# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0000908695-26-000001
**Filing Date:** 2026-1
**Character Count:** 1876096
**Document Hash:** 3bc9be501c4913b3045d684090fc200b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000908695-26-000001.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0000908695-26-000001

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 26504603

**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>October 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Victory 500 Index Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Member Shares

Ticker: USSPX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory 500 Index Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Member Shares | &nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;0.22% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $14577938 |
| Number of Holdings | 513 |
| Portfolio Turnover | 1% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i5a003c17c08c84a23fa3285e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.8% |
| Utilities | 2.3% |
| Energy | 2.8% |
| Consumer Staples | 4.6% |
| Industrials | 8.3% |
| Health Care | 9.0% |
| Consumer Discretionary | 10.2% |
| Communication Services | 10.3% |
| Financials | 13.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 35.9% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.4% |
| Amazon.com, Inc. | 4.0% |
| Broadcom, Inc. | 2.9% |
| Alphabet, Inc., Class A | 2.8% |
| Alphabet, Inc., Class C | 2.4% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| JPMorgan Chase & Co. | 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. |
| \*\* | 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. |

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USSPX — SAR (10/25)

#### Victory 500 Index Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Reward Shares

Ticker: USPRX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory 500 Index Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Reward Shares | &nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;0.15% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $14577938 |
| Number of Holdings | 513 |
| Portfolio Turnover | 1% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](ibe18355fcbdb4784d7c276cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.8% |
| Utilities | 2.3% |
| Energy | 2.8% |
| Consumer Staples | 4.6% |
| Industrials | 8.3% |
| Health Care | 9.0% |
| Consumer Discretionary | 10.2% |
| Communication Services | 10.3% |
| Financials | 13.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 35.9% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.4% |
| Amazon.com, Inc. | 4.0% |
| Broadcom, Inc. | 2.9% |
| Alphabet, Inc., Class A | 2.8% |
| Alphabet, Inc., Class C | 2.4% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| JPMorgan Chase & Co. | 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. |
| \*\* | 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. |

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USPRX — SAR (10/25)

#### Victory Aggressive Growth Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USAUX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;0.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2802850 |
| Number of Holdings | 110 |
| Portfolio Turnover | 15% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](ibd5cc0c4757174612402d5e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.1% |
| Energy | 0.3% |
| Consumer Staples | 0.8% |
| Financials | 4.8% |
| Health Care | 7.8% |
| Industrials | 9.0% |
| Consumer Discretionary | 11.4% |
| Communication Services | 15.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 50.6% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.4% |
| Microsoft Corp. | 6.8% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class C | 5.7% |
| Apple, Inc. | 5.3% |
| Meta Platforms, Inc., Class A | 5.0% |
| Amazon.com, Inc. | 3.9% |
| Visa, Inc., Class A | 3.3% |
| Netflix, Inc. | 3.2% |
| ServiceNow, Inc. | 2.3% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USAUX — SAR (10/25)

#### Victory Aggressive Growth Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UIAGX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;0.72% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2802850 |
| Number of Holdings | 110 |
| Portfolio Turnover | 15% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](ibd5cc0c4757174612402d5e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.1% |
| Energy | 0.3% |
| Consumer Staples | 0.8% |
| Financials | 4.8% |
| Health Care | 7.8% |
| Industrials | 9.0% |
| Consumer Discretionary | 11.4% |
| Communication Services | 15.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 50.6% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.4% |
| Microsoft Corp. | 6.8% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class C | 5.7% |
| Apple, Inc. | 5.3% |
| Meta Platforms, Inc., Class A | 5.0% |
| Amazon.com, Inc. | 3.9% |
| Visa, Inc., Class A | 3.3% |
| Netflix, Inc. | 3.2% |
| ServiceNow, Inc. | 2.3% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

UIAGX — SAR (10/25)

#### Victory Capital Growth Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USCGX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;1.04% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1039489 |
| Number of Holdings | 460 |
| Portfolio Turnover | 30% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i25396b7093a4f7e6768466b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7% |
| Energy | 3.0% |
| Materials | 4.3% |
| Consumer Staples | 6.0% |
| Consumer Discretionary | 7.8% |
| Communication Services | 9.3% |
| Health Care | 10.2% |
| Industrials | 13.1% |
| Financials | 14.7% |
| Information Technology | 25.9% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.0% |
| Microsoft Corp. | 4.7% |
| Alphabet, Inc., Class A | 3.2% |
| Apple, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.1% |
| Real Estate Select Sector SPDR Fund | 1.1% |
| JPMorgan Chase & Co. | 1.1% |
| Cisco Systems, Inc. | 0.9% |
| Merck & Co., Inc. | 0.8% |
| AbbVie, Inc. | 0.8% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USCGX — SAR (10/25)

#### Victory Capital Growth Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UICGX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;1.10% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1039489 |
| Number of Holdings | 460 |
| Portfolio Turnover | 30% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i25396b7093a4f7e6768466b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7% |
| Energy | 3.0% |
| Materials | 4.3% |
| Consumer Staples | 6.0% |
| Consumer Discretionary | 7.8% |
| Communication Services | 9.3% |
| Health Care | 10.2% |
| Industrials | 13.1% |
| Financials | 14.7% |
| Information Technology | 25.9% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.0% |
| Microsoft Corp. | 4.7% |
| Alphabet, Inc., Class A | 3.2% |
| Apple, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.1% |
| Real Estate Select Sector SPDR Fund | 1.1% |
| JPMorgan Chase & Co. | 1.1% |
| Cisco Systems, Inc. | 0.9% |
| Merck & Co., Inc. | 0.8% |
| AbbVie, Inc. | 0.8% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

UICGX — SAR (10/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class A

Ticker: UITBX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;0.86% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $5405159 |
| Number of Holdings | 1326 |
| Portfolio Turnover | 35% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i5b8155a53813cf43ef00cb93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 19.5% |
| U.S. Government Agency Mortgages | 19.1% |
| Asset-Backed Securities | 18.8% |
| Collateralized Mortgage Obligations | 9.5% |
| Municipal Bonds | 4.6% |
| Yankee Dollars | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UITBX — SAR (10/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class C

Ticker: UITCX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$77 | &nbsp;&nbsp;&nbsp;1.51% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $5405159 |
| Number of Holdings | 1326 |
| Portfolio Turnover | 35% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i5b8155a53813cf43ef00cb93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 19.5% |
| U.S. Government Agency Mortgages | 19.1% |
| Asset-Backed Securities | 18.8% |
| Collateralized Mortgage Obligations | 9.5% |
| Municipal Bonds | 4.6% |
| Yankee Dollars | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UITCX — SAR (10/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class R6

Ticker: URIBX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$22 | &nbsp;&nbsp;&nbsp;0.42% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $5405159 |
| Number of Holdings | 1326 |
| Portfolio Turnover | 35% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i5b8155a53813cf43ef00cb93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 19.5% |
| U.S. Government Agency Mortgages | 19.1% |
| Asset-Backed Securities | 18.8% |
| Collateralized Mortgage Obligations | 9.5% |
| Municipal Bonds | 4.6% |
| Yankee Dollars | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

URIBX — SAR (10/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USIBX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$33 | &nbsp;&nbsp;&nbsp;0.64% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $5405159 |
| Number of Holdings | 1326 |
| Portfolio Turnover | 35% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i5b8155a53813cf43ef00cb93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 19.5% |
| U.S. Government Agency Mortgages | 19.1% |
| Asset-Backed Securities | 18.8% |
| Collateralized Mortgage Obligations | 9.5% |
| Municipal Bonds | 4.6% |
| Yankee Dollars | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

USIBX — SAR (10/25)

#### Victory Core Plus Intermediate Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UIITX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;0.56% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $5405159 |
| Number of Holdings | 1326 |
| Portfolio Turnover | 35% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i5b8155a53813cf43ef00cb93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 19.5% |
| U.S. Government Agency Mortgages | 19.1% |
| Asset-Backed Securities | 18.8% |
| Collateralized Mortgage Obligations | 9.5% |
| Municipal Bonds | 4.6% |
| Yankee Dollars | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UIITX — SAR (10/25)

#### Victory Extended Market Index Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USMIX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$19 | &nbsp;&nbsp;&nbsp;0.35% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $746549 |
| Number of Holdings | 2486 |
| Portfolio Turnover | 6% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](ie4f53736961590208158dd67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.4% |
| Consumer Staples | 3.4% |
| Communication Services | 3.8% |
| Materials | 4.3% |
| Real Estate | 6.7% |
| Consumer Discretionary | 11.8% |
| Health Care | 13.6% |
| Information Technology | 14.2% |
| Financials | 16.1% |
| Industrials | 19.6% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Insmed, Inc. | 0.6% |
| Credo Technology Group Holding Ltd. | 0.4% |
| Bloom Energy Corp., Class A | 0.4% |
| Rocket Lab Corp. | 0.4% |
| Sandisk Corp. | 0.4% |
| Ciena Corp. | 0.4% |
| Reddit, Inc., Class A | 0.4% |
| Astera Labs, Inc. | 0.4% |
| Tapestry, Inc. | 0.3% |
| United Therapeutics Corp. | 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. |

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USMIX — SAR (10/25)

