

A

,

.52

%

,

9/15/54

(a) (b) ................

1,980

1,777

SCOTT

Trust

,

Series

2023-SFS

,

Class

A

,

.91

%

,

3/10/40

(a) (b) ......................

4,000

4,089

SLG

Office

Trust

,

Series

2021-OVA

,

Class

A

,

.59

%

,

7/15/41

(a) (b) ...................

5,200

4,538

SWCH

Commercial

Mortgage

Trust

,

Series

2025-DATA

,

Class

A

,

.76

%

(TSFR1M

+

bps)

,

3/15/42

(a) (b) (c) ....................................................

1,993

1,957

163,709

Total

Collateralized

Mortgage

Obligations

(Cost

$241,469)

a

a

a

227,545

Shares

Preferred

Stocks

(0.8%)

Consumer

Staples

(0.1%):

CHS,

Inc.

,

Series

,

.88

%

(f) ..............................................

190,818

5,019

Financials

(0.0%):(g)

Citigroup

Capital

XIII

,

.91

%

(TSFR3M

+

663

bps)

,

10/30/40

(c) .....................

40,000

1,192

Real

Estate

(0.7%):

Mid-America

Apartment

Communities,

Inc.

,

Series

I

,

.50

%

(f) (h) ....................

219,731

11,896

Prologis,

Inc.

,

Series

Q

,

.54

%

(f) ...........................................

283,503

15,312

27,208

Total

Preferred

Stocks

(Cost

$29,485)

a

a

a

33,419

Principal

Amount

(000) Corporate

Bonds

(36.6%)

Communication

Services

(1.5%):

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

,

.50

%

,

6/1/41

,

Callable

12/1/40

@

.........................................

5,000

3,408

Comcast

Corp.

.90

%

,

3/1/38

,

Callable

9/1/37

@

....................................

3,000

2,571

.89

%

,

11/1/51

,

Callable

5/1/51

@

...................................

3,500

2,106

CSC

Holdings

LLC

,

.50

%

,

4/15/27

,

Callable

6/5/25

@

(a) ......................

3,000

2,789

Discovery

Communications

LLC

,

.63

%

,

5/15/30

,

Callable

2/15/30

@

..............

10,000

8,875

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Paramount

Global

.38

%

,

2/15/28

,

Callable

11/15/27

@

..................................

$

3,111

$

3,009

.20

%

,

6/1/29

,

Callable

3/1/29

@

....................................

8,000

7,715

T-Mobile

US,

Inc.

.75

%

,

2/1/28

,

Callable

5/16/25

@

100.79 .................................

2,857

2,859

.88

%

,

4/15/30

,

Callable

1/15/30

@

..................................

7,500

7,239

.55

%

,

2/15/31

,

Callable

11/15/30

@

..................................

5,000

4,432

Verizon

Communications,

Inc.

.13

%

,

8/15/46

....................................................

5,000

3,943

.88

%

,

11/20/50

,

Callable

5/20/50

@

..................................

3,000

1,838

Warnermedia

Holdings,

Inc.

.76

%

,

3/15/27

,

Callable

2/15/27

@

..................................

5,000

4,866

.05

%

,

3/15/42

,

Callable

9/15/41

@

..................................

3,759

2,829

58,479

Consumer

Discretionary

(1.9%):

Advance

Auto

Parts,

Inc.

,

.50

%

,

3/15/32

,

Callable

12/15/31

@

(h) ................

6,750

5,638

AutoNation,

Inc.

.40

%

,

8/1/31

,

Callable

5/1/31

@

....................................

3,750

3,144

.85

%

,

3/1/32

,

Callable

12/1/31

@

...................................

4,500

4,043

Brunswick

Corp.

,

.40

%

,

8/18/31

,

Callable

5/18/31

@

.........................

3,250

2,656

Daimler

Truck

Finance

North

America

LLC

,

.38

%

,

12/14/28

(a) .....................

5,600

5,174

Genuine

Parts

Co.

,

.75

%

,

2/1/32

,

Callable

11/1/31

@

.........................

6,166

5,278

Hasbro,

Inc.

,

.90

%

,

11/19/29

,

Callable

8/19/29

@

............................

7,500

7,134

Kohl's

Corp.

,

.13

%

,

5/1/31

,

Callable

2/1/31

@

(h) ............................

3,000

1,879

Marriott

International,

Inc.

.63

%

,

6/15/30

,

Callable

3/15/30

@

..................................

2,333

2,319

.50

%

,

10/15/32

,

Callable

7/15/32

@

.................................

2,750

2,448

Mattel,

Inc.

.38

%

,

4/1/26

,

Callable

5/16/25

@

(a) .................................

500

.75

%

,

4/1/29

,

Callable

5/16/25

@

100.94 (a) ...............................

3,000

2,823

Nordstrom,

Inc.

.38

%

,

4/1/30

,

Callable

1/1/30

@

....................................

2,000

1,773

.25

%

,

8/1/31

,

Callable

5/1/31

@

(h) ..................................

4,250

3,619

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

,

.63

%

,

4/6/31

,

Callable

1/6/31

@

(a) .

5,367

4,299

Smithsonian

Institution

,

.65

%

,

9/1/39

........................................

2,000

1,589

Tapestry,

Inc.

,

.50

%

,

3/11/35

,

Callable

12/11/34

@

...........................

3,000

2,923

Tractor

Supply

Co.

,

.25

%

,

5/15/33

,

Callable

2/15/33

@

........................

4,000

4,014

Vanderbilt

University

Medical

Center

,

.17

%

,

7/1/37

,

Callable

1/1/37

@

............

1,000

871

Volkswagen

Group

of

America

Finance

LLC

.45

%

,

11/16/30

,

Callable

9/16/30

@

(a) ................................

3,940

4,116

.80

%

,

3/27/35

,

Callable

12/27/34

@

(a) ...............................

3,000

2,983

Worthington

Enterprises,

Inc.

,

.30

%

,

8/1/32

,

Callable

5/1/32

@

..................

5,890

5,189

74,403

Consumer

Staples

(2.6%):

7-Eleven,

Inc.

.80

%

,

2/10/31

,

Callable

11/10/30

@

(a) ................................

6,500

5,404

.80

%

,

2/10/51

,

Callable

8/2/50

@

(a) .................................

2,000

1,148

Altria

Group,

Inc.

,

.45

%

,

2/4/32

,

Callable

11/4/31

@

..........................

2,000

1,696

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

,

.70

%

,

2/1/36

,

Callable

8/1/35

@

......................................................

6,000

5,803

BAT

Capital

Corp.

,

.39

%

,

8/15/37

,

Callable

2/15/37

@

........................

10,000

8,779

Bimbo

Bakeries

USA,

Inc.

,

.38

%

,

1/9/36

,

Callable

10/9/35

@

(a) .................

3,400

3,321

Bunge

Ltd.

Finance

Corp.

,

.75

%

,

5/14/31

,

Callable

2/14/31

@

...................

12,000

10,737

Cargill,

Inc.

,

.13

%

,

11/10/31

,

Callable

8/10/31

@

(a) ..........................

6,000

5,156

Constellation

Brands,

Inc.

,

.25

%

,

8/1/31

,

Callable

5/1/31

@

.....................

5,645

4,822

General

Mills,

Inc.

,

.55

%

,

4/17/38

,

Callable

10/17/37

@

.......................

4,667

4,282

Keurig

Dr.

Pepper,

Inc.

,

.50

%

,

4/15/52

,

Callable

10/15/51

@

....................

5,000

4,071

Kraft

Heinz

Foods

Co.

,

.00

%

,

6/4/42

........................................

6,000

5,408

Mars,

Inc.

,

.65

%

,

5/1/45

,

Callable

11/1/44

@

(a) .............................

3,900

3,860

McCormick

&

Co.,

Inc.

.50

%

,

4/15/30

,

Callable

1/15/30

@

..................................

2,000

1,805

.85

%

,

2/15/31

,

Callable

11/15/30

@

..................................

2,000

1,701

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Philip

Morris

International,

Inc.

,

.38

%

,

2/15/33

,

Callable

11/15/32

@

..............

$

8,000

$

8,190

SC

Johnson

&

Son,

Inc.

,

.35

%

,

9/30/44

,

Callable

3/30/44

@

(a) ..................

7,000

5,531

Smithfield

Foods,

Inc.

,

.25

%

,

2/1/27

,

Callable

11/1/26

@

(a) ....................

5,000

4,942

Sodexo,

Inc.

,

.72

%

,

4/16/31

,

Callable

1/16/31

@

(a) ..........................

10,750

9,470

Sysco

Corp.

,

.45

%

,

12/14/31

,

Callable

9/14/31

@

............................

5,000

4,325

The

Kroger

Co.

,

.00

%

,

9/15/34

,

Callable

6/15/34

@

..........................

4,000

3,916

104,367

Energy

(3.0%):

APA

Corp.

,

.25

%

,

1/15/44

,

Callable

7/15/43

@

(a) ............................

5,404

3,579

Berkshire

Hathaway

Energy

Co.

,

.50

%

,

2/1/45

,

Callable

8/1/44

@

................

4,000

3,378

Buckeye

Partners

LP

,

.60

%

,

10/15/44

,

Callable

4/15/44

@

......................

10,000

8,193

Cameron

LNG

LLC

,

.30

%

,

1/15/35

,

Callable

9/15/34

@

(a) .....................

6,364

5,347

ConocoPhillips

Co.

.15

%

,

11/15/34

,

Callable

5/15/34

@

..................................

4,500

4,086

.55

%

,

3/15/54

,

Callable

9/15/53

@

..................................

3,485

3,258

Diamondback

Energy,

Inc.

,

.75

%

,

4/18/54

,

Callable

10/18/53

@

.................

2,000

1,788

DT

Midstream,

Inc.

,

.80

%

,

12/15/34

,

Callable

9/15/34

@

(a) ....................

3,000

2,977

Eastern

Energy

Gas

Holdings

LLC

.65

%

,

10/15/54

,

Callable

4/15/54

@

.................................

3,000

2,821

.20

%

,

1/15/55

,

Callable

7/15/54

@

..................................

3,385

3,442

Energy

Transfer

LP

.50

%

(H15T5Y

+

569

bps)

,

Callable

11/15/26

@

(c) (f) ......................

2,000

1,990

.15

%

,

9/15/29

,

Callable

6/15/29

@

..................................

6,000

5,828

EQT

Corp.

,

.00

%

,

2/1/30

,

Callable

11/1/29

@

..............................

2,594

2,767

Evergy

Missouri

West,

Inc.

,

.65

%

,

6/1/34

,

Callable

3/1/34

@

(a) ..................

3,450

3,528

Florida

Gas

Transmission

Co.

LLC

,

.55

%

,

7/1/30

,

Callable

4/1/30

@

(a) ............

6,500

5,814

Helmerich

&

Payne,

Inc.

,

.50

%

,

12/1/34

,

Callable

9/1/34

@

(a) (h) ................

4,000

3,511

HF

Sinclair

Corp.

,

.25

%

,

1/15/35

,

Callable

10/15/34

@

........................

3,000

2,886

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

.25

%

,

11/1/28

,

Callable

6/5/25

@

102.08 (a) ...............................

4,000

3,876

.00

%

,

2/1/31

,

Callable

2/1/26

@

(a) ..................................

3,000

2,692

Marathon

Petroleum

Corp.

,

.75

%

,

9/15/44

,

Callable

3/15/44

@

..................

2,000

1,606

Murphy

Oil

USA,

Inc.

.75

%

,

9/15/29

,

Callable

5/21/25

@

102.38 ................................

2,000

1,931

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88 (a) ..............................

1,332

1,200

Occidental

Petroleum

Corp.

.45

%

,

9/15/36

....................................................

1,461

1,424

.40

%

,

8/15/49

,

Callable

2/15/49

@

..................................

10,235

6,878

ONEOK,

Inc.

,

.05

%

,

11/1/34

,

Callable

8/1/34

@

.............................

3,000

2,849

Phillips

Co.

.65

%

,

11/15/34

,

Callable

5/15/34

@

..................................

1,000

932

.90

%

,

10/1/46

,

Callable

4/1/46

@

...................................

750

618

Plains

All

American

Pipeline

LP

,

.95

%

,

6/15/35

,

Callable

3/15/35

@

..............

2,400

2,401

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

,

.55

%

,

12/15/29

,

Callable

9/15/29

@

6,250

5,920

Rockies

Express

Pipeline

LLC

.95

%

,

7/15/29

,

Callable

4/15/29

@

(a) ................................

6,500

6,217

.80

%

,

5/15/30

,

Callable

2/15/30

@

(a) ................................

3,000

2,811

Sabal

Trail

Transmission

LLC

,

.68

%

,

5/1/38

,

Callable

11/1/37

@

(a) ...............

5,000

4,423

Tampa

Electric

Co.

,

.15

%

,

3/1/35

,

Callable

12/1/34

@

........................

1,500

1,495

Targa

Resources

Corp.

,

.55

%

,

8/15/35

,

Callable

5/15/35

@

.....................

2,400

2,351

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.

,

.50

%

,

3/1/30

,

Callable

5/16/25

@

102.75 ..................................................

3,500

3,493

Valero

Energy

Corp.

,

.15

%

,

2/15/30

,

Callable

1/15/30

@

.......................

1,400

1,415

Western

Midstream

Operating

LP

.05

%

,

2/1/30

,

Callable

11/1/29

@

...................................

1,000

950

.25

%

,

2/1/50

,

Callable

8/1/49

@

....................................

500

121,077

Financials

(9.7%):

Park

Funding

Trust

,

.74

%

,

2/15/55

,

Callable

8/15/54

@

(a) ..................

4,000

3,898

American

Express

Co.

,

.99

%

(SOFR

+

bps)

,

5/26/33

,

Callable

2/26/32

@

(c) .......

6,000

5,863

American

Honda

Finance

Corp.

,

.20

%

,

3/5/35

..................................

1,500

1,497

American

International

Group,

Inc.

,

.88

%

,

1/15/35

,

Callable

7/15/34

@

............

7,000

6,297

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) American

National

Global

Funding

,

.55

%

,

1/28/30

(a) ............................

$

1,648

$

1,685

Antares

Holdings

LP

,

.35

%

,

10/23/29

,

Callable

9/23/29

@

(a) ....................

5,000

4,984

Ashtead

Capital,

Inc.

,

.00

%

,

5/1/28

,

Callable

5/16/25

@

100.67 (a) ...................

2,500

2,448

Assurant,

Inc.

,

.10

%

,

2/27/26

,

Callable

1/27/26

@

...........................

4,412

4,424

Bank

of

America

Corp.

.38

%

(H15T5Y

+

bps)

,

Callable

1/27/27

@

(c) (f) .......................

3,500

3,360

.57

%

(SOFR

+

bps)

,

10/20/32

,

Callable

10/20/31

@

(c) (h) ................

3,000

2,606

.48

%

(H15T5Y

+

bps)

,

9/21/36

,

Callable

9/21/31

@

(c) ..................

2,500

2,083

Blue

Owl

Credit

Income

Corp.

,

.13

%

,

9/23/26

,

Callable

8/23/26

@

...............

500

Capital

One

Financial

Corp.

,

.82

%

(SOFR

+

bps)

,

2/1/34

,

Callable

2/1/33

@

(c) .....

3,500

3,531

Citizens

Financial

Group,

Inc.

.65

%

(H15T5Y

+

531

bps)

,

Callable

10/6/25

@

(c) (f) .......................

5,000

4,957

.64

%

(H15T5Y

+

bps)

,

5/21/37

,

Callable

5/21/32

@

(c) ..................

2,500

2,426

CNO

Global

Funding

,

.95

%

,

9/9/29

(a) .......................................

2,227

2,224

Compeer

Financial

FLCA/Compeer

Financial

PCA

,

.38

%

(SOFR

+

bps)

,

6/1/36

,

Callable

6/1/31

@

(a) (c) ..................................................

4,000

2,838

Cullen/Frost

Bankers,

Inc.

,

.50

%

,

3/17/27

,

Callable

2/17/27

@

...................

3,000

2,963

Cullen/Frost

Capital

Trust

II

,

.13

%

(TSFR3M

+

bps)

,

3/1/34

,

Callable

6/5/25

@

(c) ..

5,000

4,489

Diageo

Investment

Corp.

,

.63

%

,

4/15/35

,

Callable

1/15/35

@

...................

1,003

1,033

Equitable

Holdings,

Inc.

.35

%

,

4/20/28

,

Callable

1/20/28

@

..................................

2,000

1,991

.57

%

,

2/15/29

,

Callable

11/15/28

@

(a) ................................

10,000

9,906

EverBank

Financial

Corp.

,

.75

%

,

7/2/25

,

Callable

6/5/25

@

....................

10,000

9,909

F&G

Global

Funding

,

.00

%

,

9/20/28

(a) ......................................

7,250

6,624

Fells

Point

Funding

Trust

,

.05

%

,

1/31/27

,

Callable

12/31/26

@

(a) ................

6,500

6,313

Fifth

Third

Bancorp

.50

%

(H15T5Y

+

bps)

,

Callable

9/30/25

@

(c) (f) .......................

2,659

2,628

.34

%

(SOFR

+

bps)

,

4/25/33

,

Callable

4/25/32

@

(c) ....................

6,957

6,519

First

American

Financial

Corp.

,

.40

%

,

8/15/31

,

Callable

5/15/31

@

...............

9,225

7,808

First

Citizens

Bancshares,

Inc.

,

.76

%

(TSFR3M

+

bps)

,

3/15/30

,

Callable

6/15/25

@

(c) 4,000

3,996

First

Horizon

Bank

,

.75

%

,

5/1/30

,

Callable

2/1/30

@

.........................

8,850

8,869

Fiserv,

Inc.

.60

%

,

3/2/33

,

Callable

12/2/32

@

...................................

5,000

5,088

.63

%

,

8/21/33

,

Callable

5/21/33

@

..................................

1,550

1,578

Ford

Motor

Credit

Co.

LLC

.54

%

,

8/1/26

,

Callable

6/1/26

@

....................................

3,400

3,342

.80

%

,

11/7/28

,

Callable

10/7/28

@

..................................

2,000

2,040

.13

%

,

3/8/34

.....................................................

2,000

1,888

Fulton

Financial

Corp.

,

.60

%

(TSFR3M

+

bps)

,

3/15/30

,

Callable

6/15/25

@

(c) .....

2,932

2,876

Glencore

Funding

LLC

,

.50

%

,

9/1/30

,

Callable

6/1/30

@

(a) ....................

6,500

5,767

Global

Payments,

Inc.

.90

%

,

11/15/31

,

Callable

8/15/31

@

..................................

6,500

5,638

.40

%

,

8/15/32

,

Callable

5/15/32

@

(h) ................................

1,750

1,742

Globe

Life,

Inc.

,

.85

%

,

9/15/34

,

Callable

6/15/34

@

..........................

2,308

2,358

Holcim

Finance

US

LLC

,

.40

%

,

4/7/35

,

Callable

1/7/35

@

(a) ...................

1,877

1,877

Horizon

Mutual

Holdings,

Inc.

,

.20

%

,

11/15/34

,

Callable

8/15/34

@

(a) ............

2,464

2,399

Huntington

Bancshares,

Inc.

.44

%

(SOFR

+

bps)

,

8/4/28

,

Callable

8/4/27

@

(c) ......................

2,750

2,732

.49

%

(H15T5Y

+

bps)

,

8/15/36

,

Callable

8/15/31

@

(c) ..................

7,676

6,310

Huntington

Capital

Trust

I

,

.24

%

(TSFR3M

+

bps)

,

2/1/27

,

Callable

6/5/25

@

(c) .....

2,300

2,226

ILFC

E-Capital

Trust

I

,

.12

%

(TSFR3M

+

bps)

,

12/21/65

,

Callable

6/5/25

@

(a) (c) ..

10,000

8,160

JPMorgan

Chase

&

Co.

.04

%

(TSFR3M

+

bps)

,

2/1/27

,

Callable

6/5/25

@

(c) ....................

4,000

3,953

.95

%

(SOFR

+

bps)

,

2/4/32

,

Callable

2/4/31

@

(c) ......................

2,750

2,361

.29

%

(SOFR

+

bps)

,

7/22/35

,

Callable

7/22/34

@

(c) ....................

7,250

7,255

KeyBank

NA

.40

%

,

5/20/26

,

MTN

................................................

2,500

2,464

.90

%

,

4/13/29

....................................................

3,000

2,845

.90

%

,

8/8/32

.....................................................

1,000

932

KeyCorp

,

.79

%

(SOFRINDX

+

bps)

,

6/1/33

,

MTN

,

Callable

6/1/32

@

(c) .........

3,784

3,599

Lincoln

National

Corp.

,

.94

%

(TSFR3M

+

bps)

,

5/17/66

,

Callable

8/11/26

@

(c) (h) ..

7,500

5,924

LPL

Holdings,

Inc.

,

.75

%

,

6/15/35

,

Callable

3/15/35

@

........................

3,980

3,958

Markel

Group,

Inc.

,

.00

%

(H15T5Y

+

566

bps)

,

Callable

6/1/25

@

(c) (f) .............

4,108

4,093

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Midwest

Connector

Capital

Co.

LLC

,

.63

%

,

4/1/29

,

Callable

1/1/29

@

(a) ...........

$

2,500

$

2,488

Morgan

Stanley

.51

%

(SOFR

+

bps)

,

10/20/32

,

Callable

10/20/31

@

,

MTN

(c) .............

7,000

6,041

.32

%

(SOFR

+

bps)

,

7/19/35

,

Callable

7/19/34

@

(c) ....................

1,500

1,493

.48

%

(SOFR

+

bps)

,

9/16/36

,

Callable

9/16/31

@

(c) ....................

8,000

6,663

National

Rural

Utilities

Cooperative

Finance

Corp.

,

.45

%

(TSFR3M

+

bps)

,

4/30/43

,

Callable

6/5/25

@

(c) .............................................

7,125

7,092

NLG

Global

Funding

,

.40

%

,

1/23/30

(a) ......................................

3,000

3,070

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

,

.00

%

,

7/15/25

,

Callable

6/15/25

@

(a) 5,000

4,990

PNC

Bank

NA

,

.70

%

,

10/22/29

............................................

6,000

5,517

PPL

Capital

Funding,

Inc.

.25

%

,

9/1/34

,

Callable

6/1/34

@

....................................

1,490

1,491

.23

%

(TSFR3M

+

bps)

,

3/30/67

,

Callable

6/5/25

@

(c) (h) ................

6,130

5,976

Primerica,

Inc.

,

.80

%

,

11/19/31

,

Callable

8/19/31

@

..........................

4,000

3,478

Protective

Life

Global

Funding

,

.43

%

,

1/14/32

(a) ...............................

3,500

3,583

Prudential

Financial,

Inc.

.94

%

,

12/7/49

,

Callable

6/7/49

@

...................................

2,500

1,879

.00

%

(H15T5Y

+

bps)

,

9/1/52

,

Callable

6/1/32

@

(c) (h) ..................

6,000

5,980

Raymond

James

Financial,

Inc.

,

.95

%

,

7/15/46

.................................

4,000

3,535

Regions

Bank

,

.45

%

,

6/26/37

.............................................

6,909

6,983

Santander

Holdings

USA,

Inc.

.57

%

(SOFR

+

bps)

,

6/12/29

,

Callable

6/12/28

@

(c) ....................

2,500

2,595

.35

%

(SOFR

+

bps)

,

9/6/30

,

Callable

9/6/29

@

(c) ......................

1,000

1,002

Simon

Property

Group

LP

.75

%

,

9/26/34

,

Callable

6/26/34

@

..................................

1,450

1,386

.85

%

,

3/8/53

,

Callable

9/8/52

@

....................................

3,400

3,335

State

Street

Corp.

,

.12

%

(SOFR

+

bps)

,

11/21/34

,

Callable

11/21/33

@

(c) .........

1,250

1,306

Stellantis

Finance

US,

Inc.

,

.69

%

,

9/15/31

,

Callable

6/15/31

@

(a) (h) ..............

13,800

11,375

Stewart

Information

Services

Corp.

,

.60

%

,

11/15/31

,

Callable

8/15/31

@

...........

8,500

7,610

Synovus

Bank

,

.00

%

(H15T5Y

+

bps)

,

10/29/30

,

Callable

10/29/25

@

(c) .........

4,500

4,434

Synovus

Financial

Corp.

,

.54

%

(USISOA05

+

bps)

,

2/7/29

(c) ....................

10,000

9,959

Teachers

Insurance

&

Annuity

Association

of

America

,

.90

%

,

9/15/44

(a) ..............

5,000

4,446

The

Allstate

Corp.

,

.52

%

(TSFR3M

+

bps)

,

8/15/53

,

Callable

6/5/25

@

(c) .........

5,000

4,949

The

Bank

of

New

York

Mellon

Corp.

.75

%

(H15T5Y

+

bps)

,

Callable

12/20/26

@

(c) (f) ......................

7,000

6,609

.61

%

(SOFR

+

bps)

,

7/21/39

,

Callable

7/21/34

@

(c) ....................

3,030

3,040

The

Charles

Schwab

Corp.

,

.14

%

(SOFR

+

bps)

,

8/24/34

,

Callable

8/24/33

@

(c) ....

1,385

1,471

The

Hartford

Insurance

Group,

Inc.

,

.71

%

(TSFR3M

+

bps)

,

2/12/47

,

Callable

6/5/25

@

(a) (c) .........................................................

8,000

7,279

The

PNC

Financial

Services

Group,

Inc.

.63

%

(SOFRINDX

+

bps)

,

6/6/33

,

Callable

6/6/32

@

(c) .................

1,382

1,306

.68

%

(SOFR

+

bps)

,

1/22/35

,

Callable

1/22/34

@

(c) ....................

1,408

1,436

Truist

Bank

,

.25

%

,

3/11/30

,

Callable

12/11/29

@

............................

2,450

2,158

Truist

Financial

Corp.

.10

%

(H15T10Y

+

bps)

,

Callable

3/1/30

@

(c) (f) .......................

2,000

1,918

.87

%

(SOFR

+

bps)

,

6/8/34

,

Callable

6/8/33

@

,

MTN

(c) .................

3,000

3,072

U.S.

Bancorp

,

.97

%

(SOFR

+

bps)

,

7/22/33

,

MTN

,

Callable

7/22/32

@

(c) .........

4,000

3,865

UL

Solutions,

Inc.

,

.50

%

,

10/20/28

,

Callable

9/20/28

@

(a) .....................

4,550

4,786

W.R.

Berkley

Corp.

,

.55

%

,

3/30/52

,

Callable

9/30/51

@

.......................

5,588

3,844

Webster

Financial

Corp.

,

.82

%

(TSFR3M

+

bps)

,

12/30/29

,

Callable

6/30/25

@

(c) ..

4,750

4,700

390,196

Health

Care

(2.9%):

Amgen,

Inc.

.00

%

,

1/15/52

,

Callable

7/15/51

@

..................................

4,500

2,809

.20

%

,

2/22/52

,

Callable

8/22/51

@

..................................

3,500

2,696

Baxter

International,

Inc.

,

.13

%

,

12/1/51

,

Callable

6/1/51

@

....................

10,000

6,133

Bio-Rad

Laboratories,

Inc.

,

.30

%

,

3/15/27

,

Callable

2/15/27

@

..................

3,500

3,411

Bon

Secours

Charity

Health

System,

Inc.

,

.25

%

,

11/1/25

..........................

3,000

2,985

Bristol-Myers

Squibb

Co.

,

.90

%

,

11/15/33

,

Callable

8/15/33

@

..................

4,100

4,374

Centene

Corp.

,

.50

%

,

3/1/31

,

Callable

12/1/30

@

............................

2,000

1,697

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

.63

%

,

7/15/30

,

Callable

7/16/26

@

103.31 (a) ..........................................

3,600

3,613

CVS

Health

Corp.

,

.00

%

(H15T5Y

+

bps)

,

3/10/55

,

Callable

12/10/29

@

(c) .......

1,364

1,380

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) CVS

Pass-Through

Trust

,

.04

%

,

12/10/28

.....................................

$

2,616

$

2,658

DENTSPLY

SIRONA,

Inc.

,

.25

%

,

6/1/30

,

Callable

3/1/30

@

....................

15,750

14,061

Eastern

Maine

Healthcare

Systems

,

.02

%

,

7/1/36

...............................

17,000

14,922

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

.38

%

,

2/16/31

,

Callable

11/16/30

@

(a) ...

13,000

10,994

HCA,

Inc.

.38

%

,

3/15/42

,

Callable

9/15/41

@

..................................

2,156

1,755

.25

%

,

6/15/49

,

Callable

12/15/48

@

.................................

3,500

3,035

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

.45

%

,

6/15/34

,

Callable

3/15/34

@

(a) ...........................................................

3,450

3,474

Humana,

Inc.

,

.55

%

,

5/1/35

,

Callable

2/1/35

@

..............................

1,500

1,488

Northwell

Healthcare,

Inc.

,

.39

%

,

11/1/27

,

Callable

8/1/27

@

...................

3,900

3,725

Orlando

Health

Obligated

Group

,

.89

%

,

10/1/35

................................

1,660

1,396

Revvity,

Inc.

.55

%

,

3/15/31

,

Callable

12/15/30

@

.................................

8,500

7,345

.25

%

,

9/15/31

,

Callable

6/15/31

@

..................................

4,500

3,779

Solventum

Corp.

.40

%

,

3/1/29

,

Callable

2/1/29

@

....................................

1,300

1,327

.45

%

,

3/13/31

,

Callable

1/13/31

@

..................................

1,300

1,328

.60

%

,

3/23/34

,

Callable

12/23/33

@

.................................

1,300

1,315

.90

%

,

4/30/54

,

Callable

10/30/53

@

.................................

1,300

1,256

Southern

Illinois

Healthcare

Enterprises,

Inc.

,

.97

%

,

5/15/50

,

Callable

11/15/49

@

....

4,000

2,833

Tenet

Healthcare

Corp.

,

.13

%

,

6/15/30

,

Callable

6/15/25

@

103.06 ...................

1,500

1,507

Trinity

Health

Corp.

,

.63

%

,

12/1/40

,

Callable

6/1/40

@

........................

3,000

2,122

Universal

Health

Services,

Inc.

,

.65

%

,

1/15/32

,

Callable

10/15/31

@

..............

9,827

8,125

117,543

Industrials

(5.1%):

Acuity

Brands

Lighting,

Inc.

,

.15

%

,

12/15/30

,

Callable

9/15/30

@

................

5,000

4,340

AGCO

Corp.

,

.80

%

,

3/21/34

,

Callable

12/21/33

@

...........................

4,000

3,974

American

Airlines

Pass

Through

Trust

.70

%

,

10/1/26

(h) ..................................................

4,606

4,450

.00

%

,

9/22/27

....................................................

5,736

5,405

.58

%

,

1/15/28

....................................................

2,383

2,289

.00

%

,

2/15/29

....................................................

3,075

2,895

.60

%

,

10/15/29

....................................................

6,211

5,725

Aon

North

America,

Inc.

.45

%

,

3/1/34

,

Callable

12/1/33

@

...................................

2,000

2,034

.75

%

,

3/1/54

,

Callable

9/1/53

@

....................................

2,000

1,935

Ashtead

Capital,

Inc.

.25

%

,

11/1/29

,

Callable

5/16/25

@

102.13 (a) ..............................

3,937

3,800

.45

%

,

8/12/31

,

Callable

5/12/31

@

(a) ................................

6,000

5,098

.95

%

,

10/15/33

,

Callable

7/15/33

@

(a) ...............................

4,500

4,551

BNSF

Funding

Trust

I

,

.61

%

(US0003M

+

bps)

,

12/15/55

,

Callable

1/15/26

@

(c) (i) .

6,325

6,328

British

Airways

Pass

Through

Trust

.35

%

,

6/15/29

(a) ..................................................

3,331

3,157

.80

%

,

9/20/31

(a) ..................................................

2,210

2,113

Builders

FirstSource,

Inc.

,

.38

%

,

6/15/32

,

Callable

6/15/27

@

103.19 (a) ...............

2,500

2,517

Burlington

Northern

Santa

Fe

LLC

,

.90

%

,

8/1/46

,

Callable

2/1/46

@

..............

5,000

3,921

Delta

Air

Lines

Pass

Through

Trust

,

.88

%

,

7/30/27

..............................

5,271

5,118

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

,

.75

%

,

10/20/28

(a) .........................

2,000

1,982

Fluor

Corp.

,

.25

%

,

9/15/28

,

Callable

6/15/28

@

.............................

4,000

3,874

GXO

Logistics,

Inc.

,

.65

%

,

7/15/31

,

Callable

4/15/31

@

.......................

13,000

10,978

Hawaiian

Airlines

Pass

Through

Certificates

,

.90

%

,

1/15/26

........................

7,187

6,937

JetBlue

Pass

Through

Trust

,

.95

%

,

5/15/28

....................................

7,496

6,789

Kennametal,

Inc.

,

.63

%

,

6/15/28

,

Callable

3/15/28

@

.........................

5,295

5,285

Leidos,

Inc.

,

.30

%

,

2/15/31

,

Callable

11/15/30

@

............................

15,000

12,955

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

.71

%

,

12/1/35

,

Callable

9/1/35

@

.......

3,935

3,413

Otis

Worldwide

Corp.

,

.11

%

,

2/15/40

,

Callable

8/15/39

@

......................

1,000

753

Regal

Rexnord

Corp.

,

.40

%

,

4/15/33

,

Callable

1/15/33

@

......................

7,546

7,688

RTX

Corp.

,

.20

%

,

12/15/44

,

Callable

6/15/44

@

.............................

10,000

7,950

Ryder

System,

Inc.

,

.25

%

,

6/1/28

,

MTN

,

Callable

5/1/28

@

.....................

5,000

5,109

Spirit

Airlines

Pass

Through

Trust

.10

%

,

4/1/28

.....................................................

7,362

6,694

.38

%

,

2/15/30

....................................................

6,245

5,532

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

Boeing

Co.

.63

%

,

2/1/31

,

Callable

11/1/30

@

...................................

$

4,000

$

3,738

.53

%

,

5/1/34

,

Callable

2/1/34

@

....................................

2,250

2,422

.71

%

,

5/1/40

,

Callable

11/1/39

@

...................................

6,000

5,829

.81

%

,

5/1/50

,

Callable

11/1/49

@

...................................

2,250

2,110

The

Conservation

Fund

A

Nonprofit

Corp.

,

.47

%

,

12/15/29

,

Callable

9/15/29

@

......

7,000

6,635

The

Timken

Co.

,

.13

%

,

4/1/32

,

Callable

1/1/32

@

............................

6,400

5,835

U.S.

Airways

Pass

Through

Trust

,

.95

%

,

11/15/25

...............................

3,173

3,173

Union

Pacific

Corp.

.38

%

,

2/1/35

,

Callable

8/1/34

@

....................................

2,000

1,764

.25

%

,

4/15/43

,

Callable

10/15/42

@

.................................

5,000

4,113

United

Airlines

Pass

Through

Trust

.30

%

,

8/15/25

(h) ..................................................

2,392

2,384

.90

%

,

5/1/28

.....................................................

3,882

3,584

United

Airlines,

Inc.

,

.63

%

,

4/15/29

,

Callable

10/15/28

@

(a) ....................

4,000

3,758

Verisk

Analytics,

Inc.

,

.25

%

,

6/5/34

,

Callable

3/5/34

@

........................

3,500

3,524

204,458

Information

Technology

(1.4%):

Amphenol

Corp.

,

.20

%

,

9/15/31

,

Callable

6/15/31

@

.........................

4,875

4,230

Broadcom,

Inc.

.60

%

,

2/15/33

,

Callable

11/15/32

@

(a) ................................

5,000

4,207

.47

%

,

4/15/34

,

Callable

1/15/34

@

(a) ................................

2,000

1,756

Dell

International

LLC/EMC

Corp.

,

.85

%

,

2/1/35

,

Callable

11/1/34

@

.............

700

660

Hewlett

Packard

Enterprise

Co.

,

.00

%

,

10/15/34

,

Callable

7/15/34

@

..............

3,000

2,896

HP,

Inc.

,

.50

%

,

1/15/33

,

Callable

10/15/32

@

...............................

3,000

2,985

Jabil,

Inc.

,

.00

%

,

1/15/31

,

Callable

10/15/30

@

..............................

4,776

4,273

Keysight

Technologies,

Inc.

,

.95

%

,

10/15/34

,

Callable

7/15/34

@

................

3,365

3,268

Marvell

Technology,

Inc.

,

.45

%

,

4/15/28

,

Callable

2/15/28

@

...................

5,950

5,603

Microsoft

Corp.

,

.53

%

,

6/1/50

,

Callable

12/1/49

@

...........................

4,250

2,630

Motorola

Solutions,

Inc.

,

.60

%

,

6/1/32

,

Callable

3/1/32

@

......................

1,000

1,033

Oracle

Corp.

.85

%

,

7/15/36

,

Callable

1/15/36

@

..................................

9,250

7,958

.38

%

,

7/15/40

....................................................

3,000

2,848

.60

%

,

4/1/50

,

Callable

10/1/49

@

(h) .................................

4,750

3,230

Synopsys,

Inc.

,

.15

%

,

4/1/35

,

Callable

1/1/35

@

.............................

2,830

2,839

TSMC

Arizona

Corp.

,

.50

%

,

10/25/31

,

Callable

7/25/31

@

.....................

6,400

5,672

56,088

Materials

(2.1%):

Amcor

Flexibles

North

America,

Inc.

,

.50

%

,

3/17/35

,

Callable

12/17/34

@

(a) ........

3,480

3,466

AptarGroup,

Inc.

,

.60

%

,

3/15/32

,

Callable

12/15/31

@

........................

7,071

6,445

Avery

Dennison

Corp.

,

.25

%

,

2/15/32

,

Callable

11/15/31

@

....................

7,600

6,315

Ball

Corp.

,

.13

%

,

9/15/31

,

Callable

6/15/31

@

..............................

8,500

7,424

Bayport

Polymers

LLC

,

.74

%

,

4/14/27

,

Callable

3/14/27

@

(a) ...................

6,000

6,009

Colonial

Enterprises,

Inc.

,

.25

%

,

5/15/30

,

Callable

2/15/30

@

(a) .................

4,000

3,713

Commercial

Metals

Co.

,

.88

%

,

2/15/31

,

Callable

2/15/26

@

101.94 ..................

4,500

4,035

Ecolab,

Inc.

.13

%

,

8/15/50

,

Callable

2/15/50

@

..................................

5,000

2,677

.70

%

,

12/15/51

,

Callable

6/15/51

@

.................................

500

Freeport-McMoRan,

Inc.

,

.63

%

,

8/1/30

,

Callable

8/1/25

@

102.31 ...................

2,000

1,966

Huntsman

International

LLC

,

.70

%

,

10/15/34

,

Callable

7/15/34

@

................

3,960

3,568

LYB

International

Finance

III

LLC

.38

%

,

10/1/40

,

Callable

4/1/40

@

...................................

1,500

1,077

.20

%

,

5/1/50

,

Callable

11/1/49

@

...................................

2,500

1,795

Martin

Marietta

Materials,

Inc.

,

.40

%

,

7/15/31

,

Callable

4/15/31

@

...............

5,000

4,336

Monsanto

Co.

,

.95

%

,

4/15/45

,

Callable

10/15/44

@

..........................

5,000

3,210

NewMarket

Corp.

,

.70

%

,

3/18/31

,

Callable

12/18/30

@

........................

7,500

6,593

Packaging

Corp.

of

America

,

.05

%

,

10/1/51

,

Callable

4/1/51

@

..................

5,875

3,614

Reliance,

Inc.

,

.15

%

,

8/15/30

,

Callable

5/15/30

@

............................

1,694

1,488

Sonoco

Products

Co.

,

.00

%

,

9/1/34

,

Callable

6/1/34

@

........................

3,870

3,700

Syensqo

Finance

America

LLC

,

.85

%

,

6/4/34

,

Callable

3/4/34

@

(a) ...............

4,000

4,057

The

Dow

Chemical

Co.

,

.25

%

,

10/1/34

,

Callable

4/1/34

@

.....................

1,750

1,562

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Vulcan

Materials

Co.

.50

%

,

6/1/30

,

Callable

3/1/30

@

....................................

$

5,000

$

4,735

.35

%

,

12/1/34

,

Callable

9/1/34

@

...................................

1,400

1,411

83,496

Real

Estate

(1.6%):

Alexandria

Real

Estate

Equities,

Inc.

,

.55

%

,

3/15/52

,

Callable

9/15/51

@

...........

5,000

3,313

Boston

Properties

LP

,

.55

%

,

4/1/32

,

Callable

1/1/32

@

........................

11,878

9,770

CBRE

Services,

Inc.

,

.50

%

,

6/15/35

,

Callable

3/15/35

@

.......................

4,000

3,986

CoStar

Group,

Inc.

,

.80

%

,

7/15/30

,

Callable

4/15/30

@

(a) ......................

10,354

9,170

Crown

Castle,

Inc.

,

.25

%

,

1/15/31

,

Callable

10/15/30

@

.......................

1,250

1,078

Essex

Portfolio

LP

,

.65

%

,

3/15/32

,

Callable

12/15/31

@

.......................

5,000

4,270

GLP

Capital

LP/GLP

Financing

II,

Inc.

.00

%

,

1/15/31

,

Callable

10/15/30

@

.................................

4,000

3,712

.25

%

,

1/15/32

,

Callable

10/15/31

@

.................................

3,617

3,118

.63

%

,

9/15/34

,

Callable

6/15/34

@

..................................

2,450

2,398

Highwoods

Realty

LP

,

.60

%

,

2/1/31

,

Callable

11/1/30

@

.......................

3,502

2,976

Host

Hotels

&

Resorts

LP

,

.38

%

,

12/15/29

,

Callable

9/15/29

@

..................

3,500

3,231

Kilroy

Realty

LP

,

.65

%

,

11/15/33

,

Callable

8/15/33

@

........................

7,350

5,565

Phillips

Edison

Grocery

Center

Operating

Partnership

LP

,

.95

%

,

1/15/35

,

Callable

10/15/34

@

.............................................................

1,500

1,426

SBA

Tower

Trust

,

.60

%

,

1/15/28

,

Callable

1/15/27

@

(a) .......................

1,158

1,185

VICI

Properties

LP/VICI

Note

Co.,

Inc.

,

.13

%

,

8/15/30

,

Callable

6/5/25

@

102.06 (a) .....

8,000

7,547

62,745

Utilities

(4.8%):

AEP

Texas,

Inc.

.70

%

,

5/15/32

,

Callable

2/15/32

@

..................................

6,000

5,818

.70

%

,

5/15/34

,

Callable

2/15/34

@

..................................

1,500

1,510

Alabama

Power

Co.

,

.85

%

,

12/1/42

.........................................

3,000

2,380

Ameren

Corp.

,

.50

%

,

1/15/31

,

Callable

10/15/30

@

..........................

4,250

3,981

Black

Hills

Corp.

,

.88

%

,

10/15/49

,

Callable

4/15/49

@

........................

10,000

7,170

CenterPoint

Energy,

Inc.

,

.65

%

,

6/1/31

,

Callable

3/1/31

@

......................

8,500

7,495

CMS

Energy

Corp.

,

.75

%

(H15T5Y

+

bps)

,

6/1/50

,

Callable

3/1/30

@

(c) .........

2,000

1,875

Delmarva

Power

&

Light

Co.

,

.15

%

,

5/15/45

,

Callable

11/15/44

@

...............

5,000

4,042

Dominion

Energy

South

Carolina,

Inc.

,

.10

%

,

6/15/46

,

Callable

12/15/45

@

.........

5,000

3,771

DTE

Energy

Co.

,

.85

%

,

6/1/34

,

Callable

3/1/34

@

...........................

1,094

1,129

Duke

Energy

Carolinas

LLC

,

.88

%

,

3/15/46

,

Callable

9/15/45

@

.................

5,000

3,874

Duke

Energy

Corp.

,

.45

%

,

6/15/34

,

Callable

3/15/34

@

.......................

2,000

2,033

Duke

Energy

Progress

LLC

,

.15

%

,

12/1/44

,

Callable

6/1/44

@

..................

7,000

5,681

Duquesne

Light

Holdings,

Inc.

,

.78

%

,

1/7/32

,

Callable

10/7/31

@

(a) ..............

3,967

3,402

Entergy

Louisiana

LLC

,

.95

%

,

1/15/45

,

Callable

6/5/25

@

.....................

7,000

6,109

Entergy

Mississippi

LLC

,

.25

%

,

12/1/27

,

Callable

9/1/27

@

....................

5,000

4,833

Entergy

Texas,

Inc.

.45

%

,

12/1/27

,

Callable

9/1/27

@

...................................

9,420

9,145

.55

%

,

9/30/49

,

Callable

3/30/49

@

..................................

5,000

3,481

Evergy

Kansas

Central,

Inc.

,

.25

%

,

3/15/35

,

Callable

12/15/34

@

................

2,500

2,521

Florida

Power

&

Light

Co.

.15

%

,

10/1/49

,

Callable

4/1/49

@

...................................

8,750

5,838

.88

%

,

12/4/51

,

Callable

6/4/51

@

...................................

4,500

2,833

Georgia

Power

Co.

,

.25

%

,

3/15/34

,

Callable

9/15/33

@

........................

5,000

5,051

IPALCO

Enterprises,

Inc.

,

.25

%

,

5/1/30

,

Callable

2/1/30

@

.....................

5,475

5,221

ITC

Holdings

Corp.

.95

%

,

9/22/27

,

Callable

8/22/27

@

(a) ................................

4,000

4,036

.35

%

,

11/15/27

,

Callable

8/15/27

@

..................................

2,000

1,943

MidAmerican

Energy

Co.

.15

%

,

4/15/50

,

Callable

10/15/49

@

.................................

7,000

4,661

.70

%

,

8/1/52

,

Callable

2/1/52

@

....................................

2,500

1,485

Mississippi

Power

Co.

,

.25

%

,

3/15/42

.......................................

3,168

2,639

Niagara

Mohawk

Power

Corp.

,

.29

%

,

1/17/34

,

Callable

10/17/33

@

(a) .............

3,550

3,518

Oglethorpe

Power

Corp.

.20

%

,

12/1/42

....................................................

3,392

2,671

.50

%

,

4/1/47

,

Callable

10/1/46

@

...................................

3,750

3,024

.80

%

,

6/1/54

,

Callable

12/1/53

@

(a) .................................

1,000

960

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Oncor

Electric

Delivery

Co.

LLC

.35

%

,

4/1/35

,

Callable

1/1/35

@

(a) ..................................

$

1,417

$

1,436

.75

%

,

4/1/45

,

Callable

10/1/44

@

...................................

5,000

3,803

PECO

Energy

Co.

,

.00

%

,

9/15/49

,

Callable

3/15/49

@

........................

7,000

4,551

Potomac

Electric

Power

Co.

,

.15

%

,

3/15/43

,

Callable

9/15/42

@

.................

5,000

4,122

Public

Service

Co.

of

Colorado

,

.70

%

,

1/15/51

,

Callable

7/15/50

@

...............

7,000

4,058

Public

Service

Electric

&

Gas

Co.

,

.80

%

,

3/1/46

,

MTN

,

Callable

9/1/45

@

..........

8,000

6,126

Rayburn

Country

Securitization

LLC

,

.31

%

,

12/1/30

(a) ...........................

4,396

4,148

South

Jersey

Industries,

Inc.

,

.02

%

,

4/15/31

...................................

9,000

7,327

Southwestern

Public

Service

Co.

,

.15

%

,

5/1/50

,

Callable

11/1/49

@

...............

10,000

6,424

The

AES

Corp.

,

.45

%

,

1/15/31

,

Callable

10/15/30

@

..........................

9,000

7,709

The

Southern

Co.

,

.00

%

(H15T5Y

+

bps)

,

1/15/51

,

Callable

10/15/25

@

(c) ........

5,450

5,377

Tri-State

Generation

and

Transmission

Association,

Inc.

.70

%

,

11/1/44

,

Callable

5/1/44

@

...................................

5,000

3,923

.25

%

,

6/1/46

,

Callable

12/1/45

@

...................................

10,000

7,294

Union

Electric

Co.

,

.20

%

,

4/1/34

,

Callable

1/1/34

@

..........................

2,500

2,529

192,957

Total

Corporate

Bonds

(Cost

$1,608,363)

a

a

a

1,465,809

Yankee

Dollars

(11.0%)

Communication

Services

(0.1%):

Rogers

Communications,

Inc.

,

.50

%

,

3/15/42

,

Callable

9/15/41

@

................

5,500

4,603

Consumer

Discretionary

(0.3%):

International

Game

Technology

PLC

,

.25

%

,

1/15/29

,

Callable

6/5/25

@

101.31 (a) ........

5,500

5,376

Nemak

SAB

de

CV

,

.63

%

,

6/28/31

,

Callable

3/28/31

@

(a) (h) ...................

7,192

5,728

11,104

Consumer

Staples

(0.7%):

Alimentation

Couche-Tard,

Inc.

,

.95

%

,

1/25/30

,

Callable

10/25/29

@

(a) ............

5,000

4,620

Bacardi

Ltd.

,

.70

%

,

5/15/28

,

Callable

2/15/28

@

(a) ...........................

12,000

11,996

JBS

USA

Holding

LUX

SARL/JBS

USA

Food

Co./JBS

LUX

Co.

SARL

.50

%

,

1/15/27

,

Callable

12/15/26

@

.................................

6,500

6,275

.75

%

,

4/1/33

,

Callable

1/1/33

@

....................................

2,179

2,223

.75

%

,

3/15/34

,

Callable

12/15/33

@

.................................

2,786

3,022

28,136

Energy

(0.8%):

Aker

BP

ASA

,

.00

%

,

1/15/31

,

Callable

10/15/30

@

(a) ........................

9,250

8,632

Canadian

Natural

Resources

Ltd.

,

.40

%

,

12/15/34

,

Callable

9/15/34

@

(a) ...........

2,400

2,329

Harbour

Energy

PLC

,

.33

%

,

4/1/35

,

Callable

1/1/35

@

(a) ......................

3,000

2,865

Korea

National

Oil

Corp.

,

.63

%

,

4/18/32

(a) ...................................

6,000

5,188

TransCanada

PipeLines

Ltd.

,

.79

%

(TSFR3M

+

bps)

,

5/15/67

,

Callable

6/5/25

@

(c) .

10,124

8,836

Var

Energi

ASA

,

.00

%

,

11/15/32

,

Callable

8/15/32

@

(a) .......................

3,750

4,107

31,957

Financials

(4.9%):

ABN

AMRO

Bank

NV

,

.75

%

,

7/28/25

(a) .....................................

6,000

5,988

Allianz

SE

,

.35

%

(H15T5Y

+

bps)

,

9/6/53

,

Callable

3/6/33

@

(a) (c) .............

2,000

2,050

Ascot

Group

Ltd.

,

.25

%

,

12/15/30

,

Callable

12/15/25

@

(a) .....................

7,802

6,846

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

.53

%

(H15T5Y

+

bps)

,

10/1/28

(a) (c) .......................................

1,000

1,050

Banco

Santander

SA

,

.92

%

,

8/8/33

.........................................

4,000

4,263

Bank

of

Montreal

,

.09

%

(H15T5Y

+

bps)

,

1/10/37

,

Callable

1/10/32

@

(c) ........

6,500

5,498

Barclays

PLC

.39

%

(H15T1Y

+

bps)

,

11/2/28

,

Callable

11/2/27

@

(c) ..................

5,000

5,305

.89

%

(H15T1Y

+

bps)

,

11/24/32

,

Callable

11/24/31

@

(c) ................

5,000

4,348

.22

%

(SOFR

+

bps)

,

5/9/34

,

Callable

5/9/33

@

(c) ......................

3,000

3,123

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

.45

%

(H15T5Y

+

bps)

,

6/29/38

,

Callable

6/29/33

@

(a) ..................

3,125

3,248

.13

%

(H15T5Y

+

bps)

,

1/8/39

,

Callable

1/8/34

@

(a) (c) ..................

5,000

5,087

BNP

Paribas

SA

,

.63

%

,

3/13/27

(a) ..........................................

4,500

4,489

BP

Capital

Markets

PLC

.38

%

(H15T5Y

+

bps)

,

Callable

6/22/25

@

(c) (f) .......................

1,966

1,956

.88

%

(H15T5Y

+

bps)

,

Callable

3/22/30

@

(c) (f) .......................

4,000

3,802

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) BPCE

SA

.50

%

,

10/23/27

(a) ..................................................

$

5,000

$

4,866

.51

%

(SOFR

+

bps)

,

1/18/35

,

Callable

1/18/34

@

(a) (c) ..................

3,500

3,569

Canadian

Imperial

Bank

of

Commerce

.26

%

,

4/10/32

(a) ..................................................

4,701

4,875

.09

%

,

10/3/33

,

Callable

7/3/33

@

...................................

1,500

1,592

Deutsche

Bank

AG

.88

%

(USISOA05

+

bps)

,

12/1/32

,

Callable

12/1/27

@

(c) ................

10,000

9,770

.74

%

(SOFR

+

bps)

,

1/7/33

,

Callable

10/7/31

@

(c) .....................

5,000

4,413

HSBC

Holdings

PLC

,

.21

%

(SOFR

+

bps)

,

8/17/29

,

Callable

8/17/28

@

(c) ........

8,500

7,847

Imperial

Brands

Finance

PLC

,

.88

%

,

7/26/29

,

Callable

4/26/29

@

(a) ..............

5,000

4,821

Lloyds

Banking

Group

PLC

.57

%

(US0003M

+

bps)

,

11/7/28

,

Callable

11/7/27

@

(c) (i) ...............

5,000

4,871

.95

%

(H15T1Y

+

bps)

,

11/15/33

,

Callable

8/15/32

@

(c) .................

2,121

2,413

Macquarie

Bank

Ltd.

,

.05

%

(H15T5Y

+

bps)

,

3/3/36

,

Callable

3/3/31

@

(a) (c) ......

8,750

7,690

Mizuho

Financial

Group,

Inc.

.56

%

,

9/13/31

....................................................

5,000

4,293

.17

%

(H15T1Y

+

bps)

,

5/22/32

,

Callable

5/22/31

@

(c) ...................

5,000

4,278

NatWest

Group

PLC

,

.08

%

(US0003M

+

bps)

,

1/27/30

,

Callable

1/27/29

@

(c) (i) ....

6,000

6,049

QBE

Insurance

Group

Ltd.

,

.88

%

(H15T5Y

+

551

bps)

,

Callable

5/12/25

@

(a) (c) (f) ....

5,000

4,996

RenaissanceRe

Holdings

Ltd.

,

.80

%

,

4/1/35

,

Callable

1/1/35

@

..................

2,857

2,935

Societe

Generale

SA

.49

%

(H15T1Y

+

bps)

,

12/14/26

,

Callable

12/14/25

@

(a) (c) ..............

8,500

8,321

.22

%

(H15T1Y

+

bps)

,

6/15/33

,

Callable

6/15/32

@

(a) (c) (h) ..............

9,000

9,146

Standard

Chartered

PLC

,

.87

%

(USISOA05

+

bps)

,

3/15/33

,

Callable

3/15/28

@

(a) (c) 3,750

3,708

Sumitomo

Mitsui

Financial

Group,

Inc.

,

.22

%

,

9/17/31

...........................

8,500

7,300

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

.05

%

,

3/13/35

(a) .............................

1,500

1,473

The

Bank

of

Nova

Scotia

,

.90

%

(H15T5Y

+

bps)

,

Callable

6/4/25

@

(c) (f) ........

6,742

6,726

The

Toronto-Dominion

Bank

.63

%

(USSW5

+

bps)

,

9/15/31

,

Callable

9/15/26

@

(c) ...................

10,000

9,801

.15

%

(H15T5Y

+

bps)

,

9/10/34

,

Callable

9/10/29

@

(c) ..................

3,200

3,183

UBS

Group

AG

,

.87

%

(US0003M

+

bps)

,

1/12/29

,

Callable

1/12/28

@

(a) (c) (i) .....

4,445

4,356

Washington

Aircraft

Co.

DAC

(NBGA

-

United

States

Government)

,

.64

%

,

9/15/26

.....

957

935

Westpac

Banking

Corp.

,

.32

%

(USISOA05

+

bps)

,

11/23/31

,

Callable

11/23/26

@

(c) .

5,000

4,960

196,240

Health

Care

(1.2%):

Olympus

Corp.

,

.14

%

,

12/8/26

,

Callable

11/8/26

@

(a) ........................

3,939

3,794

Royalty

Pharma

PLC

.40

%

,

9/2/34

,

Callable

6/2/34

@

....................................

8,500

8,422

.30

%

,

9/2/40

,

Callable

3/2/40

@

....................................

10,167

7,448

.55

%

,

9/2/50

,

Callable

3/2/50

@

....................................

2,500

1,638

Smith

&

Nephew

PLC

.03

%

,

10/14/30

,

Callable

7/14/30

@

.................................

10,240

8,882

.40

%

,

3/20/34

,

Callable

12/20/33

@

.................................

3,864

3,849

STERIS

Irish

FinCo

Unlimited

Co.

.70

%

,

3/15/31

,

Callable

12/15/30

@

.................................

3,000

2,664

.75

%

,

3/15/51

,

Callable

9/15/50

@

..................................

8,000

5,569

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

.15

%

,

10/1/26

....................

5,000

4,831

47,097

Industrials

(1.6%):

Air

Canada

Pass

Through

Trust

.13

%

,

5/15/25

(a) ..................................................

12,129

12,096

.60

%

,

3/15/27

(a) (h) ................................................

5,501

5,339

.75

%

,

12/15/27

(a) ..................................................

3,541

3,409

Aircastle

Ltd.

,

.50

%

,

7/18/28

,

Callable

6/18/28

@

(a) ..........................

3,000

3,116

BAE

Systems

PLC

,

.40

%

,

4/15/30

,

Callable

1/15/30

@

(a) ......................

3,500

3,314

Ferguson

Finance

PLC

.25

%

,

6/2/30

,

Callable

3/2/30

@

(a) ..................................

6,000

5,585

.65

%

,

4/20/32

,

Callable

1/20/32

@

(a) ................................

3,000

2,890

LG

Energy

Solution

Ltd.

,

.50

%

,

7/2/34

(a) .....................................

3,000

2,878

nVent

Finance

SARL

,

.65

%

,

5/15/33

,

Callable

2/15/33

@

......................

5,500

5,449

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Port

of

Newcastle

Investments

Financing

Pty

Ltd.

,

.90

%

,

11/24/31

,

Callable

8/24/31

@

(a) (h) .........................................................

$

6,000

$

5,812

Rolls-Royce

PLC

,

.63

%

,

10/14/25

,

Callable

7/14/25

@

(a) ......................

5,000

4,960

The

Weir

Group

PLC

,

.35

%

,

5/6/30

,

Callable

4/6/30

@

(a) ......................

3,150

3,164

Trane

Technologies

Financing

Ltd.

,

.25

%

,

3/3/33

,

Callable

12/3/32

@

.............

4,000

4,077

Turkish

Airlines

Pass

Through

Trust

,

.20

%

,

3/15/27

(a) ............................

2,708

2,612

64,701

Information

Technology

(0.3%):

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

,

.65

%

,

2/15/32

,

Callable

11/15/31

@

....

7,000

5,895

Open

Text

Corp.

,

.90

%

,

12/1/27

,

Callable

11/1/27

@

(a) ........................

1,765

1,814

SK

Hynix,

Inc.

,

.38

%

,

1/19/31

(a) ...........................................

5,000

4,348

12,057

Materials

(0.7%):

Alcoa

Nederland

Holding

BV

,

.13

%

,

3/15/31

,

Callable

3/15/27

@

103.56 (a) ............

675

695

ArcelorMittal

SA

,

.00

%

,

10/15/39

..........................................

4,000

4,353

Braskem

Netherlands

Finance

BV

,

.50

%

,

1/31/30

,

Callable

10/31/29

@

(a) ..........

4,000

3,316

CCL

Industries,

Inc.

,

.05

%

,

6/1/30

,

Callable

3/1/30

@

(a) .......................

7,235

6,591

Endeavour

Mining

PLC

,

.00

%

,

10/14/26

,

Callable

10/14/25

@

(a) ................

3,500

3,420

Minera

Mexico

SA

de

CV

,

.63

%

,

2/12/32

,

Callable

12/12/31

@

(a) ................

4,414

4,412

Rio

Tinto

Finance

USA

PLC

,

.25

%

,

3/14/35

,

Callable

12/14/34

@

................

2,660

2,670

25,457

Real

Estate

(0.1%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

.50

%

,

10/15/31

,

Callable

7/15/31

@

(a) ...........................................................

5,500

4,787

Utilities

(0.3%):

Enel

Chile

SA

,

.88

%

,

6/12/28

,

Callable

3/12/28

@

...........................

5,000

4,975

Enel

Finance

International

NV

,

.50

%

,

7/12/31

,

Callable

4/12/31

@

(a) ..............

5,000

4,347

GENM

Capital

Labuan

Ltd.

,

.88

%

,

4/19/31

,

Callable

1/19/31

@

(a) ...............

4,000

3,529

12,851

Total

Yankee

Dollars

(Cost

$457,244)

a

a

a

438,990

Municipal

Bonds

(2.5%)

California

(0.2%):

California

Infrastructure

&

Economic

Development

Bank

Revenue

,

Series

B

,

.03

%

,

7/1/38

.

3,340

3,540

City

of

El

Cajon

Revenue

Series

A

,

.09

%

,

4/1/29

..............................................

Series

A

,

.19

%

,

4/1/30

..............................................

Series

A

,

.29

%

,

4/1/31

,

Continuously

Callable

@100

.........................

550

Vista

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.13

%

,

9/1/30

,

Continuously

Callable

@100

...........

2,590

2,564

7,360

Connecticut

(0.1%):

State

of

Connecticut,

GO

,

Series

A

,

.43

%

,

4/15/28

..............................

1,500

1,481

Town

of

Hamden,

GO

,

.93

%

,

8/15/30

,

Continuously

Callable

@100

..................

3,845

3,807

5,288

Florida

(0.4%):

Florida

Development

Finance

Corp.

Revenue

,

Series

B

,

.22

%

,

2/1/32

,

Continuously

Callable

@100

...........................................................

4,080

3,657

Hillsborough

County

IDA

Revenue

,

.58

%

,

8/1/35

,

Continuously

Callable

@100

.........

8,500

7,352

Hillsborough

County

School

Board

Certificate

of

Participation

,

Series

B

,

.92

%

,

7/1/25

....

4,250

4,232

St.

Johns

County

IDA

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

.54

%

,

10/1/30

,

Continuously

Callable

@100

....................................

2,500

2,242

17,483

Georgia

(0.1%):

Savannah

Hospital

Authority

Revenue

,

Series

B

,

.99

%

,

7/1/38

......................

5,000

4,422

Hawaii

(0.2%):

State

of

Hawaii

Department

of

Business

Economic

Development

&

Tourism

Revenue

,

Series

,

.24

%

,

1/1/31

..................................................

7,377

7,215

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Illinois

(0.1%):

State

of

Illinois

Sales

Tax

Revenue

Series

B

,

.51

%

,

6/15/32

,

Continuously

Callable

@100

........................

$

2,000

$

1,725

Series

B

,

.66

%

,

6/15/33

,

Continuously

Callable

@100

........................

1,500

1,273

2,998

Indiana

(0.0%):(g)

Indiana

Finance

Authority

Revenue

,

Series

A

,

.62

%

,

7/1/36

........................

1,500

1,365

Louisiana

(0.2%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A

,

.28

%

,

2/1/36

,

Callable

2/1/34

@

.............................

2,950

2,870

Series

A

,

.48

%

,

8/1/39

,

Callable

8/1/37

@

.............................

3,775

3,600

6,470

Maryland

(0.1%):

Maryland

Economic

Development

Corp.

Revenue

Series

B

,

.25

%

,

6/1/29

..............................................

2,495

2,428

Series

B

,

.35

%

,

6/1/30

..............................................

1,325

1,280

Series

B

,

.40

%

,

6/1/31

..............................................

1,385

1,325

5,033

New

Jersey

(0.1%):

New

Jersey

Educational

Facilities

Authority

Revenue

,

Series

E

,

.02

%

,

7/1/39

...........

3,000

2,659

South

Jersey

Transportation

Authority

Revenue

,

Series

B

,

.38

%

,

11/1/27

...............

1,030

984

3,643

Oklahoma

(0.3%):

Oklahoma

Development

Finance

Authority

Revenue

,

Series

C

,

.45

%

,

8/15/28

...........

9,750

9,601

Pennsylvania

(0.3%):

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

,

Series

SE

,

.73

%

,

7/15/43

...

3,000

2,314

Public

Parking

Authority

of

Pittsburgh

Revenue

.33

%

,

12/1/29

....................................................

895

813

.58

%

,

12/1/31

,

Continuously

Callable

@100

...............................

825

723

Scranton

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.05

%

,

4/1/29

.....................................................

800

770

.10

%

,

4/1/30

.....................................................

950

903

.15

%

,

4/1/31

.....................................................

State

Public

School

Building

Authority

Revenue

.05

%

,

4/1/28

.....................................................

2,000

1,931

.15

%

,

4/1/30

.....................................................

4,460

4,215

11,903

Texas

(0.3%):

County

of

Bexar

Revenue

,

.53

%

,

8/15/34

,

Continuously

Callable

@100

...............

2,800

2,309

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

.34

%

,

11/15/37

......

2,000

1,738

Port

of

Corpus

Christi

Authority

of

Nueces

County

Revenue

,

.49

%

,

12/1/25

............

1,000

995

San

Antonio

Education

Facilities

Corp.

Revenue

.38

%

,

4/1/28

.....................................................

1,500

1,375

.65

%

,

4/1/30

.....................................................

1,150

1,000

.73

%

,

4/1/31

.....................................................

750

634

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

.08

%

,

9/1/28

.....................................................

600

557

.57

%

,

9/1/32

,

Continuously

Callable

@100

...............................

1,000

860

.69

%

,

9/1/33

,

Continuously

Callable

@100

...............................

1,000

845

Waco

Educational

Finance

Corp.

Revenue

.69

%

,

3/1/28

.....................................................

1,500

1,402

.06

%

,

3/1/31

,

Continuously

Callable

@100

...............................

1,500

1,316

13,031

Wisconsin

(0.1%):

Public

Finance

Authority

Revenue

,

.63

%

,

6/1/51

................................

6,575

4,269

Total

Municipal

Bonds

(Cost

$109,801)

a

a

a

100,081

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Government

Agency

Mortgages

(9.1%)

Farm

Credit

Bank

of

Texas

Series

,

.70

%

(H15T5Y

+

542

bps)

(a) (c) (f) ................................

$

6,000

$

5,937

Federal

Farm

Credit

Banks

Funding

Corporation

.00

%

,

6/5/34

.....................................................

4,000

4,001

.60

%

,

8/5/39

.....................................................

4,000

3,996

7,997

Federal

Home

Loan

Mortgage

Corporation

.50

%

,

12/1/35

-

1/1/55

..............................................

42,539

42,685

.50

%

,

4/1/37

.....................................................

4,351

3,843

.00

%

,

3/1/38

-

1/1/55

...............................................

35,168

34,714

.50

%

,

5/1/42

.....................................................

4,024

3,563

.50

%

,

5/1/42

-

11/1/52

..............................................

12,205

11,177

.50

%

,

11/1/42

-

10/1/52

..............................................

8,606

8,314

.00

%

,

1/1/43

-

12/1/54

..............................................

11,970

11,255

.00

%

,

1/1/52

-

5/1/52

...............................................

7,966

6,952

.00

%

,

8/1/53

-

3/1/55

...............................................

11,827

12,035

134,538

Federal

National

Mortgage

Association

.50

%

,

2/1/28

-

3/1/52

...............................................

10,643

9,217

.50

%

,

4/1/31

-

3/1/32

...............................................

.00

%

,

6/1/33

-

12/1/54

..............................................

26,122

25,815

.50

%

,

9/1/35

-

3/1/55

...............................................

32,767

32,923

.00

%

,

5/1/36

-

8/1/54

...............................................

12,226

12,483

.00

%

,

4/1/38

-

7/1/53

...............................................

13,298

12,623

.50

%

,

12/1/42

-

6/1/52

..............................................

15,374

14,116

.00

%

,

2/1/50

-

12/1/51

..............................................

7,897

6,897

.50

%

,

12/1/52

-

3/1/53

..............................................

6,420

6,160

120,384

Government

National

Mortgage

Association

.00

%

,

1/15/26

-

7/15/32

.............................................

.50

%

,

4/15/26

-

10/15/31

.............................................

.50

%

,

6/15/26

-

8/15/29

.............................................

.00

%

,

9/15/28

-

9/20/53

.............................................

6,001

6,147

.50

%

,

4/20/33

-

9/20/53

.............................................

21,218

21,331

.00

%

,

8/15/33

-

4/20/54

.............................................

20,829

20,583

.50

%

,

9/20/51

-

7/20/53

.............................................

10,529

8,976

.00

%

,

3/20/52

-

11/20/53

.............................................

9,300

8,224

.50

%

,

4/20/52

....................................................

6,113

5,526

.50

%

,

8/20/52

-

9/20/53

.............................................

25,598

24,575

95,822

Total

U.S.

Government

Agency

Mortgages

(Cost

$366,386)

a

a

a

364,678

U.S.

Treasury

Obligations

(22.6%)

U.S.

Treasury

Bonds

.13

%

,

5/15/40

....................................................

10,000

6,258

.88

%

,

8/15/40

....................................................

32,000

29,655

.38

%

,

11/15/40

....................................................

30,000

19,270

.88

%

,

2/15/41

....................................................

9,000

6,238

.25

%

,

5/15/41

....................................................

70,000

51,253

.75

%

,

8/15/42

....................................................

35,000

27,016

.88

%

,

5/15/43

....................................................

10,000

7,772

.38

%

,

8/15/43

....................................................

20,000

19,284

.38

%

,

5/15/44

....................................................

12,000

9,969

.00

%

,

11/15/44

....................................................

25,000

19,441

.50

%

,

2/15/45

....................................................

55,000

39,093

.00

%

,

11/15/45

....................................................

21,000

16,163

.50

%

,

2/15/46

....................................................

15,000

10,507

.25

%

,

8/15/46

....................................................

42,950

28,414

.88

%

,

11/15/46

....................................................

10,000

7,439

.00

%

,

2/15/47

....................................................

23,000

17,444

.75

%

,

11/15/47

....................................................

12,000

8,625

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 3

.00

%

,

2/15/48

....................................................

$

25,000

$

18,766

.13

%

,

5/15/48

....................................................

30,000

23,016

.38

%

,

11/15/48

....................................................

25,000

19,973

.00

%

,

2/15/49

....................................................

24,000

17,865

.25

%

,

5/15/50

....................................................

30,000

14,597

.63

%

,

11/15/50

....................................................

35,000

18,659

.88

%

,

5/15/52

....................................................

10,000

7,127

.00

%

,

11/15/52

....................................................

10,000

8,873

.13

%

,

8/15/53

....................................................

17,000

15,414

.75

%

,

11/15/53

....................................................

10,000

10,059

.25

%

,

2/15/54

....................................................

10,000

9,264

U.S.

Treasury

Inflation

Indexed

Notes

,

.88

%

,

1/15/29

............................

12,635

12,488

U.S.

Treasury

Notes

.25

%

,

10/15/25

....................................................

6,000

6,002

.63

%

,

9/15/26

....................................................

9,000

9,105

.38

%

,

12/15/26

....................................................

20,000

20,215

.38

%

,

5/15/27

....................................................

10,000

9,759

.25

%

,

3/31/28

....................................................

7,000

6,551

.88

%

,

8/15/28

....................................................

16,000

15,639

.25

%

,

2/28/29

....................................................

10,000

10,213

.25

%

,

6/30/29

....................................................

20,000

19,677

.25

%

,

6/30/29

....................................................

15,000

15,332

.63

%

,

8/31/29

....................................................

10,000

9,980

.88

%

,

9/30/29

....................................................

20,000

20,150

.13

%

,

8/31/30

....................................................

50,000

50,863

.38

%

,

11/30/30

....................................................

6,000

6,172

.25

%

,

2/28/31

....................................................

9,000

9,197

.13

%

,

10/31/31

....................................................

10,000

10,130

.13

%

,

11/15/32

....................................................

20,000

20,197

.88

%

,

8/15/33

....................................................

54,000

53,317

.00

%

,

2/15/34

....................................................

38,000

37,721

.38

%

,

5/15/34

....................................................

5,000

5,097

.88

%

,

8/15/34

....................................................

35,000

34,300

.25

%

,

11/15/34

....................................................

35,000

35,279

Total

U.S.

Treasury

Obligations

(Cost

$1,021,205)

a

a

a

904,838

Commercial

Paper

(0.0%)(g)

Utilities

(0.0%):(g)

Evergy

Missouri

West,

Inc.

,

.57

%

,

5/1/25

(a) (j) .................................

2,200

2,199

Total

Commercial

Paper

(Cost

$2,200)

a

a

a

2,199

Shares

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(k) ........

7,681,687

7,682

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(k) ............

7,681,687

7,682

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(k) ...............

7,681,687

7,682

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(k) .

7,681,687

7,681

Total

Collateral

for

Securities

Loaned

(Cost

$30,727)

a

a

a

30,727

Total

Investments

(Cost

$4,303,687)

—

100.0%

4,004,763

Liabilities

in

excess

of

other

assets

— (0.0)%(g)

(365) NET

ASSETS

-

100.00%

$

4,004,398

At

April

30,

2025,

the

Fund's

investments

in

foreign

securities

were

11.2%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2025,

the

fair

value

of

these

securities

was

$1,037,540

(thousands)

and

amounted

to

25.9%

of

net

assets.

(b) Security

is

interest

only.

(c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

April

30,

2025. (d) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

April

30,

2025. (e) Rounds

to

less

than

$1

thousand.

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(f) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(g) Amount

represents

less

than

0.05%

of

net

assets.

(h) All

or

a

portion

of

this

security

is

on

loan.

(i) Securities

referencing

LIBOR

are

expected

to

transition

to

an

alternative

reference

rate

by

the

security's

next

scheduled

coupon

reset

date.

(j) Rate

represents

the

effective

yield

at

April

30,

2025. (k) Rate

disclosed

is

the

daily

yield

on

April

30,

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

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. H15T10Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

IDA

—

Industrial

Development

Authority

LIBOR

—

London

Interbank

Offered

Rate

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

April

30,

2025. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. US0003M

—

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

April

30,

2025,

based

on

the

last

reset

date

of

the

security.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

April

30,

2025. USSW5

—

USD

Year

Swap

Rate,

rate

disclosed

as

of

April

30,

2025. Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(31.9%)

ABS

Auto

(18.0%):

Ally

Auto

Receivables

Trust

...............................................

Series

2023-1,

Class

B,

5.76%,

1/15/29,

Callable

4/15/27

@

100(a)

...............

$

2,000

$

2,049

Series

2023-1

,

Class

D,

6.74%,

4/15/34,

Callable

4/15/27

@

100(a)

...............

1,268

1,307

Series

2023-A,

Class

C,

6.08%,

1/17/34,

Callable

6/15/27

@

100(a)

...............

2,826

2,867

Series

2023-A,

Class

D,

7.33%,

1/17/34,

Callable

6/15/27

@

100(a)

...............

1,333

1,392

Series

2024-1,

Class

B,

5.16%,

10/15/29,

Callable

6/15/27

@

................

1,263

1,282

Series

2024-1,

Class

C,

5.41%,

11/15/29,

Callable

6/15/27

@

................

1,500

1,523

Ally

Bank

Auto

Credit-Linked

Notes

.........................................

Series

2024-B,

Class

C,

5.22%,

9/15/32

,

Callable

11/15/27

@

100(a)

..............

1,893

1,898

Series

2024-B,

Class

D,

5.41%,

9/15/32,

Callable

11/15/27

@

100(a)

..............

1,069

1,064

American

Credit

Acceptance

Receivables

Trust

.................................

Series

2021-4,

Class

E,

3.12%,

2/14/28,

Callable

5/13/25

@

100(a)

...............

500

Series

2023-2,

Class

C,

5.96%,

8/13/29,

Callable

7/12/26

@

100(a)

...............

737

738

Series

2024-4,

Class

C,

4.91%,

8/12/31,

Callable

6/12/27

@

100(a)

...............

2,500

2,490

American

Heritage

Auto

Receivables

Trust

.....................................

Series

2024-1A,

Class

B,

5.32%,

9/16/30,

Callable

8/15/28

@

100(a)

..............

500

507

Series

2024-1A,

Class

C,

5.63%,

12/16/30,

Callable

8/15/28

@

100(a)

.............

611

622

Series

2024-1A,

Class

D,

6.34%,

1/18/33,

Callable

8/15/28

@

100(a)

..............

1,045

1,052

AmeriCredit

Automobile

Receivables

Trust

....................................

Series

2020-3,

Class

D,

1.49%,

9/18/26,

Callable

5/18/25

@

.................

596

594

Series

2021-1,

Class

D,

1.21%,

12/18/26,

Callable

6/18/25

@

................

2,135

2,124

ARI

Fleet

Lease

Trust

....................................................

Series

2022-A,

Class

A3,

3.43%,

1/15/31,

Callable

5/15/25

@

100(a)

..............

758

757

Series

2024-A,

Class

C,

5.38%,

11/15/32,

Callable

6/15/27

@

100(a)

..............

813

822

Series

2024-B,

Class

A3,

5.26%,

4/15/33,

Callable

8/15/27

@

100(a)

..............

3,150

3,214

Series

2024-B,

Class

B,

5.39%,

4/15/33,

Callable

8/15/27

@

100(a)

...............

550

559

Series

2024-B,

Class

C,

5.55%,

4/15/33,

Callable

8/15/27

@

100(a)

...............

1,031

1,048

Series

2025-A,

Class

C,

4.90%,

1/17/34,

Callable

10/15/28

@

100(a)

..............

1,625

1,613

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2020-1A,

Class

B,

2.68%,

8/20/26,

Callable

9/20/25

@

100(a)

..............

2,667

2,655

Series

2020-1A,

Class

D,

3.34%,

8/20/26,

Callable

9/20/25

@

100(a)

..............

833

829

Series

2021-1A,

Class

C,

2.13%,

8/20/27,

Callable

8/20/26

@

100(a)

..............

1,000

961

Series

2021-2A,

Class

C,

2.35%,

2/20/28,

Callable

2/20/27

@

100(a)

..............

800

758

Series

2022-5A,

Class

B,

7.09%,

4/20/27(a)

................................

2,500

2,533

Series

2023-5A,

Class

B,

6.12%,

4/20/28(a)

................................

2,000

2,027

Series

2023-5A,

Class

C,

6.85%,

4/20/28(a)

................................

1,000

1,018

Bridgecrest

Lending

Auto

Securitization

Trust,

Series

2024-4,

Class

B,

4.77%,

8/15/30,

Callable

8/15/28

@

..............................................

1,714

1,713

CarMax

Auto

Owner

Trust

................................................

Series

2021-3,

Class

D,

1.50%,

1/18/28,

Callable

9/15/25

@

.................

1,800

1,771

Series

2021-4,

Class

D,

1.48%,

3/15/28,

Callable

12/15/25

@

................

6,894

6,712

Series

2022-2,

Class

A3,

3.49%,

2/16/27

,

Callable

6/15/26

@

................

505

503

Series

2023-2,

Class

C,

5.57%,

11/15/28,

Callable

3/15/27

@

................

1,000

1,014

Series

2023-3,

Class

D,

6.44%,

12/16/30,

Callable

6/15/27

@

................

1,000

1,021

Series

2023-4,

Class

D,

7.16%,

4/15/30,

Callable

7/15/27

@

.................

1,000

1,037

Series

2024-1,

Class

C,

5.47%,

8/15/29,

Callable

8/15/27

@

.................

1,000

1,016

Series

2024-2,

Class

D,

6.42%,

10/15/30,

Callable

9/15/27

@

................

3,000

3,074

Series

2024-3,

Class

D,

.67%,

1/15/31,

Callable

11/15/27

@

................

1,238

1,248

Series

2024-4,

Class

D,

5.36%,

8/15/31,

Callable

12/15/27

@

................

1,480

1,477

CarMax

Select

Receivables

Trust,

Series

2024-A,

Class

B,

5.35%,

1/15/30,

Callable

2/15/28

@

.............................................................

1,500

1,513

Carvana

Auto

Receivables

Trust

............................................

Series

2020-P1,

Class

D,

1.82%,

9/8/27,

Callable

12/8/25

@

.................

2,068

2,023

Series

2021-N1,

Class

A,

0.70%,

1/10/28,

Callable

7/10/26

@

................

Series

2021-N1,

Class

B,

1.09%

,

1/10/28,

Callable

7/10/26

@

................

Series

2021-N1,

Class

C,

1.30%,

1/10/28,

Callable

7/10/26

@

................

Series

2021-N1,

Class

D,

1.50%,

1/10/28,

Callable

7/10/26

@

................

Series

2021-N2,

Class

A2,

0.97%,

3/10/28,

Callable

3/10/27

@

...............

Series

2021-N2,

Class

B,

0.75%,

3/10/28,

Callable

3/10/27

@

................

Series

2021-N2,

Class

C,

1.07%,

3/10/28,

Callable

3/10/27

@

................

Series

2021-N2,

Class

D,

1.27%,

3/10/28,

Callable

3/10/27

@

................

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2021-N3,

Class

A2,

1.11%,

6/12/28,

Callable

5/10/27

@

...............

$

1,853

$

1,796

Series

2021-N3,

Class

B,

0.66%,

6/12/28,

Callable

5/10/27

@

................

Series

2021-N3,

Class

C,

1.02%

,

6/12/28,

Callable

5/10/27

@

................

Chase

Auto

Owner

Trust

..................................................

Series

2023-AA,

Class

D,

6.85%,

6/25/31,

Callable

11/25/27

@

100(a)

............

5,000

5,313

Series

2024-1A,

Class

B,

5.16%,

11/26/29,

Callable

10/25/27

@

100(a)

............

643

655

Series

2024-1A,

Class

C,

5.36%,

1/25/30,

Callable

10/25/27

@

100(a)

.............

2,000

2,041

Series

2024-1A,

Class

D,

5.87%,

6/25/31,

Callable

10/25/27

@

100(a)

.............

2,340

2,423

Series

2024-2A,

Class

D,

6.15%,

8/25/31,

Callable

10/25/27

@

(a) .............

4,028

4,214

Series

2024-3A,

Class

D,

5.87%,

9/25/31,

Callable

10/25/27

@

100(a)

.............

2,750

2,861

Series

2024-4A,

Class

D,

5.79%,

11/25/31,

Callable

12/25/27

@

100(a)

............

700

727

Series

2024-5A,

Class

C,

4.62%,

8/26/30

,

Callable

1/25/28

@

100(a)

..............

500

Series

2024-5A,

Class

D,

4.97%,

1/26/32,

Callable

1/25/28

@

100(a)

..............

713

718

Chesapeake

Funding

II

LLC

...............................................

Series

2023-1A,

Class

B,

5.59%,

5/15/35,

Callable

5/15/26

@

100(a)

..............

1,192

1,199

Series

2023-1A,

Class

C,

6.07%,

5/15/35,

Callable

5/15/26

@

100(a)

..............

800

807

Series

2023-1A,

Class

D,

6.69%,

5/15/35,

Callable

5/15/26

@

100(a)

..............

1,500

1,517

Series

2023-2A,

Class

A1,

6.16%,

10/15/35,

Callable

10/15/26

@

100(a)

...........

Series

2023-2A,

Class

B,

5.97%,

10/15/35,

Callable

10/15/26

@

100(a)

............

1,582

1,621

Series

2023-2A,

Class

C,

6.15%,

10/15/35,

Callable

10/15/26

@

100(a)

............

2,294

2,357

Series

2024-1A,

Class

C,

5.60%,

5/15/36,

Callable

7/15/27

@

100(a)

..............

1,800

1,830

Citizens

Auto

Receivables

Trust

............................................

Series

2023-1,

Class

A4,

5.78%,

10/15/30,

Callable

1/15/27

@

100(a)

.............

3,000

3,067

Series

2023-2,

Class

A4,

5.74%,

10/15/30,

Callable

3/15/27

@

100(a)

.............

3,000

3,071

Series

2024-1,

Class

A4,

5.03%,

10/15/30,

Callable

5/15/27

@

100(a)

.............

2,000

2,025

CPS

Auto

Receivables

Trust,

Series

2022-D,

Class

B,

6.84%,

1/16/29,

Callable

6/15/27

@

100(a)

...........................................................

840

841

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2022-1A,

Class

B,

4.95%,

8/16/32,

Callable

1/15/26

@

100(a)

..............

997

997

Series

2022-3A,

Class

C,

8.45%,

2/15/33,

Callable

7/15/26

@

100(a)

..............

1,100

1,121

Series

2023-1A,

Class

B,

7.02%,

5/16/33,

Callable

10/15/26

@

100(a)

.............

2,000

2,037

Series

2023-1A,

Class

C,

7.71%,

7/15/33,

Callable

10/15/26

@

100(a)

.............

Series

2023-2A,

Class

C,

7.15%,

9/15/33,

Callable

11/15/26

@

100(a)

.............

4,000

4,103

Series

2023-3A,

Class

B,

7.09%,

10/17/33,

Callable

3/15/27

@

100(a)

.............

1,895

1,947

Series

2023-3A,

Class

C,

7.62%,

12/15/33,

Callable

3/15/27

@

100(a)

.............

4,886

5,088

Series

2023-5A,

Class

C,

7.30%,

4/17/34,

Callable

6/15/27

@

100(a)

..............

1,000

1,038

Series

2024-2A,

Class

C,

6.70%,

10/16/34,

Callable

4/15/28

@

100(a)

.............

1,000

1,034

Drive

Auto

Receivables

Trust,

Series

2021-2,

Class

D,

1.39%,

3/15/29,

Callable

9/15/25

@

1,594

1,575

DT

Auto

Owner

Trust,

Series

2022-2A,

Class

D,

5.46%,

3/15/28,

Callable

5/15/26

@

100(a)

.

2,000

2,002

Ent

Auto

Receivables

Trust

................................................

Series

2023-1A,

Class

A4,

6.26%,

11/15/29,

Callable

1/15/28

@

100(a)

............

2,250

2,308

Series

2023-1A,

Class

B,

6.45%,

1/15/30,

Callable

1/15/28

@

100(a)

..............

2,445

2,532

Series

2023-1A,

Class

C,

6.77%,

4/15/30,

Callable

1/15/28

@

100(a)

..............

1,310

1,366

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-2,

Class

A2,

4.65%,

5/21/29,

Callable

7/20/25

@

100(a)

..............

Series

2022-3,

Class

A3,

4.29%,

7/20/29

,

Callable

2/20/26

@

100(a)

..............

500

Series

2022-4,

Class

A3,

5.65%,

10/22/29,

Callable

6/20/26

@

100(a)

.............

2,000

2,030

Series

2023-1,

Class

A3,

5.42%,

10/22/29,

Callable

10/20/26

@

100(a)

............

1,778

1,800

Series

2023-2,

Class

A2

,

5.56%,

4/22/30,

Callable

12/20/26

@

100(a)

.............

527

531

Series

2023-3,

Class

A3,

6.41%,

6/20/30,

Callable

7/20/27

@

100(a)

..............

4,000

4,164

Series

2024-1,

Class

A3,

5.16%,

9/20/30,

Callable

8/20/27

@

100(a)

..............

2,000

2,037

Series

2024-2,

Class

A4,

5.69%,

12/20/30,

Callable

1/20/28

@

100(a)

.............

2,528

2,617

Series

2024-4,

Class

A3,

4.56%,

11/20/28,

Callable

8/20/28

@

100(a)

.............

2,000

2,008

Series

2025-1,

Class

A3,

4.82%,

2/20/29,

Callable

10/20/28

@

100(a)

.............

Exeter

Automobile

Receivables

Trust

.........................................

Series

2020-3A,

Class

F,

5.56%,

6/15/27,

Callable

6/15/25

@

100(a)

..............

1,440

1,440

Series

2022-5A,

Class

C,

6.51%,

12/15/27,

Callable

11/15/27

@

..............

823

826

Series

2025-1A,

Class

C,

5.09%,

5/15/31,

Callable

6/15/30

@

................

1,000

1,005

FCCU

Auto

Receivables

Trust

..............................................

Series

2024-1A,

Class

A4,

5.46%,

4/15/30,

Callable

1/15/28

@

100(a)

.............

2,828

2,877

Series

2024-1A,

Class

B,

5.71%,

7/15/30,

Callable

1/15/28

@

100(a)

..............

1,713

1,755

Series

2024-1A,

Class

C,

6.00%,

10/15/30,

Callable

1/15/28

@

100(a)

.............

551

566

Series

2024-1A,

Class

D,

6.78%,

7/15/32,

Callable

1/15/28

@

100(a)

..............

852

870

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) First

Investors

Auto

Owner

Trust,

Series

2023-1A,

Class

C,

6.81%,

12/17/29,

Callable

8/15/27

@

100(a)

.........................................................

$

3,000

$

3,104

Flagship

Credit

Auto

Trust

................................................

Series

2019-3,

Class

E,

3.84%,

12/15/26,

Callable

5/15/25

@

100(a)

..............

Series

2019-4,

Class

E,

4.11%,

3/15/27

,

Callable

5/15/25

@

100(a)

...............

3,522

3,502

Series

2021-2,

Class

D,

1.59%,

6/15/27,

Callable

7/15/26

@

100(a)

...............

2,430

2,360

Series

2022-2,

Class

B,

4.76%,

5/17/27(a)

.................................

2,000

1,998

Ford

Credit

Auto

Lease

Trust

..............................................

Series

2023-A

,

Class

C,

5.54%,

12/15/26,

Callable

7/15/25

@

................

720

720

Series

2023-B,

Class

C,

6.43%,

4/15/27,

Callable

3/15/26

@

.................

1,571

1,588

Series

2023-B,

Class

D,

6.97%,

6/15/28,

Callable

3/15/26

@

.................

565

573

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2021-2,

Class

D,

2.60%,

5/15/34,

Callable

11/15/26

@

100(a)

..............

850

815

Series

2023-1,

Class

B,

5.29%,

8/15/35,

Callable

2/15/28

@

100(a)

...............

822

835

Series

2023-1,

Class

C,

5.58%,

8/15/35

,

Callable

2/15/28

@

100(a)

...............

3,000

3,051

Series

2023-1,

Class

D,

6.26%,

8/15/35,

Callable

2/15/28

@

100(a)

...............

7,400

7,569

Foursight

Capital

Automobile

Receivables

Trust

.................................

Series

2022-1,

Class

B,

2.15%,

5/17/27,

Callable

9/15/25

@

100(a)

...............