#### Victory Global Managed Volatility Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: UGMVX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$48 | &nbsp;&nbsp;&nbsp;0.90% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $435009 |
| Number of Holdings | 404 |
| Portfolio Turnover | 33% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i7ee874d7b5275791c6309701.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.3% |
| Materials | 2.1% |
| Energy | 4.1% |
| Consumer Staples | 8.7% |
| Health Care | 9.2% |
| Communication Services | 9.9% |
| Consumer Discretionary | 11.1% |
| Financials | 12.1% |
| Industrials | 12.6% |
| Information Technology | 28.1% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.8% |
| Apple, Inc. | 4.1% |
| Alphabet, Inc., Class C | 2.8% |
| Meta Platforms, Inc., Class A | 2.4% |
| Microsoft Corp. | 1.9% |
| Alphabet, Inc., Class A | 1.6% |
| Mastercard, Inc., Class A | 1.3% |
| Lam Research Corp. | 1.2% |
| Altria Group, Inc. | 1.1% |
| Booking Holdings, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UGMVX — SAR (10/25)

#### Victory Global Managed Volatility Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UGOFX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;0.70% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $435009 |
| Number of Holdings | 404 |
| Portfolio Turnover | 33% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i7ee874d7b5275791c6309701.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.3% |
| Materials | 2.1% |
| Energy | 4.1% |
| Consumer Staples | 8.7% |
| Health Care | 9.2% |
| Communication Services | 9.9% |
| Consumer Discretionary | 11.1% |
| Financials | 12.1% |
| Industrials | 12.6% |
| Information Technology | 28.1% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.8% |
| Apple, Inc. | 4.1% |
| Alphabet, Inc., Class C | 2.8% |
| Meta Platforms, Inc., Class A | 2.4% |
| Microsoft Corp. | 1.9% |
| Alphabet, Inc., Class A | 1.6% |
| Mastercard, Inc., Class A | 1.3% |
| Lam Research Corp. | 1.2% |
| Altria Group, Inc. | 1.1% |
| Booking Holdings, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UGOFX — SAR (10/25)

#### Victory Growth & Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USGRX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$46 | &nbsp;&nbsp;&nbsp;0.83% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2158561 |
| Number of Holdings | 441 |
| Portfolio Turnover | 21% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i7aba7321915a3433facf91e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.0% |
| Utilities | 3.2% |
| Energy | 3.5% |
| Consumer Staples | 7.0% |
| Industrials | 8.0% |
| Consumer Discretionary | 8.6% |
| Communication Services | 10.5% |
| Health Care | 12.3% |
| Financials | 14.8% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 28.0% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.6% |
| Microsoft Corp. | 4.3% |
| Apple, Inc. | 4.2% |
| Meta Platforms, Inc., Class A | 2.5% |
| Alphabet, Inc., Class C | 2.4% |
| Amazon.com, Inc. | 2.4% |
| Alphabet, Inc., Class A | 2.2% |
| JPMorgan Chase & Co. | 1.7% |
| Broadcom, Inc. | 1.6% |
| Tesla, 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. |
| \*\* | 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. |

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USGRX — SAR (10/25)

#### Victory Growth & Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UIGIX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;0.85% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2158561 |
| Number of Holdings | 441 |
| Portfolio Turnover | 21% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i7aba7321915a3433facf91e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.0% |
| Utilities | 3.2% |
| Energy | 3.5% |
| Consumer Staples | 7.0% |
| Industrials | 8.0% |
| Consumer Discretionary | 8.6% |
| Communication Services | 10.5% |
| Health Care | 12.3% |
| Financials | 14.8% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 28.0% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.6% |
| Microsoft Corp. | 4.3% |
| Apple, Inc. | 4.2% |
| Meta Platforms, Inc., Class A | 2.5% |
| Alphabet, Inc., Class C | 2.4% |
| Amazon.com, Inc. | 2.4% |
| Alphabet, Inc., Class A | 2.2% |
| JPMorgan Chase & Co. | 1.7% |
| Broadcom, Inc. | 1.6% |
| Tesla, 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. |
| \*\* | 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. |

---

# 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](i4355d28769d4c558d3d82f69.jpg)

UIGIX — SAR (10/25)

#### Victory Growth Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USAAX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;0.89% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2759839 |
| Number of Holdings | 74 |
| Portfolio Turnover | 6% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i400f8873023d6af74eca159f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.2% |
| Consumer Staples | 1.7% |
| Industrials | 5.9% |
| Financials | 6.6% |
| Health Care | 9.0% |
| Consumer Discretionary | 14.1% |
| Communication Services | 17.4% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 45.0% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.6% |
| Microsoft Corp. | 8.2% |
| Tesla, Inc. | 5.8% |
| Apple, Inc. | 5.4% |
| Meta Platforms, Inc., Class A | 5.4% |
| Amazon.com, Inc. | 5.3% |
| Netflix, Inc. | 4.2% |
| Oracle Corp. | 4.1% |
| Visa, Inc., Class A | 3.8% |
| Alphabet, Inc., Class C | 3.3% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USAAX — SAR (10/25)

#### Victory Growth Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UIGRX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;0.96% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2759839 |
| Number of Holdings | 74 |
| Portfolio Turnover | 6% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i400f8873023d6af74eca159f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.2% |
| Consumer Staples | 1.7% |
| Industrials | 5.9% |
| Financials | 6.6% |
| Health Care | 9.0% |
| Consumer Discretionary | 14.1% |
| Communication Services | 17.4% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 45.0% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.6% |
| Microsoft Corp. | 8.2% |
| Tesla, Inc. | 5.8% |
| Apple, Inc. | 5.4% |
| Meta Platforms, Inc., Class A | 5.4% |
| Amazon.com, Inc. | 5.3% |
| Netflix, Inc. | 4.2% |
| Oracle Corp. | 4.1% |
| Visa, Inc., Class A | 3.8% |
| Alphabet, Inc., Class C | 3.3% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

UIGRX — SAR (10/25)

#### Victory High Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class R6

Ticker: URHIX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$35 | &nbsp;&nbsp;&nbsp;0.68% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $982752 |
| Number of Holdings | 487 |
| Portfolio Turnover | 38% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Industry Chart](i0a9d80a7da39e76c2ce56a6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.1% |
| ABS Other | 4.1% |
| Energy | 4.4% |
| Health Care | 5.2% |
| Information Technology | 5.4% |
| Consumer Staples | 5.8% |
| Financials | 11.3% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.7% |
| Communication Services | 13.8% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

URHIX — SAR (10/25)

#### Victory High Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USHYX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;0.84% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $982752 |
| Number of Holdings | 487 |
| Portfolio Turnover | 38% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Industry Chart](i0a9d80a7da39e76c2ce56a6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.1% |
| ABS Other | 4.1% |
| Energy | 4.4% |
| Health Care | 5.2% |
| Information Technology | 5.4% |
| Consumer Staples | 5.8% |
| Financials | 11.3% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.7% |
| Communication Services | 13.8% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USHYX — SAR (10/25)

#### Victory High Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UIHIX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$40 | &nbsp;&nbsp;&nbsp;0.77% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $982752 |
| Number of Holdings | 487 |
| Portfolio Turnover | 38% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Industry Chart](i0a9d80a7da39e76c2ce56a6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.1% |
| ABS Other | 4.1% |
| Energy | 4.4% |
| Health Care | 5.2% |
| Information Technology | 5.4% |
| Consumer Staples | 5.8% |
| Financials | 11.3% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.7% |
| Communication Services | 13.8% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

UIHIX — SAR (10/25)

#### Victory Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class A

Ticker: UINCX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

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

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $3865401 |
| Number of Holdings | 965 |
| Portfolio Turnover | 8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i8df0bd937b60ad8a06ae81fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 33.9% |
| U.S. Treasury Obligations | 26.2% |
| Asset-Backed Securities | 11.2% |
| U.S. Government Agency Mortgages | 9.7% |
| Yankee Dollars | 8.7% |
| Collateralized Mortgage Obligations | 5.2% |
| Municipal Bonds | 2.6% |
| Other<sup>Footnote Reference\*\*</sup> | 0.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UINCX — SAR (10/25)

#### Victory Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class R6

Ticker: URIFX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$22 | &nbsp;&nbsp;&nbsp;0.43% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $3865401 |
| Number of Holdings | 965 |
| Portfolio Turnover | 8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i8df0bd937b60ad8a06ae81fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 33.9% |
| U.S. Treasury Obligations | 26.2% |
| Asset-Backed Securities | 11.2% |
| U.S. Government Agency Mortgages | 9.7% |
| Yankee Dollars | 8.7% |
| Collateralized Mortgage Obligations | 5.2% |
| Municipal Bonds | 2.6% |
| Other<sup>Footnote Reference\*\*</sup> | 0.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

URIFX — SAR (10/25)

#### Victory Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USAIX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$30 | &nbsp;&nbsp;&nbsp;0.58% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $3865401 |
| Number of Holdings | 965 |
| Portfolio Turnover | 8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i8df0bd937b60ad8a06ae81fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 33.9% |
| U.S. Treasury Obligations | 26.2% |
| Asset-Backed Securities | 11.2% |
| U.S. Government Agency Mortgages | 9.7% |
| Yankee Dollars | 8.7% |
| Collateralized Mortgage Obligations | 5.2% |
| Municipal Bonds | 2.6% |
| Other<sup>Footnote Reference\*\*</sup> | 0.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

USAIX — SAR (10/25)

#### Victory Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UIINX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;0.52% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $3865401 |
| Number of Holdings | 965 |
| Portfolio Turnover | 8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i8df0bd937b60ad8a06ae81fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 33.9% |
| U.S. Treasury Obligations | 26.2% |
| Asset-Backed Securities | 11.2% |
| U.S. Government Agency Mortgages | 9.7% |
| Yankee Dollars | 8.7% |
| Collateralized Mortgage Obligations | 5.2% |
| Municipal Bonds | 2.6% |
| Other<sup>Footnote Reference\*\*</sup> | 0.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UIINX — SAR (10/25)

#### Victory Income Stock Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USISX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$39 | &nbsp;&nbsp;&nbsp;0.72% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2585352 |
| Number of Holdings | 148 |
| Portfolio Turnover | 27% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i0c8ce070a1d41f309a249ad9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.1% |
| Real Estate | 4.2% |
| Communication Services | 4.2% |
| Consumer Discretionary | 6.3% |
| Energy | 7.2% |
| Consumer Staples | 9.0% |
| Information Technology | 12.0% |
| Industrials | 14.0% |
| Health Care | 14.9% |
| Financials | 20.0% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.8% |
| Caterpillar, Inc. | 2.4% |
| Johnson & Johnson | 2.2% |
| The Goldman Sachs Group, Inc. | 2.2% |
| Gilead Sciences, Inc. | 2.2% |
| Altria Group, Inc. | 2.1% |
| Valero Energy Corp. | 2.1% |
| Cisco Systems, Inc. | 2.0% |
| Bristol-Myers Squibb Co. | 1.9% |
| Verizon Communications, Inc. | 1.7% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

USISX — SAR (10/25)

#### Victory Income Stock Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UIISX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;0.72% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2585352 |
| Number of Holdings | 148 |
| Portfolio Turnover | 27% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i0c8ce070a1d41f309a249ad9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.1% |
| Real Estate | 4.2% |
| Communication Services | 4.2% |
| Consumer Discretionary | 6.3% |
| Energy | 7.2% |
| Consumer Staples | 9.0% |
| Information Technology | 12.0% |
| Industrials | 14.0% |
| Health Care | 14.9% |
| Financials | 20.0% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.8% |
| Caterpillar, Inc. | 2.4% |
| Johnson & Johnson | 2.2% |
| The Goldman Sachs Group, Inc. | 2.2% |
| Gilead Sciences, Inc. | 2.2% |
| Altria Group, Inc. | 2.1% |
| Valero Energy Corp. | 2.1% |
| Cisco Systems, Inc. | 2.0% |
| Bristol-Myers Squibb Co. | 1.9% |
| Verizon Communications, Inc. | 1.7% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UIISX — SAR (10/25)

#### Victory Money Market Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USAXX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;0.62% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2083234 |
| Number of Holdings | 55 |
| 7 Day Net Yield | 3.72% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i7c30845fa9075589dd132203.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commercial Paper | 56.0% |
| Repurchase Agreements | 34.0% |
| Certificates of Deposit | 9.8% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

USAXX — SAR (10/25)

#### Victory Nasdaq-100 Index Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class A

Ticker: UANQX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$41 | &nbsp;&nbsp;&nbsp;0.70% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $8453084 |
| Number of Holdings | 107 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i4fa87c5942e98bf1e9e6e008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.3% |
| Energy | 0.5% |
| Materials | 1.0% |
| Utilities | 1.4% |
| Industrials | 3.8% |
| Consumer Staples | 4.3% |
| Health Care | 4.4% |
| Consumer Discretionary | 13.2% |
| Communication Services | 14.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 56.2% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3% |
| Apple, Inc. | 8.4% |
| Microsoft Corp. | 8.0% |
| Broadcom, Inc. | 6.0% |
| Amazon.com, Inc. | 5.4% |
| Tesla, Inc. | 3.5% |
| Alphabet, Inc., Class A | 3.4% |
| Alphabet, Inc., Class C | 3.2% |
| Meta Platforms, Inc., Class A | 2.9% |
| Netflix, Inc. | 2.4% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

UANQX — SAR (10/25)

#### Victory Nasdaq-100 Index Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class C

Ticker: UCNQX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$85 | &nbsp;&nbsp;&nbsp;1.45% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $8453084 |
| Number of Holdings | 107 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](ibdd0e8e2a04b83a1454b81a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.3% |
| Energy | 0.5% |
| Materials | 1.0% |
| Utilities | 1.4% |
| Industrials | 3.8% |
| Consumer Staples | 4.3% |
| Health Care | 4.4% |
| Consumer Discretionary | 13.2% |
| Communication Services | 14.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 56.2% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3% |
| Apple, Inc. | 8.4% |
| Microsoft Corp. | 8.0% |
| Broadcom, Inc. | 6.0% |
| Amazon.com, Inc. | 5.4% |
| Tesla, Inc. | 3.5% |
| Alphabet, Inc., Class A | 3.4% |
| Alphabet, Inc., Class C | 3.2% |
| Meta Platforms, Inc., Class A | 2.9% |
| Netflix, Inc. | 2.4% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

UCNQX — SAR (10/25)

#### Victory Nasdaq-100 Index Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class R6

Ticker: URNQX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$17 | &nbsp;&nbsp;&nbsp;0.29% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $8453084 |
| Number of Holdings | 107 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i8f705b7155359365b0540462.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.3% |
| Energy | 0.5% |
| Materials | 1.0% |
| Utilities | 1.4% |
| Industrials | 3.8% |
| Consumer Staples | 4.3% |
| Health Care | 4.4% |
| Consumer Discretionary | 13.2% |
| Communication Services | 14.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 56.2% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3% |
| Apple, Inc. | 8.4% |
| Microsoft Corp. | 8.0% |
| Broadcom, Inc. | 6.0% |
| Amazon.com, Inc. | 5.4% |
| Tesla, Inc. | 3.5% |
| Alphabet, Inc., Class A | 3.4% |
| Alphabet, Inc., Class C | 3.2% |
| Meta Platforms, Inc., Class A | 2.9% |
| Netflix, Inc. | 2.4% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

URNQX — SAR (10/25)

#### Victory Nasdaq-100 Index Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USNQX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;0.41% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $8453084 |
| Number of Holdings | 107 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](ib9bda9083ba8e7208cdf8a50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.3% |
| Energy | 0.5% |
| Materials | 1.0% |
| Utilities | 1.4% |
| Industrials | 3.8% |
| Consumer Staples | 4.3% |
| Health Care | 4.4% |
| Consumer Discretionary | 13.2% |
| Communication Services | 14.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 56.2% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3% |
| Apple, Inc. | 8.4% |
| Microsoft Corp. | 8.0% |
| Broadcom, Inc. | 6.0% |
| Amazon.com, Inc. | 5.4% |
| Tesla, Inc. | 3.5% |
| Alphabet, Inc., Class A | 3.4% |
| Alphabet, Inc., Class C | 3.2% |
| Meta Platforms, Inc., Class A | 2.9% |
| Netflix, Inc. | 2.4% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USNQX — SAR (10/25)

#### Victory Nasdaq-100 Index Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UINQX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory Nasdaq-100 Index Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;0.42% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $8453084 |
| Number of Holdings | 107 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i352a51f9482b21a0cc0f19f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 0.3% |
| Energy | 0.5% |
| Materials | 1.0% |
| Utilities | 1.4% |
| Industrials | 3.8% |
| Consumer Staples | 4.3% |
| Health Care | 4.4% |
| Consumer Discretionary | 13.2% |
| Communication Services | 14.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 56.2% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3% |
| Apple, Inc. | 8.4% |
| Microsoft Corp. | 8.0% |
| Broadcom, Inc. | 6.0% |
| Amazon.com, Inc. | 5.4% |
| Tesla, Inc. | 3.5% |
| Alphabet, Inc., Class A | 3.4% |
| Alphabet, Inc., Class C | 3.2% |
| Meta Platforms, Inc., Class A | 2.9% |
| Netflix, Inc. | 2.4% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

UINQX — SAR (10/25)

#### Victory Science & Technology Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class A

Ticker: USTCX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$76 | &nbsp;&nbsp;&nbsp;1.28% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1444782 |
| Number of Holdings | 200 |
| Portfolio Turnover | 25% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](if425b74bab7e9c693e02fe94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.3% |
| Financials | 3.4% |
| Consumer Discretionary | 4.2% |
| Health Care | 11.4% |
| Communication Services | 13.8% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 65.1% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.8% |
| Microsoft Corp. | 6.6% |
| Meta Platforms, Inc., Class A | 5.6% |
| Alphabet, Inc., Class A | 4.1% |
| Amazon.com, Inc. | 4.0% |
| AppLovin Corp., Class A | 3.0% |
| Broadcom, Inc. | 3.0% |
| Oracle Corp. | 2.5% |
| Apple, Inc. | 2.5% |
| ServiceNow, Inc. | 2.4% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USTCX — SAR (10/25)