Series

2022-2,

Class

B,

5.19%,

10/15/27,

Callable

3/15/26

@

100(a)

..............

1,282

1,282

Series

2023-1,

Class

B,

5.35%,

3/15/28,

Callable

10/15/26

@

100(a)

..............

1,253

1,254

Series

2023-1,

Class

C,

5.72%,

8/15/28

,

Callable

10/15/26

@

100(a)

..............

2,000

2,010

Series

2024-1,

Class

B,

5.55%,

5/15/29,

Callable

1/15/27

@

100(a)

...............

714

718

Series

2024-1,

Class

C,

5.77%,

11/15/29,

Callable

1/15/27

@

100(a)

..............

1,000

1,007

Series

2024-1,

Class

D,

.83%,

3/15/30,

Callable

1/15/27

@

100(a)

...............

1,000

1,014

GECU

Auto

Receivables

Trust

.............................................

Series

2023-1A,

Class

A4,

5.79%,

10/15/29,

Callable

2/15/28

@

100(a)

............

3,000

3,064

Series

2023-1A,

Class

B,

5.87%,

1/15/30,

Callable

2/15/28

@

(a) ..............

1,660

1,707

Series

2023-1A,

Class

C,

6.33%,

4/15/30,

Callable

2/15/28

@

100(a)

..............

998

1,036

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2021-3A,

Class

E,

3.20%,

10/16/28,

Callable

2/15/26

@

100(a)

.............

1,250

1,219

Series

2023-1A,

Class

D,

7.01%,

1/16/29,

Callable

7/15/27

@

100(a)

..............

1,750

1,787

Series

2024-2A,

Class

B,

5.77%,

11/15/28,

Callable

8/15/28

@

100(a)

.............

1,333

1,346

Series

2024-3A,

Class

B,

5.08%,

1/16/29,

Callable

10/15/28

@

100(a)

.............

2,000

2,008

Series

2025-1A,

Class

C,

5.07%,

11/15/30,

Callable

6/15/30

@

100(a)

.............

6,000

6,013

GLS

Auto

Select

Receivables

Trust

..........................................

Series

2023-2A,

Class

D,

8.22%,

2/18/31,

Callable

8/15/28

@

100(a)

..............

2,000

2,157

Series

2024-1A

,

Class

B,

5.32%,

3/15/30,

Callable

5/15/28

@

100(a)

..............

875

886

Series

2024-1A,

Class

C,

5.69%,

3/15/30,

Callable

5/15/28

@

100(a)

..............

1,000

1,015

Series

2024-2A,

Class

C,

5.93%,

6/17/30,

Callable

5/15/28

@

100(a)

..............

2,000

2,045

Series

2024-4A,

Class

C,

4.75%,

11/15/30,

Callable

12/15/28

@

100(a)

............

2,279

2,253

Series

2025-1A,

Class

C,

5.26%,

3/15/31,

Callable

4/15/30

@

100(a)

..............

1,806

1,811

Series

2025-1A,

Class

D,

5.74%,

4/15/32,

Callable

4/15/30

@

100(a)

..............

1,950

1,954

GM

Financial

Automobile

Leasing

Trust,

Series

2023-2,

Class

B,

5.54%,

5/20/27,

Callable

9/20/25

@

.....................................................

833

835

GMF

Floorplan

Owner

Revolving

Trust

.......................................

Series

2024-1A,

Class

B,

5.33%,

3/15/29(a)

................................

2,000

2,029

Series

2024-2A,

Class

B,

5.35%,

3/15/31(a)

................................

1,409

1,446

GreenState

Auto

Receivables

Trust

..........................................

Series

2024-1A,

Class

A4,

5.17%,

1/15/30,

Callable

1/15/28

@

100(a)

.............

4,500

4,544

Series

2024-1A,

Class

B,

5.42%,

1/15/30,

Callable

1/15/28

@

100(a)

..............

1,200

1,219

Series

2024-1A,

Class

C,

5.77%,

2/15/30,

Callable

1/15/28

@

100(a)

..............

1,929

1,969

Series

2024-1A,

Class

D,

6.50%,

6/15/32,

Callable

1/15/28

@

100(a)

..............

1,641

1,668

GTE

Auto

Receivables

Trust

...............................................

Series

2023-1,

Class

A3,

5.18%,

3/15/28,

Callable

1/15/27

@

100(a)

..............

823

824

Series

2023-1,

Class

A4,

5.12%,

4/16/29,

Callable

1/15/27

@

100(a)

..............

4,000

4,017

Series

2023-1,

Class

B,

5.39%,

8/15/29,

Callable

1/15/27

@

100(a)

...............

3,000

3,030

Series

2023-1,

Class

C,

5.88%,

11/15/29,

Callable

1/15/27

@

100(a)

..............

2,625

2,668

Hertz

Vehicle

Financing

III

LLC

............................................

Series

2022-1A,

Class

B,

2.19%,

6/25/26,

Callable

6/25/25

@

100(a)

..............

721

733

Series

2022-1A,

Class

C,

.63%,

6/25/26,

Callable

6/25/25

@

100(a)

..............

2,088

2,081

Series

2023-1A,

Class

B,

6.22%,

6/25/27(a)

................................

1,000

1,006

Series

2023-1A,

Class

C,

6.91%,

6/25/27(a)

................................

4,000

4,055

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Hyundai

Auto

Receivables

Trust,

Series

2024-C,

Class

B,

.67%,

1/15/31,

Callable

8/15/28

@

.............................................................

$

941

$

944

JPMorgan

Chase

Bank

NA

................................................

Series

2021-3,

Class

B,

0.76%,

2/26/29,

Callable

5/25/25

@

100(a)

...............

Series

2021-3,

Class

D,

1.01%,

2/26/29,

Callable

5/25/25

@

100(a)

...............

Series

2021-3,

Class

E,

2.10%,

2/26/29,

Callable

5/25/25

@

100(a)

...............

Series

2021-3,

Class

F,

3.69%,

2/26/29,

Callable

5/25/25

@

100(a)

...............

1,150

1,149

LAD

Auto

Receivables

Trust

...............................................

Series

2021-1A,

Class

C,

2.35%,

4/15/27,

Callable

12/15/25

@

100(a)

.............

2,557

2,547

Series

2022-1A,

Class

A,

5.21%,

6/15/27,

Callable

9/15/26

@

100(a)

..............

Series

2022-1A,

Class

B,

5.87%,

9/15/27,

Callable

9/15/26

@

100(a)

..............

1,600

1,605

Series

2022-1A,

Class

C,

6.85%,

4/15/30,

Callable

9/15/26

@

100(a)

..............

2,000

2,032

Series

2023-1A,

Class

B,

5.59%,

8/16/27,

Callable

1/15/27

@

100(a)

..............

1,200

1,203

Series

2023-1A,

Class

C,

6.18%,

12/15/27,

Callable

1/15/27

@

100(a)

.............

2,000

2,019

Series

2023-1A

,

Class

D,

7.30%,

6/17/30,

Callable

1/15/27

@

100(a)

..............

1,811

1,857

Series

2023-2A,

Class

D,

6.30%,

2/15/31,

Callable

3/15/27

@

100(a)

..............

1,400

1,423

Series

2023-3A,

Class

D,

6.92%,

12/16/30,

Callable

7/15/27

@

100(a)

.............

1,820

1,877

Series

2024-1A,

Class

C,

5.64%,

6/15/29,

Callable

6/15/27

@

100(a)

..............

614

622

Series

2024-3A,

Class

D,

5.18%,

2/17/32,

Callable

12/15/27

@

100(a)

.............

762

752

Series

2025-1A,

Class

B,

5.05%,

5/15/30,

Callable

2/15/28

@

100(a)

..............

2,000

2,018

Series

2025-1A,

Class

C,

5.11%,

7/15/30,

Callable

2/15/28

@

100(a)

..............

3,000

2,995

Series

2025-1A,

Class

D,

5.52%,

5/17/32,

Callable

2/15/28

@

100(a)

..............

4,000

3,983

Lobel

Automobile

Receivables

Trust

.........................................

Series

2023-2,

Class

A,

7.59%,

4/16/29,

Callable

9/15/26

@

100(a)

...............

Series

2025-1,

Class

B,

5.20%,

4/17/28,

Callable

12/15/27

@

100(a)

..............

2,000

2,006

Series

2025-1,

Class

C,

5.70%,

1/15/30,

Callable

12/15/27

@

100(a)

..............

4,000

4,036

Series

2025-1,

Class

D,

6.19%,

2/15/30,

Callable

12/15/27

@

100(a)

..............

2,500

2,523

M&T

Bank

Auto

Receivables

Trust,

Series

2025-1A,

Class

A3,

4.73%,

6/17/30,

Callable

6/15/28

@

100(a)

...................................................

2,500

2,526

Merchants

Fleet

Funding

LLC

..............................................

Series

2023-1A,

Class

A,

7.21%,

5/20/36,

Callable

4/20/26

@

100(a)

..............

2,265

2,278

Series

2023-1A,

Class

B,

7.25%,

5/20/36,

Callable

4/20/26

@

100(a)

..............

4,000

4,056

Series

2023-1A,

Class

D,

8.20%,

5/20/36,

Callable

4/20/26

@

100(a)

..............

730

743

Series

2024-1A,

Class

A,

5.82%,

4/20/37,

Callable

4/20/27

@

100(a)

..............

1,939

1,953

Series

2024-1A,

Class

B,

5.95%,

4/20/37,

Callable

4/20/27

@

100(a)

..............

2,638

2,683

Series

2024-1A,

Class

C,

6.18%,

4/20/37,

Callable

4/20/27

@

100(a)

..............

4,107

4,167

Series

2024-1A,

Class

D,

6.85%,

4/20/37,

Callable

4/20/27

@

100(a)

..............

5,650

5,749

Navistar

Financial

Dealer

Note

Master

Owner

Trust

..............................

Series

2024-1,

Class

A,

5.59%,

4/25/29(a)

.................................

2,000

2,016

Series

2024-1,

Class

B,

5.79%,

4/25/29(a)

.................................

650

657

Series

2024-1,

Class

C,

6.13%,

4/25/29(a)

.................................

950

958

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Series

2023-1,

Class

A,

6.18%,

8/25/28(a)

........................................................

828

831

OCCU

Auto

Receivables

Trust

.............................................

Series

2022-1A,

Class

C,

6.52%,

11/15/29,

Callable

7/15/27

@

100(a)

.............

1,690

1,750

Series

2023-1A,

Class

A4,

6.29%,

9/17/29,

Callable

11/15/27

@

100(a)

............

2,775

2,846

Series

2023-1A,

Class

B,

6.51%,

9/17/29,

Callable

11/15/27

@

100(a)

.............

2,000

2,075

Series

2023-1A,

Class

C,

6.82%,

9/17/29,

Callable

11/15/27

@

100(a)

.............

2,250

2,341

Series

2023-1A,

Class

D,

7.88%,

12/15/31,

Callable

11/15/27

@

100(a)

............

4,500

4,724

Oscar

US

Funding

XII

LLC,

Series

2021-1A,

Class

A4,

1.00%,

4/10/28,

Callable

5/10/25

@

100(a)

...........................................................

2,231

2,199

Oscar

US

Funding

XIII

LLC,

Series

2021-2A,

Class

A4,

1.27%,

9/11/28,

Callable

6/10/25

@

100(a)

...........................................................

4,217

4,131

Oscar

US

Funding

XIV

LLC,

Series

2022-1A,

Class

A4,

2.82%,

4/10/29,

Callable

4/10/26

@

100(a)

...........................................................

1,297

1,276

Oscar

US

Funding

XVII

LLC,

Series

2024-2A,

Class

A3,

4.47%,

3/12/29,

Callable

11/10/28

@

100(a)

...........................................................

2,000

1,995

PenFed

Auto

Receivables

Owner

Trust

........................................

Series

2022-A,

Class

A4,

4.18%,

12/15/28,

Callable

3/15/26

@

100(a)

.............

739

737

Series

2022-A,

Class

B,

4.60%,

12/15/28,

Callable

3/15/26

@

100(a)

..............

2,299

2,293

Series

2022-A,

Class

C,

4.83%,

12/15/28,

Callable

3/15/26

@

100(a)

..............

1,833

1,831

Series

2022-A,

Class

D,

5.85%,

6/17/30,

Callable

3/15/26

@

100(a)

...............

1,412

1,419

Series

2024-A,

Class

A4,

4.75%,

3/15/30,

Callable

1/15/29

@

100(a)

..............

1,000

999

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-A,

Class

C,

5.20%,

9/16/30,

Callable

1/15/29

@

100(a)

...............

$

1,000

$

1,002

Series

2024-A,

Class

D,

5.78%,

9/15/32,

Callable

1/15/29

@

100(a)

...............

1,000

986

Prestige

Auto

Receivables

Trust

............................................

Series

2023-1A,

Class

C,

5.65%,

2/15/28,

Callable

6/15/27

@

100(a)

..............

2,000

2,006

Series

2023-2A,

Class

C,

7.12%,

8/15/29,

Callable

2/15/28

@

100(a)

..............

4,000

4,095

Series

2024-2A,

Class

B,

4.56%,

2/15/29,

Callable

5/15/28

@

100(a)

..............

800

797

Series

2025-1A,

Class

C,

5.52%,

2/15/30,

Callable

5/15/29

@

100(a)

..............

529

531

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2022-A,

Class

B,

5.28%,

5/15/32,

Callable

1/15/26

@

100(a)

...............

Series

2022-A,

Class

C,

7.38%,

5/15/32,

Callable

1/15/26

@

100(a)

...............

Series

2022-A,

Class

D,

9.97%,

5/15/32,

Callable

1/15/26

@

100(a)

...............

2,072

2,091

Series

2022-C,

Class

B,

6.45%,

12/15/32,

Callable

11/15/26

@

100(a)

.............

Series

2022-C,

Class

C,

6.99%,

12/15/32,

Callable

11/15/26

@

(a) .............

Series

2022-C,

Class

D,

8.20%,

12/15/32,

Callable

11/15/26

@

100(a)

.............

507

509

Series

2022-C,

Class

E,

11.37%,

12/15/32,

Callable

11/15/26

@

100(a)

............

Series

2023-A,

Class

B,

6.49%,

6/15/33,

Callable

6/15/27

@

100(a)

...............

Series

2023-A,

Class

C,

6.74%,

6/15/33,

Callable

6/15/27

@

100(a)

...............

Series

2023-A,

Class

D,

7.08%,

6/15/33,

Callable

6/15/27

@

100(a)

...............

883

886

Series

2023-B,

Class

C,

5.93%,

12/15/33

,

Callable

9/15/27

@

100(a)

..............

633

637

Series

2023-B,

Class

D,

6.66%,

12/15/33,

Callable

9/15/27

@

100(a)

..............

2,876

2,904

Series

2024-A,

Class

D,

6.11%,

6/15/32,

Callable

1/15/28

@

100(a)

...............

1,844

1,853

Series

2024-A,

Class

E,

.76%,

6/15/32,

Callable

1/15/28

@

100(a)

...............

1,844

1,850

Series

2024-B,

Class

C,

5.14%,

1/18/33,

Callable

12/15/28

@

100(a)

..............

1,500

1,500

Series

2024-B,

Class

D,

5.48%,

1/18/33,

Callable

12/15/28

@

100(a)

..............

1,896

1,890

Series

2024-B,

Class

E,

6.80%,

1/18/33,

Callable

12/15/28

@

100(a)

..............

694

688

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A,

Class

A4,

5.70%,

8/15/29,

Callable

10/15/27

@

100(a)

............

2,700

2,752

Series

2023-1A,

Class

B,

6.08%,

11/15/29

,

Callable

10/15/27

@

100(a)

............

2,000

2,054

Series

2023-1A,

Class

C,

6.61%,

3/15/30,

Callable

10/15/27

@

100(a)

.............

5,635

5,859

Series

2023-1A,

Class

D,

7.34%,

11/17/31,

Callable

10/15/27

@

100(a)

............

2,730

2,832

Series

2024-1A,

Class

B,

5.33%,

7/15/30,

Callable

12/15/27

@

100(a)

.............

1,990

2,017

Series

2024-1A,

Class

C,

5.62%,

12/16/30,

Callable

12/15/27

@

100(a)

............

2,000

2,033

Securitized

Term

Auto

Receivables

Trust

......................................

Series

2025-A,

Class

B,

5.04%,

7/25/31

,

Callable

5/25/28

@

100(a)

...............

1,171

1,178

Series

2025-A,

Class

C,

5.19%,

7/25/31,

Callable

5/25/28

@

100(a)

...............

949

955

Series

2025-A,

Class

D,

6.75%,

7/25/31,

Callable

5/25/28

@

100(a)

...............

1,417

1,431

SFS

Auto

Receivables

Securitization

Trust

.....................................

Series

2023-1A,

Class

C,

5.97%,

2/20/31,

Callable

8/20/27

@

100(a)

..............

2,709

2,780

Series

2024-1A,

Class

B,

5.38%,

1/21/31,

Callable

9/20/27

@

100(a)

..............

1,260

1,283

Series

2024-1A,

Class

C,

.51%,

1/20/32,

Callable

9/20/27

@

100(a)

..............

1,500

1,526

Series

2024-2A,

Class

B,

5.41%,

8/20/30,

Callable

12/20/27

@

100(a)

.............

1,857

1,899

Series

2024-3A,

Class

A4,

4.60%,

11/20/31,

Callable

2/20/28

@

100(a)

............

1,000

1,008

Series

2024-3A,

Class

B,

4.76%,

11/20/31,

Callable

2/20/28

@

100(a)

.............

1,000

1,003

Tesla

Auto

Lease

Trust

...................................................

Series

2023-A,

Class

B,

6.41%,

7/20/27,

Callable

8/20/25

@

100(a)

...............

4,950

4,966

Series

2023-B,

Class

B,

6.57%,

8/20/27

,

Callable

11/20/25

@

100(a)

..............

2,025

2,040

Series

2024-A,

Class

A4,

5.31%,

12/20/27,

Callable

6/20/26

@

100(a)

.............

1,000

1,010

Series

2024-A,

Class

B,

5.55%,

5/22/28,

Callable

6/20/26

@

100(a)

...............

1,000

1,008

Series

2024-B,

Class

B,

5.11%,

8/21/28,

Callable

11/20/26

@

100(a)

..............

2,083

2,091

Tesla

Electric

Vehicle

Trust

................................................

Series

2023-1,

Class

A4,

5.38%,

2/20/29,

Callable

6/20/27

@

100(a)

..............

1,500

1,528

Series

2023-1,

Class

B,

5.82%,

5/20/31,

Callable

6/20/27

@

100(a)

...............

1,950

2,003

Toyota

Lease

Owner

Trust,

Series

2023-A,

Class

A4,

5.05%,

8/20/27,

Callable

8/20/25

@

100(a)

...........................................................

3,000

3,002

U.S.

Bank

NA,

Series

2023-1,

Class

B,

6.79%,

8/25/32,

Callable

9/25/26

@

100(a)

........

4,736

4,792

United

Auto

Credit

Securitization

Trust

.......................................

Series

2023-1,

Class

C,

6.28%,

7/10/28,

Callable

12/10/26

@

100(a)

..............

1,234

1,234

Series

2024-1,

Class

B,

6.57%,

6/10/27,

Callable

3/10/27

@

100(a)

...............

2,500

2,507

Series

2025-1,

Class

C

,

5.15%,

6/10/30,

Callable

8/10/28

@

100(a)

...............

4,000

3,996

Veridian

Auto

Receivables

Trust

............................................

Series

2023-1A,

Class

A3,

5.56%,

3/15/28,

Callable

7/15/27

@

100(a)

.............

2,021

2,026

Series

2023-1A,

Class

A4,

5.59%,

12/15/28,

Callable

7/15/27

@

100(a)

............

2,000

2,022

Series

2023-1A,

Class

B,

5.86%,

4/16/29,

Callable

7/15/27

@

100(a)

..............

3,133

3,196

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-1A,

Class

C,

6.37%,

7/16/29,

Callable

7/15/27

@

100(a)

..............

$

2,500

$

2,574

VStrong

Auto

Receivables

Trust

............................................

Series

2023-A,

Class

A3,

6.87%,

11/15/27(a)

...............................

500

502

Series

2023-A,

Class

B,

7.11%,

2/15/30,

Callable

11/15/27

@

100(a)

..............

3,000

3,073

Series

2024-A,

Class

A3,

5.62%,

12/15/28,

Callable

3/15/28

@

100(a)

.............

1,250

1,257

Series

2024-A,

Class

B,

5.77%,

7/15/30,

Callable

3/15/28

@

100(a)

...............

750

760

Series

2024-A,

Class

C,

6.44%,

7/15/30,

Callable

3/15/28

@

100(a)

...............

1,000

1,026

Westlake

Automobile

Receivables

Trust

.......................................

Series

2021-3A,

Class

D,

2.12%,

1/15/27,

Callable

10/15/25

@

100(a)

.............

746

739

Series

2022-2A,

Class

C,

4.85%,

9/15/27,

Callable

6/15/26

@

100(a)

..............

911

910

Series

2022-3A,

Class

C,

6.44%,

12/15/27,

Callable

7/15/26

@

100(a)

.............

2,000

2,014

Series

2023-1A,

Class

B,

5.41%,

1/18/28,

Callable

12/15/26

@

100(a)

.............

1,000

1,001

Series

2023-4A,

Class

D,

7.19%,

7/16/29,

Callable

4/15/27

@

100(a)

..............

3,000

3,095

Series

2023-P1,

Class

C,

6.44%,

6/15/27,

Callable

6/15/26

@

100(a)

..............

1,200

1,209

Series

2024-3A,

Class

B,

4.72%,

11/15/29,

Callable

1/15/28

@

100(a)

.............

1,000

998

Series

2024-3A,

Class

C,

4.92%,

11/15/29,

Callable

1/15/28

@

100(a)

.............

1,000

1,004

Series

2025-1A,

Class

B,

4.98%,

9/16/30,

Callable

9/15/28

@

100(a)

..............

625

631

Series

2025-1A,

Class

C,

5.14%,

10/15/30,

Callable

9/15/28

@

100(a)

.............

1,000

1,004

Wheels

Fleet

Lease

Funding

LLC

..........................................

Series

2023-1A,

Class

A,

5.80%,

4/18/38(a)

................................

631

635

Series

2023-1A,

Class

B,

5.80%,

4/18/38(a)

................................

1,345

1,361

Series

2023-1A,

Class

C,

6.18%,

4/18/38(a)

................................

3,333

3,387

Series

2023-2A,

Class

C,

6.94%,

8/18/38(a)

................................

2,769

2,862

Series

2023-2A,

Class

D,

7.38%,

8/18/38(a)

................................

3,644

3,796

Series

2024-1A,

Class

C,

5.69%,

2/18/39(a)

................................

2,625

2,666

Series

2024-2A,

Class

B,

4.84%,

6/21/39(a)

................................

833

832

Series

2024-2A,

Class

C,

4.89%,

6/21/39(a)

................................

2,000

1,999

Series

2024-3A,

Class

C,

5.21%,

9/19/39(a)

................................

2,056

2,066

World

Omni

Select

Auto

Trust

..............................................

Series

2021-A,

Class

D,

1.44%,

11/15/27,

Callable

10/15/25

@

...............

4,250

4,178

Series

2023-A,

Class

C,

6.00%,

1/16/29,

Callable

11/15/26

@

................

2,750

2,786

494,544

ABS

Card

(1.1%):

American

Express

Credit

Account

Master

Trust,

Series

2024-2,

Class

A,

5.24%,

4/15/31

....

2,000

2,079

CARDS

II

Trust,

Series

2024-1A,

Class

C,

5.84%,

7/16/29(a)

.......................

1,890

1,903

Evergreen

Credit

Card

Trust

...............................................

Series

2024-CRT4,

Class

B,

.25%,

10/15/28(a)

.............................

789

795

Series

2024-CRT4,

Class

C,

5.64%,

10/15/28(a)

.............................

903

908

Series

2025-CRT5,

Class

B,

5.24%,

5/15/29(a)

..............................

1,774

1,791

Series

2025-CRT5,

Class

C,

5.53%,

5/15/29(a)

..............................

1,111

1,117

Golden

Credit

Card

Trust,

Series

2021-1A,

Class

A,

1.14%,

8/15/28(a)

.................

5,000

4,802

Master

Credit

Card

Trust

II

................................................

Series

2023-1A,

Class

C,

5.87%,

6/21/27(a)

................................

2,200

2,206

Series

2023-2A,

Class

B,

6.26%,

1/21/27(a)

................................

821

823

Series

2023-2A,

Class

C,

6.89%,

1/21/27(a)

................................

953

956

Series

2023-3A,

Class

C,

7.08%,

10/21/30(a)

...............................

1,500

1,554

Series

2024-1A,

Class

B,

5.53%,

1/21/28(a)

................................

919

923

Series

2024-1A,

Class

C,

6.02%,

1/21/28(a)

................................

1,680

1,688

Synchrony

Card

Issuance

Trust,

Series

2025-A1,

Class

A,

4.78%,

2/15/31

..............

800

812

Trillium

Credit

Card

Trust

II

...............................................

Series

2023-1A,

Class

B,

5.23%,

3/26/31(a)

................................

1,000

1,009

Series

2023-1A,

Class

C,

6.06%,

3/26/31(a)

................................

1,500

1,533

Series

2023-3A,

Class

C,

6.94%,

8/26/28(a)

................................

3,033

3,046

Series

2024-1A,

Class

B,

5.50%,

12/26/28(a)

...............................

1,000

1,003

Series

2024-1A,

Class

C,

5.99%,

12/26/28(a)

...............................

1,120

1,124

30,072

ABS

Other

(12.8%):

AFG

ABS

I

LLC

.......................................................

Series

2023-1,

Class

A2,

6.30%,

9/16/30,

Callable

1/15/27

@

100(a)

..............

Series

2023-1,

Class

B,

7.51%,

9/16/30,

Callable

1/15/27

@

100(a)

...............

1,667

1,688

Aligned

Data

Centers

Issuer

LLC,

Series

2021-1A,

Class

A2,

1.94%,

8/15/46,

Callable

5/15/25

@

100(a)

.........................................................

5,500

5,260

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) AMSR

Trust

..........................................................

Series

2021-SFR1,

Class

A,

1.95%,

6/17/38(a)(b)

............................

$

2,000

$

1,850

Series

2021-SFR1,

Class

B,

2.15%,

6/17/38(a)(b)

............................

2,000

1,843

Series

2021-SFR1,

Class

C,

2.35%,

6/17/38(a)(b)

............................

1,200

1,102

Amur

Equipment

Finance

Receivables

X

LLC

..................................

Series

2022-1A,

Class

A2,

1.64%,

10/20/27,

Callable

9/20/25

@

100(a)

............

Series

2022-1A,

Class

B,

2.20%,

1/20/28,

Callable

9/20/25

@

100(a)

..............

4,162

4,128

Amur

Equipment

Finance

Receivables

XI

LLC

..................................

Series

2022-2A,

Class

A2,

5.30%,

6/21/28,

Callable

6/20/26

@

100(a)

.............

Series

2022-2A,

Class

B,

5.65%,

10/20/28,

Callable

6/20/26

@

100(a)

.............

2,000

2,019

Amur

Equipment

Finance

Receivables

XII

LLC

.................................

Series

2023-1A,

Class

B,

6.03%,

12/20/29,

Callable

6/20/27

@

100(a)

.............

750

767

Series

2023-1A,

Class

C,

6.36%,

12/20/29,

Callable

6/20/27

@

100(a)

.............

1,966

2,026

Series

2023-1A,

Class

D,

.48%,

7/22/30,

Callable

6/20/27

@

100(a)

..............

500

523

Amur

Equipment

Finance

Receivables

XIII

LLC

................................

Series

2024-1A,

Class

B,

5.37%,

1/21/31,

Callable

2/20/28

@

100(a)

..............

1,912

1,944

Series

2024-1A,

Class

C,

5.55%,

1/21/31,

Callable

2/20/28

@

100(a)

..............

2,722

2,771

Amur

Equipment

Finance

Receivables

XIV

LLC

................................

Series

2024-2A,

Class

B,

5.20%,

7/21/31,

Callable

8/20/28

@

100(a)

..............

1,000

1,014

Series

2024-2A,

Class

C,

5.38%,

7/21/31,

Callable

8/20/28

@

100(a)

..............

1,000

1,015

Atalaya

Equipment

Leasing

Trust

...........................................

Series

2021-1A,

Class

B,

2.08%,

2/15/27,

Callable

5/15/25

@

100(a)

..............

Series

2021-1A,

Class

C,

2.69%,

6/15/28,

Callable

5/15/25

@

100(a)

..............

2,000

1,967

Auxilior

Term

Funding

LLC

...............................................

Series

2023-1A,

Class

A3,

5.70%,

2/15/30,

Callable

2/15/28

@

100(a)

.............

3,000

3,066

Series

2023-1A,

Class

B,

6.05%,

6/17/30,

Callable

2/15/28

@

100(a)

..............

1,239

1,277

Series

2023-1A,

Class

C,

6.50%,

11/15/30

,

Callable

2/15/28

@

100(a)

.............

1,200

1,250

Series

2023-1A,

Class

D,

7.27%,

12/16/30,

Callable

2/15/28

@

100(a)

.............

1,000

1,052

Series

2024-1A,

Class

A3,

5.49%,

7/15/31,

Callable

3/15/29

@

100(a)

.............

2,000

2,050

Series

2024-1A,

Class

B,

5.69%,

7/15/31,

Callable

3/15/29

@

100(a)

..............

614

633

Series

2024-1A,

Class

C,

6.01%,

7/15/31,

Callable

3/15/29

@

100(a)

..............

750

779

Series

2024-1A,

Class

D,

6.79%,

7/15/31,

Callable

3/15/29

@

100(a)

..............

3,000

3,150

Barings

Equipment

Finance

LLC,

Series

2025-A,

Class

A2,

4.64%,

10/13/28(a)

..........

2,000

2,002

Blue

Bridge

Funding

LLC,

Series

2023-1A,

Class

A,

7.37%,

11/15/30,

Callable

11/15/26

@

100(a)

...........................................................

718

722

Blue

Owl

Asset

Leasing

Trust

..............................................

Series

2024-1A,

Class

B,

5.41%,

3/15/30,

Callable

8/15/27

@

100(a)

..............

851

852

Series

2024-1A,

Class

C,

6.38%,

1/15/31,

Callable

8/15/27

@

100(a)

..............

503

501

Capital

Automotive

REIT

.................................................

Series

2024-2A,

Class

A1,

4.90%,

5/15/54,

Callable

5/15/27

@

100(a)

.............

674

670

Series

2024-3A,

Class

A1,

4.40%,

10/15/54,

Callable

10/15/27

@

100(a)

...........

1,844

1,776

Capteris

Equipment

Finance

LLC,

Series

2024-1A,

Class

A2,

5.58%,

7/20/32,

Callable

11/20/28

@

100(a)

..................................................

2,631

2,661

CARS-DB5

LP,

Series

2021-1A,

Class

A1,

1.44%,

8/15/51,

Callable

5/15/25

@

100(a)

.....

1,850

1,765

CARS-DB7

LP,

Series

2023-1A,

Class

A1,

5.75%,

9/15/53,

Callable

9/15/26

@

100(a)

.....

2,819

2,840

CCG

Receivables

Trust

...................................................

Series

2021-2,

Class

C,

1.50%,

3/14/29,

Callable

5/14/25

@

100(a)

...............

1,487

1,485

Series

2023-1,

Class

B,

5.99%,

9/16/30,

Callable

7/14/26

@

100(a)

...............

2,010

2,044

Series

2023-1,

Class

C,

6.28%,

9/16/30,

Callable

7/14/26

@

100(a)

...............

3,556

3,615

Series

2023-2,

Class

C,

6.45%,

4/14/32,

Callable

5/14/27

@

100(a)

...............

3,250

3,357

Series

2023-2,

Class

D,

7.18%,

4/14/32,

Callable

5/14/27

@

100(a)

...............

1,300

1,353

Series

2024-1,

Class

C,

5.22%,

3/15/32,

Callable

4/14/28

@

100(a)

...............

2,000

2,011

Series

2025-1,

Class

D,

5.28%,

10/14/32,

Callable

10/14/28

@

100(a)

.............

1,087

1,078

CF

Hippolyta

Issuer

LLC,

Series

2021-1A,

Class

A1,

1.53%,

3/15/61,

Callable

5/15/25

@

100(a)

...........................................................

2,827

2,693

Clarus

Capital

Funding

LLC

...............................................

Series

2024-1A,

Class

B,

4.79%,

8/20/32,

Callable

4/20/28

@

100(a)

..............

1,170

1,166

Series

2024-1A,

Class

C,

5.01%,

8/20/32,

Callable

4/20/28

@

100(a)

..............

585

580

Cloud

Capital

Holdco

LP,

Series

2024-1A,

Class

A2,

5.78%,

11/22/49

,

Callable

11/22/27

@

100(a)

...........................................................

4,500

4,524

CNH

Equipment

Trust,

Series

2022-A,

Class

A3,

2.94%,

7/15/27,

Callable

11/15/26

@

..

Conn's

Receivables

Funding

LLC,

Series

2023-A,

Class

B,

10.00%,

1/17/28(a)

...........

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) CP

EF

Asset

Securitization

I

LLC,

Series

2022-1A,

Class

A,

5.96%,

4/15/30,

Callable

12/15/25

@

100(a)

.........................................................

$

$

CP

EF

Asset

Securitization

II

LLC,

Series

2023-1A,

Class

A,

7.48%,

3/15/32,

Callable

6/15/27

@

100(a)

.........................................................

1,202

1,214

Crossroads

Asset

Trust

...................................................

Series

2024-A,

Class

A2,

5.90%,

8/20/30,

Callable

3/20/28

@

100(a)

..............

1,680

1,697

Series

2024-A,

Class

B,

5.94%,

8/20/30,

Callable

3/20/28

@

100(a)

...............

2,518

2,571

Series

2024-A,

Class

C,

6.52%,

8/20/30

,

Callable

3/20/28

@

100(a)

...............

1,500

1,541

CyrusOne

Data

Centers

Issuer

I

LLC

.........................................

Series

2024-2A,

Class

A2,

4.50%,

5/20/49,

Callable

5/20/27

@

100(a)

.............

2,790

2,698

Series

2025-1A,

Class

A2,

5.91%,

2/20/50,

Callable

2/20/28

@

100(a)

.............

2,694

2,749

Dell

Equipment

Finance

Trust

..............................................

Series

2023-1,

Class

D,

6.80%,

3/22/29,

Callable

9/22/25

@

100(a)

...............

1,818

1,828

Series

2023-2,

Class

C,

6.06%,

1/22/29,

Callable

2/22/26

@

100(a)

...............

1,100

1,106

Series

2023-2,

Class

D,

6.74%,

7/23/29,

Callable

2/22/26

@

100(a)

...............

2,283

2,303

Series

2023-3,

Class

D,

6.75%,

10/22/29,

Callable

5/22/26

@

100(a)

..............

1,235

1,253

Series

2024-1,

Class

C,

5.73%,

3/22/30,

Callable

12/22/26

@

100(a)

..............

1,350

1,366

Series

2024-1,

Class

D,

6.12%,

9/23/30,

Callable

12/22/26

@

100(a)

..............

1,464

1,484

Series

2024-2,

Class

C,

4.99%,

8/22/30,

Callable

5/22/27

@

100(a)

...............

1,000

1,002

Series

2024-2,

Class

D,

5.29%,

2/24/31,

Callable

5/22/27

@

100(a)

...............

1,118

1,119

Series

2025-1,

Class

D,

5.64%,

8/22/31,

Callable

12/22/27

@

100(a)

..............

629

633

Dext

ABS

LLC

........................................................

Series

2021-1,

Class

C,

2.29%,

9/15/28,

Callable

1/15/26

@

100(a)

...............

4,284

4,242

Series

2023-1,

Class

A2,

5.99%,

3/15/32

,

Callable

2/15/27

@

100(a)

..............

Series

2023-1,

Class

B,

6.55%,

3/15/32,

Callable

2/15/27

@

100(a)

...............

5,430

5,537

Series

2023-1,

Class

D,

8.82%,

3/15/33,

Callable

2/15/27

@

100(a)

...............

600

622

Series

2023-2,

Class

B,

6.41%,

5/15/34,

Callable

10/15/27

@

100(a)

..............

3,000

3,062

Series

2023-2,

Class

D,

8.30%,

5/15/34,

Callable

10/15/27

@

100(a)

..............

1,666

1,786

Series

2025-1,

Class

B,

4.98%,

8/15/35,

Callable

4/15/29

@

100(a)

...............

1,000

990

Series

2025-1,

Class

C,

5.39%,

8/15/35,

Callable

4/15/29

@

100(a)

...............

1,000

994

Series

2025-1,

Class

D,

5.65%,

2/15/36,

Callable

4/15/29

@

100(a)

...............

2,000

1,914

Diamond

Infrastructure

Funding

LLC

........................................

Series

2021-1A,

Class

A,

1.76%,

4/15/49,

Callable

9/20/25

@

100(a)

..............

3,333

3,150

Series

2021-1A,

Class

B,

2.36%,

4/15/49,

Callable

9/20/25

@

100(a)

..............

3,000

2,824

Diamond

Issuer

LLC,

Series

2021-1A,

Class

B,

2.70%,

11/20/51,

Callable

11/20/25

@

100(a)

3,273

3,052

Diamond

Resorts

Owner

Trust

.............................................

Series

2021-1A,

Class

A,

1.51%,

11/21/33,

Callable

9/20/25

@

100(a)

.............

544

536

Series

2021-1A,

Class

B,

2.05%,

11/21/33,

Callable

9/20/25

@

100(a)

.............

DLLAA

LLC

..........................................................

Series

2023-1A,

Class

A3,

5.64 %,

2/22/28,

Callable

8/20/27

@

100(a)

.............

2,000

2,024

Series

2025-1A,

Class

A3,

4.95%,

9/20/29,

Callable

5/20/29

@

100(a)

.............

2,087

2,117

DLLAD

LLC

..........................................................

Series

2024-1A,

Class

A3,

5.30%,

7/20/29,

Callable

2/20/29

@

100(a)

.............

1,000

1,019

Series

2024-1A,

Class

A4,

5.38%,

9/22/31,

Callable

2/20/29

@

100(a)

.............

1,290

1,329

DLLMT

LLC

..........................................................

Series

2023-1A,

Class

A3,

5.34%,

3/22/27,

Callable

3/20/27

@

100(a)

.............

1,838

1,844

Series

2023-1A,

Class

A4,

5.35%,

3/20/31

,

Callable

3/20/27

@

100(a)

.............

1,143

1,158

Series

2024-1A,

Class

A4,

4.98%,

4/20/32,

Callable

6/20/28

@

100(a)

.............

1,406

1,429

FirstKey

Homes

Trust

....................................................

Series

2021-SFR1,

Class

B,

1.79%,

8/17/38(a)(b)

............................

3,000

2,889

Series

2021-SFR1,

Class

C,

1.89%,

8/17/38(a)(b)

............................

3,000

2,880

Series

2021-SFR2,

Class

B,

1.61%,

9/17/38(a)(b)

............................

2,308

2,209

Series

2021-SFR3,

Class

B,

2.44%,

12/17/38(a)(b)

...........................

1,000

964

Series

2021-SFR3,

Class

C,

2.54%,

12/17/38(a)(b)

...........................

1,750

1,688

Flexential

Issuer,

Series

2021-1A,

Class

A2,

3.25%,

11/27/51,

Callable

11/25/25

@

100(a)

..

5,000

4,765

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2023-1,

Class

C,

5.75%,

5/15/28(a)

....

1,597

1,613

Frontier

Issuer

LLC

.....................................................

Series

2023-1,

Class

B,

8.30%,

8/20/53,

Callable

7/20/26

@

100(a)

...............

1,867

1,921

Series

2023-1,

Class

C,

11.50%,

8/20/53,

Callable

7/20/26

@

100(a)

..............

1,100

1,153

Series

2024-1,

Class

C,

11.16%,

6/20/54

,

Callable

5/20/28

@

100(a)

..............

2,475

2,733

FRTKL,

Series

2021-SFR1,

Class

B,

1.72%,

9/17/38(a)(b)

.........................

1,500

1,439

Granite

Park

Equipment

Leasing

LLC

........................................

Series

2023-1A,

Class

B,

6.62%,

4/20/33,

Callable

8/20/25

@

100(a)

..............

654

679

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-1A,

Class

C,

6.97%,

8/22/33,

Callable

8/20/25

@

100(a)

..............

$

1,200

$

1,255

Series

2023-1A,

Class

D,

7.00%,

8/22/33,

Callable

8/20/25

@

100(a)

..............

800

801

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2023-1,

Class

B

,

5.21%,

3/15/30,

Callable

7/15/27

@

100(a)

...............

1,500

1,520

Series

2024-1,

Class

B,

5.18%,

12/16/30,

Callable

2/15/28

@

100(a)

..............

1,480

1,500

Series

2024-1,

Class

C,

5.43%,

12/15/31,

Callable

2/15/28

@

100(a)

..............

650

657

Series

2024-2,

Class

B,

5.23%,

5/15/31,

Callable

10/15/28

@

100(a)

..............

1,000

1,015

Series

2025-1,

Class

A3,

4.49%,

4/16/29(a)

................................

2,000

2,010

Series

2025-1,

Class

B,

4.77%,

1/15/32,

Callable

5/15/29

@

100(a)

...............

2,000

1,995

HPEFS

Equipment

Trust

..................................................

Series

2022-2A,

Class

D,

4.94%,

3/20/30,

Callable

11/20/25

@

100(a)

.............

1,200

1,197

Series

2022-3A,

Class

C,

6.13%,

8/20/29,

Callable

4/20/26

@

100(a)

..............

735

736

Series

2023-2A,

Class

D,

6.97%,

7/21/31

,

Callable

12/20/26

@

100(a)

.............

1,500

1,527

Series

2024-1A,

Class

D,

5.82%,

11/20/31,

Callable

8/20/27

@

100(a)

.............

3,838

3,882

Series

2024-2A,

Class

D,

5.82%,

4/20/32,

Callable

12/20/27

@

100(a)

.............

2,343

2,374

John

Deere

Owner

Trust,

Series

2024-B,

Class

A4,

5.19%,

5/15/31,

Callable

2/15/28

@

.

1,100

1,128

Kubota

Credit

Owner

Trust

................................................

Series

2022-1A,

Class

A3,

2.67%,

10/15/26,

Callable

1/15/26

@

100(a)

............

648

643

Series

2023-2A,

Class

A4,

5.23%,

6/15/28,

Callable

4/15/27

@

100(a)

.............

1,500

1,524

Series

2024-2A,

Class

A4,

5.19%,

5/15/30,

Callable

4/15/28

@

100(a)

.............

1,300

1,330

Series

2025-1A,

Class

A2,

4.61%,

12/15/27(a)

..............................

5,000

5,005

M&T

Equipment

LEAF1

Notes

.............................................

Series

2023-1A,

Class

A4,

5.75%,

7/15/30,

Callable

6/15/27

@

100(a)

.............

2,596

2,635

Series

2024-1A,

Class

A3,

4.76%,

8/18/31,

Callable

7/16/28

@

100(a)

.............

1,000

995

MMAF

Equipment

Finance

LLC

............................................

Series

2020-BA,

Class

A5,

0.85%,

4/14/42,

Callable

8/14/25

@

100(a)

.............

5,000

4,942

Series

2021-A,

Class

A4,

1.04%,

11/13/30(a)

...............................

2,000

1,940

Series

2022-A,

Class

A3,

3.20%,

1/13/28(a)

................................

1,113

1,104

Series

2023-A,

Class

A3,

5.54 %,

12/13/29(a)

...............................

2,250

2,291

Series

2023-A,

Class

A4,

5.50%,

12/13/38(a)

...............................

1,500

1,541

Series

2024-A,

Class

A4,

5.10%,

7/13/49,

Callable

5/13/30

@

100(a)

..............

1,100

1,126

MVW

LLC

...........................................................

Series

2021-1WA,

Class

A,

1.14%,

1/22/41

,

Callable

1/20/27

@

100(a)

............

Series

2021-1WA,

Class

B,

1.44%,

1/22/41,

Callable

1/20/27

@

100(a)

............

New

Economy

Assets

-

Phase

Sponsor

LLC

...................................

Series

2021-1,

Class

A1,

1.91%,

10/20/61,

Callable

5/20/25

@

100(a)

.............

4,516

4,215

Series

2021-1,

Class

B1,

2.41%,

10/20/61,

Callable

5/20/25

@

100(a)

.............

1,466

1,332

NMEF

Funding

LLC

....................................................

Series

2022-B,

Class

A2,

6.07%,

6/15/29,

Callable

7/15/26

@

100(a)

..............

Series

2022-B,

Class

B,

7.12%,

6/15/29,

Callable

7/15/26

@

100(a)

...............

1,000

1,006

Series

2023-A,

Class

B,

6.83%,

6/17/30,

Callable

6/15/27

@

100(a)

...............

2,500

2,549

Series

2024-A,

Class

A2,

5.15%,

12/15/31,

Callable

2/15/28

@

100(a)

.............

2,433

2,441

Series

2024-A,

Class

B,

5.32%,

12/15/31,

Callable

2/15/28

@

100(a)

..............

3,535

3,523

Series

2025-A,

Class

B,

5.18%,

7/15/32,

Callable

11/15/28

@

100(a)

..............