#### Victory Science & Technology Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USSCX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;0.96% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1444782 |
| Number of Holdings | 200 |
| Portfolio Turnover | 25% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](if425b74bab7e9c693e02fe94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.3% |
| Financials | 3.4% |
| Consumer Discretionary | 4.2% |
| Health Care | 11.4% |
| Communication Services | 13.8% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 65.1% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.8% |
| Microsoft Corp. | 6.6% |
| Meta Platforms, Inc., Class A | 5.6% |
| Alphabet, Inc., Class A | 4.1% |
| Amazon.com, Inc. | 4.0% |
| AppLovin Corp., Class A | 3.0% |
| Broadcom, Inc. | 3.0% |
| Oracle Corp. | 2.5% |
| Apple, Inc. | 2.5% |
| ServiceNow, Inc. | 2.4% |

---

---

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

---

# 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](i4355d28769d4c558d3d82f69.jpg)

USSCX — SAR (10/25)

#### Victory Short-Term Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class A

Ticker: UASBX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;0.74% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2694669 |
| Number of Holdings | 1018 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i6629a6262afcfe6a4e7fca55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 36.2% |
| Asset-Backed Securities | 31.7% |
| U.S. Treasury Obligations | 15.7% |
| Yankee Dollars | 7.7% |
| Collateralized Mortgage Obligations | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UASBX — SAR (10/25)

#### Victory Short-Term Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class R6

Ticker: URSBX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$17 | &nbsp;&nbsp;&nbsp;0.33% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2694669 |
| Number of Holdings | 1018 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i6629a6262afcfe6a4e7fca55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 36.2% |
| Asset-Backed Securities | 31.7% |
| U.S. Treasury Obligations | 15.7% |
| Yankee Dollars | 7.7% |
| Collateralized Mortgage Obligations | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

URSBX — SAR (10/25)

#### Victory Short-Term Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USSBX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;0.56% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2694669 |
| Number of Holdings | 1018 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i6629a6262afcfe6a4e7fca55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 36.2% |
| Asset-Backed Securities | 31.7% |
| U.S. Treasury Obligations | 15.7% |
| Yankee Dollars | 7.7% |
| Collateralized Mortgage Obligations | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

USSBX — SAR (10/25)

#### Victory Short-Term Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UISBX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;0.46% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $2694669 |
| Number of Holdings | 1018 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i6629a6262afcfe6a4e7fca55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 36.2% |
| Asset-Backed Securities | 31.7% |
| U.S. Treasury Obligations | 15.7% |
| Yankee Dollars | 7.7% |
| Collateralized Mortgage Obligations | 4.6% |
| Other<sup>Footnote Reference\*\*</sup> | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UISBX — SAR (10/25)

#### Victory Small Cap Stock Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: USCAX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;1.01% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $819892 |
| Number of Holdings | 479 |
| Portfolio Turnover | 56% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i166c070e817095980cbd78a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.6% |
| Communication Services | 2.7% |
| Materials | 4.3% |
| Energy | 4.8% |
| Real Estate | 5.5% |
| Consumer Discretionary | 10.1% |
| Health Care | 15.4% |
| Industrials | 16.3% |
| Information Technology | 16.8% |
| Financials | 18.2% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Sterling Infrastructure, Inc. | 1.1% |
| Porch Group, Inc. | 1.1% |
| Carpenter Technology Corp. | 1.0% |
| indie Semiconductor, Inc., Class A | 0.7% |
| Taylor Morrison Home Corp. | 0.7% |
| Gates Industrial Corp. PLC | 0.7% |
| Murphy Oil Corp. | 0.6% |
| Signet Jewelers Ltd. | 0.6% |
| Black Hills Corp. | 0.6% |
| Magnite, Inc. | 0.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

USCAX — SAR (10/25)

#### Victory Small Cap Stock Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UISCX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;0.93% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $819892 |
| Number of Holdings | 479 |
| Portfolio Turnover | 56% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](i166c070e817095980cbd78a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.6% |
| Communication Services | 2.7% |
| Materials | 4.3% |
| Energy | 4.8% |
| Real Estate | 5.5% |
| Consumer Discretionary | 10.1% |
| Health Care | 15.4% |
| Industrials | 16.3% |
| Information Technology | 16.8% |
| Financials | 18.2% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Sterling Infrastructure, Inc. | 1.1% |
| Porch Group, Inc. | 1.1% |
| Carpenter Technology Corp. | 1.0% |
| indie Semiconductor, Inc., Class A | 0.7% |
| Taylor Morrison Home Corp. | 0.7% |
| Gates Industrial Corp. PLC | 0.7% |
| Murphy Oil Corp. | 0.6% |
| Signet Jewelers Ltd. | 0.6% |
| Black Hills Corp. | 0.6% |
| Magnite, Inc. | 0.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UISCX — SAR (10/25)

#### Victory Target Retirement 2030 Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: URTRX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory Target Retirement 2030 Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;0.02% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1294383 |
| Number of Holdings | 35 |
| Portfolio Turnover | 5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Victory Government Securities Fund, Institutional Shares | 15.8% |
| Victory Global Managed Volatility Fund, Institutional Shares | 7.1% |
| Victory Core Plus Intermediate Bond Fund, Institutional Shares | 6.9% |
| VictoryShares Short-Term Bond ETF | 5.6% |
| Victory Target Managed Allocation Fund | 5.4% |
| Victory Short-Term Bond Fund, Institutional Shares | 5.4% |
| Victory RS International Fund, Class R6 | 5.0% |
| Victory 500 Index Fund, Reward Shares | 4.7% |
| Victory High Income Fund, Institutional Shares | 4.0% |
| VictoryShares Corporate Bond ETF | 3.8% |

---

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

# (as of October 31, 2025)
![Group By Industry Chart](i7432535c781d2f1d5056ed0a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 38.2% |
| Affiliated Fixed-Income Mutual Funds | 32.1% |
| Affiliated Equity Exchange-Traded Funds | 20.1% |
| Affiliated Fixed-Income Exchange-Traded Funds | 9.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

URTRX — SAR (10/25)

#### Victory Target Retirement 2040 Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: URFRX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory Target Retirement 2040 Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;0.02% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1748198 |
| Number of Holdings | 35 |
| Portfolio Turnover | 8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Victory Global Managed Volatility Fund, Institutional Shares | 9.4% |
| Victory Target Managed Allocation Fund | 7.6% |
| Victory 500 Index Fund, Reward Shares | 7.1% |
| Victory RS International Fund, Class R6 | 6.8% |
| Victory Government Securities Fund, Institutional Shares | 6.4% |
| VictoryShares WestEnd U.S. Sector ETF | 5.0% |
| Victory Trivalent International Fund-Core Equity, Class R6 | 4.8% |
| Victory Core Plus Intermediate Bond Fund, Institutional Shares | 4.4% |
| VictoryShares International Value Momentum ETF | 4.4% |
| Victory Nasdaq-100 Index Fund, Class R6 | 4.0% |

---

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

# (as of October 31, 2025)
![Group By Industry Chart](i8baa172949927a5e39d4f14a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 49.3% |
| Affiliated Fixed-Income Mutual Funds | 15.9% |
| Affiliated Equity Exchange-Traded Funds | 28.4% |
| Affiliated Fixed-Income Exchange-Traded Funds | 5.9% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

URFRX — SAR (10/25)

#### Victory Target Retirement 2050 Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: URFFX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory Target Retirement 2050 Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;0.03% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1122572 |
| Number of Holdings | 34 |
| Portfolio Turnover | 8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Victory Global Managed Volatility Fund, Institutional Shares | 10.9% |
| Victory Target Managed Allocation Fund | 8.6% |
| Victory 500 Index Fund, Reward Shares | 8.6% |
| Victory RS International Fund, Class R6 | 7.9% |
| VictoryShares WestEnd U.S. Sector ETF | 6.0% |
| Victory Trivalent International Fund-Core Equity, Class R6 | 5.6% |
| Victory Nasdaq-100 Index Fund, Class R6 | 5.2% |
| VictoryShares International Value Momentum ETF | 5.1% |
| VictoryShares Free Cash Flow ETF | 4.3% |
| Victory Government Securities Fund, Institutional Shares | 3.7% |

---

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

# (as of October 31, 2025)
![Group By Industry Chart](ie2bef7800bb766ac036683a9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 56.7% |
| Affiliated Fixed-Income Mutual Funds | 8.1% |
| Affiliated Equity Exchange-Traded Funds | 33.9% |
| 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. |

---

# 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](i4355d28769d4c558d3d82f69.jpg)

URFFX — SAR (10/25)

#### Victory Target Retirement 2060 Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: URSIX

Semi-Annual Shareholder Report — October 31, 2025

The semi-annual shareholder report contains important information about Victory Target Retirement 2060 Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

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

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $173074 |
| Number of Holdings | 32 |
| Portfolio Turnover | 11% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Victory 500 Index Fund, Reward Shares | 9.6% |
| Victory Global Managed Volatility Fund, Institutional Shares | 9.4% |
| Victory RS International Fund, Class R6 | 8.0% |
| Victory Target Managed Allocation Fund | 7.6% |
| VictoryShares WestEnd U.S. Sector ETF | 6.6% |
| Victory Trivalent International Fund-Core Equity, Class R6 | 5.4% |
| Victory Nasdaq-100 Index Fund, Class R6 | 5.4% |
| VictoryShares International Value Momentum ETF | 5.2% |
| VictoryShares US Value Momentum ETF | 4.8% |
| VictoryShares Free Cash Flow ETF | 4.8% |