3,309

3,279

Series

2025-A,

Class

C,

5.79%,

7/15/32,

Callable

11/15/28

@

100(a)

..............

5,232

5,056

NP

SPE

II

LLC,

Series

2017-1A,

Class

A1,

3.37%,

10/21/47(a)

......................

916

889

NP

SPE

X

LP,

Series

2019-2A,

Class

C1,

6.44%,

11/19/49(a)

.......................

2,110

2,046

Pawnee

Equipment

Receivables

LLC

.........................................

Series

2021-1,

Class

B,

1.82%,

7/15/27,

Callable

8/15/25

@

100(a)

...............

933

931

Series

2022-1,

Class

A3,

5.17%,

2/15/28,

Callable

7/15/26

@

100(a)

..............

Series

2022-1,

Class

B,

5.40%,

7/17/28,

Callable

7/15/26

@

100(a)

...............

2,375

2,382

PEAC

Solutions

Receivables

LLC

...........................................

Series

2024-1A,

Class

A3,

5.64%,

11/20/30,

Callable

2/20/28

@

100(a)

............

2,500

2,536

Series

2024-1A,

Class

B,

5.79%,

11/20/30,

Callable

2/20/28

@

100(a)

.............

2,500

2,522

Series

2024-2A,

Class

A3,

4.65%,

10/20/31,

Callable

6/20/27

@

100(a)

............

1,429

1,424

Series

2024-2A,

Class

B,

4.83%,

10/20/31,

Callable

6/20/27

@

100(a)

.............

2,239

2,235

Series

2025-1A,

Class

A3,

5.04%,

7/20/32,

Callable

11/20/28

@

100(a)

............

1,675

1,667

Series

2025-1A,

Class

B,

5.20%,

7/20/32

,

Callable

11/20/28

@

100(a)

.............

1,529

1,522

Series

2025-1A,

Class

C,

5.49%,

7/20/32,

Callable

11/20/28

@

100(a)

.............

1,800

1,798

Post

Road

Equipment

Finance,

Series

2022-1A,

Class

B,

5.15%,

1/16/29,

Callable

2/15/26

@

100(a)

...........................................................

1,000

1,000

Post

Road

Equipment

Finance

LLC

..........................................

Series

2024-1A,

Class

B,

5.58%,

10/15/30,

Callable

4/15/27

@

100(a)

.............

1,254

1,270

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-1A,

Class

C,

5.81%,

10/15/30,

Callable

4/15/27

@

100(a)

.............

$

1,994

$

2,027

Series

2024-1A,

Class

D,

6.77%,

10/15/30,

Callable

4/15/27

@

100(a)

.............

1,250

1,284

Series

2025-1A,

Class

B,

5.04%,

5/15/31,

Callable

8/15/28

@

100(a)

..............

546

551

Series

2025-1A,

Class

C,

5.13%,

5/15/31,

Callable

8/15/28

@

100(a)

..............

2,195

2,212

Series

2025-1A,

Class

D,

5.43%,

5/15/31,

Callable

8/15/28

@

100(a)

..............

1,680

1,686

Series

2025-1A,

Class

E,

7.08%,

5/17/32,

Callable

8/15/28

@

100(a)

..............

2,353

2,387

Progress

Residential

Trust

.................................................

Series

2021-SFR4,

Class

B,

1.81%,

5/17/38

(a)(b) ............................

4,500

4,397

Series

2021-SFR5,

Class

B,

1.66%,

7/17/38(a)(b)

............................

2,400

2,330

Series

2021-SFR5,

Class

C,

1.81%,

7/17/38(a)(b)

............................

1,500

1,451

Series

2021-SFR6,

Class

B,

1.75%,

7/17/38,

Callable

7/17/26

@

100(a)(b)

..........

2,813

2,730

SCF

Equipment

Leasing

LLC

..............................................

Series

2022-2A,

Class

B,

6.50%,

2/20/32,

Callable

9/20/28

@

100(a)

..............

Series

2022-2A,

Class

C,

6.50%,

8/20/32,

Callable

9/20/28

@

100(a)

..............

785

799

Series

2022-2A,

Class

D,

6.50%,

10/20/32,

Callable

9/20/28

@

100(a)

.............

1,319

1,352

Series

2023-1A,

Class

B,

6.37%,

5/20/32,

Callable

9/20/27

@

100(a)

..............

857

880

Series

2023-1A,

Class

C,

6.77%,

8/22/33,

Callable

9/20/27

@

100(a)

..............

4,863

5,057

SCF

Equipment

Trust

LLC

................................................

Series

2025-1A,

Class

A3,

5.11%,

11/21/33,

Callable

9/20/31

@

100(a)

............

Series

2025-1A,

Class

B,

5.23%,

9/20/34,

Callable

9/20/31

@

100(a)

..............

1,250

1,268

Series

2025-1A,

Class

C,

5.37%,

9/20/34

,

Callable

9/20/31

@

100(a)

..............

1,500

1,524

Switch

ABS

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.04%,

3/25/55(a)

.................

3,000

2,916

Tricon

Residential

Trust

..................................................

Series

2022-SFR1,

Class

B,

4.20%,

4/17/39(a)(b)

............................

1,000

988

Series

2024-SFR4,

Class

A,

4.30%,

11/17/41,

Callable

11/17/29

@

100(a)(b)

........

869

847

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A1,

2.39%,

10/18/49,

Callable

5/17/25

@

100(a)

...........................................................

542

529

Uniti

Fiber

ABS

Issuer

LLC

...............................................

Series

2025-1A

,

Class

A2,

5.88%,

4/20/55,

Callable

10/20/28

@

100(a)

............

4,861

4,950

Series

2025-1A,

Class

B,

6.37%,

4/20/55,

Callable

10/20/28

@

100(a)

.............

1,077

1,097

Vantage

Data

Centers

Issuer

LLC,

Series

2020-1A,

Class

A2,

1.65%,

9/15/45,

Callable

5/15/25

@

100(a)

.........................................................

6,500

6,408

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A,

Class

D,

4.29%,

2/15/52,

Callable

2/15/26

@

100(a)

..............

1,000

951

Series

2024-1A,

Class

C2,

5.59%,

5/15/54,

Callable

5/15/27

@

100(a)

.............

909

915

Series

2024-1A,

Class

D,

6.64%,

5/15/54,

Callable

5/15/27

@

100(a)

..............

Verdant

Receivables

LLC

.................................................

Series

2023-1A,

Class

A2,

6.24%,

1/13/31,

Callable

7/12/27

@

100(a)

.............

1,253

1,271

Series

2023-1A,

Class

B,

6.05%,

1/13/31

,

Callable

7/12/27

@

100(a)

..............

2,000

2,046

Series

2023-1A,

Class

C,

6.73%,

1/13/31,

Callable

7/12/27

@

100(a)

..............

749

771

Series

2024-1A,

Class

A2,

5.68%,

12/12/31,

Callable

8/12/28

@

100(a)

............

1,523

1,542

Series

2024-1A,

Class

B

,

5.72%,

12/12/31,

Callable

8/12/28

@

100(a)

.............

525

531

Series

2024-1A,

Class

C,

6.25%,

12/12/31,

Callable

8/12/28

@

100(a)

.............

Series

2024-1A,

Class

D,

7.23%,

12/12/31,

Callable

8/12/28

@

100(a)

.............

Verizon

Master

Trust

....................................................

Series

2024-2,

Class

B,

5.08%,

12/22/31,

Callable

12/20/28

@

100(a)

.............

2,000

2,042

Series

2024-3,

Class

C,

5.73%,

4/22/30,

Callable

4/20/27

@

.................

833

853

Series

2024-8,

Class

C,

4.99%,

11/20/30,

Callable

11/20/27

@

...............

2,466

2,496

Series

2025-1,

Class

C,

5.09%,

1/21/31,

Callable

1/20/28

@

.................

1,875

1,904

Volvo

Financial

Equipment

LLC

............................................

Series

2024-1A,

Class

A3,

4.29%,

10/16/28,

Callable

6/15/28

@

100(a)

............

667

665

Series

2024-1A,

Class

A4,

4.29%,

7/15/31,

Callable

6/15/28

@

100(a)

.............

2,500

2,495

Series

2025-1A,

Class

A4,

4.53%,

10/15/31,

Callable

11/15/28

@

100(a)

...........

4,000

4,014

Wingspire

Equipment

Finance

LLC

..........................................

Series

2024-1A,

Class

B,

5.06%,

9/20/32,

Callable

11/20/27

@

100(a)

.............

2,189

2,193

Series

2024-1A,

Class

C,

5.28%,

9/20/32,

Callable

11/20/27

@

100(a)

.............

1,751

1,745

Series

2024-1A,

Class

D,

6.31%,

9/20/32,

Callable

11/20/27

@

100(a)

.............

1,000

991

Zayo

Issuer

LLC

.......................................................

Series

2025-1A,

Class

A2,

5.65%,

3/20/55,

Callable

9/20/28

@

100(a)

.............

4,000

3,998

Series

2025-1A,

Class

B,

6.09%,

3/20/55,

Callable

9/20/28

@

100(a)

..............

2,000

1,990

350,982

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Agency

ABS

Other

(0.0%):(c)

Nelnet

Student

Loan

Trust,

Series

2005-3,

Class

B,

4.90%

(SOFR90A+54bps),

9/22/37,

Callable

6/22/25

@

100(d)

............................................

$

1,048

$

1,014

Total

Asset-Backed

Securities

(Cost

$869,312)

a

a

a

876,612

Collateralized

Loan

Obligations

(0.2%)

Cash

Flow

CLO

(0.2%):

Columbia

Cent

CLO

Ltd.,

Series

2022-32A,

Class

BF,

5.20%,

7/24/34,

Callable

7/24/25

@

100(a)

...........................................................

1,000

982

Palmer

Square

Loan

Funding

Ltd.

...........................................

Series

2024-1A

,

Class

A1,

5.31%

(TSFR3M+105bps),

10/15/32,

Callable

10/15/25

@

100(a)(d)

.........................................................

855

852

Series

2024-3A,

Class

A2,

5.95%

(TSFR3M+165bps),

8/8/32,

Callable

8/8/25

@

100(a)

(d) .............................................................

1,000

998

Race

Point

X

CLO

Ltd.,

Series

2016-10A,

Class

A1R,

.64%

(TSFR3M+136bps),

7/25/31,

Callable

7/25/25

@

100(a)(d)

..........................................

861

861

3,693

Total

Collateralized

Loan

Obligations

(Cost

$3,710)

a

a

a

3,693

Collateralized

Mortgage

Obligations

(3.7%)

Agency

CMO

Other

(0.9%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5270,

Class

AB,

5.50%,

1/25/49

...................................

2,358

2,407

Series

5450,

Class

KA,

4.50%,

6/25/51

...................................

3,618

3,581

Series

5478,

Class

J,

5.50%,

3/25/51

.....................................

5,471

5,521

Federal

National

Mortgage

Association

.......................................

Series

2012-104,

Class

HC,

1.25%,

9/25/27

................................

Series

2022-88,

Class

BA,

5.50%,

7/25/47

.................................

1,383

1,399

Government

National

Mortgage

Association

....................................

Series

2023-107,

Class

PA,

5.50%,

1/20/46

................................

1,745

1,761

Series

2023-128,

Class

KA,

6.00%,

6/20/47

................................

1,465

1,475

Series

2023-131,

Class

P,

5.50%,

6/20/48

..................................

1,749

1,750

Series

2024-160,

Class

H,

4.00%,

9/20/62

.................................

2,446

2,415

Series

2024-97,

Class

MC,

5.00%,

1/20/64

.................................

2,823

2,818

23,271

Commercial

MBS

(2.8%):

Aventura

Mall

Trust,

Series

2018-AVM,

Class

C,

4.25%,

7/5/40(a)(b)(e)

...............

2,000

1,912

BBCMS

Mortgage

Trust,

Series

2020-BID,

Class

C,

8.08%

(TSFR1M+375bps),

10/15/37(a)(b)

(d) .............................................................

2,000

2,003

BLP

Commercial

Mortgage

Trust,

Series

2025-IND,

Class

A,

5.52%

(TSFR1M+120bps),

3/15/42(a)(b)(d)

....................................................

2,000

1,961

BPR

Trust

............................................................

Series

2021-TY,

Class

A,

5.49%

(TSFR1M+116bps),

9/15/38(a)(b)(d)

.............

3,731

3,706

Series

2021-TY,

Class

B,

5.59%

(TSFR1M+126bps),

9/15/38(a)(b)(d)

.............

750

743

Series

2021-TY,

Class

C,

6.14%

(TSFR1M+181bps),

9/15/38(a)(b)(d)

.............

2,712

2,688

Series

2021-TY,

Class

D,

6.79%

(TSFR1M+246bps),

9/15/38(a)(b)(d)

.............

1,313

1,301

Series

2022-OANA,

Class

B,

6.77%

(TSFR1M+245bps),

4/15/37(a)(b)(d)

..........

3,000

2,990

Series

2022-STAR,

Class

A,

7.55%

(TSFR1M+323bps),

8/15/39(a)(b)(d)

...........

4,000

3,974

BX

Commercial

Mortgage

Trust,

Series

2021-VOLT,

Class

B,

5.39%

(TSFR1M+106bps),

9/15/36(a)(b)(d)

....................................................

2,500

2,468

BX

Trust

.............................................................

Series

2022-CLS,

Class

B,

6.30%,

10/13/27(a)(b)

............................

2,750

2,723

Series

2025-ROIC,

Class

A,

5.47%

(TSFR1M+114bps),

3/15/30(a)(b)(d)

...........

2,336

2,289

COMM

Mortgage

Trust

..................................................

Series

2012-CR4,

Class

XA,

1.29%,

10/15/45(b)(e)

..........................

10,719

Series

2015-PC1,

Class

AM,

4.29%,

7/10/50,

Callable

6/10/25

@

100(e)

...........

6,550

6,474

Series

2015-PC1,

Class

B,

4.39%,

7/10/50,

Callable

6/10/25

@

100(e)

.............

3,366

3,291

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

A,

6.06%

(TSFR1M+174bps),

4/15/37(a)(b)

(d) .............................................................

2,000

1,989

GS

Mortgage

Securities

Corp.

Trust

..........................................

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2017-GPTX,

Class

A,

2.86%,

5/10/34(a)(b)

...........................

$

11,481

$

9,891

Series

2023-SHIP,

Class

B,

5.10%,

9/10/38(a)(b)(e)

..........................

2,400

2,385

Hudson

Yards

Mortgage

Trust

..............................................

Series

2016-10HY,

Class

A,

2.84%

,

8/10/38,

Callable

8/10/26

@

100(a)(b)

..........

3,000

2,920

Series

2025-SPRL,

Class

A,

5.65%,

1/13/40(a)(b)(e)

..........................

1,326

1,362

LEX

Mortgage

Trust,

Series

2024-BBG,

Class

A,

5.04%,

10/13/33,

Callable

10/13/28

@

100(a)

(b)(e) ...........................................................

1,926

1,931

Manhattan

West

Mortgage

Trust,

Series

2020-1MW,

Class

B,

2.41%,

9/10/39(a)(b)(e)

......

1,500

1,402

Morgan

Stanley

Capital

I

Trust,

Series

2019-NUGS,

Class

B,

5.74%

(TSFR1M+141bps),

12/15/36(a)(b)(d)

...................................................

3,846

2,460

SCOTT

Trust,

Series

2023-SFS,

Class

AS,

6.20%,

3/10/40(a)(b)

.....................

2,357

2,383

SHR

Trust,

Series

2024-LXRY,

Class

A,

6.27%

(TSFR1M+195bps),

10/15/41(a)(b)(d)

.....

2,105

2,098

SREIT

Trust,

Series

2021-MFP2,

Class

C,

5.81%

(TSFR1M+149bps),

11/15/36(a)(b)(d)

....

2,000

1,983

SWCH

Commercial

Mortgage

Trust,

Series

2025-DATA,

Class

A,

5.76%

(TSFR1M+144bps),

3/15/42(a)(b)(d)

....................................................

3,000

2,946

TTAN

...............................................................

Series

2021-MHC,

Class

B,

5.54%

(TSFR1M+121bps),

3/15/38(a)(b)(d)

...........

1,714

1,707

Series

2021-MHC,

Class

C,

5.79%

(TSFR1M+146bps),

3/15/38(a)(b)(d)

...........

2,307

2,296

Series

2021-MHC,

Class

D,

6.19%

(TSFR1M+186bps),

3/15/38(a)(b)(d)

...........

923

918

77,267

Private

CMO

Other

(0.0%):(c)

Sequoia

Mortgage

Trust,

Series

2013-5,

Class

A2,

3.00%,

5/25/43,

Callable

4/25/27

@

100(a)

(e) .............................................................

Total

Collateralized

Mortgage

Obligations

(Cost

$104,195)

a

a

a

100,985

Shares

Preferred

Stocks

(0.2%)

Financials

(0.2%):

Citigroup

Capital

XIII,

10.91%

(TSFR3M+663bps),

10/30/40(d)

.....................

200,000

5,960

Total

Preferred

Stocks

(Cost

$5,470)

a

a

a

5,960

Principal

Amount

(000) Senior

Secured

Loans

(0.2%)

Industrials

(0.0%):(c)

Delta

Air

Lines,

Inc.

and

SkyMiles

IP

Ltd.,

Initial

Term

Loan,

First

Lien,

8.02%

(SOFR03M+375bps),

10/20/27(d)

.......................................

Materials

(0.2%):

Celanese

US

Holdings

LLC,

Delayed

Draw

Term

Loan,

First

Lien,

3/13/26(f)(g)

.........

4,500

4,500

Total

Senior

Secured

Loans

(Cost

$4,966)

a

a

a

4,963

Corporate

Bonds

(37.3%)

Communication

Services

(0.3%):

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.10%,

6/1/29,

Callable

5/1/29

@

..........................................

2,000

2,068

Paramount

Global,

2.90%,

1/15/27,

Callable

10/15/26

@

.......................

1,750

1,699

T-Mobile

US,

Inc.,

4.75%,

2/1/28,

Callable

5/16/25

@

100.79 .......................

2,641

2,643

Warnermedia

Holdings,

Inc.,

3.76%,

3/15/27,

Callable

2/15/27

@

.................

3,000

2,919

9,329

Consumer

Discretionary

(2.1%):

Advance

Auto

Parts,

Inc.,

5.95%,

3/9/28,

Callable

2/9/28

@

100(h)

...................

2,500

2,479

Association

of

American

Medical

Colleges

2.27%,

10/1/25

....................................................

4,145

4,115

2.39%,

10/1/26

....................................................

4,275

4,157

Brunswick

Corp.,

5.85%,

3/18/29,

Callable

2/18/29

@

.........................

2,000

2,026

Daimler

Truck

Finance

North

America

LLC

5.00%,

1/15/27(a)

..................................................

2,000

2,014

5.13%,

9/25/27,

Callable

8/25/27

@

100(a)

................................

2,000

2,023

Duke

University

Health

System,

Inc.,

2.26%,

6/1/26

..............................

700

685

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) General

Motors

Financial

Co.,

Inc.

5.35%,

7/15/27

....................................................

$

2,000

$

2,021

5.05%,

4/4/28

.....................................................

3,000

3,009

Genuine

Parts

Co.,

4.95%,

8/15/29,

Callable

7/15/29

@

........................

2,000

2,012

Hyatt

Hotels

Corp.,

5.05%,

3/30/28,

Callable

2/29/28

@

........................

2,000

2,010

Las

Vegas

Sands

Corp.,

2.90%,

6/25/25,

Callable

6/5/25

@

......................

2,000

1,991

LKQ

Corp.,

5.75%,

6/15/28,

Callable

5/15/28

@

.............................

1,000

1,022

Mattel,

Inc.,

3.38%,

4/1/26,

Callable

5/16/25

@

100(a)

............................

1,800

1,768

Nissan

Motor

Acceptance

Co.

LLC

2.00%,

3/9/26,

Callable

2/9/26

@

100(a)

..................................

4,216

4,057

1.85%,

9/16/26,

Callable

8/16/26

@

100(a)

................................

3,296

3,122

5.30%,

9/13/27(a)

..................................................

1,500

1,470

PVH

Corp.,

4.63%,

7/10/25

,

Callable

6/10/25

@

.............................

5,443

5,444

Stellantis

Finance

US,

Inc.,

5.35%,

3/17/28,

Callable

2/17/28

@

100(a)

................

1,250

1,259

Tapestry,

Inc.,

5.10%,

3/11/30,

Callable

2/11/30

@

............................

2,000

2,007

The

Home

Depot,

Inc.,

5.15%,

6/25/26

.......................................

1,875

1,898

Volkswagen

Group

of

America

Finance

LLC

4.95%,

3/25/27(a)

..................................................

2,500

2,505

6.20%,

11/16/28,

Callable

10/16/28

@

100(a)

...............................

2,000

2,074

5.25%,

3/22/29,

Callable

2/22/29

@

100(a)

................................

2,000

2,009

57,177

Consumer

Staples

(1.5%):

Bimbo

Bakeries

USA,

Inc.,

6.05%,

1/15/29,

Callable

12/15/28

@

100(a)

...............

4,000

4,178

Coca-Cola

Consolidated,

Inc.,

5.25%,

6/1/29,

Callable

5/1/29

@

..................

2,000

2,054

Coty,

Inc.,

5.00%,

4/15/26,

Callable

6/5/25

@

100(a)

.............................

5,500

5,468

Dollar

Tree,

Inc.,

4.00%,

5/15/25

............................................

7,000

6,996

Keurig

Dr.

Pepper,

Inc.,

5.05%,

3/15/29,

Callable

2/15/29

@

.....................

3,000

3,055

Mars,

Inc.,

4.45%,

3/1/27(a)

...............................................

3,000

3,019

Philip

Morris

International,

Inc.

4.88%,

2/15/28,

Callable

1/15/28

@

..................................

5,000

5,089

5.25%,

9/7/28,

Callable

8/7/28

@

....................................

3,000

3,091

Sodexo,

Inc.,

2.72%,

4/16/31,

Callable

1/16/31

@

100(a)

..........................

3,000

2,643

Sysco

Corp.,

5.10%,

9/23/30,

Callable

8/23/30

@

.............................

3,000

3,055

The

Campbell's

Co.,

5.20%,

3/19/27

.........................................

2,000

2,030

The

J.M.

Smucker

Co.,

5.90%,

11/15/28,

Callable

10/15/28

@

...................

2,000

2,099

42,777

Energy

(3.3%):

Antero

Resources

Corp.,

7.63%,

2/1/29,

Callable

6/5/25

@

102.54(a)

..................

4,500

4,595

APA

Corp.,

7.75%,

12/15/29(a)

.............................................

2,250

2,393

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(a)

...............

2,000

2,005

Columbia

Pipelines

Holding

Co.

LLC,

6.04%,

8/15/28,

Callable

7/15/28

@

100(a)

........

2,000

2,063

Devon

Energy

Corp.,

5.25%,

10/15/27,

Callable

5/16/25

@

100.88 ...................

13,330

13,353

Energy

Transfer

LP

6.50%

(H15T5Y+569bps),

Callable

11/15/26

@

100(d)(i)

......................

3,667

3,649

6.75%

(H15T5Y+513bps),

Callable

5/15/25

@

100(d)(i)

.......................

985

984

7.13%

(H15T5Y+531bps),

Callable

5/15/30

@

100(d)(i)

.......................

2,300

2,273

EQT

Corp.,

7.50%,

6/1/27,

Callable

5/16/25

@

103.75(a)

..........................

7,785

7,913

Gray

Oak

Pipeline

LLC,

2.60%,

10/15/25,

Callable

9/15/25

@

100(a)

.................

4,931

4,856

Helmerich

&

Payne,

Inc.,

2.90%,

9/29/31,

Callable

6/29/31

@

....................

1,750

1,444

HF

Sinclair

Corp.,

6.38%,

4/15/27,

Callable

5/16/25

@

101.59(h)

....................

5,789

5,837

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.,

6.00%,

4/15/30,

Callable

6/5/25

@

103(a)

.......

2,333

2,132

Marathon

Petroleum

Corp.

4.70%,

5/1/25

.....................................................

4,262

4,262

5.15%,

3/1/30,

Callable

2/1/30

@

....................................

2,000

2,017

NuStar

Logistics

LP,

6.00%,

6/1/26,

Callable

3/1/26

@

.........................

850

850

ONEOK,

Inc.,

4.25%,

9/24/27,

Callable

8/24/27

@

............................

2,000

1,988

Parsley

Energy

LLC/Parsley

Finance

Corp.,

4.13%,

2/15/28,

Callable

6/5/25

@

100(a)

.....

8,699

8,561

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

6.50%,

7/15/27,

Callable

6/5/25

@

101.63 ...................................................

7,772

7,803

Valero

Energy

Corp.,

5.15%,

2/15/30,

Callable

1/15/30

@

.......................

3,000

3,032

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Viper

Energy,

Inc.

5.38%,

11/1/27,

Callable

5/21/25

@

100.9(a)

...............................

$

6,850

$

6,821

7.38%,

11/1/31,

Callable

11/1/26

@

103.69(a)

..............................

1,575

1,637

90,468

Financials

(18.2%):

AerCap

Global

Aviation

Trust,

6.50%

(TSFR3M+456bps),

6/15/45,

Callable

6/16/25

@

100(a)

(d) .............................................................

4,494

4,497

Ally

Financial,

Inc.

5.75%,

11/20/25,

Callable

10/21/25

@

.................................

5,250

5,256

6.99%

(SOFR+326bps),

6/13/29,

Callable

6/13/28

@

100(d)

....................

4,611

4,791

American

Express

Co.,

3.55%

(H15T5Y+285bps)

,

Callable

9/15/26

@

100(d)(i)

..........

10,000

9,603

American

Honda

Finance

Corp.,

4.40%,

10/5/26

.................................

2,000

1,999

American

National

Global

Funding,

5.55%,

1/28/30(a)

............................

1,705

1,744

American

National

Group,

Inc.,

5.75%,

10/1/29

,

Callable

9/1/29

@

................

3,000

3,049

AmFam

Holdings,

Inc.,

2.81%,

3/11/31,

Callable

12/11/30

@

100(a)

..................

1,550

1,305

Antares

Holdings

LP,

6.35%,

10/23/29,

Callable

9/23/29

@

100(a)

....................

2,500

2,492

Ares

Capital

Corp.,

3.25%,

7/15/25,

Callable

6/15/25

@

........................

5,000

4,980

Ashtead

Capital,

Inc.,

4.38%,

8/15/27,

Callable

5/21/25

@

100.73(a)

..................

5,381

5,339

Assurant,

Inc.,

6.10%,

2/27/26,

Callable

1/27/26

@

...........................

7,059

7,078

Athene

Global

Funding,

4.95%

,

1/7/27(a)

......................................

3,000

3,017

Bank

of

America

Corp.,

6.30%

(TSFR3M+481bps),

Callable

3/10/26

@

100(d)(i)

.........

2,000

2,006

Blackstone

Private

Credit

Fund

7.05%,

9/29/25

....................................................

2,500

2,516

2.63%,

12/15/26,

Callable

11/15/26

@

.................................

3,808

3,652

Blue

Owl

Credit

Income

Corp.,

7.75%,

9/16/27,

Callable

8/16/27

@

...............

2,677

2,777

BMW

US

Capital

LLC,

4.60%,

8/13/27(a)

.....................................

2,000

2,006

Capital

One

Financial

Corp.

5.47%

(SOFR+208bps),

2/1/29,

Callable

2/1/28

@

100(d)

......................

2,000

2,038

6.31%

(SOFR+264bps),

6/8/29,

Callable

6/8/28

@

100(d)

......................

1,000

1,042

CDW

LLC/CDW

Finance

Corp.,

2.67%,

12/1/26,

Callable

11/1/26

@

..............

1,000

968

Citigroup,

Inc.,

5.95%

(TSFR3M+417bps),

Callable

5/15/25

@

100(d)(i)

...............

7,000

6,997

Citizens

Bank

NA,

4.58%

(SOFR+200bps),

8/9/28,

Callable

8/9/27

@

100(d)

............

1,000

998

Citizens

Financial

Group,

Inc.,

5.65%

(H15T5Y+531bps),

Callable

10/6/25

@

100(d)(i)

....

11,093

10,998

CNO

Financial

Group,

Inc.,

5.25%,

5/30/25,

Callable

5/21/25

@

..................

1,963

1,963

CNO

Global

Funding

5.88%,

6/4/27(a)

...................................................

2,000

2,058

4.88%,

12/10/27(a)

..................................................

2,000

2,018

4.95%,

9/9/29(a)

...................................................

1,953

1,950

Comerica,

Inc.,

.63%

(H15T5Y+529bps),

Callable

7/1/25

@

100(d)(i)

................

8,500

8,432

Cullen/Frost

Bankers,

Inc.,

4.50%,

3/17/27,

Callable

2/17/27

@

...................

6,090

6,014

Diageo

Investment

Corp.,

5.13%,

8/15/30,

Callable

7/15/30

@

...................

1,091

1,119

Discover

Financial

Services,

6.13%

(H15T5Y+578bps),

Callable

6/23/25

@

100(d)(i)

......

9,800

9,787

Enact

Holdings,

Inc.,

6.25%,

5/28/29,

Callable

4/28/29

@

.......................

5,150

5,274

Enstar

Finance

LLC,

5.75%

(H15T5Y+547bps),

9/1/40,

Callable

9/1/25

@

100(d)

........

8,903

8,836

Entergy

Texas

Restoration

Funding

II

LLC,

3.05%,

12/15/27

........................

687

674

F&G

Global

Funding

5.15%,

7/7/25(a)

...................................................

2,000

2,000

5.88%,

6/10/27(a)

..................................................

2,000

2,050

Fifth

Third

Bancorp,

4.50%

(H15T5Y+

422bps),

Callable

9/30/25

@

100(d)(i)

...........

11,761

11,625

First

Citizens

Bancshares,

Inc.,

6.76%

(TSFR3M+247bps),

3/15/30,

Callable

6/15/25

@

100(d)

11,871

11,859

First

Financial

Bancorp,

5.13%,

8/25/25

.......................................

9,000

8,907

First

Horizon

Bank,

5.75%,

5/1/30,

Callable

2/1/30

@

.........................

900

902

First

Horizon

Corp.,

5.51%

(SOFR+177bps),

3/7/31,

Callable

3/7/30

@

100(d)

...........

3,000

3,014

Fiserv,

Inc.,

4.75%,

3/15/30,

Callable

2/15/30

@

.............................

2,000

1,998

Flagstar

Financial,

Inc.,

7.30%

(TSFR3M+304bps),

11/6/28,

Callable

8/6/25

@

100(d)

.....

2,242

2,077

Ford

Motor

Credit

Co.

LLC

3.38%,

11/13/25,

Callable

10/13/25

@

.................................

3,000

2,963

6.95%,

3/6/26,

Callable

2/6/26

@

....................................

1,600

1,616

5.13%,

11/5/26

.....................................................

2,000

1,980

4.95%,

5/28/27,

Callable

4/28/27

@

..................................

1,000

978

2.90%,

2/10/29,

Callable

12/10/28

@

.................................

2,000

1,779

FS

KKR

Capital

Corp.,

3.40%,

1/15/26,

Callable

12/15/25

@

....................

4,000

3,945

Fulton

Financial

Corp.,

6.60%

(TSFR3M+230bps),

3/15/30,

Callable

6/15/25

@

100(d)

....

9,318

9,139

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) GA

Global

Funding

Trust

1.63%,

1/15/26(a)

..................................................

$

2,500

$

2,446

4.40%,

9/23/27(a)

..................................................

500

Glencore

Funding

LLC

1.63%,

4/27/26,

Callable

3/27/26

@

100(a)

................................

5,000

4,852

5.34%,

4/4/27(a)

...................................................

3,000

3,042

Goodman

US

Finance

Three

LLC,

3.70%,

3/15/28,

Callable

12/15/27

@

100(a)(h)

........

1,500

1,463

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

8.00%,

6/15/27

,

Callable

3/15/27

@

100(a)

...

3,800

3,910

Hikma

Finance

USA

LLC,

3.25%,

7/9/25

......................................

10,000

9,961

Hilltop

Holdings,

Inc.,

5.75%

(TSFR3M+568bps),

5/15/30,

Callable

5/16/25

@

100(d)

.....

5,000

4,947

Horace

Mann

Educators

Corp.,

7.25%,

9/15/28,

Callable

8/15/28

@

................

4,000

4,293

HSB

Group,

Inc.,

5.43%

(TSFR3M+117bps),

7/15/27,

Callable

6/5/25

@

100(d)

..........

2,750

2,674

Huntington

Bancshares,

Inc.,

4.45%

(H15T7Y+405bps),

Callable

10/15/27

@

100(d)(h)(i)

..

750

714

Hyundai

Capital

America,

Inc.

4.30%,

9/24/27(a)

..................................................

2,000

1,976

5.68%,

6/26/28,

Callable

5/26/28

@

100(a)

................................

1,000

1,019

5.30%,

1/8/29,

Callable

12/8/28

@

100(a)

.................................

5,000

5,045

Kemper

Corp.

2.40%,

9/30/30,

Callable

6/30/30

@

..................................

2,020

1,757

3.80%,

2/23/32,

Callable

11/23/31

@

..................................

6,701

5,974

LPL

Holdings,

Inc.,

5.70%,

5/20/27,

Callable

4/20/27

@

........................

700

714

Main

Street

Capital

Corp.,

3.00%,

7/14/26,

Callable

6/14/26

@

...................

3,500

3,385

Manufacturers

&

Traders

Trust

Co.,

4.65%,

1/27/26,

Callable

12/27/25

@

...........

3,000

2,999

Markel

Group,

Inc.,

6.00%

(H15T5Y+566bps),

Callable

6/1/25

@

100(d)(i)

.............

13,954

13,903

Mercedes-Benz

Finance

North

America

LLC,

.65%,

4/1/27(a)

......................

1,250

1,253

MetLife,

Inc.,

3.85%

(H15T5Y+358bps),

Callable

9/15/25

@

100(d)(i)

................

9,373

9,281

MGIC

Investment

Corp.,

5.25%,

8/15/28,

Callable

5/21/25

@

101.31 ..................

2,000

1,995

MMI

Capital

Trust

I,

7.63%,

12/15/27

........................................

1,000

1,055

Morgan

Stanley

Bank

NA,

4.97%

(SOFR+93bps),

7/14/28,

Callable

7/14/27

@

100(d)

.....

3,500

3,532

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

6/5/25

@

100.83(h)

........................................................

1,651

1,470

NextEra

Energy

Capital

Holdings,

Inc.,

4.85%,

2/4/28(h)

..........................

3,000

3,047

NLG

Global

Funding,

5.40%,

1/23/30(a)

......................................

3,500

3,582

NMI

Holdings,

Inc.,

6.00%,

8/15/29,

Callable

7/15/29

@

.......................

4,000

4,048

Old

Republic

International

Corp.,

3.88%,

8/26/26,

Callable

7/26/26

@

..............

3,000

2,967

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

5.75%,

5/24/26,

Callable

4/24/26

@

100(a)

................................

3,000

3,034

5.35%,

3/30/29,

Callable

2/28/29

@

100(a)

................................

2,000

2,036

PRA

Group,

Inc.,

8.38%,

2/1/28,

Callable

6/5/25

@

104.19(a)

.......................

2,398

2,422

Principal

Life

Global

Funding

II,

4.60%,

8/19/27(a)

..............................

2,500

2,513

Radian

Group,

Inc.,

6.20%,

5/15/29,

Callable

4/15/29

@

........................

3,245

3,353

Regions

Financial

Corp.,

5.75%

(H15T5Y+543bps),

Callable

6/15/25

@

100(d)(i)

........

12,286

12,234

Rocket

Mortgage

LLC/Rocket

Mortgage

Co.-Issuer,

Inc.,

2.88%,

10/15/26,

Callable

6/5/25

@

100.72(a)

.........................................................

5,940

5,734

Sammons

Financial

Group

Global

Funding,

5.05%,

1/10/28(a)

.......................

3,000

3,047

SCE

Recovery

Funding

LLC,

0.86%,

11/15/31

..................................

6,721

5,966

Signature

Bank,

7.41%

(US0003M+256bps),

11/1/29,

Callable

6/5/25

@

100(d)(j)(k)

......

2,000

1,152

Starwood

Property

Trust,

Inc.,

3.63%,

7/15/26,

Callable

1/15/26

@

100(a)

..............

1,622

1,584

Stewart

Information

Services

Corp.,

3.60%,

11/15/31,

Callable

8/15/31

@

...........

5,000

4,476

Synchrony

Bank,

5.40%,

8/22/25,

Callable

7/22/25

@

.........................

3,000

2,996

Synchrony

Financial

4.88%,

6/13/25,

Callable

5/16/25

@

..................................

2,700

2,698

3.95%,

12/1/27,

Callable

9/1/27

@

100(h)

.................................

2,816

2,739

5.94%

(SOFRINDX+213bps),

8/2/30,

Callable

8/2/29

@

100(d)

.................

1,000

1,013

Synovus

Bank,

5.63%,

2/15/28,

Callable

1/15/28

@

...........................

4,000

4,013

Synovus

Financial

Corp.,

7.54%

(USISOA05+338bps),

2/7/29(d)

....................

6,188

6,163

Texas

Capital

Bancshares,

Inc.,

4.00%

(H15T5Y+315bps),

5/6/31,

Callable

5/6/26

@

100(d)

.

6,000

5,725

Texas

Capital

Bank

NA,

5.25%,

1/31/26

......................................

4,030

4,012

The

Bank

of

New

York

Mellon

Corp.

4.70%

(H15T5Y+436bps),

Callable

9/20/25

@

100(d)(i)

.......................

12,825

12,741

4.98%

(SOFR+109bps),

3/14/30,

Callable

3/14/29

@

100,

MTN

(d)(h) .............

2,000

2,042

The

Charles

Schwab

Corp.,

5.38%

(H15T5Y+497bps),

Callable

6/1/25

@

100(d)(i)

.......

17,786

17,749

The

Goldman

Sachs

Group,

Inc.,

4.94%

(SOFR+132bps),

4/23/28,

Callable

4/23/27

@

100(d)

1,000

1,009

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

Hanover

Insurance

Group,

Inc.,

4.50%,

4/15/26,

Callable

1/15/26

@

............

$

5,000

$

4,977

The

Huntington

National

Bank,

5.50%

(TSFR3M+535bps),

5/6/30,

Callable

8/6/25

@

100(d)

13,590

13,585

The

PNC

Financial

Services

Group,

Inc.,

3.40%

(H15T5Y+260bps),

Callable

9/15/26

@

100(d)(i)

.........................................................

7,750

7,269

Toyota

Motor

Credit

Corp.

4.55%,

8/7/26

.....................................................

2,000

2,008

5.25%,

9/11/28,

MTN

................................................

2,000

2,062

Truist

Financial

Corp.,

4.95%

(H15T5Y+461bps),

Callable

9/1/25

@

100(d)

(i) ...........

9,750

9,695

U.S.

Bancorp

5.30%

(TSFR3M+318bps),

Callable

4/15/27

@

100(d)(i)

......................

5,200

5,051

3.10%,

4/27/26,

Callable

3/27/26

@

100,

MTN

.............................

4,250

4,189

5.78%

(SOFR+202bps),

6/12/29,

Callable

6/12/28

@

100(d)

....................

4,500

4,654

UL

Solutions,

Inc.,

6.50%,

10/20/28,

Callable

9/20/28

@

100(a)

.....................

3,000

3,156

Webster

Financial

Corp.,

6.82%

(TSFR3M+253bps),

12/30/29,

Callable

6/30/25

@

100(d)

..

8,750

8,657

Wells

Fargo

&

Co.

3.90%

(H15T5Y+345bps),

Callable

3/15/26

@

100(d)(i)

.......................

9,400

9,227

5.88%,

Callable

9/15/25

@

100(i)

.......................................

667

666

499,554

Health

Care

(1.5%):

Blue

Cross

and

Blue

Shield

of

Minnesota,

3.79%,

5/1/25(a)

.........................

8,620

8,620

DENTSPLY

SIRONA,

Inc.,

3.25%,

6/1/30,

Callable

3/1/30

@

....................

4,231

3,777

Elevance

Health,

Inc.,

5.15%,

6/15/29,

Callable

5/15/29

@

......................

2,000

2,049

HCA,

Inc.,

5.00%,

3/1/28,

Callable

2/1/28

@

................................

1,500

1,517

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

1.50%,

6/1/25(a)

...................................................

5,450

5,429

5.20%,

6/15/29,

Callable

5/15/29

@

100(a)

................................

3,000

3,056

2.20%,

6/1/30,

Callable

3/1/30

@

100(a)

..................................

2,504

2,223

Humana,

Inc.,

5.38%,

4/15/31,

Callable

2/15/31

@

............................

3,448

3,496

PeaceHealth

Obligated

Group,

1.38%,

11/15/25,

Callable

8/15/25

@

...............

5,617

5,500

Solventum

Corp.

5.45%,

2/25/27,

Callable

1/25/27

@

..................................

2,000

2,031

5.40%,

3/1/29

,

Callable

2/1/29

@

....................................

3,000

3,061

40,759

Industrials

(2.8%):

AGCO

Corp.,

5.45%,

3/21/27,

Callable

2/21/27

@

............................

3,000

3,027

American

Airlines

Pass

Through

Trust,

4.00%,

9/22/27

............................

1,291

1,216

Aon

North

America,

Inc.,

5.15%,

3/1/29,

Callable

2/1/29

@

.....................

2,000

2,042

CNH

Industrial

Capital

LLC,

5.10%,

4/20/29,

Callable

3/20/29

@

.................

2,000

2,026

Delta

Air

Lines

Pass

Through

Trust,

2.00%,

6/10/28

..............................

3,655

3,424

Delta

Air

Lines,

Inc.,

7.00%,

5/1/25(a)

........................................

8,600

8,600

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.,

4.75%,

10/20/28(a)

.........................

2,000

1,983

HEICO

Corp.,

5.25%,

8/1/28,

Callable

7/1/28

@

.............................

3,300

3,367

JB

Hunt

Transport

Services,

Inc.,

.90%,

3/15/30,

Callable

2/15/30

@

..............

2,000

2,017

Lennox

International,

Inc.,

1.35%,

8/1/25,

Callable

7/1/25

@

.....................

4,580

4,536

MasTec,

Inc.,

5.90%,

6/15/29,

Callable

5/15/29

@

............................

1,905

1,951

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.,

6.50%,

6/20/27,

Callable

6/5/25

@

101.63(a)

...........................................

5,558

5,575

Molex

Electronic

Technologies

LLC,

4.75%,

4/30/28,

Callable

3/30/28

@

100(a)

.........

2,000

2,016

Quanta

Services,

Inc.,

4.75%,

8/9/27,

Callable

7/9/27

@

........................

3,000

3,014

Regal

Rexnord

Corp.,

6.05%,

2/15/26

........................................

5,000

5,032

Republic

Services,

Inc.,

5.00%,

11/15/29,

Callable

10/15/29

@

...................

3,000

3,068

RXO,

Inc.,

7.50%,

11/15/27,

Callable

6/5/25

@

103.75(a)

..........................

1,100

1,127

Ryder

System,

Inc.

5.25%,

6/1/28,

Callable

5/1/28

@

100,

MTN

...............................

3,000

3,065

5.38%,

3/15/29,

Callable

2/15/29

@

100,

MTN

.............................

3,000

3,074

Stanley

Black

&

Decker,

Inc.,

6.27%

,

3/6/26,

Callable

5/16/25

@

.................

2,000

2,002

U.S.

Airways

Pass

Through

Trust,

3.95%,

11/15/25

...............................

8,161

8,161

United

Airlines

Pass

Through

Trust

4.88%,

1/15/26

....................................................

1,976

1,958

5.88%,

10/15/27

....................................................

1,121

1,135

United

Airlines,

Inc.,

4.38%,

4/15/26,

Callable

10/15/25

@

100(a)

....................

2,750

2,710

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) XPO,

Inc.,

6.25%,

6/1/28,

Callable

6/1/25

@

103.13(a)

............................

$

2,289

$

2,312

78,438

Information

Technology

(1.0%):

Atlassian

Corp.,

5.25%,

5/15/29,

Callable

4/15/29

@

..........................

4,000

4,066

Dell

International

LLC/EMC

Corp.,

4.75%,

4/1/28,

Callable

3/1/28

@

..............

2,500

2,520

Hewlett

Packard

Enterprise

Co.,

4.45%,

9/25/26

.................................

2,500

2,499

Keysight

Technologies,

Inc.,

5.35%

,

7/30/30,

Callable

6/30/30

@

.................

3,000

3,080

Microchip

Technology,

Inc.,

4.90%,

3/15/28

....................................

2,000

2,004

RELX

Capital,

Inc.,

4.75%,

3/27/30,

Callable

2/27/30

@

........................

3,000

3,035

Skyworks

Solutions,

Inc.,

1.80%,

6/1/26

,

Callable

5/1/26

@

.....................

5,000

4,837

Synopsys,

Inc.

4.55%,

4/1/27

.....................................................

3,000

3,017

4.65%,

4/1/28,

Callable

3/1/28

@

....................................

2,000

2,023

27,081

Materials

(1.5%):

Amcor

Flexibles

North

America,

Inc.,

4.80%,

3/17/28(a)

...........................

2,000

2,014

Bayport

Polymers

LLC,

4.74%,

4/14/27,

Callable

3/14/27

@

100(a)

...................

5,000

5,008

Berry

Global,

Inc.

1.57%,

1/15/26,

Callable

12/15/25

@

.................................

4,181

4,077

4.88%,

7/15/26,

Callable

6/5/25

@

100(a)

.................................

3,226

3,219

Celanese

US

Holdings

LLC,

6.42%,

7/15/27,

Callable

6/15/27

@

.................

1,273

1,283

Chevron

Phillips

Chemical

Co.

LLC/Chevron

Phillips

Chemical

Co.

LP,

4.75%,

5/15/30,

Callable

4/15/30

@

100(a)

............................................

3,000

3,020

Freeport-McMoRan,

Inc.,

4.38%,

8/1/28,

Callable

6/5/25

@

101.46 ...................

8,000

7,912

International

Flavors

&

Fragrances,

Inc.,

1.23%,

10/1/25,

Callable

9/1/25

@

100(a)

........

6,350

6,231

Nucor

Corp.,

3.95%,

5/23/25

...............................................

2,000

1,997

Sonoco

Products

Co.,

4.45%,

9/1/26

.........................................

1,143

1,141

Steel

Dynamics,

Inc.,

5.00%,

12/15/26,

Callable

6/5/25

@

.......................

1,000

1,001

Syensqo

Finance

America

LLC,

5.65%,

6/4/29,

Callable

5/4/29

@

100(a)

...............

2,000

2,054

The

Sherwin-Williams

Co.,

4.55%,

3/1/28,

Callable

2/1/28

@

....................

2,000

2,010

40,967

Real

Estate

(2.8%):

Boston

Properties

LP,

3.65%,

2/1/26,

Callable

11/3/25

@

.......................

1,001

990

CBRE

Services,

Inc.

4.88%,

3/1/26

.....................................................

4,100

4,107

4.80%,

6/15/30,

Callable

5/15/30

@

..................................

2,000

1,990

CubeSmart

LP,

4.38%,

2/15/29,

Callable

11/15/28

@

..........................

4,033

3,982

DOC

DR

LLC

4.30%,

3/15/27,

Callable

12/15/26

@

.................................

1,700

1,691

3.95%,

1/15/28,

Callable

10/15/27

@

.................................

2,531

2,493

Essex

Portfolio

LP,

1.70%,

3/1/28,

Callable

1/1/28

@

..........................

1,149

1,064

Extra

Space

Storage

LP,

5.90%,

1/15/31,

Callable

11/15/30

@

....................

3,000

3,125

Federal

Realty

OP

LP,

5.38%,

5/1/28,

Callable

4/1/28

@

........................

4,000

4,086

Healthcare

Realty

Holdings

LP,

3.75%,

7/1/27,

Callable

4/1/27

@

100(h)

...............

896

877

Highwoods

Realty

LP

4.13%,

3/15/28,

Callable

12/15/27

@

.................................

950

925

4.20%,

4/15/29,

Callable

1/15/29

@

..................................

1,534

1,465

Jones

Lang

LaSalle,

Inc.,

6.88%,

12/1/28,

Callable

11/1/28

@

....................

4,150

4,422

Kilroy

Realty

LP,

4.38%,

10/1/25,

Callable

7/1/25

@

..........................

4,574

4,558

Kimco

Realty

OP

LLC,

3.80%,

4/1/27,

Callable

1/1/27

@

.......................

2,699

2,665

Kite

Realty

Group

LP,

4.00%,

10/1/26,

Callable

7/1/26

@

.......................

3,894

3,851

LXP

Industrial

Trust,

6.75%,

11/15/28,

Callable

10/15/28

@

.....................

2,000

2,125

Mid-America

Apartments

LP,

5.30%,

2/15/32

,

Callable

12/15/31

@

................

2,000

2,048

Nationwide

Health

Properties,

Inc.,

6.90%,

10/1/37,

MTN

..........................

2,950

3,090

NNN

REIT,

Inc.

4.00%,

11/15/25,

Callable

8/15/25

@

..................................

6,000

5,972

2.50%,

4/15/30,

Callable

1/15/30

@

..................................

2,000

1,801

Realty

Income

Corp.,

5.05%,

1/13/26,

Callable

5/16/25

@

......................

2,000

1,999

SBA

Tower

Trust

1.88%,

1/15/26,

Callable

6/5/25

@

100(a)

.................................

3,500

3,426

6.60%,

1/15/28,

Callable

1/15/27

@

100(a)

................................

842

862

.83%,

10/15/29,

Callable

10/15/27

@

100(a)

...............................

2,000

1,974

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

NHP

Foundation,

5.85%,

12/1/28,

Callable

6/1/28

@

.......................

$

3,000

$

3,135

UDR,

Inc.

2.95%,

9/1/26,

Callable

6/1/26

@

100,

MTN

...............................

1,580

1,549

3.50%,

7/1/27,

Callable

4/1/27

@

100,

MTN

...............................

4,620

4,532

3.20%,

1/15/30,

Callable

10/15/29

@

100,

MTN

.............................

1,178

1,105

75,909

Utilities

(2.3%):

AEP

Texas,

Inc.,

5.45%,

5/15/29,

Callable

4/15/29

@

..........................

2,000

2,050

Alliant

Energy

Finance

LLC,

5.40%,

6/6/27,

Callable

5/6/27

@

100(a)

.................

2,000

2,028

Black

Hills

Corp.,

5.95%,

3/15/28,

Callable

2/15/28

@

.........................

3,000

3,115

CenterPoint

Energy,

Inc.,

5.40%,

6/1/29,

Callable

5/1/29

@

......................

2,000

2,058

CMS

Energy

Corp.,

4.75%

(H15T5Y+412bps),

6/1/50,

Callable

3/1/30

@

100(d)

.........

2,843

2,666

Dominion

Energy,

Inc.,

4.35%

(H15T5Y+320bps),

Callable

1/15/27

@

100(d)(i)

.........

4,000

3,888

DTE

Energy

Co.

4.95%,

7/1/27,

Callable

6/1/27

@

....................................

3,000

3,031

4.88%,

6/1/28,

Callable

5/1/28

@

....................................

2,000

2,020

Essential

Utilities,

Inc.,

4.80%,

8/15/27,

Callable

7/15/27

@

.....................

2,500

2,518

Exelon

Corp.,

5.13%,

3/15/31,

Callable

2/15/31

@

............................

2,500

2,541

Florida

Power

&

Light

Co.

5.05%,

4/1/28,

Callable

3/1/28

@

....................................

3,000

3,079

4.40%,

5/15/28,

Callable

3/15/28

@

..................................

2,800

2,823

National

Fuel

Gas

Co.,

5.50%,

10/1/26

.......................................

2,750

2,780

NiSource,

Inc.,

5.20%,

7/1/29

,

Callable

6/1/29

@

.............................

2,000

2,045

NSTAR

Electric

Co.,

4.85%,

3/1/30,

Callable

2/1/30

@

........................

2,000

2,027

Oncor

Electric

Delivery

Co.

LLC,

4.50%,

3/20/27(a)

.............................

2,500

2,515

ONE

Gas,

Inc.,

5.10%,

4/1/29,

Callable

3/1/29

@

.............................

2,500

2,565

Public

Service

Enterprise

Group,

Inc.,

5.20%,

4/1/29,

Callable

3/1/29

@

............

3,000

3,077

The

AES

Corp.,

1.38%,

1/15/26,

Callable

12/15/25

@

..........................

2,800

2,730

The

Southern

Co.,

4.00%

(H15T5Y+373bps),

1/15/51

,

Callable

10/15/25

@

100(d)

........

9,093

8,972

Vistra

Operations

Co.

LLC,

5.13%,

5/13/25(a)

..................................

2,000

1,999

Wisconsin

Electric

Power

Co.,

5.00%,

5/15/29,

Callable

4/15/29

@

................

3,000

3,076

63,603

Total

Corporate

Bonds

(Cost

$1,017,827)

a

a

a

1,026,062

Yankee

Dollars

(7.8%)

Communication

Services

(0.1%):

Videotron

Ltd.,

5.13%,

4/15/27,

Callable

6/5/25

@

100(a)

..........................

2,750

2,746

Consumer

Discretionary

(0.6%):

Flutter

Treasury

DAC,

6.38%,

4/29/29,

Callable

4/15/26

@

103.19(a)

.................

4,617

4,709

International

Game

Technology

PLC

4.13%,

4/15/26,

Callable

6/5/25

@

100(a)

.................................

1,750

1,727

6.25%,

1/15/27,

Callable

7/15/26

@

100(a)

................................

5,250

5,288

Phinia

Holdings

Jersey

Ltd.,

5.00%,

10/1/25(a)

..................................

2,087

2,097

Royal

Caribbean

Cruises

Ltd.,

5.50%,

8/31/26,

Callable

2/28/26

@

100(a)

..............

2,600

2,603

16,424

Consumer

Staples

(0.5%):

Bacardi-Martini

BV,

5.55%,

2/1/30,

Callable

1/1/30

@

100(a)

.......................

3,000

3,062

BAT

International

Finance

PLC

4.45%,

3/16/28,

Callable

2/16/28

@

..................................

4,000

4,001

5.93%,

2/2/29,

Callable

1/2/29

@

....................................

2,000

2,092

Japan

Tobacco,

Inc.,

4.85%,

5/15/28,

Callable

4/15/28

@

100(a)

.....................

2,000

2,027

JBS

USA

Holding

LUX

SARL/JBS

USA

Food

Co./JBS

LUX

Co.

SARL,

5.50%,

1/15/30,

Callable

5/16/25

@

102.75 ............................................

1,669

1,696

12,878

Energy

(1.0%):

Canadian

Natural

Resources

Ltd.,

5.00%,

12/15/29,

Callable

11/15/29

@

100(a)

..........

3,000

2,992

Enbridge,

Inc.

5.30%,

4/5/29,

Callable

3/5/29

@

....................................

2,000

2,048

5.75%

(H15T5Y+531bps),

7/15/80,

Callable

4/15/30

@

(d) ..................

4,400

4,235

Harbour

Energy

PLC,

5.50%,

10/15/26,

Callable

6/5/25

@

101.38(a)

..................

5,396

5,356

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) TechnipFMC

PLC,

6.50%,

2/1/26,

Callable

6/5/25

@

100(a)

........................

$

4,140

$

4,135

TransCanada

PipeLines

Ltd.,

4.88%,

1/15/26,

Callable

10/15/25

@

................

1,145

1,144

Vallourec

SACA,

7.50%,

4/15/32,

Callable

4/15/27

@

103.75(a)

.....................

500

518

Var

Energi

ASA

5.00%,

5/18/27,

Callable

4/18/27

@

100(a)

................................

3,000

3,020

7.50%,

1/15/28,

Callable

12/15/27

@

100(a)

...............................

3,333

3,508

26,956

Financials

(3.2%):

Amcor

Group

Finance

PLC,

5.45%,

5/23/29,

Callable

4/23/29

@

..................

2,000

2,040

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

7.53%

(H15T5Y+300

bps),

10/1/28(a)(d)

..................................

7,630

8,013

5.62%,

12/10/29,

Callable

11/10/29

@

100(a)

...............................

1,037

1,052

Barclays

PLC

7.33%

(H15T1Y+305bps),

11/2/26,

Callable

11/2/25

@

100(d)

..................

2,000

2,022

4.84%

(SOFR+134bps),

9/10/28,

Callable

9/10/27

@

100(d)

....................

2,000

2,002

5.09%

(SOFR+96bps),

2/25/29,

Callable

2/25/28

@

100(d)

.....................

2,000

2,013

Beazley

Insurance

DAC

5.88%,

11/4/26

.....................................................

1,850

1,840

5.50%,

9/10/29

....................................................

5,599

5,474

BP

Capital

Markets

PLC,

4.38%

(H15T5Y+404bps),

Callable

6/22/25

@

100(d)(i)

........

4,969

4,943

Canadian

Imperial

Bank

of

Commerce

4.51%

(SOFR+93bps),

9/11/27,

Callable

9/11/26

@

100(d)

.....................

3,000

3,003

4.86%

(SOFR+103bps),

3/30/29,

Callable

3/30/28

@

100(d)

....................

2,500

2,522

7.26%,

4/10/32(a)

..................................................

671

696

Essent

Group

Ltd.,

6.25%,

7/1/29,

Callable

6/1/29

@

..........................

6,319

6,481

HSBC

Holdings

PLC,

4.90%

(SOFR+103bps),

3/3/29,

Callable

3/3/28

@

100(d)

.........

2,500

2,511

Lloyds

Banking

Group

PLC

4.58%,

12/10/25

....................................................

1,000

995

5.99%

(H15T1Y+148bps),

8/7/27,

Callable

8/7/26

@

100(d)

....................

2,000

2,032

Mizuho

Financial

Group,

Inc.,

4.35%,

10/20/25(a)

...............................

1,000

997

National

Bank

of

Canada,

4.70%

(SOFR+56bps),

3/5/27,

Callable

3/5/26

@

100(d)

........

2,500

2,503

Nationwide

Building

Society,

4.00%,

9/14/26(a)

.................................

2,000

1,979

NatWest

Group

PLC,

7.47%

(H15T1Y+285bps),

11/10/26,

Callable

11/10/25

@

100(d)

.....

1,500

1,521

Phoenix

Group

Holdings

PLC,

4.75%

(H15T5Y+

428bps),

9/4/31,

Callable

6/4/26

@

100(d)

.

4,285

4,215

QBE

Insurance

Group

Ltd.,

5.88%

(H15T5Y+551bps),

Callable

5/12/25

@

100(a)(d)(i)

....

12,500

12,491

Santander

UK

Group

Holdings

PLC,

6.53%

(SOFR+260bps),

1/10/29,

Callable

1/10/28

@

100(d)

...........................................................

2,000

2,083

Standard

Chartered

PLC

6.19%

(H15T1Y+185bps),

7/6/27,

Callable

7/6/26

@

100(a)(d)

..................

2,000

2,032

5.69%

(H15T1Y+105bps),

5/14/28,

Callable

5/14/27

@

100(a)(d)

................

1,000

1,018

The

Bank

of

Nova

Scotia,

4.90 %

(H15T5Y+455bps),

Callable

6/4/25

@

100(d)(i)

........

12,011

11,982

88,460

Health

Care

(0.1%):

Galaxy

Pipeline

Assets

Bidco

Ltd.,

1.75%,

9/30/27(a)

.............................

1,004

968

Royalty

Pharma

PLC,

1.20%,

9/2/25,

Callable

8/2/25

@

........................

1,419

1,400

Smith

&

Nephew

PLC,

5.15%,

3/20/27,

Callable

2/20/27

@

.....................

1,500

1,518

3,886

Industrials

(1.2%):

Air

Canada

Pass

Through

Trust,

4.13%,

5/15/25(a)

...............................

11,384

11,353

Element

Fleet

Management

Corp.

5.64%,

3/13/27,

Callable

2/13/27

@

100(a)

................................

2,000

2,035

6.32%,

12/4/28,

Callable

11/4/28

@

100(a)

................................

1,000

1,052

LG

Energy

Solution

Ltd.

5.38%,

7/2/27(a)(h)

.................................................

2,857

2,882

5.25%,

4/2/28(a)

...................................................

3,500

3,514

Rolls-Royce

PLC,

3.63%,

10/14/25,

Callable

7/14/25

@

100(a)

......................

4,350

4,316

The

Weir

Group

PLC

2.20%,

5/13/26,

Callable

4/13/26

@

100(a)

................................

5,000

4,848

5.35%,

5/6/30,

Callable

4/6/30

@

100(a)

..................................

3,937

3,954

33,954

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Information

Technology

(0.2%):

CGI,

Inc.,

4.95%,

3/14/30,

Callable

2/14/30

@

100(a)

.............................

$

2,000

$

2,009

Open

Text

Corp.,

6.90%,

12/1/27,

Callable

11/1/27

@

100(a)

........................

3,677

3,778

5,787

Materials

(0.6%):

Braskem

Netherlands

Finance

BV,

4.50%,

1/10/28,

Callable

10/10/27

@

100(a)

..........

3,500

3,147

Endeavour

Mining

PLC,

5.00%,

10/14/26,

Callable

10/14/25

@

100(a)

................

1,500

1,466

Minera

Mexico

SA

de

CV,

5.63%,

2/12/32,

Callable

12/12/31

@

100(a)

................

3,000

2,998

Nutrien

Ltd.,

4.50%,

3/12/27

...............................................

2,000

2,006

Rio

Tinto

Finance

USA

PLC

4.38%,

3/12/27

....................................................

2,000

2,011

4.50%,

3/14/28,

Callable

2/14/28

@

..................................

2,000

2,014

Smurfit

Kappa

Treasury

Funding

DAC,

7.50%,

11/20/25

...........................

3,000

3,037

16,679

Real

Estate

(0.2%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust,

3.88%,

3/20/27,

Callable

12/20/26

@

100(a)

...........................................................

4,390

4,336

Utilities

(0.1%):

Algonquin

Power

&

Utilities

Corp.,

5.37%,

6/15/26(l)

.............................

3,000

3,020

Total

Yankee

Dollars

(Cost

$212,193)

a

a

a

215,126

Municipal

Bonds

(1.2%)

Alabama

(0.1%):

Black

Belt

Energy

Gas

District

Revenue,

Series

D-2,

6.00%,

2/1/29,

Continuously

Callable

@100

...........................................................

2,000

2,105

California

(0.3%):

California

Infrastructure

&

Economic

Development

Bank

Revenue

Series

B,

5.71%,

7/1/30

..............................................

2,780

2,902

Series

B,

5.76%,

7/1/31

..............................................

2,560

2,681

California

Statewide

Communities

Development

Authority

Revenue

(NBGA

-

California

Health

Insurance

Construction

Loan

Insurance

Program),

2.05%,

8/1/30

............

1,915

1,817

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

Tax

Allocation,

Series

A,

4.82%,

8/1/25

...................................................

1,505

1,506

8,906

Colorado

(0.0%):(c)

Colorado

Health

Facilities

Authority

Revenue,

Series

B,

2.80%,

12/1/26

................

Florida

(0.1%):

Hillsborough

County

IDA

Revenue,

2.16%,

8/1/25

...............................

2,910

2,885

Georgia

(0.1%):

Athens

Housing

Authority

Revenue,

2.32%,

12/1/25

..............................

3,215

3,175

Illinois

(0.2%):

City

of

Kankakee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

4.57%,

12/1/27

....................................................

750

758

4.63%,

12/1/28

....................................................

1,000

1,011

State

of

Illinois

Sales

Tax

Revenue,

Series

B,

1.25%,

6/15/25

.......................

2,500

2,490

4,259

Indiana

(0.0%):(c)

Indiana

Finance

Authority

Revenue,

Series

B,

2.45%,

11/15/25

......................

Maryland

(0.1%):

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue,

1.89%,

1/1/26

.......

4,135

4,020

Michigan

(0.0%):(c)

Michigan

Finance

Authority

Revenue,

Series

A-1,

2.33%,

6/1/30

.....................

New

Jersey

(0.2%):

North

Hudson

Sewerage

Authority

Revenue

2.59%,

6/1/25

.....................................................

925

923

2.59%,

6/1/25

.....................................................

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) South

Jersey

Transportation

Authority

Revenue,

Series

B,

2.20%,

11/1/25

...............

$

3,515

$

3,464

4,462

New

York

(0.0%):(c)

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

Revenue,

Series

B,

3.35%,

11/1/25

Ohio

(0.1%):

Columbus

Metropolitan

Housing

Authority

Revenue,

5.38%,

9/1/28,

Continuously

Callable

@100

...........................................................

1,410

1,436

Texas

(0.0%):(c)

San

Antonio

Education

Facilities

Corp.

Revenue

1.99%,

4/1/26

.....................................................

860

832

2.19%,

4/1/27

.....................................................

525

1,326

Total

Municipal

Bonds

(Cost

$33,871)

a

a

a

33,839

U.S.

Government

Agency

Mortgages

(0.7%)

CoBank

ACB

Series

I,

6.25%

(US0003M+466bps)(d)(h)(i)

(k) .............................

5,700

5,650

Farm

Credit

Bank

of

Texas

Series

4,

5.70%

(H15T5Y+542bps)(a)(d)(i)

................................

11,400

11,280

Federal

Home

Loan

Mortgage

Corporation

6.63%

(RFUCCT1Y+163bps),

4/1/35(d)

..................................

5.50%,

10/1/38

....................................................

1,361

1,384

1,470

Federal

National

Mortgage

Association

2.50%,

4/1/27

-

8/1/27

...............................................

1,824

1,792

1,792

Total

U.S.

Government

Agency

Mortgages

(Cost

$20,073)

a

a

a

20,192

U.S.

Treasury

Obligations

(14.7%)

U.S.

Treasury

Notes

3.00%,

7/15/25

....................................................

5,000

4,985

4.25%,

10/15/25

....................................................

6,000

6,002

3.88%,

1/15/26

....................................................

7,000

6,994

4.50%,

3/31/26

....................................................

7,000

7,035

4.63%,

9/15/26

....................................................

59,000

59,691

4.38%,

12/15/26

....................................................

25,000

25,269

0.50%,

8/31/27

....................................................

70,000

65,199

4.13%,

11/15/27

....................................................

26,000

26,335

4.00%,

6/30/28

....................................................

53,000

53,654

3.75%,

12/31/28

....................................................

9,000

9,034

1.63%,

8/15/29

....................................................

47,000

43,284

4.13%,

8/31/30

....................................................

53,000

53,915

4.00%,

1/31/31

....................................................

43,000

43,396

Total

U.S.

Treasury

Obligations

(Cost

$396,285)

a

a

a

404,793

Commercial

Paper

(2.0%)

Consumer

Discretionary

(1.0%):

Whirlpool

Corp.

5.07%,

5/5/25(a)(m)

.................................................

3,000

2,998

5.07%,

5/6/25(a)(m)

.................................................

1,400

1,399

5.07%,

5/8/25(a)(m)

.................................................

5,000

4,994

5.07%,

5/9/25(a)(m)

.................................................

3,200

3,196

5.06%,

5/13/25(a)(m)

................................................

500

5.09%,

5/19/25(a)(m)

................................................

5,000

4,987

5.11%,

5/22/25(a)(m)

................................................

9,000

8,972

27,045

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Materials

(1.0%):

FMC

Corp.

5.05%,

5/1/25(a)(m)

.................................................

$

3,800

$

3,799

5.05%,

5/2/25(a)(m)

.................................................

8,903

8,901

5.17%,

5/23/25(a)(m)

................................................

2,100

2,093

5.19%,

5/27/25(a)(m)

................................................

8,000

7,969

5.22%,

6/2/25(a)(m)

.................................................

4,400

4,379

27,141

Total

Commercial

Paper

(Cost

$54,190)

a

a

a

54,186

Shares

Collateral

for

Securities

Loaned

(0.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.24%(n)

........

1,318,754

1,318

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

.27%(n)

............

1,318,754

1,319

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.29%(n)

...............

1,318,754

1,319

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.26%(n)

.

1,318,754

1,319

Total

Collateral

for

Securities

Loaned

(Cost

$5,275)

a

a

a

5,275

Total

Investments

(Cost

$2,727,367)

—

100.1%

2,751,686

Liabilities

in

excess

of

other

assets

— (0.1)%

(1,722)

NET

ASSETS

-

100.00%

$

2,749,964

At

April

30,

2025,

the

Fund's

investments

in

foreign

securities

were

9.2%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2025,

the

fair

value

of

these

securities

was

$1,320,029

(thousands)

and

amounted

to

48.0%

of

net

assets.

(b) Security

is

interest

only.

(c) Amount

represents

less

than

0.05%

of

net

assets.

(d) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

April

30,

2025. (e) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

April

30,

2025. (f) The

rates

for

this

senior

secured

loan

will

be

known

on

settlement

date

of

the

loan,

subsequent

to

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

in

line

with

prevailing

interest

rates.

(g) The

Fund

may

enter

into

certain

credit

agreements

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

commitments

at

the

borrower's

discretion.

At

April

30,

2025,

the

Fund

held

unfunded

or

partially

unfunded

loan

commitments

of

$4,500

(thousands),

which

included

no

unrealized

gain

(loss).

(h) All

or

a

portion

of

this

security

is

on

loan.

(i) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(j) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(k) Securities

referencing

LIBOR

are

expected

to

transition

to

an

alternative

reference

rate

by

the

security's

next

scheduled

coupon

reset

date.

(l) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(m) Rate

represents

the

effective

yield

at

April

30,

2025. (n) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. H15T7Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

IBOR

—

Interbank

Offered

Rate

IDA

—

Industrial

Development

Authority

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

LIBOR

—

London

Interbank

Offered

Rate

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

RFUCCT1Y

—

Refinitiv

USD

IBOR

Customer

Cash

Fallbacks

Term

Year,

rate

disclosed

as

of

April

30,

2025

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

April

30,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. US0003M

—

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

April

30,

2025,

based

on

the

last

reset

date

of

the

security.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

April

30,

2025. Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(20.7%)

ABS

Auto

(10.9%):

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2020-1A

,

Class

D

,

.34

%

,

8/20/26

,

Callable

9/20/25

@

(a) ..............

$

500

$

Series

2022-5A

,

Class

B

,

.09

%

,

4/20/27

(a) ................................

750

760

CarMax

Auto

Owner

Trust

,

Series

2023-1

,

Class

D

,

.27

%

,

11/15/29

,

Callable

2/15/27

@

500

507

Carvana

Auto

Receivables

Trust

............................................

Series

2021-N1

,

Class

C

,

.30

%

,

1/10/28

,

Callable

7/10/26

@

................

Series

2021-N2

,

Class

C

,

.07

%

,

3/10/28

,

Callable

3/10/27

@

................

Chase

Auto

Owner

Trust

,

Series

2024-3A

,

Class

D

,

.87

%

,

9/25/31

,

Callable

10/25/27

@

(a) ...........................................................

500

520

Chesapeake

Funding

II

LLC

...............................................

Series

2023-1A

,

Class

A1

,

.65

%

,

5/15/35

,

Callable

5/15/26

@

(a) .............

Series

2023-1A

,

Class

B

,

.59

%

,

5/15/35

,

Callable

5/15/26

@

(a) ..............

Series

2023-1A

,

Class

C

,

.07

%

,

5/15/35

,

Callable

5/15/26

@

(a) ..............

Series

2023-2A

,

Class

A2

,

.44

%

(SOFR30A

+

bps)

,

10/15/35

,

Callable

10/15/26

@

(a) (b) .........................................................

563

565

CPS

Auto

Receivables

Trust

,

Series

2022-D

,

Class

B

,

.84

%

,

1/16/29

,

Callable

6/15/27

@

(a) ...........................................................

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2023-1A

,

Class

A

,

.48

%

,

3/15/33

,

Callable

10/15/26

@

(a) .............

882

887

Series

2023-1A

,

Class

B

,

.02

%

,

5/16/33

,

Callable

10/15/26

@

(a) .............

500

509

Series

2023-3A

,

Class

A

,

.39

%

,

8/15/33

,

Callable

3/15/27

@

(a) ..............

750

759

Series

2023-3A

,

Class

B

,

.09

%

,

10/17/33

,

Callable

3/15/27

@

(a) .............

DT

Auto

Owner

Trust

,

Series

2021-4A

,

Class

C

,

.50

%

,

9/15/27

,

Callable

4/15/26

@

(a) .

Ent

Auto

Receivables

Trust

................................................

Series

2023-1A

,

Class

A3

,

.24

%

,

1/16/29

,

Callable

1/15/28

@

(a) .............

750

758

Series

2023-1A

,

Class

B

,

.45

%

,

1/15/30

,

Callable

1/15/28

@

(a) ..............

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-2

,

Class

A2

,

.65

%

,

5/21/29

,

Callable

7/20/25

@

(a) ..............

Series

2022-4

,

Class

A2

,

.76

%

,

10/22/29

,

Callable

6/20/26

@

(a) .............

Exeter

Automobile

Receivables

Trust

.........................................

Series

2020-3A

,

Class

F

,

.56

%

,

6/15/27

,

Callable

6/15/25

@

(a) ..............

750

750

Series

2023-4A

,

Class

B

,

.31

%

,

10/15/27

,

Callable

10/15/27

@

..............

520

521

FCCU

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

A4

,

.46

%

,

4/15/30

,

Callable

1/15/28

@

(a) ...........................................................

646

658

Flagship

Credit

Auto

Trust

,

Series

2019-4

,

Class

E

,

.11

%

,

3/15/27

,

Callable

5/15/25

@

(a) 619

616

Ford

Credit

Auto

Lease

Trust

,

Series

2023-A

,

Class

B

,

.29

%

,

6/15/26

,

Callable

7/15/25

@

Ford

Credit

Auto

Owner

Trust

,

Series

2021-2

,

Class

C

,

.11

%

,

5/15/34

,

Callable

11/15/26

@

(a) ...........................................................

GLS

Auto

Receivables

Issuer

Trust

,

Series

2021-3A

,

Class

E

,

.20

%

,

10/16/28

,

Callable

2/15/26

@

(a) ...................................................

1,250

1,219

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2024-1

,

Class

B2

,

.75

%

(SOFR30A

+

bps)

,

5/20/32

,

Callable

8/20/27

@

(a) (b) .........................................................

805

803

Series

2024-2

,

Class

B2

,

.70

%

(SOFR30A

+

bps)

,

10/20/32

,

Callable

5/20/28

@

(a) (b) .........................................................

700

699

JPMorgan

Chase

Bank

NA

,

Series

2021-3

,

Class

C

,

.86

%

,

2/26/29

,

Callable

5/25/25

@

(a) 2

LAD

Auto

Receivables

Trust

...............................................

Series

2021-1A

,

Class

C

,

.35

%

,

4/15/27

,

Callable

12/15/25

@

(a) .............

Series

2022-1A

,

Class

A

,

.21

%

,

6/15/27

,

Callable

9/15/26

@

(a) ..............

Series

2023-1A

,

Class

B

,

.59

%

,

8/16/27

,

Callable

1/15/27

@

(a) ..............

Series

2023-1A

,

Class

C

,

.18

%

,

12/15/27

,

Callable

1/15/27

@

(a) .............

1,000

1,009

Series

2023-2A

,

Class

C

,

.58

%

,

9/15/28

,

Callable

3/15/27

@

(a) ..............

750

754

Series

2023-3A

,

Class

B

,

.09

%

,

6/15/28

,

Callable

7/15/27

@

(a) ..............

1,000

1,013

Lobel

Automobile

Receivables

Trust

.........................................

Series

2025-1

,

Class

B

,

.20

%

,

4/17/28

,

Callable

12/15/27

@

(a) ..............

500

501

Series

2025-1

,

Class

C

,

.70

%

,

1/15/30

,

Callable

12/15/27

@

(a) ..............

675

681

Merchants

Fleet

Funding

LLC

..............................................

Series

2023-1A

,

Class

A

,

.21

%

,

5/20/36

,

Callable

4/20/26

@

(a) ..............

Series

2024-1A

,

Class

A

,

.82

%

,

4/20/37

,

Callable

4/20/27

@

(a) ..............

Series

2024-1A

,

Class

C

,

.18

%

,

4/20/37

,

Callable

4/20/27

@

(a) ..............

500

507

Series

2024-1A

,

Class

D

,

.85

%

,

4/20/37

,

Callable

4/20/27

@

(a) ..............

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Navistar

Financial

Dealer

Note

Master

Owner

Trust

,

Series

2024-1

,

Class

B

,

.79

%

,

4/25/29

(a) $

$

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

,

Series

2023-1

,

Class

A

,

.18

%

,

8/25/28

(a) ........................................................

Oscar

US

Funding

XVII

LLC

,

Series

2024-2A

,

Class

A3

,

.47

%

,

3/12/29

,

Callable

11/10/28

@

(a) ...........................................................

750

748

Prestige

Auto

Receivables

Trust

............................................

Series

2023-2A

,

Class

B

,

.64

%

,

12/15/27

(a) ...............................

1,500

1,512

Series

2025-1A

,

Class

B

,

.34

%

,

11/15/28

,

Callable

11/15/28

@

(a) ............

500

501

Series

2025-1A

,

Class

C

,

.52

%

,

2/15/30

,

Callable

5/15/29

@

(a) ..............

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2022-A

,

Class

B

,

.28

%

,

5/15/32

,

Callable

1/15/26

@

(a) ...............

Series

2022-A

,

Class

D

,

.97

%

,

5/15/32

,

Callable

1/15/26

@

(a) ...............

500

505

Series

2022-C

,

Class

B

,

.45

%

,

12/15/32

,

Callable

11/15/26

@

(a) .............

Series

2022-C

,

Class

C

,

.99

%

,

12/15/32

,

Callable

11/15/26

@

(a) .............

Series

2022-C

,

Class

D

,

.20

%

,

12/15/32

,

Callable

11/15/26

@

(a) .............

Series

2022-C

,

Class

E

,

.37

%

,

12/15/32

,

Callable

11/15/26

@

(a) ............

Series

2023-A

,

Class

D

,

.08

%

,

6/15/33

,

Callable

6/15/27

@

(a) ...............

Series

2023-B

,

Class

C

,

.93

%

,

12/15/33

,

Callable

9/15/27

@

(a) ..............

Series

2023-B

,

Class

D

,

.66

%

,

12/15/33

,

Callable

9/15/27

@

(a) ..............

Series

2024-B

,

Class

C

,

.14

%

,

1/18/33

,

Callable

12/15/28

@

(a) ..............

Series

2024-B

,

Class

D

,

.48

%

,

1/18/33

,

Callable

12/15/28

@

(a) ..............

573

571

Securitized

Term

Auto

Receivables

Trust

......................................

Series

2025-A

,

Class

B

,

.04

%

,

7/25/31

,

Callable

5/25/28

@

(a) ...............

Series

2025-A

,

Class

C

,

.19

%

,

7/25/31

,

Callable

5/25/28

@

(a) ...............

Tesla

Auto

Lease

Trust

,

Series

2023-B

,

Class

A3

,

.13

%

,

9/21/26

,

Callable

11/20/25

@

(a) 683

686

U.S.

Bank

NA

,

Series

2023-1

,

Class

B

,

.79

%

,

8/25/32

,

Callable

9/25/26

@

(a) ........

United

Auto

Credit

Securitization

Trust

,

Series

2025-1

,

Class

B

,

.05

%

,

2/10/28

,

Callable

2/10/28

@

(a) ...................................................

1,000

1,000

Westlake

Automobile

Receivables

Trust

.......................................

Series

2023-2A

,

Class

B

,

.14

%

,

3/15/28

,

Callable

12/15/26

@

(a) .............

500

502

Series

2023-2A

,

Class

C

,

.29

%

,

3/15/28

,

Callable

12/15/26

@

(a) .............

500

505

Series

2025-1A

,

Class

A2B

,

.82

%

(SOFR30A

+

bps)

,

1/18/28

,

Callable

1/18/28

@

(a) (b) .........................................................

1,000

997

Wheels

Fleet

Lease

Funding

LLC

,

Series

2024-1A

,

Class

A2

,

.15

%

(TSFR1M

+

bps)

,

2/18/39

(a) (b) ......................................................

673

674

31,375

ABS

Card

(0.8%):

Evergreen

Credit

Card

Trust

,

Series

2025-CRT5

,

Class

B

,

.24

%

,

5/15/29

(a) .............

507

512

Master

Credit

Card

Trust

II

................................................

Series

2023-1A

,

Class

C

,

.87

%

,

6/21/27

(a) ................................

500

501

Series

2023-2A

,

Class

B

,

.26

%

,

1/21/27

(a) ................................

Trillium

Credit

Card

Trust

II

,

Series

2023-3A

,

Class

B

,

.26

%

,

8/26/28

(a) ..............

1,000

1,003

2,325

ABS

Other

(9.0%):

Aligned

Data

Centers

Issuer

LLC

,

Series

2021-1A

,

Class

A2

,

.94

%

,

8/15/46

,

Callable

5/15/25

@

(a) .........................................................

1,500

1,435

Amur

Equipment

Finance

Receivables

X

LLC

..................................

Series

2022-1A

,

Class

A2

,

.64

%

,

10/20/27

,

Callable

9/20/25

@

(a) ............

Series

2022-1A

,

Class

B

,

.20

%

,

1/20/28

,

Callable

9/20/25

@

(a) ..............

Amur

Equipment

Finance

Receivables

XI

LLC

,

Series

2022-2A

,

Class

A2

,

.30

%

,

6/21/28

,

Callable

6/20/26

@

(a) ............................................

Amur

Equipment

Finance

Receivables

XII

LLC

,

Series

2023-1A

,

Class

A2

,

.09

%

,

12/20/29

,

Callable

6/20/27

@

(a) ............................................

Auxilior

Term

Funding

LLC

,

Series

2024-1A

,

Class

A2

,

.84

%

,

3/15/27

,

Callable

3/15/27

@

(a) ...........................................................

560

564

Blue

Bridge

Funding

LLC

,

Series

2023-1A

,

Class

A

,

.37

%

,

11/15/30

,

Callable

11/15/26

@

(a) ...........................................................

CCG

Receivables

Trust

...................................................

Series

2023-1

,

Class

A2

,

.82

%

,

9/16/30

,

Callable

7/14/26

@

(a) ..............

Series

2023-2

,

Class

A2

,

.28

%

,

4/14/32

,

Callable

5/14/27

@

(a) ..............

Series

2023-2

,

Class

B

,

.21

%

,

4/14/32

,

Callable

5/14/27

@

(a) ...............

500

516

Series

2025-1

,

Class

A2

,

.48

%

,

10/14/32

,

Callable

10/14/28

@

(a) ............

750

750

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-1

,

Class

C

,

.89

%

,

10/14/32

,

Callable

10/14/28

@

(a) .............

$

500

$

Clarus

Capital

Funding

LLC

,

Series

2024-1A

,

Class

B

,

.79

%

,

8/20/32

,

Callable

4/20/28

@

(a) ...........................................................

Cloud

Capital

Holdco

LP

,

Series

2024-1A

,

Class

A2

,

.78

%

,

11/22/49

,

Callable

11/22/27

@

(a) ...........................................................

500

503

Conn's

Receivables

Funding

LLC

,

Series

2023-A

,

Class

B

,

.00

%

,

1/17/28

(a) ...........

CP

EF

Asset

Securitization

II

LLC

,

Series

2023-1A

,

Class

A

,

.48

%

,

3/15/32

,

Callable

6/15/27

@

(a) .........................................................

Crossroads

Asset

Trust

,

Series

2024-A

,

Class

A2

,

.90

%

,

8/20/30

,

Callable

3/20/28

@

(a) 840

849

CyrusOne

Data

Centers

Issuer

I

LLC

.........................................

Series

2024-2A

,

Class

A2

,

.50

%

,

5/20/49

,

Callable

5/20/27

@

(a) .............

Series

2025-1A

,

Class

A2

,

.91

%

,

2/20/50

,

Callable

2/20/28

@

(a) .............

Dell

Equipment

Finance

Trust

..............................................

Series

2023-1

,

Class

C

,

.22

%

,

9/22/28

,

Callable

9/22/25

@

(a) ...............

1,000

1,004

Series

2024-2

,

Class

D

,

.29

%

,

2/24/31

,

Callable

5/22/27

@

(a) ...............

Series

2025-1

,

Class

C

,

.25

%

,

2/24/31

,

Callable

12/22/27

@

(a) ..............

Dext

ABS

LLC

........................................................

Series

2023-1

,

Class

A2

,

.99

%

,

3/15/32

,

Callable

2/15/27

@

(a) ..............

Series

2023-2

,

Class

B

,

.41

%

,

5/15/34

,

Callable

10/15/27

@

(a) ..............

750

766

Series

2025-1

,

Class

C

,

.39

%

,

8/15/35

,

Callable

4/15/29

@

(a) ...............

1,000

994

DLLAA

LLC

..........................................................

Series

2023-1A

,

Class

A2

,

.93

%

,

7/20/26

,

Callable

7/20/26

@

(a) .............

Series

2025-1A

,

Class

A3

,

.95

%

,

9/20/29

,

Callable

5/20/29

@

(a) .............

522

529

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2025-1

,

Class

A2

,

.52

%

,

10/15/27

,

Callable

10/15/27

@

(a) ............

750

750

Series

2025-1

,

Class

A3

,

.49

%

,

4/16/29

(a) ................................

500

502

HPEFS

Equipment

Trust

..................................................

Series

2022-3A

,

Class

C

,

.13

%

,

8/20/29

,

Callable

4/20/26

@

(a) ..............

735

737

Series

2023-2A

,

Class

B

,

.25

%

,

1/21/31

,

Callable

12/20/26

@

(a) .............

1,000

1,007

Series

2024-1A

,

Class

D

,

.82

%

,

11/20/31

,

Callable

8/20/27

@

(a) .............

520

526

Kubota

Credit

Owner

Trust

,

Series

2025-1A

,

Class

A2

,

.61

%

,

12/15/27

(a) .............

750

751

M&T

Equipment

LEAF1

Notes

,

Series

2023-1A

,

Class

A2

,

.09

%

,

7/15/30

,

Callable

6/15/27

@

(a) .........................................................

New

Economy

Assets

-

Phase

Sponsor

LLC

,

Series

2021-1

,

Class

B1

,

.41

%

,

10/20/61

,

Callable

5/20/25

@

(a) ............................................

NMEF

Funding

LLC

....................................................

Series

2022-B

,

Class

A2

,

.07

%

,

6/15/29

,

Callable

7/15/26

@

(a) ..............

Series

2023-A

,

Class

A2

,

.57

%

,

6/17/30

,

Callable

6/15/27

@

(a) ..............

Series

2024-A

,

Class

A2

,

.15

%

,

12/15/31

,

Callable

2/15/28

@

(a) .............

Series

2024-A

,

Class

B

,

.32

%

,

12/15/31

,

Callable

2/15/28

@

(a) ..............

650

648

Series

2025-A

,

Class

A2

,

.72

%

,

7/15/32

,

Callable

11/15/28

@

(a) .............

500

Series

2025-A

,

Class

B

,

.18

%

,

7/15/32

,

Callable

11/15/28

@

(a) ..............

709

703

NP

SPE

II

LLC

,

Series

2017-1A

,

Class

A1

,

.37

%

,

10/21/47

(a) ......................

NP

SPE

X

LP

,

Series

2019-2A

,

Class

C1

,

.44

%

,

11/19/49

(a) .......................

Pawnee

Equipment

Receivables

LLC

.........................................

Series

2021-1

,

Class

B

,

.82

%

,

7/15/27

,

Callable

8/15/25

@

(a) ...............

Series

2022-1

,

Class

B

,

.40

%

,

7/17/28

,

Callable

7/15/26

@

(a) ...............

725

727

PEAC

Solutions

Receivables

LLC

...........................................

Series

2024-2A

,

Class

A3

,

.65

%

,

10/20/31

,

Callable

6/20/27

@

(a) ............

571

569

Series

2025-1A

,

Class

A2

,

.94

%

,

10/20/28

,

Callable

10/20/28

@

(a) ...........

500

500

Series

2025-1A

,

Class

A3

,

.04

%

,

7/20/32

,

Callable

11/20/28

@

(a) ............

Post

Road

Equipment

Finance

LLC

..........................................

Series

2025-1A

,

Class

A2

,

.90

%

,

5/15/31

,

Callable

8/15/28

@

(a) .............

500

504

Series

2025-1A

,

Class

B

,

.04

%

,

5/15/31

,

Callable

8/15/28

@

(a) ..............

Series

2025-1A

,

Class

C

,

.13

%

,

5/15/31

,

Callable

8/15/28

@

(a) ..............

Progress

Residential

Trust

,

Series

2021-SFR5

,

Class

B

,

.66

%

,

7/17/38

(a) (c) ............

600

582

Switch

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

.04

%

,

3/25/55

(a) .................

Verdant

Receivables

LLC

.................................................

Series

2023-1A

,

Class

A2

,

.24

%

,

1/13/31

,

Callable

7/12/27

@

(a) .............

Series

2024-1A

,

Class

C

,

.25

%

,

12/12/31

,

Callable

8/12/28

@

(a) .............

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Wingspire

Equipment

Finance

LLC

,

Series

2024-1A

,

Class

C

,

.28

%

,

9/20/32

,

Callable

11/20/27

@

(a) ..................................................

$

$

25,657

Total

Asset-Backed

Securities

(Cost

$59,138)

a

a

a

59,357

Collateralized

Loan

Obligations

(1.4%)

Cash

Flow

CLO

(1.4%):

CIFC

Funding

IV

Ltd.

,

Series

2017-4A

,

Class

A1R

,

.49

%

(TSFR3M

+

bps)

,

10/24/30

,

Callable

7/24/25

@

(a) (b) ..........................................

Palmer

Square

Loan

Funding

Ltd.

...........................................

Series

2022-1A

,

Class

A2

,

.86

%

(TSFR3M

+

bps)

,

4/15/30

,

Callable

7/15/25

@

(a) (b) .........................................................

1,000

1,001

Series

2022-3A

,

Class

A1BR

,

.66

%

(TSFR3M

+

bps)

,

4/15/31

,

Callable

7/15/25

@

(a) (b) .........................................................

500

500

Series

2022-3A

,

Class

BR

,

.26

%

(TSFR3M

+

bps)

,

4/15/31

,

Callable

7/15/25

@

(a) (b) .........................................................

500

500

Series

2024-3A

,

Class

A2

,

.95

%

(TSFR3M

+

bps)

,

8/8/32

,

Callable

8/8/25

@

(a) (b) .........................................................

750

748

Venture

CLO

Ltd.

,

Series

2024-49A

,

Class

X

,

.62

%

(TSFR3M

+

bps)

,

4/20/37

,

Callable

4/20/26

@

(a) (b) .................................................