---

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

# (as of October 31, 2025)
![Group By Industry Chart](i03eb32d58d6901cff90fc692.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 54.9% |
| Affiliated Fixed-Income Mutual Funds | 5.9% |
| Affiliated Equity Exchange-Traded Funds | 37.7% |
| Affiliated Fixed-Income Exchange-Traded Funds | 1.0% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

URSIX — SAR (10/25)

#### Victory Target Retirement Income Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: URINX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;0.04% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $678190 |
| Number of Holdings | 34 |
| Portfolio Turnover | 4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Victory Government Securities Fund, Institutional Shares | 21.1% |
| Victory Short-Term Bond Fund, Institutional Shares | 11.5% |
| Victory Core Plus Intermediate Bond Fund, Institutional Shares | 10.6% |
| VictoryShares Corporate Bond ETF | 6.1% |
| Victory Market Neutral Income Fund, Class I | 5.5% |
| Victory High Income Fund, Institutional Shares | 4.7% |
| Victory Global Managed Volatility Fund, Institutional Shares | 4.4% |
| Victory RS International Fund, Class R6 | 3.7% |
| Victory Target Managed Allocation Fund | 3.5% |
| VictoryShares Short-Term Bond ETF | 3.3% |

---

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

# (as of October 31, 2025)
![Group By Industry Chart](i08aefa177f1c40264a76bd83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Fixed-Income Mutual Funds | 48.0% |
| Affiliated Equity Mutual Funds | 27.4% |
| Affiliated Equity Exchange-Traded Funds | 14.7% |
| Affiliated Fixed-Income Exchange-Traded Funds | 9.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

URINX — SAR (10/25)

#### Victory Ultra Short-Term Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class A

Ticker: USBAX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;0.87% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $307402 |
| Number of Holdings | 422 |
| Portfolio Turnover | 29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i4f98a911b5964569368ba239.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 25.5% |
| Asset-Backed Securities | 20.0% |
| Yankee Dollars | 15.0% |
| Collateralized Mortgage Obligations | 11.3% |
| Other<sup>Footnote Reference\*\*</sup> | 3.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

USBAX — SAR (10/25)

#### Victory Ultra Short-Term Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Class R6

Ticker: URUSX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$22 | &nbsp;&nbsp;&nbsp;0.43% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $307402 |
| Number of Holdings | 422 |
| Portfolio Turnover | 29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i4f98a911b5964569368ba239.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 25.5% |
| Asset-Backed Securities | 20.0% |
| Yankee Dollars | 15.0% |
| Collateralized Mortgage Obligations | 11.3% |
| Other<sup>Footnote Reference\*\*</sup> | 3.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

URUSX — SAR (10/25)

#### Victory Ultra Short-Term Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: UUSTX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$31 | &nbsp;&nbsp;&nbsp;0.61% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $307402 |
| Number of Holdings | 422 |
| Portfolio Turnover | 29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i4f98a911b5964569368ba239.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 25.5% |
| Asset-Backed Securities | 20.0% |
| Yankee Dollars | 15.0% |
| Collateralized Mortgage Obligations | 11.3% |
| Other<sup>Footnote Reference\*\*</sup> | 3.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UUSTX — SAR (10/25)

#### Victory Ultra Short-Term Bond Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UUSIX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$31 | &nbsp;&nbsp;&nbsp;0.60% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $307402 |
| Number of Holdings | 422 |
| Portfolio Turnover | 29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Asset Type Chart](i4f98a911b5964569368ba239.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 25.5% |
| Asset-Backed Securities | 20.0% |
| Yankee Dollars | 15.0% |
| Collateralized Mortgage Obligations | 11.3% |
| Other<sup>Footnote Reference\*\*</sup> | 3.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UUSIX — SAR (10/25)

#### Victory Value Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Fund Shares

Ticker: UVALX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$49 | &nbsp;&nbsp;&nbsp;0.91% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1344520 |
| Number of Holdings | 184 |
| Portfolio Turnover | 24% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](iac5d25b617fba62692ca70f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.6% |
| Utilities | 4.4% |
| Energy | 5.1% |
| Communication Services | 5.3% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 5.8% |
| Information Technology | 12.1% |
| Health Care | 16.0% |
| Industrials | 16.6% |
| Financials | 20.2% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.0% |
| U.S. Bancorp | 1.9% |
| Citigroup, Inc. | 1.8% |
| JPMorgan Chase & Co. | 1.8% |
| Johnson & Johnson | 1.7% |
| KeyCorp | 1.6% |
| Valero Energy Corp. | 1.5% |
| Everest Group Ltd. | 1.4% |
| Fairfax Financial Holdings Ltd. | 1.4% |
| Applied Materials, Inc. | 1.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UVALX — SAR (10/25)

#### Victory Value Fund
![Image](i7395d52dfa07f48535caef99.jpg)

Institutional Shares

Ticker: UIVAX

Semi-Annual Shareholder Report — October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;0.88% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1344520 |
| Number of Holdings | 184 |
| Portfolio Turnover | 24% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

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

# (as of October 31, 2025)
![Group By Sector Chart](iac5d25b617fba62692ca70f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.6% |
| Utilities | 4.4% |
| Energy | 5.1% |
| Communication Services | 5.3% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 5.8% |
| Information Technology | 12.1% |
| Health Care | 16.0% |
| Industrials | 16.6% |
| Financials | 20.2% |

---

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

# (as of October 31, 2025)

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.0% |
| U.S. Bancorp | 1.9% |
| Citigroup, Inc. | 1.8% |
| JPMorgan Chase & Co. | 1.8% |
| Johnson & Johnson | 1.7% |
| KeyCorp | 1.6% |
| Valero Energy Corp. | 1.5% |
| Everest Group Ltd. | 1.4% |
| Fairfax Financial Holdings Ltd. | 1.4% |
| Applied Materials, Inc. | 1.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i4355d28769d4c558d3d82f69.jpg)

UIVAX — SAR (10/25)

(b) Not applicable.

**Item 2. Code of Ethics.**

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

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

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

Not applicable – only for annual reports.

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

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

Not applicable – only for annual reports.

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

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

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

(a) October

31,

2025

Semi-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

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*III*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *235-8396,* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

Target

Retirement

Income

Fund

#### 2
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
Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### Income

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(24.1%)

VictoryShares

Corporate

Bond

ETF

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

1,899,203

$

41,404

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

156,416

8,779

VictoryShares

Free

Cash

Flow

ETF

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

231,746

8,765

VictoryShares

Free

Cash

Flow

Growth

ETF

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

342,786

9,998

VictoryShares

Hedged

Equity

Income

ETF

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

284,904

7,741

VictoryShares

International

Free

Cash

Flow

Growth

ETF

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

36,000

996

VictoryShares

International

Value

Momentum

ETF

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

267,086

16,373

VictoryShares

International

Volatility

Wtd

ETF

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

87,761

4,548

VictoryShares

Pioneer

Asset-Based

Income

ETF

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

280,000

6,990

VictoryShares

Short-Term

Bond

ETF

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

443,598

22,592

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

200,000

5,708

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

106,772

9,504

VictoryShares

US

Value

Momentum

ETF(a)

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

83,804

7,499

VictoryShares

WestEnd

U.S.

Sector

ETF

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

262,123

12,396

Total

Affiliated

Exchange-Traded

Funds

(Cost

$140,418)

a

a

a

163,293

Affiliated

Mutual

Funds

(75.4%)

Victory

500

Index

Fund,

Reward

Shares

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

204,869

17,533

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

7,682,371

71,753

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

206,403

5,573

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

2,356,438

29,880

Victory

Government

Securities

Fund,

Institutional

Shares

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

15,915,511

143,399

Victory

High

Income

Fund,

Institutional

Shares

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

4,604,387

32,185

Victory

Income

Stock

Fund,

Institutional

Shares

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

262,292

5,012

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

196,639

4,767

Victory

Market

Neutral

Income

Fund,

Class

I

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

4,354,165

37,228

Victory

Index

Fund,

Class

R6

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

157,748

10,077

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

94,664

3,895

Victory

RS

International

Fund,

Class

R6

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

1,708,878

25,120

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

8,503,829

77,980

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

357,379

5,136

Victory

Target

Managed

Allocation

Fund

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

1,973,884

24,042

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

1,665,925

17,675

Total

Affiliated

Mutual

Funds

(Cost

$470,664)

a

a

a

511,255

Collateral

for

Securities

Loaned

(0.0%)^(b)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.01%(c)

........

31,938

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.98%(c)

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

31,938

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.00%(c)

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

31,938

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.00%(c)

.

31,938

Total

Collateral

for

Securities

Loaned

(Cost

$128)

a

a

a

Total

Investments

(Cost

$611,210)

—

99.5%

674,676

Other

assets

in

excess

of

liabilities

— 0.5%

3,514

NET

ASSETS

-

100.00%

$

678,190

At

October

31,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

22.0%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Amount

represents

less

than

0.05%

of

net

assets.

(c) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### 2030

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(29.5%)

VictoryShares

Corporate

Bond

ETF

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

2,260,410

$

49,278

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

407,025

22,845

VictoryShares

Free

Cash

Flow

ETF

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

721,759

27,297

VictoryShares

Free

Cash

Flow

Growth

ETF

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

638,261

18,616

VictoryShares

Hedged

Equity

Income

ETF

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

326,000

8,857

VictoryShares

International

Free

Cash

Flow

Growth

ETF

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

72,000

1,993

VictoryShares

International

Value

Momentum

ETF

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

700,880

42,966

VictoryShares

International

Volatility

Wtd

ETF

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

245,850

12,742

VictoryShares

Pioneer

Asset-Based

Income

ETF

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

540,000

13,481

VictoryShares

Short-Term

Bond

ETF

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

1,418,858

72,263

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

563,995

16,097

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

284,422

25,317

VictoryShares

US

Value

Momentum

ETF

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

296,589

26,538

VictoryShares

WestEnd

U.S.

Sector

ETF

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

904,469

42,772

Total

Affiliated

Exchange-Traded

Funds

(Cost

$307,814)

a

a

a

381,062

Affiliated

Mutual

Funds

(70.3%)

Victory

500

Index

Fund,

Reward

Shares

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

707,332

60,533

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

9,571,472

89,398

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

493,143

13,315

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

7,209,319

91,414

Victory

Government

Securities

Fund,

Institutional

Shares

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

22,662,661

204,191

Victory

Growth

Fund,

Institutional

Shares

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

196,626

9,004

Victory

High

Income

Fund,

Institutional

Shares

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

7,353,067

51,398

Victory

Income

Stock

Fund,

Institutional

Shares

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

1,072,172

20,489

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

683,332

16,564

Victory

Market

Neutral

Income

Fund,

Class

I

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

4,793,271

40,982

Victory

Index

Fund,

Class

R6

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

541,748

34,607

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

213,325

8,778

Victory

RS

International

Fund,

Class

R6

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

4,425,433

65,054

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

7,642,372

70,081

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

1,144,623

16,448

Victory

Target

Managed

Allocation

Fund

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

5,776,385

70,356

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

4,451,516

47,231

Total

Affiliated

Mutual

Funds

(Cost

$779,981)

a

a

a

909,843

Collateral

for

Securities

Loaned

(0.0%)^(b)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(c) ........

66,850

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(c) ............

66,850

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(c) ...............

66,850

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(c) .

66,850

Total

Collateral

for

Securities

Loaned

(Cost

$267)

a

a

a

Total

Investments

(Cost

$1,088,062)

—

99.8%

1,291,172

Other

assets

in

excess

of

liabilities

— 0.2%

3,211

NET

ASSETS

-

100.00%

$

1,294,383

At

October

31,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

26.7%

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

October

31,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### 2040

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(34.3%)

VictoryShares

Corporate

Bond

ETF

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

1,759,335

$

38,355

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

823,858

46,240

VictoryShares

Free

Cash

Flow

ETF

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

1,526,057

57,715

VictoryShares

Free

Cash

Flow

Growth

ETF

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

1,556,473

45,398

VictoryShares

Hedged

Equity

Income

ETF

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

673,761

18,306

VictoryShares

International

Free

Cash

Flow

Growth

ETF

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

364,000

10,076

VictoryShares

International

Value

Momentum

ETF

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

1,252,800

76,799

VictoryShares

International

Volatility

Wtd

ETF

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

373,183

19,341

VictoryShares

Pioneer

Asset-Based

Income

ETF

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

840,000

20,971

VictoryShares

Short-Term

Bond

ETF

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

1,279,554

65,168

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

799,883

22,830

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

425,524

37,876

VictoryShares

US

Value

Momentum

ETF

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

596,927

53,412

VictoryShares

WestEnd

U.S.

Sector

ETF

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

1,830,689

86,573

Total

Affiliated

Exchange-Traded

Funds

(Cost

$464,416)

a

a

a

599,060

Affiliated

Mutual

Funds

(65.2%)

Victory

500

Index

Fund,

Reward

Shares

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

1,459,411

124,896

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

8,252,582

77,079

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

562,841

15,197

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

12,939,838

164,077

Victory

Government

Securities

Fund,

Institutional

Shares

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

12,441,789

112,100

Victory

Growth

Fund,

Institutional

Shares

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

206,095

9,437

Victory

High

Income

Fund,

Institutional

Shares

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

8,874,131

62,030

Victory

Income

Stock

Fund,

Institutional

Shares

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

1,743,691

33,322

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

1,186,292

28,756

Victory

Market

Neutral

Income

Fund,

Class

I

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

3,776,749

32,291

Victory

Index

Fund,

Class

R6

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

1,097,997

70,140

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

291,216

11,984

Victory

RS

International

Fund,

Class

R6

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

8,101,890

119,098

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

2,825,603

25,911

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

2,516,074

36,156

Victory

Target

Managed

Allocation

Fund

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

10,961,996

133,517

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

7,981,342

84,682

Total

Affiliated

Mutual

Funds

(Cost

$896,944)

a

a

a

1,140,673

Collateral

for

Securities

Loaned

(0.0%)^(b)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(c) ........

147,256

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(c) ............

147,256

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(c) ...............

147,256

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(c) .

147,256

Total

Collateral

for

Securities

Loaned

(Cost

$589)

a

a

a

589

Total

Investments

(Cost

$1,361,949)

—

99.5%

1,740,322

Other

assets

in

excess

of

liabilities

— 0.5%

7,876

NET

ASSETS

-

100.00%

$

1,748,198

At

October

31,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

32.6%

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

October

31,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### 2050

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(35.1%)

VictoryShares

Corporate

Bond

ETF

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

608,750

$

13,271

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

576,226

32,341

VictoryShares

Free

Cash

Flow

ETF

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

1,267,090

47,921

VictoryShares

Free

Cash

Flow

Growth

ETF

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

1,234,836

36,017

VictoryShares

International

Free

Cash

Flow

Growth

ETF

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

292,000

8,083

VictoryShares

International

Value

Momentum

ETF

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

932,283

57,151

VictoryShares

International

Volatility

Wtd

ETF

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

255,741

13,254

VictoryShares

Pioneer

Asset-Based

Income

ETF

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

400,000

9,986

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

741,847

21,174

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

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

288,087

15,482

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

338,624

30,141

VictoryShares

US

Value

Momentum

ETF

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

462,053

41,344

VictoryShares

WestEnd

U.S.

Sector

ETF

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

1,421,654

67,230

Total

Affiliated

Exchange-Traded

Funds

(Cost

$289,050)

a

a

a

393,395

Affiliated

Mutual

Funds

(64.8%)

Victory

500

Index

Fund,

Reward

Shares

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

1,128,502

96,577

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

4,163,681

38,889

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

464,193

12,533

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

9,624,950

122,044

Victory

Government

Securities

Fund,

Institutional

Shares

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

4,670,870

42,085

Victory

Growth

Fund,

Institutional

Shares

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

214,982

9,844

Victory

High

Income

Fund,

Institutional

Shares

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

1,368,174

9,564

Victory

Income

Stock

Fund,

Institutional

Shares

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

1,215,207

23,223

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

894,364

21,679

Victory

Market

Neutral

Income

Fund,

Class

I

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

1,159,201

9,911

Victory

Index

Fund,

Class

R6

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

916,465

58,544

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

163,609

6,732

Victory

RS

International

Fund,

Class

R6

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

6,027,508

88,604

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

105,871

971

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

1,888,878

27,143

Victory

Target

Managed

Allocation

Fund

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

7,935,695

96,657

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

5,879,514

62,382

Total

Affiliated

Mutual

Funds

(Cost

$543,393)

a

a

a

727,382

Collateral

for

Securities

Loaned

(0.0%)^(b)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(c) ........

36,988

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(c) ............

36,988

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(c) ...............

36,988

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(c) .

36,988

Total

Collateral

for

Securities

Loaned

(Cost

$148)

a

a

a

Total

Investments

(Cost

$832,591)

—

99.9%

1,120,925

Other

assets

in

excess

of

liabilities

— 0.1%

1,647

NET

ASSETS

-

100.00%

$

1,122,572

At

October

31,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

36.1%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Amount

represents

less

than

0.05%

of

net

assets.

(c) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Target

#### Retirement

#### 2060

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(38.7%)

VictoryShares

Corporate

Bond

ETF

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

81,206

$

1,770

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

90,347

5,071

VictoryShares

Free

Cash

Flow

ETF

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

218,406

8,260

VictoryShares

Free

Cash

Flow

Growth

ETF

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

212,019

6,184

VictoryShares

International

Free

Cash

Flow

Growth

ETF

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

108,000

2,989

VictoryShares

International

Value

Momentum

ETF

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

148,180

9,084

VictoryShares

International

Volatility

Wtd

ETF

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

39,768

2,061

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

144,334

4,120

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

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

43,625

2,344

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

59,930

5,334

VictoryShares

US

Value

Momentum

ETF

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

92,671

8,292

VictoryShares

WestEnd

U.S.