632

631

Voya

CLO

Ltd.

,

Series

2019-2A

,

Class

AR

,

.47

%

(TSFR3M

+

bps)

,

7/20/32

,

Callable

7/20/25

@

(a) (b) .................................................

4,046

Total

Collateralized

Loan

Obligations

(Cost

$4,049)

a

a

a

4,046

Collateralized

Mortgage

Obligations

(10.6%)

Agency

CMO

Other

(1.5%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5450

,

Class

KA

,

.50

%

,

6/25/51

...................................

Series

5478

,

Class

J

,

.50

%

,

3/25/51

.....................................

912

920

Government

National

Mortgage

Association

....................................

Series

2023-128

,

Class

KA

,

.00

%

,

6/20/47

................................

Series

2023-131

,

Class

P

,

.50

%

,

6/20/48

..................................

Series

2023-149

,

Class

D

,

.50

%

,

9/20/47

.................................

Series

2023-168

,

Class

GB

,

.00

%

,

2/20/50

................................

658

665

Series

2024-160

,

Class

H

,

.00

%

,

9/20/62

.................................

909

897

Series

2024-97

,

Class

MC

,

.00

%

,

1/20/64

.................................

4,276

Agency

Commercial

MBS

(0.4%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

K536

,

Class

AS

,

.83

%

(SOFR30A

+

bps)

,

11/25/29

,

Callable

11/25/29

@

(b) ....................................

1,000

1,000

Commercial

MBS

(8.7%):

BBCMS

Mortgage

Trust

..................................................

Series

2019-BWAY

,

Class

B

,

.75

%

(TSFR1M

+

bps)

,

11/15/34

(a) (b) (c) ..........

1,000

Series

2020-BID

,

Class

C

,

.08

%

(TSFR1M

+

bps)

,

10/15/37

(a) (b) (c) ...........

1,470

1,472

BLP

Commercial

Mortgage

Trust

,

Series

2025-IND

,

Class

B

,

.87

%

(TSFR1M

+

bps)

,

3/15/42

(a) (b) ......................................................

750

733

BPR

Trust

............................................................

Series

2021-TY

,

Class

B

,

.59

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

Series

2022-OANA

,

Class

B

,

.77

%

(TSFR1M

+

bps)

,

4/15/37

(a) (b) (c) ..........

1,000

997

Series

2022-STAR

,

Class

A

,

.55

%

(TSFR1M

+

bps)

,

8/15/39

(a) (b) (c) ...........

1,250

1,242

BX

Commercial

Mortgage

Trust

............................................

Series

2021-CIP

,

Class

B

,

.71

%

(TSFR1M

+

bps)

,

12/15/38

(a) (b) (c) ............

Series

2021-CIP

,

Class

C

,

.91

%

(TSFR1M

+

bps)

,

12/15/38

(a) (b) (c) ............

916

911

Series

2021-SOAR

,

Class

B

,

.31

%

(TSFR1M

+

bps)

,

6/15/38

(a) (b) (c) ...........

Series

2021-SOAR

,

Class

C

,

.54

%

(TSFR1M

+

bps)

,

6/15/38

(a) (b) (c) ...........

Series

2021-VINO

,

Class

B

,

.29

%

(TSFR1M

+

bps)

,

5/15/38

(a) (b) (c) ............

700

695

Series

2021-VOLT

,

Class

C

,

.54

%

(TSFR1M

+

bps)

,

9/15/36

(a) (b) (c) ...........

750

739

Series

2021-XL2

,

Class

C

,

.63

%

(TSFR1M

+

bps)

,

10/15/38

(a) (b) (c) ...........

700

693

BX

Mortgage

Trust

,

Series

2021-PAC

,

Class

C

,

.54

%

(TSFR1M

+

bps)

,

10/15/36

(a) (b) (c) 1,000

985

BX

Trust

.............................................................

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2021-RISE

,

Class

B

,

.69

%

(TSFR1M

+

bps)

,

11/15/36

(a) (b) (c) ...........

$

$

Series

2022-LBA6

,

Class

B

,

.62

%

(TSFR1M

+

bps)

,

1/15/39

(a) (b) (c) ...........

500

Series

2022-LBA6

,

Class

C

,

.92

%

(TSFR1M

+

bps)

,

1/15/39

(a) (b) (c) ...........

1,000

991

Series

2025-ROIC

,

Class

A

,

.47

%

(TSFR1M

+

bps)

,

3/15/30

(a) (b) (c) ...........

CEDR

Commercial

Mortgage

Trust

,

Series

2022-SNAI

,

Class

B

,

.66

%

(TSFR1M

+

bps)

,

2/15/39

(a) (b) (c) ....................................................

1,000

940

COMM

Mortgage

Trust

..................................................

Series

2019-521F

,

Class

B

,

.57

%

(TSFR1M

+

bps)

,

6/15/34

(a) (b) (c) ............

1,500

1,306

Series

2024-277P

,

Class

A

,

.34

%

,

8/10/44

(a) (c) .............................

Extended

Stay

America

Trust

,

Series

2021-ESH

,

Class

B

,

.82

%

(TSFR1M

+

bps)

,

7/15/38

(a) (b) (c) ....................................................

GS

Mortgage

Securities

Corp.

Trust

..........................................

Series

2017-GPTX

,

Class

A

,

.86

%

,

5/10/34

(a) (c) ...........................

849

731

Series

2023-SHIP

,

Class

B

,

.10

%

,

9/10/38

(a) (c) (d) ..........................

600

596

HYT

Commercial

Mortgage

Trust

,

Series

2024-RGCY

,

Class

A

,

.16

%

(TSFR1M

+

bps)

,

9/15/41

(a) (b) (c) ....................................................

500

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2021-MHC

,

Class

A

,

.49

%

(TSFR1M

+

bps)

,

4/15/38

(a) (b) (c) .....................................

945

943

LBA

Trust

,

Series

2024-7IND

,

Class

B

,

.06

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ......

500

MHC

Commercial

Mortgage

Trust

,

Series

2021-MHC

,

Class

B

,

.54

%

(TSFR1M

+

bps)

,

4/15/38

(a) (b) (c) ....................................................

800

797

Morgan

Stanley

Capital

I

Trust

,

Series

2019-NUGS

,

Class

B

,

.74

%

(TSFR1M

+

bps)

,

12/15/36

(a) (b) (c) ...................................................

1,154

738

ONE

Mortgage

Trust

,

Series

2021-PARK

,

Class

B

,

.39

%

(TSFR1M

+

bps)

,

3/15/36

(a) (b) (c) .............................................................

1,000

954

One

New

York

Plaza

Trust

,

Series

2020-1NYP

,

Class

A

,

.39

%

(TSFR1M

+

bps)

,

1/15/36

(a) (b) (c) ...........................................................

875

844

SHR

Trust

............................................................

Series

2024-LXRY

,

Class

A

,

.27

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ..........

Series

2024-LXRY

,

Class

B

,

.77

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ..........

500

SMRT

,

Series

2022-MINI

,

Class

B

,

.67

%

(TSFR1M

+

bps)

,

1/15/39

(a) (b) (c) ..........

1,000

984

SWCH

Commercial

Mortgage

Trust

,

Series

2025-DATA

,

Class

A

,

.76

%

(TSFR1M

+

bps)

,

3/15/42

(a) (b) (c) ....................................................

750

737

TTAN

,

Series

2021-MHC

,

Class

B

,

.54

%

(TSFR1M

+

bps)

,

3/15/38

(a) (b) (c) ..........

24,983

Total

Collateralized

Mortgage

Obligations

(Cost

$32,111)

a

a

a

30,259

Senior

Secured

Loans

(2.3%)

Communication

Services

(0.4%):

Lamar

Media

Corp.,

New

Term

Loan

B,

First

Lien

,

.82

%

(SOFR01M

+

bps)

,

2/8/27

(b) ..

1,000

996

Financials

(0.7%):

Avolon

TLB

Borrower

US

LLC,

Term

Loans,

First

Lien

,

2/12/27

(e) ..............

997

993

Delos

Finance

SARL,

Term,

First

Lien

,

.05

%

(SOFR03M

+

bps)

,

10/29/27

(b) .........

857

857

1,850

Industrials

(0.3%):

Avis

Budget

Car

Rental

LLC,

Term

Loan

B,

First

Lien

,

.07

%

(SOFR01M

+

bps)

,

8/6/27

(b) 990

965

Materials

(0.9%):

Celanese

US

Holdings

LLC,

Delayed

Draw

Term

Loan,

First

Lien

,

3/13/26

(e) (f) ..........

1,250

1,250

The

Chemours

Co.,

Term

Loan

B,

First

Lien

,

.32

%

(SOFR01M

+

bps)

,

8/18/28

(b) ......

1,465

1,424

2,674

Total

Senior

Secured

Loans

(Cost

$6,545)

a

a

a

6,485

Corporate

Bonds

(28.5%)

Communication

Services

(0.4%):

TEGNA,

Inc.

,

.63

%

,

3/15/28

,

Callable

6/5/25

@

.............................

1,250

1,195

Consumer

Discretionary

(1.1%):

Daimler

Truck

Finance

North

America

LLC

,

.35

%

(SOFR

+

bps)

,

9/25/27

(a) (b) ........

750

748

General

Motors

Financial

Co.,

Inc.

,

.57

%

(SOFRINDX

+

bps)

,

4/4/28

(b) ............

1,000

984

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Nissan

Motor

Acceptance

Co.

LLC

.00

%

,

3/9/26

,

Callable

2/9/26

@

(a) (g) ................................

$

500

$

.30

%

,

9/13/27

(a) ..................................................

500

Stellantis

Finance

US,

Inc.

,

.35

%

,

3/17/28

,

Callable

2/17/28

@

(a) ................

500

504

3,207

Consumer

Staples

(1.0%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

,

.88

%

,

2/15/28

,

Callable

6/5/25

@

101.47 (a) ...........................................

750

750

Coty,

Inc.

,

.00

%

,

4/15/26

,

Callable

6/5/25

@

(a) .............................

1,250

1,243

Smithfield

Foods,

Inc.

,

.25

%

,

2/1/27

,

Callable

11/1/26

@

(a) ....................

1,000

988

2,981

Energy

(2.6%):

Energy

Transfer

LP

,

.50

%

(H15T5Y

+

569

bps)

,

Callable

11/15/26

@

(b) (h) ...........

500

EQT

Corp.

,

.50

%

,

6/1/27

,

Callable

5/16/25

@

103.75 (a) ..........................

1,250

1,270

Gray

Oak

Pipeline

LLC

,

.60

%

,

10/15/25

,

Callable

9/15/25

@

(a) .................

1,000

985

HF

Sinclair

Corp.

,

.38

%

,

4/15/27

,

Callable

5/16/25

@

101.59 (g) ....................

1,250

1,260

ONEOK,

Inc.

,

.15

%

,

6/1/25

...............................................

500

Rockies

Express

Pipeline

LLC

,

.60

%

,

5/15/25

(a) ...............................

750

749

Sunoco

LP/Sunoco

Finance

Corp.

,

.00

%

,

4/15/27

,

Callable

6/5/25

@

..............

1,000

997

Viper

Energy,

Inc.

,

.38

%

,

11/1/27

,

Callable

5/21/25

@

100.9 (a) .....................

1,250

1,245

7,502

Financials

(16.9%):

American

Express

Co.

,

.67

%

(SOFR

+

bps)

,

4/25/29

,

Callable

4/25/28

@

(b) .......

750

753

American

Honda

Finance

Corp.

,

.20

%

(SOFR

+

bps)

,

3/3/28

(b) ....................

1,000

997

American

National

Group,

Inc.

,

.75

%

,

10/1/29

,

Callable

9/1/29

@

................

500

508

Antares

Holdings

LP

,

.95

%

,

7/15/26

,

Callable

6/15/26

@

(a) .....................

1,500

1,465

Ares

Capital

Corp.

.25

%

,

7/15/25

,

Callable

6/15/25

@

..................................

500

.88

%

,

1/15/26

,

Callable

12/15/25

@

.................................

1,000

991

Assurant,

Inc.

,

.10

%

,

2/27/26

,

Callable

1/27/26

@

...........................

882

884

Athene

Global

Funding

.52

%

,

3/25/27

(a) ..................................................

500

508

.60

%

(SOFRINDX

+

bps)

,

3/25/27

(a) (b) ...............................

1,000

1,006

Aviation

Capital

Group

LLC

,

.88

%

,

10/1/25

,

Callable

7/1/25

@

(a) ................

1,000

999

Bank

of

America

NA

,

.39

%

(SOFR

+

bps)

,

8/18/26

,

Callable

7/17/26

@

(b) ........

500

502

Blackstone

Private

Credit

Fund

.05

%

,

9/29/25

....................................................

750

755

.95

%

,

9/26/27

,

Callable

8/26/27

@

(a) ................................

500

Blackstone

Secured

Lending

Fund

,

.63

%

,

1/15/26

,

Callable

12/15/25

@

............

1,000

989

Blue

Owl

Capital

Corp.

,

.75

%

,

7/22/25

,

Callable

6/22/25

@

....................

1,300

1,294

Blue

Owl

Credit

Income

Corp.

,

.13

%

,

9/23/26

,

Callable

8/23/26

@

...............

1,500

1,445

BMW

US

Capital

LLC

,

.31

%

(SOFRINDX

+

bps)

,

3/21/28

(a) (b) ...................

1,000

996

Citibank

NA

,

.08

%

(SOFR

+

bps)

,

11/19/27

,

Callable

11/19/26

@

(b) .............

1,000

999

Citizens

Financial

Group,

Inc.

,

.65

%

(H15T5Y

+

531

bps)

,

Callable

10/6/25

@

(b) (h) ....

850

843

CNO

Global

Funding

,

.88

%

,

12/10/27

(a) .....................................

1,000

1,009

Corebridge

Global

Funding

.69

%

(SOFR

+

bps)

,

9/25/26

(a) (b) ....................................

.15

%

(SOFR

+

bps)

,

1/7/28

(a) (b) ......................................

1,000

993

Credit

Acceptance

Corp.

,

.25

%

,

12/15/28

,

Callable

12/15/25

@

104.63 (a) ..............

Discover

Financial

Services

,

.13

%

(H15T5Y

+

578

bps)

,

Callable

6/23/25

@

(b) (h) .....

500

F&G

Global

Funding

,

.88

%

,

6/10/27

(a) ......................................

500

513

Fifth

Third

Bancorp

,

.50

%

(H15T5Y

+

bps)

,

Callable

9/30/25

@

(b) (h) ...........

Ford

Motor

Credit

Co.

LLC

.33

%

(SOFR

+

bps)

,

3/6/26

(b) .......................................

500

503

.86

%

(SOFR

+

bps)

,

11/5/26

(b) ......................................

750

736

GA

Global

Funding

Trust

,

.40

%

,

9/23/27

(a) ...................................

500

Glencore

Funding

LLC

,

.46

%

(SOFRINDX

+

bps)

,

4/4/27

(a) (b) ...................

1,000

1,002

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

.00

%

,

6/15/27

,

Callable

3/15/27

@

(a) ...

1,250

1,286

Hikma

Finance

USA

LLC

,

.25

%

,

7/9/25

......................................

500

Hyundai

Capital

America,

Inc.

,

.43

%

(SOFR

+

bps)

,

3/19/27

(a) (b) .................

1,000

998

JPMorgan

Chase

&

Co.

,

.15

%

(SOFR

+

bps)

,

9/22/27

,

Callable

9/22/26

@

(b) .......

1,000

999

Manufacturers

&

Traders

Trust

Co.

,

.40

%

,

11/21/25

,

Callable

10/21/25

@

..........

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Markel

Group,

Inc.

,

.00

%

(H15T5Y

+

566

bps)

,

Callable

6/1/25

@

(b) (h) ............

$

$

MassMutual

Global

Funding

II

,

.14

%

(SOFR

+

bps)

,

4/9/27

(a) (b) ..................

750

749

Mercedes-Benz

Finance

North

America

LLC

,

.33

%

(SOFR

+

bps)

,

3/31/28

(a) (b) ........

1,000

998

MetLife,

Inc.

,

.85

%

(H15T5Y

+

bps)

,

Callable

9/15/25

@

(b) (h) ................

500

MGIC

Investment

Corp.

,

.25

%

,

8/15/28

,

Callable

5/21/25

@

101.31 ..................

500

Morgan

Stanley

,

.42

%

(SOFR

+

bps)

,

4/13/28

,

Callable

4/13/27

@

(b) ............

1,000

1,001

National

Securities

Clearing

Corp.

,

.15

%

,

5/30/25

(a) .............................

750

750

New

York

Life

Global

Funding

,

.33

%

(SOFRINDX

+

bps)

,

4/2/26

(a) (b) ..............

750

753

NextEra

Energy

Capital

Holdings,

Inc.

,

.21

%

(SOFRINDX

+

bps)

,

2/4/28

(b) ..........

1,000

999

NMI

Holdings,

Inc.

,

.00

%

,

8/15/29

,

Callable

7/15/29

@

.......................

Pacific

Life

Global

Funding

II

,

.00

%

(SOFR

+

bps)

,

6/4/26

(a) (b) ...................

PayPal

Holdings,

Inc.

,

.05

%

(SOFR

+

bps)

,

3/6/28

(b) (g) .........................

750

749

Protective

Life

Global

Funding

,

.21

%

,

4/14/26

(a) ...............................

1,000

1,007

Reliance

Standard

Life

Global

Funding

II

,

.24

%

,

2/2/26

(a) ........................

1,300

1,302

Rocket

Mortgage

LLC/Rocket

Mortgage

Co.-Issuer,

Inc.

,

.88

%

,

10/15/26

,

Callable

6/5/25

@

100.72 (a) .........................................................

1,250

1,207

Santander

Holdings

USA,

Inc.

.81

%

(SOFR

+

bps)

,

9/9/26

,

Callable

9/9/25

@

(b) ......................

1,000

1,003

.47

%

(SOFR

+

bps)

,

3/20/29

,

Callable

3/20/28

@

(b) ....................

Sixth

Street

Specialty

Lending,

Inc.

,

.50

%

,

8/1/26

,

Callable

7/1/26

@

..............

1,000

966

Starwood

Property

Trust,

Inc.

,

.63

%

,

7/15/26

,

Callable

1/15/26

@

(a) ..............

500

State

Street

Corp.

,

.10

%

(SOFR

+

bps)

,

5/18/26

,

Callable

5/18/25

@

(b) ..........

1,000

1,000

Synchrony

Bank

,

.40

%

,

8/22/25

,

Callable

7/22/25

@

.........................

752

751

Texas

Capital

Bank

NA

,

.25

%

,

1/31/26

......................................

1,000

995

The

Charles

Schwab

Corp.

.38

%

(H15T5Y

+

bps)

,

Callable

6/1/25

@

(b) (h) .......................

500

.88

%

(SOFRINDX

+

bps)

,

5/13/26

,

Callable

4/13/26

@

(b) ................

750

748

The

Goldman

Sachs

Group,

Inc.

,

.70

%

(SOFR

+

bps)

,

4/23/28

,

Callable

4/23/27

@

(b) 1,000

1,004

The

Huntington

National

Bank

,

.87

%

(SOFR

+

bps)

,

4/12/28

,

Callable

4/12/27

@

(b) ..

1,000

1,004

Truist

Financial

Corp.

,

.25

%

(TSFR3M

+

bps)

,

5/15/27

,

Callable

6/5/25

@

(b) .......

717

702

48,410

Health

Care

(1.5%):

Brown

University

Health

,

.05

%

,

2/15/30

,

Callable

8/15/29

@

...................

Centene

Corp.

,

.25

%

,

12/15/27

,

Callable

5/21/25

@

100.71 ........................

1,250

1,221

HCA,

Inc.

,

.25

%

(SOFR

+

bps)

,

3/1/28

,

Callable

2/1/28

@

(b) ..................

1,250

1,247

Little

Co.

of

Mary

Hospital

of

Indiana,

Inc.

,

.97

%

,

11/1/25

........................

670

660

PeaceHealth

Obligated

Group

,

.38

%

,

11/15/25

,

Callable

8/15/25

@

...............

1,000

979

4,358

Industrials

(2.3%):

American

Airlines

Pass

Through

Trust

.70

%

,

10/15/25

....................................................

.58

%

,

1/15/28

....................................................

Concentrix

Corp.

,

.65

%

,

8/2/26

,

Callable

7/2/26

@

...........................

500

510

Hawaiian

Airlines

Pass

Through

Certificates

,

.90

%

,

1/15/26

........................

1,313

1,268

Molex

Electronic

Technologies

LLC

,

.75

%

,

4/30/28

,

Callable

3/30/28

@

(a) .........

750

756

Regal

Rexnord

Corp.

,

.05

%

,

2/15/26

........................................

1,400

1,409

United

Airlines

Pass

Through

Trust

.30

%

,

8/15/25

....................................................

598

596

.88

%

,

1/15/26

....................................................

667

661

United

Rentals

North

America,

Inc.

,

.88

%

,

11/15/27

,

Callable

5/16/25

@

100.65 .........

1,000

966

6,639

Materials

(0.3%):

Fortitude

Group

Holdings

LLC

,

.25

%

,

4/1/30

,

Callable

1/1/30

@

(a) ...............

Sasol

Financing

USA

LLC

,

.38

%

,

9/18/26

,

Callable

8/18/26

@

..................

500

732

Real

Estate

(0.9%):

Boston

Properties

LP

,

.65

%

,

2/1/26

,

Callable

11/3/25

@

.......................

500

EPR

Properties

,

.50

%

,

6/1/27

,

Callable

3/1/27

@

............................

500

GLP

Capital

LP/GLP

Financing

II,

Inc.

,

.38

%

,

4/15/26

,

Callable

1/15/26

@

.........

1,500

1,495

2,482

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Utilities

(1.5%):

Dominion

Energy,

Inc.

,

.35

%

(H15T5Y

+

bps)

,

Callable

1/15/27

@

(b) (h) .........

$

500

$

Jersey

Central

Power

&

Light

Co.

,

.30

%

,

1/15/26

,

Callable

10/15/25

@

(a) ..........

1,248

1,242

Monongahela

Power

Co.

,

.55

%

,

5/15/27

,

Callable

2/15/27

@

(a) ..................

968

952

The

Southern

Co.

,

.00

%

(H15T5Y

+

bps)

,

1/15/51

,

Callable

10/15/25

@

(b) ........

500

Vistra

Operations

Co.

LLC

,

.63

%

,

2/15/27

,

Callable

5/16/25

@

(a) ................

1,000

999

4,172

Total

Corporate

Bonds

(Cost

$81,480)

a

a

a

81,678

Yankee

Dollars

(17.8%)

Consumer

Discretionary

(1.7%):

International

Game

Technology

PLC

,

.13

%

,

4/15/26

,

Callable

6/5/25

@

(a) ..........

1,030

1,016

Melco

Resorts

Finance

Ltd.

.88

%

,

6/6/25

,

Callable

6/5/25

@

(a) ..................................

500

.25

%

,

4/26/26

,

Callable

6/5/25

@

(a) .................................

750

739

Nissan

Motor

Co.

Ltd.

,

.52

%

,

9/17/25

,

Callable

8/17/25

@

(a) ...................

Royal

Caribbean

Cruises

Ltd.

,

.50

%

,

8/31/26

,

Callable

2/28/26

@

(a) ..............

1,250

1,252

Sands

China

Ltd.

,

.13

%

,

8/8/25

,

Callable

6/8/25

@

...........................

1,000

998

4,916

Energy

(0.8%):

Northriver

Midstream

Finance

LP

,

.63

%

,

2/15/26

,

Callable

6/5/25

@

(a) ............

1,000

994

TechnipFMC

PLC

,

.50

%

,

2/1/26

,

Callable

6/5/25

@

(a) ........................

1,350

1,349

2,343

Financials

(12.3%):

ABN

AMRO

Bank

NV

.17

%

(SOFRINDX

+

bps)

,

9/18/27

,

Callable

9/18/26

@

(a) (b) .............

1,000

1,009

.34

%

(H15T1Y

+

bps)

,

9/18/27

,

Callable

9/18/26

@

(a) (b) ................

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

.62

%

,

12/10/29

,

Callable

11/10/29

@

(a) ....................................

Banco

Santander

SA

,

.76

%

(SOFR

+

bps)

,

3/14/28

,

Callable

3/14/27

@

(b) ........

1,500

1,505

Bank

of

Montreal

,

.00

%

(SOFRINDX

+

bps)

,

9/15/26

(b) .........................

1,500

1,498

Barclays

PLC

.33

%

(H15T1Y

+

bps)

,

11/2/26

,

Callable

11/2/25

@

(b) ..................

500

505

.83

%

(SOFR

+

bps)

,

5/9/27

,

Callable

5/9/26

@

(b) ......................

1,000

1,010

BBVA

Global

Finance

Ltd.

,

.00

%

,

12/1/25

....................................

1,053

1,061

BNP

Paribas

SA

,

.87

%

(SOFR

+

bps)

,

5/9/29

,

Callable

5/9/28

@

(b) .............

750

750

BPCE

SA

.38

%

(SOFRINDX

+

bps)

,

10/19/27

,

Callable

10/19/26

@

(a) (b) ............

500

507

.61

%

(SOFR

+

bps)

,

10/19/27

,

Callable

10/19/26

@

(a) (b) ................

500

513

Canadian

Imperial

Bank

of

Commerce

,

.62

%

(SOFR

+

bps)

,

10/2/26

(b) .............

1,000

1,006

Commonwealth

Bank

of

Australia

,

.90

%

(SOFR

+

bps)

,

6/15/26

(a) (b) ...............

1,500

1,501

Credit

Agricole

SA

.69

%

(SOFR

+

bps)

,

7/5/26

(a) (b) .....................................

750

754

.59

%

(SOFR

+

bps)

,

9/11/28

,

Callable

9/11/27

@

(a) (b) ..................

500

500

Danske

Bank

A/S

,

.26

%

(H15T1Y

+

bps)

,

9/22/26

,

Callable

9/22/25

@

(a) (b) ......

500

503

Deutsche

Bank

AG

.12

%

(SOFR

+

bps)

,

7/14/26

,

Callable

7/14/25

@

(b) ....................

.59

%

(SOFR

+

bps)

,

11/16/27

,

Callable

11/16/26

@

(b) ..................

781

775

Element

Fleet

Management

Corp.

,

.27

%

,

6/26/26

,

Callable

5/26/26

@

(a) ...........

500

509

Enel

Finance

International

NV

,

.05

%

,

10/14/25

(a) ...............................

500

504

Essent

Group

Ltd.

,

.25

%

,

7/1/29

,

Callable

6/1/29

@

..........................

500

513

HSBC

Holdings

PLC

,

.93

%

(SOFR

+

bps)

,

8/14/27

,

Callable

8/14/26

@

(b) ........

600

605

ING

Groep

NV

.41

%

(SOFRINDX

+

bps)

,

4/1/27

,

Callable

4/1/26

@

(b) .................

500

500

.94

%

(SOFRINDX

+

bps)

,

9/11/27

,

Callable

9/11/26

@

(b) ................

500

504

Intesa

Sanpaolo

SpA

,

.71

%

,

1/15/26

(a) .......................................

1,420

1,420

Lloyds

Banking

Group

PLC

,

.92

%

(SOFRINDX

+

bps)

,

8/7/27

,

Callable

8/7/26

@

(b) 500

503

Macquarie

Airfinance

Holdings

Ltd.

,

.38

%

,

5/1/28

(a) ............................

1,005

1,047

National

Australia

Bank

Ltd.

,

.05

%

(SOFR

+

bps)

,

1/12/27

(a) (b) ...................

1,250

1,252

Nationwide

Building

Society

,

.66

%

(SOFR

+

bps)

,

2/16/28

,

Callable

2/16/27

@

(a) (b) 1,400

1,403

NatWest

Markets

PLC

,

.16

%

(SOFR

+

bps)

,

9/29/26

(a) (b) ........................

1,000

998

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Nordea

Bank

Abp

.34

%

(SOFR

+

bps)

,

6/6/25

(a) (b) ......................................

$

500

$

500

.08

%

(SOFR

+

bps)

,

3/17/28

(a) (b) .....................................

750

748

Phoenix

Group

Holdings

PLC

,

.38

%

,

7/6/27

,

MTN

..............................

1,000

992

QBE

Insurance

Group

Ltd.

,

.88

%

(H15T5Y

+

551

bps)

,

Callable

5/12/25

@

(a) (b) (h) ....

Royal

Bank

of

Canada

,

.00

%

(SOFRINDX

+

bps)

,

11/2/26

,

MTN

(b) ................

500

Santander

UK

Group

Holdings

PLC

,

.83

%

(SOFR

+

bps)

,

11/21/26

,

Callable

11/21/25

@

(b) ...........................................................

500

505

Societe

Generale

SA

,

.75

%

,

11/24/25

(a) ......................................

1,000

996

Standard

Chartered

PLC

.33

%

(SOFR

+

bps)

,

7/6/27

,

Callable

7/6/26

@

(a) (b) ....................

500

505

.64

%

(SOFR

+

bps)

,

1/21/29

,

Callable

1/21/28

@

(a) (b) ..................

750

751

The

Bank

of

Nova

Scotia

.90

%

(H15T5Y

+

bps)

,

Callable

6/4/25

@

(b) (h) .......................

500

.26

%

(SOFR

+

bps)

,

2/14/29

,

Callable

2/14/28

@

(b) .....................

1,000

994

The

Toronto-Dominion

Bank

,

.97

%

(SOFR

+

bps)

,

9/10/26

(b) .....................

1,500

1,497

UBS

Group

AG

,

.49

%

(H15T1Y

+

bps)

,

5/12/26

,

Callable

5/12/25

@

(a) (b) ........

1,000

1,000

Westpac

Banking

Corp.

,

.90

%

(SOFR

+

bps)

,

6/3/26

(b) ..........................

1,500

1,500

35,374

Industrials

(1.5%):

Air

Canada

,

.88

%

,

8/15/26

,

Callable

2/15/26

@

(a) ...........................

500

Air

Canada

Pass

Through

Trust

,

.13

%

,

5/15/25

(a) ...............................

943

940

Avolon

Holdings

Funding

Ltd.

,

.50

%

,

1/15/26

,

Callable

12/15/25

@

(a) ............

500

500

Element

Fleet

Management

Corp.

,

.64

%

,

3/13/27

,

Callable

2/13/27

@

(a) ...........

500

509

LG

Energy

Solution

Ltd.

,

.25

%

,

4/2/28

(a) .....................................

1,000

1,004

The

Weir

Group

PLC

,

.20

%

,

5/13/26

,

Callable

4/13/26

@

(a) ....................

900

873

4,317

Information

Technology

(0.3%):

SK

Hynix,

Inc.

,

.25

%

,

1/17/26

(a) ...........................................

750

758

Materials

(0.5%):

Endeavour

Mining

PLC

,

.00

%

,

10/14/26

,

Callable

10/14/25

@

(a) ................

500

Rio

Tinto

Finance

USA

PLC

,

.22

%

(SOFRINDX

+

bps)

,

3/14/28

(b) .................

1,000

1,001

1,490

Real

Estate

(0.3%):

Scentre

Group

Trust

1/Scentre

Group

Trust

,

.63

%

,

1/28/26

,

Callable

12/28/25

@

(a) ..

715

710

Utilities

(0.4%):

Algonquin

Power

&

Utilities

Corp.

,

.37

%

,

6/15/26

(i) .............................

1,000

1,006

Total

Yankee

Dollars

(Cost

$50,705)

a

a

a

50,914

Municipal

Bonds

(0.7%)

California

(0.1%):

California

State

Public

Works

Board

Revenue

,

Series

B

,

.45

%

,

4/1/27

................

Guam

(0.1%):

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

,

Series

A

,

.50

%

,

10/1/25

.....

Ohio

(0.1%):

Columbus

Metropolitan

Housing

Authority

Revenue

,

.38

%

,

9/1/28

,

Continuously

Callable

@100

...........................................................

South

Carolina

(0.4%):

South

Carolina

Public

Service

Authority

Revenue

Series

C

,

.57

%

,

12/1/26

.............................................

500

503

Series

C

,

.61

%

,

12/1/27

.............................................

500

505

1,008

Total

Municipal

Bonds

(Cost

$2,100)

a

a

a

2,115

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Government

Agency

Mortgages

(1.4%)

Farm

Credit

Bank

of

Texas

Series

,

.70

%

(H15T5Y

+

542

bps)

(a) (b) (h) ................................

$

$

Federal

Farm

Credit

Banks

Funding

Corporation

.58

%

,

4/2/29

.....................................................

750

749

Federal

Home

Loan

Banks

.00

%

,

4/2/27

.....................................................

1,000

1,001

.00

%

,

10/7/27

....................................................

1,000

995

1,996

Federal

Home

Loan

Mortgage

Corporation

.70

%

,

11/26/27

....................................................

1,000

1,001

Total

U.S.

Government

Agency

Mortgages

(Cost

$3,994)

a

a

a

3,993

U.S.

Treasury

Obligations

(0.9%)

U.S.

Treasury

Notes

.63

%

,

9/15/26

....................................................

750

759

.13

%

,

9/30/27

....................................................

1,250

1,266

.00

%

,

6/30/28

....................................................

500

506

Total

U.S.

Treasury

Obligations

(Cost

$2,492)

a

a

a

2,531

Commercial

Paper

(17.4%)

Consumer

Discretionary

(1.9%):

AutoNation,

Inc.

.85

%

,

5/1/25

(a) (j) ..................................................

1,500

1,500

.85

%

,

5/2/25

(j) ....................................................

1,250

1,250

Whirlpool

Corp.

.07

%

,

5/8/25

(a) (j) ..................................................

1,000

999

.07

%

,

5/9/25

(a) (j) ..................................................

500

.06

%

,

5/12/25

(a) (j) .................................................

750

749

.06

%

,

5/13/25

(a) (j) .................................................

500

5,496

Consumer

Staples

(0.4%):

Bacardi

USA,

Inc.

,

.88

%

,

5/29/25

(a) (j) .......................................

1,000

996

Energy

(3.6%):

APA

Corp.

.03

%

,

5/1/25

(a) (j) ..................................................

2,000

2,000

.05

%

,

5/9/25

(a) (j) ..................................................

1,000

999

Canadian

Natural

Resources

Ltd.

.72

%

,

5/1/25

(a) (j) ..................................................

.74

%

,

5/14/25

(a) (j) .................................................

1,000

998

.75

%

,

5/15/25

(a) (j) .................................................

1,000

998

Ovintiv,

Inc.

.97

%

,

5/30/25

(a) (j) .................................................

1,000

996

.38

%

,

6/30/25

(a) (j) .................................................

1,500

1,486

Targa

Resources

Corp.

.87

%

,

5/1/25

(a) (j) ..................................................

1,500

1,500

.90

%

,

5/6/25

(a) (j) ..................................................

1,000

999

10,376

Financials

(1.0%):

Brookfield

Corporate

Treasury

Ltd.

.70

%

,

5/6/25

(a) (j) ..................................................

1,000

999

.97

%

,

5/22/25

(a) (j) .................................................

750

748

.79

%

,

6/18/25

(a) (j) .................................................

1,000

993

VW

Credit,

Inc.

,

.69

%

,

5/14/25

(a) (j) ........................................

2,990

Industrials

(3.7%):

Global

Payments,

Inc.

.91

%

,

5/5/25

(a) (j) ..................................................

500

500

.91

%

,

5/7/25

(a) (j) ..................................................

750

749

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4

.93

%

,

5/9/25

(a) (j) ..................................................

$

1,500

$

1,498

Huntington

Ingalls

Industries,

Inc.

,

.73

%

,

5/5/25

(a) (j) ............................

2,500

2,498

Quanta

Services,

Inc.

.78

%

,

5/1/25

(a) (j) ..................................................

2,000

2,000

.78

%

,

5/2/25

(a) (j) ..................................................

500

500

Sonoco

Products

Co.

.13

%

,

5/12/25

(a) (j) .................................................

1,250

1,248

.17

%

,

5/15/25

(a) (j) .................................................

1,500

1,497

10,490

Information

Technology

(1.2%):

Arrow

Electronics,

Inc.

.80

%

,

5/1/25

(a) (j) ..................................................

1,000

1,000

.80

%

,

5/2/25

(a) (j) ..................................................

500

500

.82

%

,

5/5/25

(a) (j) ..................................................

1,000

999

Jabil,

Inc.

,

.13

%

,

5/5/25

(a) (j) ..............................................

1,000

999

3,498

Materials

(1.9%):

FMC

Corp.

.05

%

,

5/1/25

(a) (j) ..................................................

1,000

1,000

.05

%

,

5/2/25

(a) (j) ..................................................

500

500

.19

%

,

5/27/25

(a) (j) .................................................

.21

%

,

5/29/25

(a) (j) .................................................

1,000

996

International

Flavors

&

Fragrances,

Inc.

.63

%

,

5/16/25

(a) (j) .................................................

2,200

2,195

.65

%

,

5/21/25

(a) (j) .................................................

500

5,538

Real

Estate

(1.0%):

Crown

Castle,

Inc.

.82

%

,

5/1/25

(a) (j) ..................................................

1,000

1,000

.93

%

,

5/20/25

(a) (j) .................................................

500

.01

%

,

6/3/25

(a) (j) ..................................................

750

746

.02

%

,

6/4/25

(a) (j) ..................................................

500

2,743

Utilities

(2.7%):

Evergy

Missouri

West,

Inc.

,

.57

%

,

5/1/25

(a) (j) .................................

2,500

2,500

Guadalupe

Valley

Electric

Cooperative,

Inc.

.44

%

,

5/6/25

(a) (j) ..................................................

1,000

999

.41

%

,

5/13/25

(a) (j) .................................................

1,000

998

.42

%

,

6/3/25

(a) (j) ..................................................

750

747

Interstate

Power

and

Light

Co.

,

.57

%

,

5/1/25

(a) (j) ...............................

2,000

2,000

National

Fuel

Gas

Co.

,

.88

%

,

5/15/25

(a) (j) ....................................

500

7,743

Total

Commercial

Paper

(Cost

$49,874)

a

a

a

49,870

Shares

Collateral

for

Securities

Loaned

(0.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.24

%

(k) ........

250,218

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(k) ............

250,218

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(k) ...............

250,218

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.26

%

(k) .

250,218

Total

Collateral

for

Securities

Loaned

(Cost

$1,001)

a

a

a

1,001

Total

Investments

(Cost

$293,489)

—

102.0%

292,249

Liabilities

in

excess

of

other

assets

— (2.0)%

(5,663)

NET

ASSETS

-

100.00%

$

286,586

At

April

30,

2025,

the

Fund's

investments

in

foreign

securities

were

22.0%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2025,

the

fair

value

of

these

securities

was

$199,851

(thousands)

and

amounted

to

69.7%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

April

30,

2025. Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(c) Security

is

interest

only.

(d) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

April

30,

2025. (e) The

rates

for

this

senior

secured

loan

will

be

known

on

settlement

date

of

the

loan,

subsequent

to

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

in

line

with

prevailing

interest

rates.

(f) The

Fund

may

enter

into

certain

credit

agreements

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

commitments

at

the

borrower's

discretion.

At

April

30,

2025,

the

Fund

held

unfunded

or

partially

unfunded

loan

commitments

of

$1,250

(thousands),

which

included

no

unrealized

gain

(loss).

(g) All

or

a

portion

of

this

security

is

on

loan.

(h) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(i) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(j) Rate

represents

the

effective

yield

at

April

30,

2025. (k) Rate

disclosed

is

the

daily

yield

on

April

30,

2025. ABS

—

Asset-Backed

Securities

ADR

—

American

Depositary

Receipt

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2025. LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

April

30,

2025. SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

April

30,

2025. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2025. Statements

of

Assets

and

Liabilities

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Core

Plus

Intermediate

Bond

Fund

Victory

High

Income

Fund

Victory

Income

Fund

Assets:

Investments,

at

value

(Cost

$5,283,197,

$1,043,480

and

$4,303,687)

$

5,232,136

(a) $

1,024,240

(b) $

4,004,763

(c) Cash

18,872

14,247

4,063

Deposit

with

broker

for

futures

contracts

20,452

2,046

2,548

Receivables:

Dividends,

interest,

and

securities

lending

income

45,116

15,193

36,180

Capital

shares

issued

2,839

740

Investments

sold

30,926

3,447

From

Adviser

—

Variation

margin

on

open

futures

contracts

—

—

Other

—

—

Prepaid

expenses

Total

Assets

5,350,485

1,059,576

4,048,781

Liabilities:

Payables:

Collateral

received

on

loaned

securities

33,127

39,172

30,727

Distributions

1,253

—

—

Payable

to

affiliate

on

interfund

lending

10,600

—

—

Investments

purchased

45,723

14,547

8,030

Capital

shares

redeemed

7,044

1,397

3,655

Variation

margin

on

open

futures

contracts

504

—

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

1,461

1,047

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

Trustees'

fees

12b-1

fees

—

Other

accrued

expenses

Total

Liabilities

100,825

55,865

44,383

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

5,642,245

1,281,656

4,539,792

Total

accumulated

earnings

(loss)

(392,585)

(277,945)

(535,394)

Net

Assets

$

5,249,660

$

1,003,711

$

4,004,398

Net

Assets:

Fund

Shares

$

1,467,309

$

711,083

$

1,939,750

Institutional

Shares

2,666,808

290,512

2,011,922

Class

A

124,634

—

38,648

Class

C

23,307

—

—

Class

R6

967,602

2,116

14,078

Total

$

5,249,660

$

1,003,711

$

4,004,398

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

159,460

104,703

167,929

Institutional

Shares

289,750

42,843

174,290

Class

A

13,561

—

3,359

Class

C

2,534

—

—

Class

R6

105,122

1,219

Total

570,427

147,858

346,797

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

.20

$

.79

$

.55

Institutional

Shares

.20

.78

.54

Class

A

.19

—

.50

Class

C(e)

.20

—

—

Class

R6

.20

.79

.55

Maximum

Sales

Charge

—

Class

A

.25

%

—

%

.25

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.40

$

—

$

.76

(a) Includes

$31,800

thousand

of

securities

on

loan.

(b) Includes

$37,411

thousand

of

securities

on

loan.

(c) Includes

$31,126

thousand

of

securities

on

loan.

(d) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(e) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statements

of

Assets

and

Liabilities

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Short-Term

Bond

Fund

Victory

Ultra

Short-Term

Bond

Fund

Assets:

Investments,

at

value

(Cost

$2,727,367

and

$293,489)

$

2,751,686

(a) $

292,249

(b) Cash

6,879

997

Deposit

with

broker

for

futures

contracts

—

Receivables:

Dividends,

interest,

and

securities

lending

income

20,553

1,700

Capital

shares

issued

2,322

1,414

Investments

sold

1,051

From

Adviser

—

Prepaid

expenses

Total

Assets

2,781,816

297,435

Liabilities:

Payables:

Collateral

received

on

loaned

securities

5,275

1,001

Distributions

Investments

purchased

22,983

9,268

Capital

shares

redeemed

2,103

Accrued

expenses

and

other

payables:

Investment

advisory

fees

552

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(c) Trustees'

fees

12b-1

fees

—

(c) Other

accrued

expenses

Total

Liabilities

31,852

10,849

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

2,764,664

290,320

Total

accumulated

earnings

(loss)

(14,700)

(3,734)

Net

Assets

$

2,749,964

$

286,586

Net

Assets:

Fund

Shares

$

770,416

$

167,586

Institutional

Shares

1,622,966

110,004

Class

A

59,884

Class

R6

296,698

8,595

Total

$

2,749,964

$

286,586

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

84,308

16,654

Institutional

Shares

177,728

10,931

Class

A

6,552

Class

R6

32,450

853

Total

301,038

28,478

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

.14

$

.06

Institutional

Shares

.13

.06

Class

A

.14

.07

Class

R6

.14

.07

Maximum

Sales

Charge

—

Class

A

.25

%

—

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.35

$

—

(a) Includes

$5,128

thousand

of

securities

on

loan.

(b) Includes

$976

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

Year

Ended

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Core

Plus

Intermediate

Bond

Fund

Victory

High

Income

Fund

Victory

Income

Fund

Investment

Income:

Dividends

$

1,278

$

1,761

$

2,524

Interest

256,900

81,928

197,874

Securities

lending

(net

of

fees)

502

Foreign

tax

withholding

—

—

—(a)

Total

Income

258,512

84,191

200,705

Expenses:

Investment

advisory

fees

17,175

4,850

13,645

Administration

fees

—

Fund

Shares

2,199

1,108

3,035

Administration

fees

—

Institutional

Shares

2,589

2,342

Administration

fees

—

Class

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

1,623

892

2,240

Transfer

agent

fees

—

Institutional

Shares

2,709

2,448

Transfer

agent

fees

—

Class

A

—

Transfer

agent

fees

—

Class

C

—

—

Transfer

agent

fees

—

Class

R6

—(a)

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

Total

Expenses

29,053

8,007

24,788

Expenses

waived/reimbursed

by

Adviser

(442) (82) (88) Net

Expenses

28,611

7,925

24,700

Net

Investment

Income

(Loss)

229,901

76,266

176,005

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(46,338)

(8,923)

(59,624)

Net

realized

gains

(losses)

from

futures

contracts

(7,637)

(376) —

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

191,878

11,357

214,589

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

13,251

1,202

—

Net

realized/unrealized

gains

(losses)

on

investments

151,154

3,260

154,965

Change

in

net

assets

resulting

from

operations

$

381,055

$

79,526

$

330,970

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Year

Ended

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Short-Term

Bond

Fund

Victory

Ultra

Short-Term

Bond

Fund

Investment

Income:

Dividends

$

642

$

—

Interest

131,142

16,163

Securities

lending

(net

of

fees)

Foreign

tax

withholding

—(a)

—

Total

Income

131,918

16,168

Expenses:

Investment

advisory

fees

6,522

709

Administration

fees

—

Fund

Shares

1,173

Administration

fees

—

Institutional

Shares

1,552

Administration

fees

—

Class

A

Administration

fees

—

Class

R6

Sub-Administration

fees

12b-1

fees

—

Class

A

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

1,111

Transfer

agent

fees

—

Institutional

Shares

1,625

Transfer

agent

fees

—

Class

A

—(a)

Transfer

agent

fees

—

Class

R6

Trustees'

fees

Compliance

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

13,009

1,630

Expenses

waived/reimbursed

by

Adviser

(15) (31) Net

Expenses

12,994

1,599

Net

Investment

Income

(Loss)

118,924

14,569

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

915

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

66,447

1,159

Net

realized/unrealized

gains

(losses)

on

investments

67,362

1,421

Change

in

net

assets

resulting

from

operations

$

186,286

$

15,990

(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

Core

Plus

Intermediate

Bond

Fund

Victory

High

Income

Fund

Victory

Income

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

229,901

$

160,770

$

76,266

$

78,766

$

176,005

$

181,718

Net

realized

gains

(losses)

(53,975)

(90,531)

(9,299)

(27,884)

(59,624)

(127,942)

Net

change

in

unrealized

appreciation/depreciation

205,129

(51,637)

12,559

35,995

214,589

9,142

Change

in

net

assets

resulting

from

operations

381,055

18,602

79,526

86,877

330,970

62,918

Distributions

to

Shareholders:

Fund

Shares

(65,492)

(61,901)

(53,515)

(57,006)

(79,113)

(84,419)

Institutional

Shares

(117,948)

(77,077)

(21,548)

(21,303)

(92,359)

(98,138)

Class

A

(4,773)

(2,967)

—

(146)

(a) (1,527)

(1,770)

Class

C

(659)

(164)

—

—

—

—

Class

R6

(41,095)

(18,769)

(119)

(77)

(501)

(350)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(229,967)

(160,878)

(75,182)

(78,532)

(173,500)

(184,677)

Change

in

net

assets

resulting

from

capital

transactions

580,391

1,460,167

(22,377)

(1,946)

(559,398)

(356,890)

Change

in

net

assets

731,479

1,317,891

(18,033)

6,399

(401,928)

(478,649)

Net

Assets:

Beginning

of

period

4,518,181

3,200,290

1,021,744

1,015,345

4,406,326

4,884,975

End

of

period

$

5,249,660

$

4,518,181

$

1,003,711

$

1,021,744

$

4,004,398

$

4,406,326

(a) Class

A

activity

is

for

the

period

May

1,

2023,

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

Core

Plus

Intermediate

Bond

Fund

Victory

High

Income

Fund

Victory

Income

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

283,780

$

282,239

$

66,385

$

57,817

$

125,729

$

128,480

Distributions

reinvested

63,530

59,924

48,696

52,080

75,764

80,900

Cost

of

shares

redeemed

(341,720)

(327,028)

(149,839)

(121,334)

(362,030)

(387,301)

Total

Fund

Shares

$

5,590

$

15,135

$

(34,758)

$

(11,437)

$

(160,537)

$

(177,921)

Institutional

Shares

Proceeds

from

shares

issued

$

817,004

$

1,238,643

$

21,416

$

8,943

$

246,117

$

377,021

Distributions

reinvested

107,038

71,083

21,526

21,280

92,136

97,964

Cost

of

shares

redeemed

(654,686)

(321,549)

(31,393)

(19,058)

(734,591)

(649,172)

Total

Institutional

Shares

$

269,356

$

988,177

$

11,549

$

11,165

$

(396,338)

$

(174,187)

Class

A

Proceeds

from

shares

issued

$

52,952

$

41,558

$

—

$

(a) $

567

$

Distributions

reinvested

4,490

2,879

—

(a) 1,486

1,725

Cost

of

shares

redeemed

(23,694)

(13,808)

—

(2,580)

(a) (8,459)

(9,191)

Total

Class

A

$

33,748

$

30,629

$

—

$

(2,193)

$

(6,406)

$

(7,049)

Class

C

Proceeds

from

shares

issued

$

14,314

$

9,427

$

—

$

—

$

—

$

—

Distributions

reinvested

606

—

—

—

—

Cost

of

shares

redeemed

(2,377)

(527)

—

—

—

—

Total

Class

C

$

12,543

$

9,059

$

—

$

—

$

—

$

—

Class

R6

Proceeds

from

shares

issued

$

446,411

$

482,973

$

1,653

$

966

$

8,552

$

5,037

Distributions

reinvested

40,963

18,675

501

Cost

of

shares

redeemed

(228,220)

(84,481)

(940)

(524)

(5,170)

(3,118)

Total

Class

R6

$

259,154

$

417,167

$

832

$

519

$

3,883

$

2,267

Change

in

net

assets

resulting

from

capital

transactions

$

580,391

$

1,460,167

$

(22,377)

$

(1,946)

$

(559,398)

$

(356,890)

Share

Transactions:

Fund

Shares

Issued

30,820

31,192

9,676

8,556

10,897

11,462

Reinvested

6,911

6,651

7,124

7,734

6,595

7,252

Redeemed

(37,213)

(36,449)

(21,886)

(17,972)

(31,429)

(34,651)

Total

Fund

Shares

518

1,394

(5,086)

(1,682)

(13,937)

(15,937)

Institutional

Shares

Issued

88,885

137,818

3,115

1,321

21,294

33,600

Reinvested

11,642

7,886

3,154

3,164

8,025

8,791

Redeemed

(71,449)

(35,805)

(4,609)

(2,815)

(63,880)

(58,082)

Total

Institutional

Shares

29,078

109,899

1,660

1,670

(34,561)

(15,691)

Class

A

Issued

5,775

4,615

—

(a) 50

Reinvested

—

Redeemed

(2,589)

(1,537)

—

(377)

(a) (738)

(824)

Total

Class

A

3,675

3,398

—

(320)

(558)

(632)

Class

C

Issued

1,549

1,046

—

—

—

—

Reinvested

—

—

—

—

Redeemed

(259)

(58)

—

—

—

—

Total

Class

C

1,356

1,006

—

—

—

—

Class

R6

Issued

48,638

53,559

739

Reinvested

4,454

2,071

Redeemed

(24,894)

(9,391)

(138)

(77)

(449)

(279)

Total

Class

R6

28,198

46,239

Change

in

Shares

62,825

161,936

(3,305)

(256)

(48,722)

(32,059)

(a) Class

A

activity

is

for

the

period

May

1,

2023,

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

Short-Term

Bond

Fund

Victory

Ultra

Short-Term

Bond

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

118,924

$

96,848

$

14,569

$

16,105

Net

realized

gains

(losses)

915

(15,621)

Net

change

in

unrealized

appreciation/depreciation

66,447

52,461

1,159

3,354

Change

in

net

assets

resulting

from

operations

186,286

133,688

15,990

19,469

Distributions

to

Shareholders:

Fund

Shares

(34,827)

(33,258)

(7,977)

(8,100)

Institutional

Shares

(70,745)

(58,195)

(6,084)

(7,448)

Class

A

(1,992)

(628)

(19)

(13)

Class

R6

(11,400)

(8,199)

(490)

(551)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(118,964)

(100,280)

(14,570)

(16,112)

Change

in

net

assets

resulting

from

capital

transactions

233,782

13,169

(11,241)

(21,471)

Change

in

net

assets

301,104

46,577

(9,821)

(18,114)

Net

Assets:

Beginning

of

period

2,448,860

2,402,283

296,407

314,521

End

of

period

$

2,749,964

$

2,448,860

$

286,586

$

296,407

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Short-Term

Bond

Fund

Victory

Ultra

Short-Term

Bond

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

162,684

$

158,356

$

46,675

$

24,819

Distributions

reinvested

33,840

32,355

7,746

7,899

Cost

of

shares

redeemed

(228,261)

(248,720)

(40,245)

(47,998)

Total

Fund

Shares

$

(31,737)

$

(58,009)

$

14,176

$

(15,280)

Institutional

Shares

Proceeds

from

shares

issued

$

429,492

$

350,648

$

62,338

$

102,950

Distributions

reinvested

68,167

56,487

6,084

7,338

Cost

of

shares

redeemed

(354,445)

(364,058)

(89,026)

(125,008)

Total

Institutional

Shares

$

143,214

$

43,077

$

(20,604)

$

(14,720)

Class

A

Proceeds

from

shares

issued

$

44,507

$

11,156

$

$

Distributions

reinvested

1,847

598

Cost

of

shares

redeemed

(7,483)

(6,886)

(212)

(139)

Total

Class

A

$

38,871

$

4,868

$

$

Class

R6

Proceeds

from

shares

issued

$

161,451

$

107,394

$

3,138

$

9,735

Distributions

reinvested

11,399

8,192

551

Cost

of

shares

redeemed

(89,416)

(92,353)

(8,525)

(1,935)

Total

Class

R6

$

83,434

$

23,233

$

(4,897)

$

8,351

Change

in

net

assets

resulting

from

capital

transactions

$

233,782

$

13,169

$

(11,241)

$

(21,471)

Share

Transactions:

Fund

Shares

Issued

17,911

18,003

4,635

2,491

Reinvested

3,726

3,664

769

793

Redeemed

(25,167)

(28,284)

(3,999)

(4,821)

Total

Fund

Shares

(3,530)

(6,617)

1,405

(1,537)

Institutional

Shares

Issued

47,373

39,783

6,192

10,360

Reinvested

7,510

6,400

604

737

Redeemed

(39,046)

(41,397)

(8,846)

(12,561)

Total

Institutional

Shares

15,837

4,786

(2,050)

(1,464)

Class

A

Issued

4,922

1,258

Reinvested

Redeemed

(824)

(782)

(21)

(14)

Total

Class

A

4,301

544

Class

R6

Issued

17,769

12,180

981

Reinvested

1,254

927

Redeemed

(9,844)

(10,478)

(846)

(195)

Total

Class

R6

9,179

2,629

(487)

841

Change

in

Shares

25,787

1,342

(1,124)

(2,142)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Core

Plus

Intermediate

Bond

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.90

$9.26

$9.53

$11.06

$11.21

$10.78

Investment

Activities:

Net

investment

income

(loss)(b)

0.41 0.39 0.26 0.25 0.28 0.36 Net

realized

and

unrealized

gains

(losses)

0.30 (0.36)

(0.27)

(1.25)

0.25 0.58 Total

from

Investment

Activities

0.71 0.03 (0.01)

(1.00)

0.53 0.94 Distributions

to

Shareholders

from:

Net

investment

income

(0.41)

(0.39)

(0.26)

(0.25)

(0.28)

(0.36)

Net

realized

gains

—

—

—

(0.28)

(0.40)

(0.15)

Total

Distributions

(0.41)

(0.39)

(0.26)

(0.53)

(0.68)

(0.51)

Net

Asset

Value,

End

of

Period

$9.20

$8.90

$9.26

$9.53

$11.06

$11.21

Total

Return(c)(d)

8.08%

0.38%

(0.05)%

(9.39)%

4.83%

8.94%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.64%

0.66%

0.66%

0.65%

0.63%

0.58%

Net

Investment

Income

(Loss)(e)

4.47%

4.35%

3.76%

2.39%

2.50%

3.32%

Gross

Expenses(e)(f)

0.64%

0.66%

0.67%

0.65%

0.63%

0.58%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,467,309

$1,414,540

$1,458,472

$1,549,932

$1,909,199

$1,960,334

Portfolio

Turnover(c)(g)

51%

36%

42%

65%

69%

73%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Core

Plus

Intermediate

Bond

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.90

$9.26

$9.54

$11.06

$11.22

$10.78

Investment

Activities:

Net

investment

income

(loss)(b)

0.42 0.40 0.26 0.25 0.28 0.37 Net

realized

and

unrealized

gains

(losses)

0.30 (0.36)

(0.28)

(1.24)

0.24 0.59 Total

from

Investment

Activities

0.72 0.04 (0.02)

(0.99)

0.52 0.96 Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(0.40)

(0.26)

(0.25)

(0.28)

(0.37)

Net

realized

gains

—

—

—

(0.28)

(0.40)

(0.15)

Total

Distributions

(0.42)

(0.40)

(0.26)

(0.53)

(0.68)

(0.52)

Net

Asset

Value,

End

of

Period

$9.20

$8.90

$9.26

$9.54

$11.06

$11.22

Total

Return(c)(d)

8.17%

0.46%

(0.10)%

(9.24)%

4.80%

9.11%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.55%

0.57%

0.59%

0.58%

0.57%

0.51%

Net

Investment

Income

(Loss)(e)

4.55%

4.46%

3.82%

2.46%

2.56%

3.39%

Gross

Expenses(e)(f)

0.56%

0.59%

0.62%

0.60%

0.59%

0.52%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,666,808

$2,320,468

$1,396,075

$1,499,048

$1,901,458

$1,791,887

Portfolio

Turnover(c)(g)

51%

36%

42%

65%

69%

73%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Core

Plus

Intermediate

Bond

Fund

Class

A

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.89

$9.25

$9.52

$11.05

$11.20

$10.77

Investment

Activities:

Net

investment

income

(loss)(b)

0.39 0.37 0.24 0.22 0.25 0.33 Net

realized

and

unrealized

gains

(losses)

0.30 (0.36)

(0.27)

(1.25)

0.25 0.58 Total

from

Investment

Activities

0.69 0.01 (0.03)

(1.03)

0.50 0.91 Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(0.37)

(0.24)

(0.22)

(0.25)

(0.33)

Net

realized

gains

—

—

—

(0.28)

(0.40)

(0.15)

Total

Distributions

(0.39)

(0.37)

(0.24)

(0.50)

(0.65)

(0.48)

Net

Asset

Value,

End

of

Period

$9.19

$8.89

$9.25

$9.52

$11.05

$11.20

Total

Return(c)(d)

7.83%

0.13%

(0.24)%

(9.64)%

4.55%

8.66%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.88%

0.91%

0.92%

0.92%

0.91%

0.86%

Net

Investment

Income

(Loss)(e)

4.24%

4.13%

3.52%

2.16%

2.22%

3.06%

Gross

Expenses(e)(f)

0.88%

0.91%

0.93%

0.92%

0.92%

0.86%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$124,634

$87,880

$59,996

$52,190

$46,911

$45,991

Portfolio

Turnover(c)(g)

51%

36%

42%

65%

69%

73%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Core

Plus

Intermediate

Bond

Fund

Class

C

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

June

29,

2020(b)

through

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.89

$9.25

$9.53

$11.05

$11.20

$10.99

Investment

Activities:

Net

investment

income

(loss)(c)

0.33 0.32 0.19 0.15 0.16 0.02 Net

realized

and

unrealized

gains

(losses)

0.31 (0.37)

(0.27)

(1.23)

0.27 0.21 Total

from

Investment

Activities

0.64 (0.05)

(0.08)

(1.08)

0.43 0.23 Distributions

to

Shareholders

from:

Net

investment

income

(0.33)

(0.31)

(0.20)

(0.16)

(0.18)

(0.02)

Net

realized

gains

—

—

—

(0.28)

(0.40)

—

Total

Distributions

(0.33)

(0.31)

(0.20)

(0.44)

(0.58)

(0.02)

Net

Asset

Value,

End

of

Period

$9.20

$8.89

$9.25

$9.53

$11.05

$11.20

Total

Return(d)(e)

7.25%

(0.51)%

(0.82)%

(10.11)%

3.90%

2.09%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.53%

1.54%

1.56%

1.54%

1.53%

1.53%

Net

Investment

Income

(Loss)(f)

3.60%

3.55%

2.85%

1.51%

1.50%

2.06%

Gross

Expenses(f)(g)

1.68%

1.93%

2.82%

1.99%

2.60%

175.78%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$23,307

$10,474

$1,594

$2,059

$2,544

$19

Portfolio

Turnover(d)(h)

51%

36%

42%

65%

69%

73%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(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

Core

Plus

Intermediate

Bond

Fund

Class

R6

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.90

$9.26

$9.54

$11.06

$11.22

$10.79

Investment

Activities:

Net

investment

income

(loss)(b)

0.43 0.42 0.28 0.27 0.29 0.37 Net

realized

and

unrealized

gains

(losses)

0.30 (0.37)

(0.29)

(1.24)

0.25 0.59 Total

from

Investment

Activities

0.73 0.05 (0.01)

(0.97)

0.54 0.96 Distributions

to

Shareholders

from:

Net

investment

income

(0.43)

(0.41)

(0.27)

(0.27)

(0.30)

(0.38)

Net

realized

gains

—

—

—

(0.28)

(0.40)

(0.15)

Total

Distributions

(0.43)

(0.41)

(0.27)

(0.55)

(0.70)

(0.53)

Net

Asset

Value,

End

of

Period

$9.20

$8.90

$9.26

$9.54

$11.06

$11.22

Total

Return(c)(d)

8.32%

0.62%

0.03%

(9.08)%

4.97%

9.14%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.41%

0.42%

0.42%

0.41%

0.42%

0.39%

Net

Investment

Income

(Loss)(e)

4.70%

4.62%

4.04%

2.70%

2.65%

3.45%

Gross

Expenses(e)(f)

0.43%

0.42%

0.44%

0.43%

0.46%

0.46%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$967,602

$684,819

$284,153

$163,640

$87,708

$26,359

Portfolio

Turnover(c)(g)

51%

36%

42%

65%

69%

73%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

High

Income

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$6.76

$6.71

$6.91

$7.92

$7.44

$7.91

Investment

Activities:

Net

investment

income

(loss)(b)

0.50 0.52 0.33 0.37 0.39 0.44 Net

realized

and

unrealized

gains

(losses)

0.03 0.05 (0.20)

(1.00)

0.47 (0.47)

Total

from

Investment

Activities

0.53 0.57 0.13 (0.63)

0.86 (0.03)

Distributions

to

Shareholders

from:

Net

investment

income

(0.50)

(0.52)

(0.33)

(0.38)

(0.38)

(0.44)

Total

Distributions

(0.50)

(0.52)

(0.33)

(0.38)

(0.38)

(0.44)

Net

Asset

Value,

End

of

Period

$6.79

$6.76

$6.71

$6.91

$7.92

$7.44

Total

Return(c)(d)

8.01%

8.78%

2.00%

(8.17)%

11.84%

(0.27)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.79%

0.81%

0.78%

0.75%

0.75%

0.81%

Net

Investment

Income

(Loss)(e)

7.35%

7.69%

6.53%

4.93%

5.01%

5.82%

Gross

Expenses(e)(f)

0.79%

0.81%

0.79%

0.75%

0.75%

0.81%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$711,083

$742,382

$747,751

$782,254

$962,971

$1,027,510

Portfolio

Turnover(c)(g)

61%

58%

60%

35%

30%

48%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

High

Income

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$6.75

$6.70

$6.90

$7.91

$7.43

$7.90

Investment

Activities:

Net

investment

income

(loss)(b)

0.51 0.52 0.33 0.38 0.39 0.44 Net

realized

and

unrealized

gains

(losses)

0.02 0.05 (0.19)

(1.00)

0.48 (0.47)

Total

from

Investment

Activities

0.53 0.57 0.14 (0.62)

0.87 (0.03)

Distributions

to

Shareholders

from:

Net

investment

income

(0.50)

(0.52)

(0.34)

(0.39)

(0.39)

(0.44)

Total

Distributions

(0.50)

(0.52)

(0.34)

(0.39)

(0.39)

(0.44)

Net

Asset

Value,

End

of

Period

$6.78

$6.75

$6.70

$6.90

$7.91

$7.43

Total

Return(c)(d)

8.12%

8.89%

2.11%

(8.08)%

11.93%

(0.19)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.70%

0.72%

0.64%

0.64%

0.67%

0.72%

Net

Investment

Income

(Loss)(e)

7.43%

7.78%

6.65%

5.00%

5.08%

5.91%

Gross

Expenses(e)(f)

0.72%

0.73%

0.66%

0.65%

0.68%

0.73%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$290,512

$278,069

$264,669

$317,913

$801,226

$798,688

Portfolio

Turnover(c)(g)

61%

58%

60%

35%

30%

48%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

High

Income

Fund

Class

R6

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$6.76

$6.71

$6.91

$7.92

$7.43

$7.90

Investment

Activities:

Net

investment

income

(loss)(b)

0.51 0.53 0.34 0.41 0.40 0.45 Net

realized

and

unrealized

gains

(losses)

0.03 0.05 (0.20)

(1.00)

0.49 (0.47)

Total

from

Investment

Activities

0.54 0.58 0.14 (0.59)

0.89 (0.02)

Distributions

to

Shareholders

from:

Net

investment

income

(0.51)

(0.53)

(0.34)

(0.42)

(0.40)

(0.45)

Total

Distributions

(0.51)

(0.53)

(0.34)

(0.42)

(0.40)

(0.45)

Net

Asset

Value,

End

of

Period

$6.79

$6.76

$6.71

$6.91

$7.92

$7.43

Total

Return(c)(d)

8.16%

8.90%

2.19%

(7.65)%

12.25%

(0.12)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.65%

0.68%

0.56%

0.22%

0.58%

0.64%

Net

Investment

Income

(Loss)(e)

7.46%

7.85%

6.75%

5.51%

5.25%

5.98%

Gross

Expenses(e)(f)

1.83%

2.17%

3.06%

4.07%

0.92%

0.82%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,116

$1,293

$774

$763

$463

$5,323

Portfolio

Turnover(c)(g)

61%

58%

60%

35%

30%

48%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Income

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$11.15

$11.43

$11.80

$13.83

$13.95

$13.28

Investment

Activities:

Net

investment

income

(loss)(b)

0.46 0.44 0.29 0.36 0.40 0.43 Net

realized

and

unrealized

gains

(losses)

0.39 (0.27)

(0.37)

(1.76)

0.11 0.69 Total

from

Investment

Activities

0.85 0.17 (0.08)

(1.40)

0.51 1.12 Distributions

to

Shareholders

from:

Net

investment

income

(0.45)

(0.45)

(0.29)

(0.36)

(0.40)

(0.41)

Net

realized

gains

—

—

—

(0.27)

(0.23)

(0.04)

Total

Distributions

(0.45)

(0.45)

(0.29)

(0.63)

(0.63)

(0.45)

Net

Asset

Value,

End

of

Period

$11.55

$11.15

$11.43

$11.80

$13.83

$13.95

Total

Return(c)(d)

7.73%

1.53%

(0.64)%

(10.41)%

3.75%

8.64%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.59%

0.59%

0.58%

0.46%

0.44%

0.50%

Net

Investment

Income

(Loss)(e)

3.96%

3.92%

3.40%

2.78%

2.90%

3.22%

Gross

Expenses(e)(f)

0.59%

0.60%

0.59%

0.46%

0.44%

0.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,939,750

$2,026,932

$2,260,747

$2,472,982

$3,089,682

$3,292,322

Portfolio

Turnover(c)(g)

21%

25%

13%

29%

20%

25%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Income

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$11.14

$11.42

$11.79

$13.82

$13.94

$13.27

Investment

Activities:

Net

investment

income

(loss)(b)

0.46 0.44 0.29 0.36 0.41 0.44 Net

realized

and

unrealized

gains

(losses)

0.40 (0.27)

(0.37)

(1.75)

0.11 0.69 Total

from

Investment

Activities

0.86 0.17 (0.08)

(1.39)

0.52 1.13 Distributions

to

Shareholders

from:

Net

investment

income

(0.46)

(0.45)

(0.29)

(0.37)

(0.41)

(0.42)

Net

realized

gains

—

—

—

(0.27)

(0.23)

(0.04)

Total

Distributions

(0.46)

(0.45)

(0.29)

(0.64)

(0.64)

(0.46)

Net

Asset

Value,

End

of

Period

$11.54

$11.14

$11.42

$11.79

$13.82

$13.94

Total

Return(c)(d)

7.80%

1.58%

(0.62)%

(10.37)%

3.80%

8.78%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.53%

0.55%

0.54%

0.41%

0.40%

0.45%

Net

Investment

Income

(Loss)(e)

4.01%

3.96%

3.44%

2.81%

2.95%

3.28%

Gross

Expenses(e)(f)

0.53%

0.55%

0.55%

0.41%

0.40%

0.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,011,922

$2,326,045

$2,564,595

$2,914,607

$4,898,801

$4,978,740

Portfolio

Turnover(c)(g)

21%

25%

13%

29%

20%

25%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Income

Fund

Class

A

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$11.10

$11.39

$11.76

$13.79

$13.91

$13.24

Investment

Activities:

Net

investment

income

(loss)(b)

0.42 0.41 0.27 0.32 0.36 0.40 Net

realized

and

unrealized

gains

(losses)

0.40 (0.28)

(0.38)

(1.75)

0.11 0.69 Total

from

Investment

Activities

0.82 0.13 (0.11)

(1.43)

0.47 1.09 Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(0.42)

(0.26)

(0.33)

(0.36)

(0.38)

Net

realized

gains

—

—

—

(0.27)

(0.23)

(0.04)

Total

Distributions

(0.42)

(0.42)

(0.26)

(0.60)

(0.59)

(0.42)

Net

Asset

Value,

End

of

Period

$11.50

$11.10

$11.39

$11.76

$13.79

$13.91

Total

Return(c)(d)

7.51%

1.20%

(0.83)%

(10.65)%

3.50%

8.40%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.84%

0.85%

0.83%

0.71%

0.70%

0.77%

Net

Investment

Income

(Loss)(e)

3.70%

3.66%

3.15%

2.53%

2.64%

2.96%

Gross

Expenses(e)(f)

0.90%

0.88%

0.87%

0.72%

0.71%

0.77%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$38,648

$43,490

$51,813

$58,054

$77,209

$87,216

Portfolio

Turnover(c)(g)

21%

25%

13%

29%

20%

25%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Income

Fund

Class

R6

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$11.14

$11.43

$11.80

$13.83

$13.95

$13.27

Investment

Activities:

Net

investment

income

(loss)(b)

0.47 0.46 0.30 0.38 0.42 0.45 Net

realized

and

unrealized

gains

(losses)

0.41 (0.29)

(0.38)

(1.76)

0.11 0.70 Total

from

Investment

Activities

0.88 0.17 (0.08)

(1.38)

0.53 1.15 Distributions

to

Shareholders

from:

Net

investment

income

(0.47)

(0.46)

(0.29)

(0.38)

(0.42)

(0.43)

Net

realized

gains

—

—

—

(0.27)

(0.23)

(0.04)

Total

Distributions

(0.47)

(0.46)

(0.29)

(0.65)

(0.65)

(0.47)

Net

Asset

Value,

End

of

Period

$11.55

$11.14

$11.43

$11.80

$13.83

$13.95

Total

Return(c)(d)

7.99%

1.58%

(0.58)%

(10.28)%

3.90%

8.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.43%

0.45%

0.49%

0.32%

0.30%

0.37%

Net

Investment

Income

(Loss)(e)

4.12%

4.07%

3.50%

2.93%

3.07%

3.35%

Gross

Expenses(e)(f)

0.52%

0.57%

0.74%

0.45%

0.35%

0.37%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,078

$9,859

$7,820

$6,979

$8,094

$21,794

Portfolio

Turnover(c)(g)

21%

25%

13%

29%

20%

25%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

Short-Term

Bond

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.90

$8.77

$8.82

$9.35

$9.29

$9.21

Investment

Activities:

Net

investment

income

(loss)(b)

0.40 0.35 0.19 0.17 0.23 0.26 Net

realized

and

unrealized

gains

(losses)

0.24 0.14 (0.04)

(0.46)

0.10 0.08 Total

from

Investment

Activities

0.64 0.49 0.15 (0.29)

0.33 0.34 Distributions

to

Shareholders

from:

Net

investment

income

(0.40)

(0.36)

(0.20)

(0.19)

(0.23)

(0.26)

Net

realized

gains

—

—

—

(0.05)

(0.04)

—(c)

Total

Distributions

(0.40)

(0.36)

(0.20)

(0.24)

(0.27)

(0.26)

Net

Asset

Value,

End

of

Period

$9.14

$8.90

$8.77

$8.82

$9.35

$9.29

Total

Return(d)(e)

7.36%

5.73%

1.70%

(3.18)%

3.60%

3.79%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.57%

0.59%

0.59%

0.56%

0.54%

0.52%

Net

Investment

Income

(Loss)(f)

4.45%

3.96%

2.86%

1.92%

2.44%

2.82%

Gross

Expenses(f)(g)

0.57%

0.59%

0.59%

0.56%

0.54%

0.52%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$770,416

$781,752

$828,710

$927,583

$1,015,085

$1,040,688

Portfolio

Turnover(d)(h)

41%

46%

32%

49%

62%

66%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (b) Per

share

net

investment

income

(loss)

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) 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

Short-Term

Bond

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.89

$8.77

$8.82

$9.35

$9.29

$9.20

Investment

Activities:

Net

investment

income

(loss)(b)

0.41 0.36 0.19 0.18 0.23 0.27 Net

realized

and

unrealized

gains

(losses)

0.24 0.13 (0.04)

(0.46)

0.11 0.09 Total

from

Investment

Activities

0.65 0.49 0.15 (0.28)

0.34 0.36 Distributions

to

Shareholders

from:

Net

investment

income

(0.41)

(0.37)

(0.20)

(0.20)

(0.24)

(0.27)

Net

realized

gains

—

—

—

(0.05)

(0.04)

—(c)

Total

Distributions

(0.41)

(0.37)

(0.20)

(0.25)

(0.28)

(0.27)

Net

Asset

Value,

End

of

Period

$9.13

$8.89

$8.77

$8.82

$9.35

$9.29

Total

Return(d)(e)

7.47%

5.72%

1.77%

(3.09)%

3.68%

4.01%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.47%

0.49%

0.50%

0.48%

0.46%

0.42%

Net

Investment

Income

(Loss)(f)

4.55%

4.07%

2.95%

2.00%

2.51%

2.92%

Gross

Expenses(f)(g)

0.47%

0.49%

0.50%

0.48%

0.46%

0.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,622,966

$1,439,848

$1,377,404

$1,681,332

$2,020,237

$1,777,916

Portfolio

Turnover(d)(h)

41%

46%

32%

49%

62%

66%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (b) Per

share

net

investment

income

(loss)

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) 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

Short-Term

Bond

Fund

Class

A

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.90

$8.77

$8.82

$9.35

$9.29

$9.21

Investment

Activities:

Net

investment

income

(loss)(b)

0.39 0.34 0.18 0.16 0.21 0.24 Net

realized

and

unrealized

gains

(losses)

0.24 0.14 (0.04)

(0.47)

0.10 0.08 Total

from

Investment

Activities

0.63 0.48 0.14 (0.31)

0.31 0.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(0.35)

(0.19)

(0.17)

(0.21)

(0.24)

Net

realized

gains

—

—

—

(0.05)

(0.04)

—(c)

Total

Distributions

(0.39)

(0.35)

(0.19)

(0.22)

(0.25)

(0.24)

Net

Asset

Value,

End

of

Period

$9.14

$8.90

$8.77

$8.82

$9.35

$9.29

Total

Return(d)(e)

7.17%

5.54%

1.56%

(3.37)%

3.38%

3.58%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.75%

0.77%

0.77%

0.76%

0.74%

0.73%

Net

Investment

Income

(Loss)(f)

4.28%

3.80%

2.69%

1.73%

2.24%

2.61%

Gross

Expenses(f)(g)

0.78%

0.87%

0.90%

0.89%

1.03%

0.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$59,884

$20,034

$14,974

$15,489

$12,031

$11,236

Portfolio

Turnover(d)(h)

41%

46%

32%

49%

62%

66%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (b) Per

share

net

investment

income

(loss)

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.

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) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(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

Short-Term

Bond

Fund

Class

R6

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.90

$8.78

$8.83

$9.36

$9.30

$9.21

Investment

Activities:

Net

investment

income

(loss)(b)

0.43 0.37 0.21 0.20 0.23 0.27 Net

realized

and

unrealized

gains

(losses)

0.24 0.14 (0.05)

(0.47)

0.11 0.09 Total

from

Investment

Activities

0.67 0.51 0.16 (0.27)

0.34 0.36 Distributions

to

Shareholders

from:

Net

investment

income

(0.43)

(0.39)

(0.21)

(0.21)

(0.24)

(0.27)

Net

realized

gains

—

—

—

(0.05)

(0.04)

—(c)

Total

Distributions

(0.43)

(0.39)

(0.21)

(0.26)

(0.28)

(0.27)

Net

Asset

Value,

End

of

Period

$9.14

$8.90

$8.78

$8.83

$9.36

$9.30

Total

Return(d)(e)

7.61%

5.87%

1.89%

(2.98)%

3.71%

4.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.33%

0.33%

0.34%

0.36%

0.42%

0.39%

Net

Investment

Income

(Loss)(f)

4.70%

4.23%

3.18%

2.20%

2.50%

2.96%

Gross

Expenses(f)(g)

0.33%

0.33%

0.34%

0.36%

0.49%

0.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$296,698

$207,226

$181,195

$110,978

$16,111

$7,950

Portfolio

Turnover(d)(h)

41%

46%

32%

49%

62%

66%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (b) Per

share

net

investment

income

(loss)

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) 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

Ultra

Short-Term

Bond

Fund

Fund

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.01

$9.91

$9.85

$10.12

$10.13

$10.05

Investment

Activities:

Net

investment

income

(loss)(b)

0.52 0.51 0.14 0.19 0.09 0.20 Net

realized

and

unrealized

gains

(losses)

0.05 0.10 0.06 (0.26)

(0.01)

0.08 Total

from

Investment

Activities

0.57 0.61 0.20 (0.07)

0.08 0.28 Distributions

to

Shareholders

from:

Net

investment

income

(0.52)

(0.51)

(0.14)

(0.20)

(0.09)

(0.20)

Total

Distributions

(0.52)

(0.51)

(0.14)

(0.20)

(0.09)

(0.20)

Net

Asset

Value,

End

of

Period

$10.06

$10.01

$9.91

$9.85

$10.12

$10.13

Total

Return(c)(d)

5.86%

6.28%

2.05%

(0.68)%

0.80%

2.81%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.59%

0.62%

0.66%

0.63%

0.62%

0.60%

Net

Investment

Income

(Loss)(e)

5.20%

5.09%

4.32%

1.96%

0.89%

2.01%

Gross

Expenses(e)(f)

0.59%

0.62%

0.68%

0.63%

0.62%

0.60%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$167,586

$152,686

$166,303

$169,400

$210,831

$212,503

Portfolio

Turnover(c)(g)

52%

47%

15%

45%

57%

39%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) 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

Ultra

Short-Term

Bond

Fund

Institutional

Shares

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.01

$9.91

$9.85

$10.12

$10.13

$10.05

Investment

Activities:

Net

investment

income

(loss)(b)

0.53 0.51 0.15 0.20 0.10 0.19 Net

realized

and

unrealized

gains

(losses)

0.05 0.10 0.05 (0.26)

(0.01)

0.09 Total

from

Investment

Activities

0.58 0.61 0.20 (0.06)

0.09 0.28 Distributions

to

Shareholders

from:

Net

investment

income

(0.53)

(0.51)

(0.14)

(0.21)

(0.10)

(0.20)

Total

Distributions

(0.53)

(0.51)

(0.14)

(0.21)

(0.10)

(0.20)

Net

Asset

Value,

End

of

Period

$10.06

$10.01

$9.91

$9.85

$10.12

$10.13

Total

Return(c)(d)

5.88%

6.33%

2.07%

(0.62)%

0.87%

2.87%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.57%

0.57%

0.58%

0.57%

0.55%

0.56%

Net

Investment

Income

(Loss)(e)

5.23%

5.14%

4.45%

2.03%

0.96%

1.86%

Gross

Expenses(e)(f)

0.57%

0.58%

0.60%

0.67%

0.55%

0.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$110,004

$129,978

$143,135

$102,043

$79,662

$56,042

Portfolio

Turnover(c)(g)

52%

47%

15%

45%

57%

39%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) 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

Ultra

Short-Term

Bond

Fund

Class

A

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

June

29,

2020(b)

through

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.02

$9.91

$9.85

$10.12

$10.13

$9.90

Investment

Activities:

Net

investment

income

(loss)(c)

0.50 0.49 0.13 0.27 0.07 0.07 Net

realized

and

unrealized

gains

(losses)

0.05 0.10 0.06 (0.36)

(0.01)

0.23 Total

from

Investment

Activities

0.55 0.59 0.19 (0.09)

0.06 0.30 Distributions

to

Shareholders

from:

Net

investment

income

(0.50)

(0.48)

(0.13)

(0.18)

(0.07)

(0.07)

Total

Distributions

(0.50)

(0.48)

(0.13)

(0.18)

(0.07)

(0.07)

Net

Asset

Value,

End

of

Period

$10.07

$10.02

$9.91

$9.85

$10.12

$10.13

Total

Return(d)(e)

5.60%

6.09%

1.96%

(0.91)%

0.57%

3.02%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.85%

0.86%

0.92%

0.85%

0.85%

0.84%

Net

Investment

Income

(Loss)(f)

4.96%

4.90%

4.07%

2.77%

0.65%

1.32%

Gross

Expenses(f)(g)

5.13%

8.30%

11.79%

2.73%

14.86%

108.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$401

$315

$135

$133

$59

$19

Portfolio

Turnover(d)(h)

52%

47%

15%

45%

57%

39%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(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

Ultra

Short-Term

Bond

Fund

Class

R6

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Four

Months

Ended

April

30,

2023(a)

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.02

$9.92

$9.86

$10.12

$10.13

$10.05

Investment

Activities:

Net

investment

income

(loss)(b)

0.54 0.54 0.15 0.25 0.11 0.21 Net

realized

and

unrealized

gains

(losses)

0.05 0.09 0.06 (0.30)

(0.02)

0.09 Total

from

Investment

Activities

0.59 0.63 0.21 (0.05)

0.09 0.30 Distributions

to

Shareholders

from:

Net

investment

income

(0.54)

(0.53)

(0.15)

(0.21)

(0.10)

(0.22)

Total

Distributions

(0.54)

(0.53)

(0.15)

(0.21)

(0.10)

(0.22)

Net

Asset

Value,

End

of

Period

$10.07

$10.02

$9.92

$9.86

$10.12

$10.13

Total

Return(c)(d)

6.02%

6.49%

2.12%

(0.43)%

0.91%

3.02%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.42%

0.41%

0.44%

0.47%

0.48%

0.41%

Net

Investment

Income

(Loss)(e)

5.39%

5.37%

4.53%

2.56%

1.09%

2.15%

Gross

Expenses(e)(f)

0.58%

0.55%

0.83%

0.83%

0.49%

0.51%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$8,595

$13,428

$4,948

$5,309

$2,223

$7,648

Portfolio

Turnover(c)(g)

52%

47%

15%

45%

57%

39%

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

December

to

April

30. (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) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

April

30,

2025

Victory

Portfolios

III

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

March

28,

2024,

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")

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.

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

Core

Plus

Intermediate

Bond

Fund

Core

Plus

Intermediate

Bond

Fund

Fund

Shares,

Institutional

Shares,

Class

A,

Class

C,

and

Class

R6

Victory

High

Income

Fund\*

High

Income

Fund

Fund

Shares,

Institutional

Shares,

and

Class

R6

Victory

Income

Fund

Income

Fund

Fund

Shares,

Institutional

Shares,

Class

A,

and

Class

R6

Victory

Short-Term

Bond

Fund

Short-Term

Bond

Fund

Fund

Shares,

Institutional

Shares,

Class

A,

and

Class

R6

Victory

Ultra

Short-Term

Bond

Fund

Ultra

Short-Term

Bond

Fund

Fund

Shares,

Institutional

Shares,

Class

A,

and

Class

R6

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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.

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

April

30,

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

Core

Plus

Intermediate

Bond

Fund

Asset-Backed

Securities

.........................................

$

—

$

1,047,956

$

—

$

1,047,956

Collateralized

Loan

Obligations

...................................

—

90,201

—

90,201

Collateralized

Mortgage

Obligations

................................

—

471,029

—

471,029

Preferred

Stocks

...............................................

16,928

—

—

16,928

Senior

Secured

Loans

...........................................

—

80,648

—

80,648

Corporate

Bonds

..............................................

—

1,067,723

—

1,067,723

Yankee

Dollars

...............................................

—

322,263

—

322,263

Municipal

Bonds

..............................................

—

238,519

—

238,519

U.S.

Government

Agency

Mortgages

................................

—

907,366

—

907,366

U.S.

Treasury

Obligations

........................................

—

888,785

—

888,785

Commercial

Paper

.............................................

—

67,591

—

67,591

Collateral

for

Securities

Loaned

...................................

33,127

—

—

33,127

Total

.......................................................

$

50,055

$

5,182,081

$

—

$

5,232,136

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

6,582

—

—

6,582

Total

.......................................................

$

6,582

$

—

$

—

$

6,582

High

Income

Fund

Asset-Backed

Securities

.........................................

—

51,110

—

51,110

Collateralized

Loan

Obligations

...................................

—

2,998

—

2,998

Collateralized

Mortgage

Obligations

................................

—

12,597

—

12,597

Common

Stocks

...............................................

661

—(a)

945

Preferred

Stocks

...............................................

4,504

—

—

4,504

Senior

Secured

Loans

...........................................

—

59,992

—

59,992

Corporate

Bonds

..............................................

—

611,822

—

611,822

Yankee

Dollars

...............................................

—

150,824

—

150,824

U.S.

Government

Agency

Mortgages

................................

—

1,979

—

1,979

Commercial

Paper

.............................................

—

53,447

—

53,447

Exchange-Traded

Funds

.........................................

34,850

—

—

34,850

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Level

Level

Level

Total

High

Income

Fund,

continued

Collateral

for

Securities

Loaned

...................................

$

39,172

$

—

$

—

$

39,172

Total

.......................................................

$

79,187

$

945,053

$

—(a)

$

1,024,240

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

928

—

—

928

Total

.......................................................

$

928

$

—

$

—

$

928

Income

Fund

Asset-Backed

Securities

.........................................

—

436,477

—

436,477

Collateralized

Mortgage

Obligations

................................

—

227,545

—

227,545

Preferred

Stocks

...............................................

33,419

—

—

33,419

Corporate

Bonds

..............................................

—

1,465,809

—

1,465,809

Yankee

Dollars

...............................................

—

438,990

—

438,990

Municipal

Bonds

..............................................

—

100,081

—

100,081

U.S.

Government

Agency

Mortgages

................................

—

364,678

—

364,678

U.S.

Treasury

Obligations

........................................

—

904,838

—

904,838

Commercial

Paper

.............................................

—

2,199

—

2,199

Collateral

for

Securities

Loaned

...................................

30,727

—

—

30,727

Total

.......................................................

$

64,146

$

3,940,617

$

—

$

4,004,763

Short-Term

Bond

Fund

Asset-Backed

Securities

.........................................

—

876,612

—

876,612

Collateralized

Loan

Obligations

...................................

—

3,693

—

3,693

Collateralized

Mortgage

Obligations

................................

—

100,985

—

100,985

Preferred

Stocks

...............................................

5,960

—

—

5,960

Senior

Secured

Loans

...........................................

—

4,963

—

4,963

Corporate

Bonds

..............................................

—

1,026,062

—

1,026,062

Yankee

Dollars

...............................................

—

215,126

—

215,126

Municipal

Bonds

..............................................

—

33,839

—

33,839

U.S.

Government

Agency

Mortgages

................................

—

20,192

—

20,192

U.S.

Treasury

Obligations

........................................

—

404,793

—

404,793

Commercial

Paper

.............................................

—

54,186

—

54,186

Collateral

for

Securities

Loaned

...................................

5,275

—

—

5,275

Total

.......................................................

$

11,235

$

2,740,451

$

—

$

2,751,686

Ultra

Short-Term

Bond

Fund

Asset-Backed

Securities

.........................................

—

59,357

—

59,357

Collateralized

Loan

Obligations

...................................

—

4,046

—

4,046

Collateralized

Mortgage

Obligations

................................

—

30,259

—

30,259

Senior

Secured

Loans

...........................................

—

6,485

—

6,485

Corporate

Bonds

..............................................

—

81,678

—

81,678

Yankee

Dollars

...............................................

—

50,914

—

50,914

Municipal

Bonds

..............................................

—

2,115

—

2,115

U.S.

Government

Agency

Mortgages

................................

—

3,993

—

3,993

U.S.

Treasury

Obligations

........................................

—

2,531

—

2,531

Commercial

Paper

.............................................

—

49,870

—

49,870

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

As

of April

30,

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.

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

makes

the

commitment

to

purchase

a

security

on

a

delayed-delivery

or

when-issued

basis,

the

Funds

records

the

transaction

and

reflects

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.

Level

Level

Level

Total

Ultra

Short-Term

Bond

Fund,

continued

Collateral

for

Securities

Loaned

...................................

$

1,001

$

—

$

—

$

1,001

Total

.......................................................

$

1,001

$

291,248

$

—

$

292,249

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Rounds

to

less

than

$1

thousand.

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Leveraged

Loans:

The

Funds

may

invest

in

leveraged

loans,

a

type

of

bank

loan.

Leveraged

loans

are

adjustable-rate

bank

loans

made

to

companies

rated

below

investment

grade.