Sector

ETF

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

242,452

11,467

Total

Affiliated

Exchange-Traded

Funds

(Cost

$50,140)

a

a

a

66,976

Affiliated

Mutual

Funds

(60.8%)

Victory

500

Index

Fund,

Reward

Shares

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

195,066

16,694

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

444,731

4,154

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

100,571

2,715

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

1,287,921

16,331

Victory

Government

Securities

Fund,

Institutional

Shares

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

673,303

6,067

Victory

Growth

Fund,

Institutional

Shares

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

27,243

1,248

Victory

Income

Stock

Fund,

Institutional

Shares

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

232,467

4,442

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

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

129,084

3,129

Victory

Market

Neutral

Income

Fund,

Class

I

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

57,823

Victory

Index

Fund,

Class

R6

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

144,975

9,261

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

20,334

837

Victory

RS

International

Fund,

Class

R6

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

938,668

13,798

Victory

Short-Term

Bond

Fund,

Institutional

Shares

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

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

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

253,894

3,648

Victory

Target

Managed

Allocation

Fund

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

1,076,200

13,108

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

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

882,910

9,368

Total

Affiliated

Mutual

Funds

(Cost

$78,823)

a

a

a

105,295

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(b) ........

27,375

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

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

27,375

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

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

27,375

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(b) .

27,375

Total

Collateral

for

Securities

Loaned

(Cost

$110)

a

a

a

Total

Investments

(Cost

$129,073)

—

99.6%

172,381

Other

assets

in

excess

of

liabilities

— 0.4%

693

NET

ASSETS

-

100.00%

$

173,074

At

October

31,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

34.5%

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

October

31,

2025. ETF

—

Exchange-Traded

Fund

Statements

of

Assets

and

Liabilities

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Target

Retirement

Income

Fund

Victory

Target

Retirement

2030

Fund

Victory

Target

Retirement

2040

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$611,082,

$1,087,795

and

$1,361,360)

$

674,548

(a) $

1,290,905

(b) $

1,739,733

(c) Unaffiliated

investments,

at

value

(Cost

$128,

$267

and

$589)

589

Cash

2,829

3,977

8,775

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

906

522

536

Prepaid

expenses

Total

Assets

678,440

1,295,706

1,749,690

Liabilities:

Payables:

Collateral

received

on

loaned

securities

589

Capital

shares

redeemed

1,013

853

Payable

to

Adviser

—

—

Accrued

expenses

and

other

payables:

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(d) 1

Trustees'

fees

—

(d) Other

accrued

expenses

Total

Liabilities

1,323

1,492

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

600,422

1,022,744

1,273,593

Total

accumulated

earnings

(loss)

77,768

271,639

474,605

Net

Assets

$

678,190

$

1,294,383

$

1,748,198

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

58,297

92,913

116,637

Net

asset

value,

offering

and

redemption

price

per

share:(e)

$

.63

$

.93

$

.99

(a) Includes

$125

thousand

of

securities

on

loan.

(b) Includes

$262

thousand

of

securities

on

loan.

(c) Includes

$577

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

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Target

Retirement

2050

Fund

Victory

Target

Retirement

2060

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$832,443

and

$128,963)

$

1,120,777

(a) $

172,271

(b) Unaffiliated

investments,

at

value

(Cost

$148

and

$110)

Cash

2,044

822

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

From

Adviser

—

Prepaid

expenses

Total

Assets

1,123,127

173,254

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

555

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

779,609

122,497

Total

accumulated

earnings

(loss)

342,963

50,577

Net

Assets

$

1,122,572

$

173,074

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

69,958

10,595

Net

asset

value,

offering

and

redemption

price

per

share:(d)

$

.05

$

.34

(a) Includes

$145

thousand

of

securities

on

loan.

(b) Includes

$107

thousand

of

securities

on

loan.

(c) Rounds

to

less

than

$1

thousand.

(d) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Operations

For

the

Six

Months

Ended

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Target

Retirement

Income

Fund

Victory

Target

Retirement

2030

Fund

Victory

Target

Retirement

2040

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

11,030

$

16,685

$

16,370

Interest

from

unaffiliated

investments

Securities

lending

(net

of

fees)

Total

Income

11,085

16,812

16,613

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

—

—

(1)

Net

Expenses

Net

Investment

Income

(Loss)

10,965

16,663

16,444

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

8,755

14,866

27,798

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

32,347

100,258

177,322

Net

realized/unrealized

gains

(losses)

on

investments

41,102

115,124

205,120

Change

in

net

assets

resulting

from

operations

$

52,067

$

131,787

$

221,564

Statements

of

Operations

For

the

Six

Months

Ended

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Target

Retirement

2050

Fund

Victory

Target

Retirement

2060

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

7,641

$

1,056

Interest

from

unaffiliated

investments

Securities

lending

(net

of

fees)

Total

Income

7,751

1,083

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

—

(8)

Net

Expenses

Net

Investment

Income

(Loss)

7,614

1,000

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

14,961

3,096

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

137,774

21,191

Net

realized/unrealized

gains

(losses)

on

investments

152,735

24,287

Change

in

net

assets

resulting

from

operations

$

160,349

$

25,287

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

10,965

$

23,977

$

16,663

$

38,571

Net

realized

gains

(losses)

8,755

12,175

14,866

39,318

Net

change

in

unrealized

appreciation/depreciation

32,347

19,738

100,258

35,577

Change

in

net

assets

resulting

from

operations

52,067

55,890

131,787

113,466

Change

in

net

assets

resulting

from

distributions

to

shareholders

(11,045)

(26,841)

—

(56,497)

Change

in

net

assets

resulting

from

capital

transactions

(4,511)

(28,221)

(44,654)

(43,793)

Change

in

net

assets

36,511

828

87,133

13,176

Net

Assets:

Beginning

of

period

641,679

640,851

1,207,250

1,194,074

End

of

period

$

678,190

$

641,679

$

1,294,383

$

1,207,250

Capital

Transactions:

Proceeds

from

shares

issued

$

34,470

$

51,661

$

55,422

$

92,929

Distributions

reinvested

10,944

26,625

—

56,356

Cost

of

shares

redeemed

(49,925)

(106,507)

(100,076)

(193,078)

Change

in

net

assets

resulting

from

capital

transactions

$

(4,511)

$

(28,221)

$

(44,654)

$

(43,793)

Share

Transactions:

Issued

3,028

4,749

4,127

7,369

Reinvested

966

2,455

—

4,528

Redeemed

(4,395)

(9,792)

(7,486)

(15,322)

Change

in

Shares

(401)

(2,588)

(3,359)

(3,425)

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

16,444

$

42,873

$

7,614

$

23,451

Net

realized

gains

(losses)

27,798

55,695

14,961

34,857

Net

change

in

unrealized

appreciation/depreciation

177,322

52,034

137,774

36,692

Change

in

net

assets

resulting

from

operations

221,564

150,602

160,349

95,000

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(67,075)

—

(36,324)

Change

in

net

assets

resulting

from

capital

transactions

(39,568)

(24,225)

(26,365)

(13,910)

Change

in

net

assets

181,996

59,302

133,984

44,766

Net

Assets:

Beginning

of

period

1,566,202

1,506,900

988,588

943,822

End

of

period

$

1,748,198

$

1,566,202

$

1,122,572

$

988,588

Capital

Transactions:

Proceeds

from

shares

issued

$

61,136

$

123,201

$

41,629

$

79,654

Distributions

reinvested

—

66,951

—

36,271

Cost

of

shares

redeemed

(100,704)

(214,377)

(67,994)

(129,835)

Change

in

net

assets

resulting

from

capital

transactions

$

(39,568)

$

(24,225)

$

(26,365)

$

(13,910)

Share

Transactions:

Issued

4,290

9,323

2,747

5,722

Reinvested

—

5,111

—

2,627

Redeemed

(7,065)

(16,208)

(4,492)

(9,334)

Change

in

Shares

(2,775)

(1,774)

(1,745)

(985) 13

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Target

Retirement

2060

Fund

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

1,000

$

3,270

Net

realized

gains

(losses)

3,096

2,944

Net

change

in

unrealized

appreciation/depreciation

21,191

7,439

Change

in

net

assets

resulting

from

operations

25,287

13,653

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(4,023)

Change

in

net

assets

resulting

from

capital

transactions

(1,578)

799

Change

in

net

assets

23,709

10,429

Net

Assets:

Beginning

of

period

149,365

138,936

End

of

period

$

173,074

$

149,365

Capital

Transactions:

Proceeds

from

shares

issued

$

7,175

$

17,322

Distributions

reinvested

—

4,020

Cost

of

shares

redeemed

(8,753)

(20,543)

Change

in

net

assets

resulting

from

capital

transactions

$

(1,578)

$

799

Share

Transactions:

Issued

1,236

Reinvested

—

Redeemed

(568)

(1,462)

Change

in

Shares

(103)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Target

Retirement

Income

Fund

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$10.93

$10.46

$10.18

$9.79

$11.68

$11.71

$11.22

Investment

Activities:

Net

investment

income

(loss)(b)

0.19 0.40 0.36 0.08 0.29 0.38 0.38 Net

realized

and

unrealized

gains

(losses)

0.70 0.52 0.36 0.37 (1.53)

0.37 0.58 Total

from

Investment

Activities

0.89 0.92 0.72 0.45 (1.24)

0.75 0.96 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(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

(0.19)

(0.45)

(0.44)

(0.06)

(0.65)

(0.78)

(0.47)