The

interest

rates

on

leveraged

loans

are

reset

periodically

based

upon

the

fluctuations

of

a

base

interest

rate

such

as

Secured

Overnight

Financing

Rate

("SOFR") and

a

"spread"

above

that

base

interest

rate

that

represents

a

risk

premium

to

the

lending

banks

and/or

other

participating

investors.

Many

bank

loans

bear

an

adjustable

rate

of

interest;

however,

leveraged

loans

provide

for

a

greater

"spread"

over

the

base

interest

rate

than

other

bank

loans

because

they

are

considered

to

represent

a

greater

credit

risk.

Because

they

are

perceived

to

represent

a

greater

credit

risk,

leveraged

loans

possess

certain

attributes

that

are

similar

to

high-yield

securities.

However,

because

they

are

often

secured

by

collateral

of

the

borrower,

leveraged

loans

possess

certain

attributes

that

are

similar

to

other

bank

loans.

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.

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

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

year

ended April

30,

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

summarizes

the

fair

values

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

April

30,

2025

(amounts

in

thousands):

\*

Includes

cumulative

unrealized appreciation

(depreciation)

of

futures

contracts as

reported

on

the

Schedule

of

Portfolio

Investments.

Only

current

day's

variation

margin

for

futures

contracts

is

reported

within

the

Statement

of

Assets

and

Liabilities.

Assets

Variation

Margin

Receivable

on

Open

Futures

Contracts\*

Interest

Rate

Risk

Exposure:

7,510,000

Core

Plus

Intermediate

Bond

Fund

.......................................................................

$

6,582

High

Income

Fund

...................................................................................

928

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

April

30,

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

year end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

year.

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.

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

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

April

30,

2025

(amounts

in

thousands):

Net

Realized

Gains

(Losses)

from

Futures

Contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Futures

Contracts

Interest

Rate

Risk

Exposure:

(8,013,000)

14,453,000

Core

Plus

Intermediate

Bond

Fund

.....................................................

$

(7,637)

$

13,251

High

Income

Fund

.................................................................

(376) 1,202

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Core

Plus

Intermediate

Bond

Fund

....................................

$

31,800

$

—

$

33,127

High

Income

Fund

................................................

37,411

—

39,172

Income

Fund

....................................................

31,126

—

30,727

Short-Term

Bond

Fund

.............................................

5,128

—

5,275

Ultra

Short-Term

Bond

Fund

.........................................

976

—

1,001

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of

a

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.

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

April

30. For

the

year

ended

April

30,

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.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

April

30,

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

April

30,

2025,

certain

affiliated fund-of-funds

owned

total

outstanding

shares

of

the

Funds

as

follows:

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Core

Plus

Intermediate

Bond

Fund

...................................

$

2,139,130

$

1,341,683

$

1,004,164

$

1,224,319

High

Income

Fund

...............................................

582,895

557,863

—

5,494

Income

Fund

...................................................

456,915

982,895

445,990

445,927

Short-Term

Bond

Fund

............................................

988,337

944,301

192,890

40,501

Ultra

Short-Term

Bond

Fund

........................................

101,801

128,054

19,410

23,878

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

\*Rounds

to

less

than

0.05%

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

fees

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

year ended

April

30,

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

per

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:

Core

Plus

Intermediate

Bond

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0 Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.3 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.6 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.2 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.7 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1 High

Income

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0 Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.0 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.8 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.8 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9 Income

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4 Short-Term

Bond

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0\*

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.7 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.4 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0\*

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0\*

Adviser

Fee

Tier

Rates

First

$50

million

$50

million

but

not

over

$100

million

Over

$100

million

Core

Plus

Intermediate

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.30%

Flat

Rate

High

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.24%

Short-Term

Bond

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Fund

0.20%

Ultra

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.24%

Comparative

Index

Core

Plus

Intermediate

Bond

Fund

........................................

Lipper

Core

Plus

Bond

Funds

High

Income

Fund

....................................................

Lipper

High

Yield

Bond

Funds

Income

Fund

........................................................

Lipper

A

Rated

Bond

Funds

Short-Term

Bond

Fund

.................................................

Lipper

Short

Investment

Grade

Debt

Funds

Ultra

Short-Term

Bond

Fund

.............................................

Lipper

Ultra

Short

Obligations

Funds

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

(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

year ended April

30,

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

year

ended

April

30,

2025,

the

Fund

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

year

ended

April

30,

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 year

ended

April

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Administration

fees.

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

Core

Plus

Intermediate

Bond

Fund

..............................

$

750

877

(—)(a)

as

annual

%

rate

..........................................

0.05%

0.03%

0.03%

(—)(b)

0.02%

High

Income

Fund

..........................................

$

(238) (85) N/A

N/A

(—)(a)

as

annual

%

rate

..........................................

(0.03)%

(0.03)%

N/A

N/A

(—)(b)

Income

Fund

..............................................

$

1,376

1,627

N/A

as

annual

%

rate

..........................................

0.07%

0.07%

0.07%

N/A

0.04%

Short-Term

Bond

Fund

.......................................

$

753

N/A

as

annual

%

rate

..........................................

0.06%

0.05%

0.02%

N/A

0.03%

Ultra

Short-Term

Bond

Fund

...................................

$

—(c)

N/A

as

annual

%

rate

..........................................

0.01%

0.02%

—

N/A

0.03%

(a) Rounds

to

less

than

$1

thousand.

(b) Rounds

to

less

than

0.01%.

(c) There

was

no

performance

adjustment

for

Class

A. Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

Core

Plus

Intermediate

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

0.15%

0.05%

High

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

N/A

0.05%

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

0.05%

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

0.05%

Ultra

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

0.05%

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

(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

year ended April

30,

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

year

ended

April

30,

2025,

the

Fund

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

year

ended

April

30,

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 year

ended

April

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Administration

fees.

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

Core

Plus

Intermediate

Bond

Fund

..............................

$

750

877

(—)(a)

as

annual

%

rate

..........................................

0.05%

0.03%

0.03%

(—)(b)

0.02%

High

Income

Fund

..........................................

$

(238) (85) N/A

N/A

(—)(a)

as

annual

%

rate

..........................................

(0.03)%

(0.03)%

N/A

N/A

(—)(b)

Income

Fund

..............................................

$

1,376

1,627

N/A

as

annual

%

rate

..........................................

0.07%

0.07%

0.07%

N/A

0.04%

Short-Term

Bond

Fund

.......................................

$

753

N/A

as

annual

%

rate

..........................................

0.06%

0.05%

0.02%

N/A

0.03%

Ultra

Short-Term

Bond

Fund

...................................

$

—(c)

N/A

as

annual

%

rate

..........................................

0.01%

0.02%

—

N/A

0.03%

(a) Rounds

to

less

than

$1

thousand.

(b) Rounds

to

less

than

0.01%.

(c) There

was

no

performance

adjustment

for

Class

A. Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

Core

Plus

Intermediate

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

0.15%

0.05%

High

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

N/A

0.05%

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

0.05%

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

0.05%

Ultra

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

0.05%

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 year

ended

April

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA") 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:

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

year ended

April

30,

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

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

and

Class

C. Amounts

incurred

for

the

year

ended

April

30,

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

the

Class

A. For

the

year

ended

April

30,

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 year

ended

April

30,

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. 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

April

30,

2025,

the

expense

limits

(excluding

voluntary

waivers) are

as

follows:

Institutional

Shares

Class

A

Class

C

Class

R6

Core

Plus

Intermediate

Bond

Fund

...........................................

0.10%

0.10%

0.10%

0.01%

High

Income

Fund

.......................................................

0.10%

N/A

N/A

0.01%

Income

Fund

...........................................................

0.10%

0.10%

N/A

0.01%

Short-Term

Bond

Fund

....................................................

0.10%

0.10%

N/A

0.01%

Ultra

Short-Term

Bond

Fund

................................................

0.10%

0.10%

N/A

0.01%

Class

A

Class

C

Core

Plus

Intermediate

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

High

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

N/A

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

Ultra

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

Amount

Core

Plus

Intermediate

Bond

Fund

........................................................................

$

Short-Term

Bond

Fund

.................................................................................

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

April

30,

2025. For

the

year ended

April

30,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of April

30,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

\*

Amount

expires

by July

31,

2025. \*\*

Amount

expires

by

December

31,

2025. 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 year

ended

April

30,

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

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

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

Core

Plus

Intermediate

Bond,

Short-Term

Bond,

High

Income,

and

Ultra

Short-Term

Bond

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

debt

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

In

effect

until

August

31,

2025

Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

Core

Plus

Intermediate

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.59%

0.52%

0.87%

1.53%

0.39%

High

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.83%

0.73%

N/A

N/A

0.65%

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.52%

0.46%

0.77%

N/A

0.39%

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.53%

0.43%

0.73%

N/A

0.39%

Ultra

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

0.55%

0.85%

N/A

0.39%

Amount

Core

Plus

Intermediate

Bond

Fund

........................................................................

$

High

Income

Fund

....................................................................................

Income

Fund

........................................................................................

Short-Term

Bond

Fund

.................................................................................

Ultra

Short-Term

Bond

Fund

.............................................................................

Expires

2025

Expires

2026

Expires

2027

Expires

2028

Total

Core

Plus

Intermediate

Bond

Fund

............................

$

\*

$

$

$

$

1,327

High

Income

Fund

........................................

\*

Income

Fund

............................................

\*

Short-Term

Bond

Fund

.....................................

\*

Ultra

Short-Term

Bond

Fund

.................................

\*\*

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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.

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.

High-Yield/Junk

Bond

Risk

—

The

Funds

may

invest

in

underlying

affiliated

funds

that

invest

in

fixed

income

securities

that

are

rated

below

investment

grade.

Fixed-income

securities

rated

below

investment

grade,

also

known

as

"junk"

or

high-yield

bonds,

generally

entail

greater

economic,

credit,

and

liquidity

risk

than

investment-grade

securities.

Their

prices

may

be

more

volatile,

especially

during

economic

downturns,

financial

setbacks,

or

liquidity

events.

High-yield

securities

also

can

involve

a

substantially

greater

risk

of

default

than

higher

quality

debt

securities,

and

their

values

can

decline

significantly

over

short

and

longer

periods

of

time.

Derivatives

Risk

—

The

use

of

derivative

instruments,

such

as

futures

contracts

and

credit

default

swaps,

exposes

the

High

Income

and

Income

Funds

to

additional

risks

and

transaction

costs.

Risks

of

derivative

instruments

include:

(1) the

risk

that

interest

rates,

securities

prices,

asset

values,

and

currency

markets

will

not

move

in

the

direction

that

a

portfolio

manager

anticipates;

(2) imperfect

correlation

between

the

price

of

derivative

instruments

and

movements

in

the

prices

of

the

securities,

assets,

interest

rates

or

currencies

being

hedged;

(3) the

fact

that

skills

needed

to

use

these

strategies

are

different

than

those

needed

to

select

portfolio

securities;

(4) the

possible

absence

of

a

liquid

secondary

market

for

any

particular

instrument

and

possible

exchange

imposed

price

fluctuation

limits,

either

of

which

may

make

it

difficult

or

impossible

to

close

out

a

position

when

desired;

(5) the

risk

that

adverse

price

movements

in

an

instrument

can

result

in

a

loss

substantially

greater

than

the

Funds'

initial

investment

in

that

instrument

(in

some

cases,

the

potential

loss

is

unlimited);

(6) particularly

in

the

case

of

privately-negotiated

instruments,

the

risk

that

the

counterparty

will

not

perform

its

obligations,

which

could

leave

the

Funds

worse

off

than

if

it

had

not

entered

into

the

position;

and

(7) the

inability

to

close

out

certain

hedged

positions

to

avoid

adverse

tax

consequences.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

High

Income

and

Income

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.

Management

Risk

—

The

Funds

are

actively

managed,

and

the

investment

techniques

and

risk

analyses

used

by

the

Funds'

portfolio

managers

may

not

produce

the

desired

results.

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

Variable

Insurance

Funds,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"), 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 year

ended

April

30,

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

25,

2024,

the

agreement

was

renewed

with

a

termination

date

of

June

23,

2025,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Additionally,

the

agreement

was

renewed

again

effective

June

24,

2025,

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

remained

unchanged

at

0.15%.

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

year

ended

April

30,

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

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

year

ended

April

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

April

30,

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.

As

of

April

30,

2025,

on

the

Statements

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

difference

reclassification

adjustments.

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Borrower

or

Lender

Amount

Outstanding

at

April

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Core

Plus

Intermediate

Bond

Fund

...................

Borrower

$

10,600

$

4,900

4.90%

$

10,600

High

Income

Fund

...............................

Borrower

—

4,352

5.11%

4,352

Income

Fund

...................................

Borrower

—

2,752

5.33%

3,398

Short-Term

Bond

Fund

............................

Borrower

—

3,637

5.10%

4,500

Ultra

Short-Term

Bond

Fund

........................

Borrower

—

673

5.88%

673

Declared

Paid

Core

Plus

Intermediate

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

High

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Ultra

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Year

Ended

April

30,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Core

Plus

Intermediate

Bond

Fund

...........................................................

$

229,967

$

229,967

High

Income

Fund

.......................................................................

75,182

75,182

Income

Fund

...........................................................................

173,500

173,500

Short-Term

Bond

Fund

....................................................................

118,964

118,964

Ultra

Short-Term

Bond

Fund

................................................................

14,570

14,570

Year

Ended

April

30,

2024

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Core

Plus

Intermediate

Bond

Fund

...........................................................

$

160,878

$

160,878

High

Income

Fund

.......................................................................

78,532

78,532

Income

Fund

...........................................................................

184,677

184,677

Short-Term

Bond

Fund

....................................................................

100,280

100,280

Ultra

Short-Term

Bond

Fund

................................................................

16,112

16,112

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

As

of

April

30,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

callable

bonds

amortization,

REIT

adjustments,

non-REIT

return

of

capital

adjustments,

derivatives,

perpetual

bonds,

trust

preferred, and

hybrid

accruals

on

interest

purchased.

During

the

tax

year

ended

April

30,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

As

of April

30,

2025,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

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.

As

of April

30,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

9. #### Segment

#### Reporting:
In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

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.

Undistributed

Ordinary

Income

Distributions

Payable

Accumulated

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

Core

Plus

Intermediate

Bond

Fund

.....

$

1,112

$

(1,253)

$

(141) $

(338,111)

$

(54,333)

$

(392,585)

High

Income

Fund

.................

4,135

—

4,135

(262,327)

(19,753)

(277,945)

Income

Fund

.....................

9,717

—

9,717

(243,890)

(301,221)

(535,394)

Short-Term

Bond

Fund

..............

995

(324) 671

(37,797)

22,426

(14,700)

Ultra

Short-Term

Bond

Fund

..........

1,205

(1,160)

(2,539)

(1,240)

(3,734)

Amount

Short-Term

Bond

Fund

.................................................................................

$

(81) Ultra

Short-Term

Bond

Fund

.............................................................................

(262) Short-Term

Amount

Long-Term

Amount

Total

Core

Plus

Intermediate

Bond

Fund

.........................................

$

(72,388)

$

(265,723)

$

(338,111)

High

Income

Fund

.....................................................

(29,551)

(232,776)

(262,327)

Income

Fund

.........................................................

—

(243,890)

(243,890)

Short-Term

Bond

Fund

..................................................

(3,046)

(34,751)

(37,797)

Ultra

Short-Term

Bond

Fund

..............................................

(1,655)

(884) (2,539)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Core

Plus

Intermediate

Bond

Fund

.......................

$

5,286,469

$

52,643

$

(106,976)

$

(54,333)

High

Income

Fund

...................................

1,043,993

16,631

(36,384)

(19,753)

Income

Fund

.......................................

4,305,984

36,153

(337,374)

(301,221)

Short-Term

Bond

Fund

................................

2,729,260

38,549

(16,123)

22,426

Ultra

Short-Term

Bond

Fund

............................

293,489

1,205

(2,445)

(1,240)

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Core

Plus

Intermediate

Bond

Fund,

Victory

High

Income

Fund,

Victory

Income

Fund,

Victory

Short-Term

Bond

Fund,

and

Victory

Ultra

Short-Term

Bond

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios

III,

as

of

April

30,

2025,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

and

financial

highlights

for

the

year

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

April

30,

2025,

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

April

30,

2024,

and

prior,

were

audited

by

other

auditors

whose

reports

dated

June

27,

2024,

expressed

unqualified

opinions

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2025,

by

correspondence

with

the

custodian,

brokers,

and

issuers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

June

26,

2025

Supplemental

Information

April

30,

2025

Victory

Portfolios

III

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

April

30,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of

less

than

1%

for

Core

Plus

Intermediate

Bond

Fund,

High

Income

Fund,

and

Income

Fund.

Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

April

30,

2025

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

Victory

Core

Plus

Intermediate

Bond

Fund

Victory

High

Income

Fund

Victory

Income

Fund

Victory

Short-Term

Bond

Fund

Victory

Ultra

Short-Term

Bond

Fund

(each,

a

"Fund"

and

collectively,

the

"Funds")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

12-13,

2024,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

the

Funds.

Prior

to

the

December

12-13,

2024

meeting

at

which

the

Advisory

Agreement

was

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

at

a

meeting

held

on

November

20,

2024. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

the

Adviser,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

each

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Funds,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Funds

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

each

Fund.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Funds

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

each

Fund's

performance

and

related

services

provided

by

the

Adviser.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

each

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Funds

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Funds'

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Funds'

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Funds'

portfolios

as

part

of

a

continuous

investment

program.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Funds

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Funds'

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Funds,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

allocation

of

the

Funds'

brokerage,

including

the

Adviser's

process

for

monitoring

"best

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Funds'

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Funds,

as

well

as

the

other

funds

in

the

Trust.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

each

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

Each

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Victory

Core

Plus

Intermediate

Bond

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

Victory

High

Income

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

equal

to

the

median

of

its

expense

group

and

was

below

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Income

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Short-Term

Bond

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

was

equal

to

the

median

of

its

expense

group

and

was

above

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses

were

equal

to

the

median

of

its

expense

group

and

were

above

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

Victory

Ultra

Short-Term

Bond

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

median

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

above

the

median

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

In

considering

each

Fund's

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Fund's

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

each

Fund's

average

annual

total

returns

relative

to

its

Lipper

index

and

other

mutual

funds

deemed

to

be

in

its

peer

group

by

the

independent

third

party

in

its

report

(the

"performance

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

universe").

Each

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

and

institutional

open-end

investment

companies

with

the

same

classification/objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

Victory

Core

Plus

Intermediate

Bond

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. Victory

High

Income

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

Victory

Income

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. Victory

Short-Term

Bond

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. Victory

Ultra

Short-Term

Bond

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. As

part

of

its

consideration,

the

Board

received

a

description

of,

and

factored

into

its

evaluation

of

each

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

each

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–

The

Board

took

into

consideration

the

level

and

method

of

computing

each

Fund's

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

each

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

each

Fund.

In

considering

the

profitability

data

with

respect

to

the

Funds,

the

Trustees

noted

that

the

Adviser

reimbursed

or

waived

a

portion

of

its

management

fees

to

certain

Funds.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

each

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

each

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

each

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Economies

of

Scale

–

The

Board

noted

that

the

Victory

Core

Plus

Intermediate

Bond

Fund

has

advisory

fee

breakpoints

that

allow

the

Fund

to

participate

in

economies

of

scale

and

that

such

economies

of

scale

were

currently

reflected

in

the

advisory

fee.

With

respect

to

the

other

Funds,

the

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

the

Funds

to

participate

in

any

economies

of

scale.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

also

considered

the

effect

of

the

change

in

size,

if

any,

of

each

of

the

Funds'

classes

on

its

performance

and

fees,

noting

that

the

Funds

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

investment

capabilities

and

resources,

improvements

and

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

each

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

each

Fund's

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

each

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

Adviser

maintains

an

appropriate

compliance

program;

(iii) the

overall

performance

of

each

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices

and

the

Adviser

is

appropriately

monitoring

each

Fund's

performance,

as

applicable;

(iv) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(v) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

each

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

each

Fund

and

its

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-FIncome-0625

April

30,

2025

Annual:

Full

Financials

Victory

Money

Market

Fund

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*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

#### 4
Statement

of

Operations

#### 5
Statements

of

Changes

in

Net

Assets

#### 6
Financial

Highlights

#### 7

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 8

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 14

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Tax

Information

#### 15
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 16
Schedule

of

Portfolio

Investments

April

30,

2025

Victory

Portfolios

III

#### Victory

#### Money

#### Market

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Commercial

Paper

(74.2%)

Communication

Services

(3.8%):

Verizon

Communications,

Inc.,

4.60%,

5/6/25(a)(b)

..............................

$

80,000

$

79,949

Consumer

Discretionary

(7.6%):

AutoNation,

Inc.,

4.85%,

5/1/25(a)(b)

........................................

80,000

80,000

AutoZone,

Inc.

4.48%,

5/1/25(a)(b)

.................................................

25,000

25,000

4.55%,

5/5/25(a)(b)

.................................................

30,000

29,985

4.53%,

5/7/25(a)(b)

.................................................

25,000

24,981

159,966

Consumer

Staples

(7.6%):

Cargill,

Inc.,

4.32%,

5/1/25(a)(b)

............................................

80,000

80,000

Dairy

Farmers

of

America,

Inc.,

4.63%,

5/1/25(a)(b)

..............................

80,000

80,000

160,000

Energy

(12.1%):

Canadian

Natural

Resources

Ltd.,

5.06%,

5/23/25(a)(b)

............................

90,000

89,723

Energy

Transfer

Equity

LP,

4.53%,

5/1/25(a)(b)

.................................

85,000

85,000

Kinder

Morgan

Energy

LP,

4.65%,

5/1/25(a)(b)

.................................

80,000

80,000

254,723

Financials

(22.2%):

American

Honda

Finance

Corp.

4.60%,

5/21/25(a)(b)

................................................

20,000

19,949

4.70%,

7/9/25(a)(b)

.................................................

20,000

19,822

Barton

Capital

Corp.,

4.46%,

8/4/25(a)(b)

.....................................

20,000

19,770

Cancara

Asset

Securitization

LLC,

4.41%,

5/7/25(a)(b)

............................

14,000

13,990

General

Motors

Financial

Co.,

4.58%,

5/1/25(a)(b)

...............................

80,000

80,000

Hannover

Funding

Co.

LLC

4.47%,

5/1/25(a)(b)

.................................................

18,000

18,000

4.51%,

5/9/25(a)(b)

.................................................

15,000

14,985

4.58%,

7/2/25(a)(b)

.................................................

20,000

19,844

Hyundai

Capital

America,

Inc.,

4.56%,

5/2/25(a)(b)

..............................

20,000

19,997

LMA-Americas

LLC

4.42%,

7/15/25(a)(b)

................................................

20,000

19,819

4.45%,

7/24/25(a)(b)

................................................

20,000

19,795

Manhattan

Asset

Funding

Co.,

4.42%,

6/4/25(a)(b)

...............................

20,000

19,918

National

Rural

Utilities

Cooperative

Finance

Corp.

4.49%,

5/13/25(a)(b)

................................................

20,000

19,970

4.52%,

5/23/25(a)(b)

................................................

10,000

9,973

Old

Line

Funding

LLC,

4.66%

(SOFR+30bps),

7/30/25(a)(c)

.......................

20,000

20,000

Ridgefield

Funding

Co.

LLC

4.65%,

5/16/25(a)(b)

................................................

20,000

19,962

4.42%,

5/22/25(a)(b)

................................................

10,000

9,974

Sheffield

Receivables

Co.

LLC,

4.43%,

5/13/25(a)(b)

.............................

20,000

19,971

Victory

Receivables

Corp.

4.44%,

5/7/25(a)(b)

.................................................

20,000

19,985

4.42%,

5/15/25(a)(b)

................................................

20,000

19,966

VW

Credit,

Inc.

4.73%,

5/8/25(a)(b)

.................................................

20,750

20,731

4.77%,

5/28/25(a)(b)

................................................

20,000

19,929

466,350

Industrials

(2.9%):

Tyco

Electronics

Ltd.

4.61%,

5/2/25(a)(b)

.................................................

40,000

39,995

4.63%,

5/7/25(a)(b)

.................................................

20,000

19,984

59,979

Information

Technology

(3.8%):

Amphenol

Corp.

4.50%,

5/1/25(a)(b)

.................................................

60,000

60,000

4.47%,

5/5/25(a)(b)

.................................................

20,000

19,990

79,990

Victory

Portfolios

III

#### Victory

#### Money

#### Market

#### Fund

Schedule

of

Portfolio

Investments

—

continued

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Materials

(0.9%):

Glencore

Funding

LLC,

4.59%,

6/2/25(a)(b)

....................................

$

20,000

$

19,919

Utilities

(13.3%):

Ameren

Corp.,

4.59%,

5/9/25(a)(b)

..........................................

40,000

39,959

CenterPoint

Energy

Resources

Corp.

4.49%,

5/1/25(a)(b)

.................................................

50,000

50,000

4.49%,

5/1/25(a)(b)

.................................................

30,000

30,000

Commonwealth

Edison

Co.,

4.48%,

5/1/25(a)(b)

................................

60,000

60,000

Evergy

Metro,

Inc.,

4.60%,

5/1/25(a)(b)

.......................................

25,000

25,000

Kansas

City

Power

and

Light

Co.

4.60%,

5/1/25(a)(b)

.................................................

25,000

25,000

4.64%,

5/6/25(a)(b)

.................................................

50,000

49,968

279,927

Total

Commercial

Paper

(Cost

$1,560,803)

a

a

a

1,560,803

Certificates

of

Deposit

(10.0%)

Bank

of

America

Corp.,

4.65%,

11/3/25

.......................................

20,000

20,000

Bank

of

America

Corp.,

4.65%,

3/2/26

........................................

20,000

20,000

Bank

of

America

Corp.,

4.71%,

7/16/25

.......................................

40,000

40,000

Bank

of

Nova

Scotia,

4.70%,

10/3/25

(SOFR+34bps)(c)

...........................

20,000

20,000

Citibank

NA,

4.70%,

9/18/25

(SOFR+34bps)(c)

.................................

30,000

30,000

Royal

Bank

of

Canada,

4.71%,

8/6/25

(SOFR+35bps)(c)

...........................

20,000

20,000

Royal

Bank

of

Canada,

4.61%,

5/6/25

(SOFR+25bps)(c)

...........................

20,000

20,000

Toronto-Dominion

Bank,

4.70%,

8/7/25

(FEDL01+37bps)(c)

.......................

20,000

20,000

Toronto-Dominion

Bank,

4.60%,

5/7/25

(FEDL01+27bps)(c)

.......................

20,000

20,000

Total

Certificates

of

Deposit

(Cost

$210,000)

a

a

a

210,000

Repurchase

Agreements

(15.7%)

Fixed

Income

Clearing

Corporation-State

Street

Bank

&

Trust

Co.,

4.35%,

purchased

on

4/30/25,

with

a

maturity

date

of

5/01/25,

with

a

repurchase

value

of

$329,040

(collateralized

by

U.S.

Treasury

Bonds,

3.88%,

due

2/15/43,

with

an

aggregate

value

of

$335,580)

..........

329,000

329,000

Total

Repurchase

Agreements

(Cost

$329,000)

a

a

a

329,000

Total

Investments

(Cost

$2,099,803)

—

99.9%

2,099,803

Other

assets

in

excess

of

liabilities

— 0.1%

1,441

NET

ASSETS

-

100.00%

$

2,101,244

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2025,

the

fair

value

of

these

securities

was

$1,560,803

(thousands)

and

amounted

to

74.2%

of

net

assets.

(b) Rate

represents

the

effective

yield

at

April

30,

2025. (c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

April

30,

2025. bps

—

Basis

points

FEDL01

—

Effective

Federal

Fund

Rate

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

SOFR

—

Secured

Overnight

Financing

Rate

Statement

of

Assets

and

Liabilities

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Money

Market

Fund

Assets:

Investments,

at

value

(Cost

$1,770,803)

$

1,770,803

Repurchase

agreements,

at

value

(Cost

$329,000)

329,000

Cash

1,601

Receivables:

Interest

1,236

Capital

shares

issued

2,667

From

Adviser

Prepaid

expenses

Total

Assets

2,105,372

Liabilities:

Payables:

Distributions

Capital

shares

redeemed

2,852

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

Trustees'

fees

Other

accrued

expenses

Total

Liabilities

4,128

Commitments

and

contingencies

(Note

3)

Net

Assets:

Capital

2,101,279

Total

accumulated

earnings

(35)

Net

Assets

$

2,101,244

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

2,101,677

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

Year

Ended

April

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Money

Market

Fund

Investment

Income:

Interest

$

105,366

Total

Income

105,366

Expenses:

Investment

advisory

fees

4,958

Administration

fees

2,066

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

5,260

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

12,980

Less

fees

paid

indirectly

(71)

Expenses

waived/reimbursed

by

Adviser

(103)

Net

Expenses

12,806

Net

Investment

Income

92,560

Realized

Gains

from

Investments:

Net

realized

gains

from

investment

securities

Net

realized

gains

on

investments

Change

in

net

assets

resulting

from

operations

$

92,601

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Money

Market

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

$

92,560

$

101,964

Net

realized

gains

Change

in

net

assets

resulting

from

operations

92,601

102,019

Change

in

net

assets

resulting

from

distributions

to

shareholders

(92,559)

(101,963)

Change

in

net

assets

resulting

from

capital

transactions

39,612

40,153

Change

in

net

assets

39,654

40,209

Net

Assets:

Beginning

of

period

2,061,590

2,021,381

End

of

period

$

2,101,244

$

2,061,590

Capital

Transactions:

Proceeds

from

shares

issued

$

608,353

$

579,532

Distributions

reinvested

91,429

100,874

Cost

of

shares

redeemed

(660,170)

(640,253)

Change

in

net

assets

resulting

from

capital

transactions

$

39,612

$

40,153

Share

Transactions:

Issued

608,364

579,532

Reinvested

91,429

100,878

Redeemed

(660,170)

(640,253)

Change

in

Shares

39,623

40,157

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Money

Market

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Nine

Months

Ended

April

30,

2023(a)

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Net

Asset

Value,

Beginning

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Investment

Activities:

Net

investment

income(b)

0.04 0.05 0.03 —(c)

—(c)

0.01 Net

realized

and

unrealized

gains

—(c)

—(c)

—

—(c)

—

—(c)

Total

from

Investment

Activities

0.04 0.05 0.03 —(c)

—(c)

0.01 Distributions

to

Shareholders

from:

Net

investment

income

(0.04)

(0.05)

(0.03)

—(c)

—(c)

(0.01)

Net

realized

gains

—

—

—

—(c)

—(c)

—

Total

Distributions

(0.04)

(0.05)

(0.03)

—(c)

—(c)

(0.01)

Net

Asset

Value,

End

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

Return(d)(e)

4.58%

5.14%

2.71%

0.24%

0.01%

1.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)

0.62%(g)

0.62%(g)

0.62%

0.35%

0.23%

0.58%

Net

Investment

Income(f)

4.48%

5.02%

3.61%

0.24%

0.01%

1.15%

Gross

Expenses(f)

0.63%(g)

0.63%(g)

0.62%

0.62%

0.61%

0.61%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,101,244

$2,061,590

$2,021,381

$1,879,039

$1,950,769

$2,344,619

(a) Effective

April

30,

2023,

the

Fund's

fiscal

year-end

changed

from

July

to

April

30. (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) 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

April

30,

2025

Victory

Portfolios

III

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.

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.

Fund

(Legal

Name)

Fund

(Short

Name)

Victory

Money

Market

Fund

Money

Market

Fund

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

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

April

30,

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 April

30. For

the

year

ended

April

30,

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

0.24%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

April

30,

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

year

ended

April

30,

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

year ended

April

30,

2025, are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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

year

ended

April

30,

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 year

ended

April

30,

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

0.25%

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

year

ended

April

30,

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

year ended

April

30,

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 Fund

until

at

least

August

31,

2025. 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

April

30,

2025,

the

expense

limit

(excluding

voluntary

waivers) was:

Under

the

terms

of

the

expense

limitation

agreement,

and

its

schedule

dated July

1,

2024,

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.

In

addition,

the

Adviser

agreed

to

further

reimburse

fees

in

excess

of

the

Fund's

expense

limit

of

0.62%. These

voluntary

reductions,

to

the

extent

necessary,

are

to

maintain

a

certain

minimum

net

yield

of

the

Fund.

Under

this

agreement

to

reimburse

additional

fees,

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

after

the

fiscal

year

in

which

the

waiver

or

reimbursement

took

place,

to

the

extent

any

repayments

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

April

30,

2025. In

effect

until

August

31,

2025

Money

Market

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.62%

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

As

of April

30,

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

Fund

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Fund are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

April

30,

2025. 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

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

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.

Credit

Risk

—

Credit

risk

is

expected

to

be

low

for

the

Fund

because

it

invests

primarily

in

securities

that

are

considered

to

be

of

high

quality.

However,

there

is

the

possibility

that

an

issuer

will

fail

to

make

timely

interest

and

principal

payments

on

its

securities

or

that

negative

perceptions

of

the

issuer's

ability

to

make

such

payments

will

cause

the

price

of

that

security

to

decline.

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.

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.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund.

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.

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

Variable

Insurance

Funds,

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 year

ended

April

30,

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

25,

2024,

the

agreement

was

renewed

with

a

termination

date

of

June

23,

2025,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Additionally,

the

agreement

was

renewed

again

effective

June

24,

2025,

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

remained

unchanged

at

0.15%.

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

year

ended

April

30,

2025. Expires

2026

Expires

2027

Expires

2028

Total

Money

Market

Fund

...................................................

$

$

$

$

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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.

As

of

April

30,

2025,

on

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

April

30,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

At

the

tax year

ended April

30,

2024,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

As

of April

30,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

7. #### Segment

#### Reporting:
In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

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

Total

Accumulated

Earnings

(Loss)

Capital

Money

Market

Fund

.........................................................................

$

(47) $

Year

Ended

April

30,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Money

Market

Fund

......................................................................

$

92,559

$

92,559

Year

Ended

April

30,

2024

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Money

Market

Fund

......................................................................

$

101,963

$

101,963

Undistributed

Ordinary

Income

Distributions

Payable

Total

Accumulated

Earnings

(Loss)

Money

Market

Fund

.........................................................

$

$

(97) $

(35) Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Money

Market

Fund

..................................

$

2,099,803

$

—

$

—

$

—

Notes

to

Financial

Statements

—

continued

April

30,

2025

Victory

Portfolios

III

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.

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

Victory

Money

Market

Fund

and

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

Victory

Money

Market

Fund

(the

"Fund"),

a

series

of

Victory

Portfolios

III,

as

of

April

30,

2025,

the

related

statement

of

operations,

the

statement

of

changes

in

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

April

30,

2025,

the

results

of

its

operations,

the

changes

in

its

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Fund's

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

April

30,

2024,

and

prior,

were

audited

by

other

auditors

whose

report

dated

June

27,

2024,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2025,

by

correspondence

with

the

custodian

and

broker.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

June

26,

2025

Supplemental

Information

April

30,

2025

Victory

Portfolios

III

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

April

30,

2025,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

For

the

year

ended

April

30,

2025,

the

Fund

designated

short-term

capital

gain

distributions

in

the

amount

of

$41 thousand.

Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

April

30,

2025

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreements

Victory

Money

Market

Fund

(the

"Fund")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

12-13,

2024,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

the

Fund.

Prior

to

the

December

12-13,

2024

meeting

at

which

the

Advisory

Agreement

was

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

at

a

meeting

held

on

November

20,

2024. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

the

Adviser,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

the

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Fund,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Fund

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Fund.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Fund

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

the

Fund's

performance

and

related

services

provided

by

the

Adviser.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

the

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Fund

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Fund's

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Fund's

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Fund's

portfolio

as

part

of

a

continuous

investment

program.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Fund

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Fund,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Fund

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Fund's

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Fund,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

allocation

of

the

Fund's

brokerage,

including

the

Adviser's

process

for

monitoring

"best

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Fund's

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Fund,

as

well

as

the

other

funds

in

the

Trust.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Fund's

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

the

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

The

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

–

which

includes

advisory

and

administrative

services,

as

well

as

any

fee

waivers

and

reimbursements

–

was

equal

to

the

median

of

its

expense

group

and

was

above

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

an

expense

limitation

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above,

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

In

considering

the

Fund's

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Fund's

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

the

Fund's

average

annual

total

returns

relative

to

its

Lipper

index

and

other

mutual

funds

deemed

to

be

in

its

peer

group

by

the

independent

third

party

in

its

report

(the

"performance

universe").

The

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

and

institutional

open-end

investment

companies

with

the

same

classification/

objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024,

and

was

below

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2024. The

Board

noted

the

relatively

narrow

range

of

returns

of

the

funds

in

the

Fund's

peer

group.

As

part

of

its

consideration,

the

Board

received

a

description

of,

and

factored

into

its

evaluation

of

the

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

the

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–The

Board

took

into

consideration

the

level

and

method

of

computing

the

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

the

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

the

Fund.

In

considering

the

profitability

data

with

respect

to

the

Fund,

the

Trustees

noted

that

the

Adviser

reimbursed

or

waived

a

portion

of

its

management

fees

to

the

Fund.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

the

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

the

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

the

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Economies

of

Scale

–

The

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

the

Fund

to

participate

in

any

economies

of

scale.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

also

considered

the

effect

of

the

Fund's

change

in

size,

if

any,

on

its

performance

and

fees,

noting

that

the

Fund

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

investment

capabilities

and

resources,

improvements

and

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

the

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

the

Fund's

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

the

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

Adviser

maintains

an

appropriate

compliance

program;

(iii) the

overall

performance

of

the

Fund

is

reasonable

in

relation

to

the

performance

of

funds

Supplemental

Information

—

continued

April

30,

2025

Victory

Portfolios

III

(Unaudited)

with

similar

investment

objectives

and

to

relevant

indices;

(iv) the

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(v) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

the

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

the

Fund

and

its

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

23427-0625

(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.**

Change in Auditor

At the meeting held on March 11, 2025, Ernst & Young LLP ("EY") resigned as the Victory Portfolios III's (the "Trust") independent registered public accounting firm effective upon the completion of certain statutory audits for the fiscal year ended February 28, 2025. Effective on the same date, the Trust's Board and Audit and Compliance Committee recommended and appointed Cohen & Company, LTD ("Cohen") as the Trust's independent registered public accounting firm for fiscal years ending with April 30, 2025, February 28, 2026, and April 30, 2026.

EY's report on the financial statements of Victory Portfolios III for the past two fiscal years ended April 30, 2024, and April 30, 2023, did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. In connection with the audits of Victory Portfolios III's financial statements for each of the two fiscal years ended April 30, 2024 and April 30, 2023, and in the subsequent interim period through March 11, 2025, there were no disagreements with EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to the satisfaction of EY would have caused EY to make reference to the matter in their report. There were no "reportable events" as that term is described in Item 304(a)(1)(v) of Regulation S-K. The Trust has requested EY to furnish it a letter addressed to the Securities and Exchange Commission stating whether it agrees with the above statements in accordance with Item 304(a) of Regulation S-K. A copy of that letter, dated July 3, 2025, is filed as Exhibit 19.a.5 to this Form N-CSR.

During the fiscal year ended April 30, 2024, and for the interim period ended March 11, 2025, the Trust did not consult with Cohen on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Trust's financial statements; or (ii) concerned the subject of a disagreement (as described in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

**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.** 

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**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) [Code of Ethics](codeofethics.htm).

(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>

(a)(4) Not applicable.

(a)(5) [Change in the registrant's independent public accountant.](EX99INDPUBACCT.htm)

(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 Executive Officer

Date&nbsp;&nbsp;&nbsp;&nbsp; <u>July 3, 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>July 3, 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>July 3, 2025</u>

## Ex-99.Code

**VICTORY PORTFOLIOS III**

**CODE OF CONDUCT**

**FOR PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

**I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of Victory Portfolios III (the Trust or the Funds) as detailed in Exhibit A, for the purpose of promoting:

1. &nbsp;&nbsp;&nbsp;&nbsp; Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. &nbsp;&nbsp;&nbsp;&nbsp; Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

3. &nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

4. &nbsp;&nbsp;&nbsp;&nbsp; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

5. &nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest that could arise out of the relationships between Covered Officers and the Trust already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust and its investment adviser's compliance program and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Trust and the investment adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and the Trust and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act.

Section C describes the types of conflicts of interest that are covered under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

**B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of Covered Officers.** Each Covered Officer must:

1. &nbsp;&nbsp;&nbsp;&nbsp; Not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

2. &nbsp;&nbsp;&nbsp;&nbsp; Not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

3. &nbsp;&nbsp;&nbsp;&nbsp; Report at least annually outside business affiliations or other relationships (*e.g.,* officer, director, governor, trustee, part-time employment) other than his or her relationship to the Trust, the investment adviser and the administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest.** When a Covered Person becomes aware of a situation that could involve a conflict of interest, or that could reasonably be considered an appearance of a conflict of interest, the Covered Person should disclose this matter to the Chief Compliance Officer. For purposes of this Code, the Chief Compliance Officer shall be the Chief Compliance Officer of the Trust. Examples of these include:

1. &nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private company;

2. &nbsp;&nbsp;&nbsp;&nbsp; The receipt, as an officer of the Trust, of any gift in excess of $100;

3. &nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any company with which the Trust has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

4. &nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than their investment adviser, principal underwriter, administrator or any affiliated person thereof;

5. &nbsp;&nbsp;&nbsp;&nbsp; A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest not specifically enumerated.** It is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any concerns, questions or doubts, a Covered Officer should consult with the Chief Compliance Officer before engaging in such transaction or investment or pursuing such interest or activity. The Chief Compliance Officer shall review the facts and circumstances of the actual or potential conflict of interest in accordance with Section IV of these Procedures.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's Trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust file with, or submit to, the SEC and in other public communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Responsibilities and conduct.** Each Covered Officer must:

1. &nbsp;&nbsp;&nbsp;&nbsp; Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the appropriate Board that he or she has received, read, and understands the Code;

2. &nbsp;&nbsp;&nbsp;&nbsp; Annually thereafter affirm to the appropriate Board that he or she has complied with the requirements of the Code;

3. &nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

4. &nbsp;&nbsp;&nbsp;&nbsp; Notify the Chief Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer.** The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Based on its review, the Chief Compliance Officer shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code and is, therefore, prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waivers.** A Covered Officer may request a waiver from a provision of this Code if there is a reasonable likelihood that a contemplated action would not involve an actual conflict of interest that this Code is designed to prevent. The Audit and Compliance Committee of the Board (the "Committee") shall review and act upon any request for a waiver from any provision of the Code. The Committee shall disclose any waiver from a provision of the Code to the extent required by SEC rules or any other policy of the Trust or VCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enforcing the Code of Conduct.** The Trust will adhere to the following procedures in investigating and enforcing this Code:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Chief Compliance Officer will take all appropriate action to investigate any potential violations reported to him or her;

2. &nbsp;&nbsp;&nbsp;&nbsp; If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no further action is required;

3. &nbsp;&nbsp;&nbsp;&nbsp; Any matter that the Chief Compliance Officer believes is a violation shall be reported to the Committee; and

4. &nbsp;&nbsp;&nbsp;&nbsp; If the Committee concurs that a violation has occurred, it will inform the Board and make a recommendation of appropriate courses of action. The Board will consider and take appropriate action regarding the violation. The Board may among other things, notify VCM, the Trust's administrator, or their Boards of Directors; recommend the assessment of a monetary penalty against the Covered Person; issue a formal written reprimand to, or recommend the dismissal of, the Covered Officer; require additional training by the violator; or recommend modifications to the Trust's policies and procedures.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of conduct adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of the Trust, the Trust's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Codes of Ethics under Rule 17j-1 under the Investment Company Act, and any insider trading policies are separate policies of the Trust, VCM, any sub-adviser or the principal underwriter that apply to the Covered Officers and others, and are not part of this Code.

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) (the "Independent Trustees"). Any changes to this Code will, to the extent required, will be disclosed as provided by SEC rules.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than officers and Trustees of the Trust, the Trust's investment adviser, administrator or sub-administrator, counsel to the Trust or counsel to the Independent Trustees.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Adopted:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 1, 2019 (USAA Funds)

Amended:&nbsp;&nbsp;&nbsp;&nbsp; April 24, 2023

# Exhibit A
**<u>Persons Covered by this Code of Conduct</u>**

Victory Portfolios III

Principal Executive Officer: Thomas Dusenberry, President Principal Financial Officer: Carol D. Trevino, Treasurer

As of February 6, 2025

# Exhibit B <u>Acknowledgement</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios III (the Trust or the Funds), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Print Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

# Exhibit B <u>Acknowledgement</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios III (the Trust or the Funds), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature:&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;</u> Print Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

# Exhibit C <u>Annual Certification</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios III (the Trust or the Funds), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Print Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

# Exhibit C <u>Annual Certification</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios III (the Trust or the Funds), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature:&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;</u> Print Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

## Ex-99.Ind

July 3, 2025

Securities and Exchange Commission

100 F Street, N. E.

Washington, D.C. 20549

Ladies and Gentlemen:

We have read Item 8 to Form N-CSR dated July 3, 2025, of Victory Portfolios III and are in agreement with the statements contained in the second paragraph therein. We have no basis to agree or disagree with other statements of the registrant contained therein.

Yours very truly,

 */s/*

Ernst & Young LLP

San Antonio, Texas

## 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>July 3, 2025&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; <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> 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>July 3, 2025&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; <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> 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 April 30, 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>July 3, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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.