Net

Asset

Value,

End

of

Period

$11.63

$10.93

$10.46

$10.18

$9.79

$11.68

$11.71

Total

Return(c)(d)

8.20%

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%

0.04%

0.05%

0.04%

0.03%

0.06%

Net

Investment

Income

(Loss)(e)

3.28%

3.69%

3.51%

2.46%

2.75%

3.13%

3.40%

Gross

Expenses(e)(f)

0.04%

0.04%

0.04%

0.05%

0.04%

0.03%

0.06%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$678,190

$641,679

$640,851

$666,388

$656,998

$807,636

$827,247

Portfolio

Turnover(c)

4%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$12.54

$11.98

$11.33

$10.71

$13.57

$13.03

$12.47

Investment

Activities:

Net

investment

income

(loss)(b)

0.18 0.40 0.34 0.07 0.31 0.53 0.29 Net

realized

and

unrealized

gains

(losses)

1.21 0.75 0.81 0.55 (2.15)

1.05 0.86 Total

from

Investment

Activities

1.39 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

$13.93

$12.54

$11.98

$11.33

$10.71

$13.57

$13.03

Total

Return(c)(d)

11.08%

9.67%

10.25%

5.79%

(13.53)%

12.24%

9.25%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.02%

0.03%

0.03%

0.03%

0.03%

0.02%

0.02%

Net

Investment

Income

(Loss)(e)

2.62%

3.13%

2.93%

1.78%

2.55%

3.79%

2.41%

Gross

Expenses(e)(f)

0.02%

0.03%

0.03%

0.04%

0.03%

0.02%

0.02%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,294,383

$1,207,250

$1,194,074

$1,176,156

$1,134,657

$1,387,522

$1,330,701

Portfolio

Turnover(c)

5%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$13.12

$12.43

$11.42

$10.71

$13.98

$13.02

$12.58

Investment

Activities:

Net

investment

income

(loss)(b)

0.14 0.36 0.30 0.05 0.31 0.60 0.28 Net

realized

and

unrealized

gains

(losses)

1.73 0.90 1.19 0.66 (2.43)

1.45 0.88 Total

from

Investment

Activities

1.87 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

$14.99

$13.12

$12.43

$11.42

$10.71

$13.98

$13.02

Total

Return(c)(d)

14.25%

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%

0.02%

Net

Investment

Income

(Loss)(e)

1.94%

2.70%

2.52%

1.30%

2.49%

4.18%

2.30%

Gross

Expenses(e)(f)

0.02%

0.02%

0.02%

0.03%

0.02%

0.02%

0.02%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,748,198

$1,566,202

$1,506,900

$1,408,101

$1,337,279

$1,644,252

$1,531,320

Portfolio

Turnover(c)

8%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$13.79

$12.98

$11.70

$10.93

$14.51

$13.35

$12.84

Investment

Activities:

Net

investment

income

(loss)(b)

0.11 0.33 0.27 0.04 0.30 0.65 0.28 Net

realized

and

unrealized

gains

(losses)

2.15 0.99 1.43 0.73 (2.63)

1.69 1.07 Total

from

Investment

Activities

2.26 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

$16.05

$13.79

$12.98

$11.70

$10.93

$14.51

$13.35

Total

Return(c)(d)

16.39%

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%

0.03%

0.04%

0.03%

0.03%

0.03%

Net

Investment

Income

(Loss)(e)

1.41%

2.34%

2.19%

0.94%

2.41%

4.43%

2.26%

Gross

Expenses(e)(f)

0.03%

0.03%

0.03%

0.04%

0.03%

0.03%

0.03%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,122,572

$988,588

$943,822

$857,590

$808,938

$986,077

$893,934

Portfolio

Turnover(c)

8%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$13.96

$13.06

$11.70

$10.92

$14.46

$13.17

$12.53

Investment

Activities:

Net

investment

income

(loss)(b)

0.09 0.31 0.25 0.03 0.29 0.64 0.26 Net

realized

and

unrealized

gains

(losses)

2.29 0.98 1.47 0.75 (2.63)

1.67 1.01 Total

from

Investment

Activities

2.38 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

$16.34

$13.96

$13.06

$11.70

$10.92

$14.46

$13.17

Total

Return(c)(d)

17.05%

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%

0.10%

Net

Investment

Income

(Loss)(e)

1.21%

2.19%

2.04%

0.81%

2.27%

4.41%

2.17%

Gross

Expenses(e)(f)

0.11%

0.13%

0.15%

0.17%

0.14%

0.13%

0.16%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$173,074

$149,365

$138,936

$125,791

$116,698

$138,050

$121,007

Portfolio

Turnover(c)

11%

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following five funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

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 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

(ASC) 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

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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

each

Fund's

NAV

to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

October

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of October

31,

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

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

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

$

163,293

$

—

$

—

$

163,293

Affiliated

Mutual

Funds

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

511,255

—

—

511,255

Collateral

for

Securities

Loaned

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

—

—

Total

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

$

674,676

$

—

$

—

$

674,676

Target

2030

Fund

Affiliated

Exchange-Traded

Funds

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

381,062

—

—

381,062

Affiliated

Mutual

Funds

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

909,843

—

—

909,843

Collateral

for

Securities

Loaned

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

—

—

Total

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

$

1,291,172

$

—

$

—

$

1,291,172

Target

2040

Fund

Affiliated

Exchange-Traded

Funds

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

599,060

—

—

599,060

Affiliated

Mutual

Funds

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

1,140,673

—

—

1,140,673

Collateral

for

Securities

Loaned

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

589

—

—

589

Total

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

$

1,740,322

$

—

$

—

$

1,740,322

Target

2050

Fund

Affiliated

Exchange-Traded

Funds

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

393,395

—

—

393,395

Affiliated

Mutual

Funds

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

727,382

—

—

727,382

Collateral

for

Securities

Loaned

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

—

—

Total

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

$

1,120,925

$

—

$

—

$

1,120,925

Target

2060

Fund

Affiliated

Exchange-Traded

Funds

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

66,976

—

—

66,976

Affiliated

Mutual

Funds

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

105,295

—

—

105,295

Collateral

for

Securities

Loaned

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

—

—

Total

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

$

172,381

$

—

$

—

$

172,381

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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

October

31,

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

six

months

ended

October

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Target

Income

Fund

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

$

$

—

$

Target

2030

Fund

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

—

Target

2040

Fund

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

577

—

589

Target

2050

Fund

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

—

Target

2060

Fund

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

—

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

October

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

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 six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser,

provides

transfer

agent

services

to

the

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

six

months ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust,

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. 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

October

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Excluding

U.S.

Government

Securities

Purchases

Sales

Target

Income

Fund

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

$

24,817

$

32,188

Target

2030

Fund

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

62,729

91,325

Target

2040

Fund

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

129,063

155,076

Target

2050

Fund

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

89,411

105,439

Target

2060

Fund

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

17,756

18,450

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

![](epub582943026184192.jpg)

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

October

31,

2025. For

the

six

months ended

October

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of October

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

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

The

Funds'

fiscal

year-end

changed

from

December

to

April

effective

April

30,

2023. The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

and

expenses

or

make

other

payments to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

October

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

5. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Affiliated

Funds

Risk

—

The

risks

of

the Fund(s)

directly

correspond

to

the

risks

of

the

underlying

affiliated

funds

in

which

the

Fund(s)

invest.

By

investing

in

the

underlying

affiliated

funds,

the

Funds

have

exposure

to

the

risk

of

many

different

areas

of

the

market.

The

degree

to

which

the

risks

described

below

apply

to

the

Fund(s)

varies

according

to each

Fund's

(or

Funds')

asset

allocation.

For

instance,

the

more

the

Fund

is

allocated

to

stock

funds,

the

greater

the

risk

associated

with

equity

securities.

The

Fund(s)

also

are

subject

to

asset

allocation

risk

(i.e.,

the

risk

that

allocations

will

not

produce

the

intended

results)

and

to

management

risk

(i.e.,

the

risk

that

the

selection

of

underlying

affiliated

funds

will

not

produce

the

intended

results).

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,

2026

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

2040

Fund

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

$

December

31,

2025\*

April

30,

2026

April

30,

2027

April

30,

2028

April

30,

2029

Total

Target

2040

Fund

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

$

$

$

$

$

$

Target

2060

Fund

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

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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.

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.

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.

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.

High-Yield/Junk

Bond

Risk

—

The

Fund(s)

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

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

October

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

October

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

Funds

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

October

31,

2025. Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

7. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax

year

ended

April

30,

2025,

the

Funds

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

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

N-CSR

and

are

available

for

download

from

both

the

SEC's

as

well

as

each

respective

underlying

fund's

website. Transactions

in

affiliated

securities

during

the

six

months

ended

October

31,

2025,

were

as

follows

(amounts

in

thousands,

except

shares):

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

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

Income

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

14,846

$

$

(756) $

$

3,176

$

17,533

204,869

$

$

—

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

69,039

1,646

—

—

1,068

71,753

7,682,371

1,646

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

—

5,457

—

—

5,573

206,403

—

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

29,211

—

(3,201)

813

3,057

29,880

2,356,438

—

—

Victory

Government

Securities

Fund,

Institutional

Shares

.

139,228

2,740

—

—

1,431

143,399

15,915,511

2,739

—

Victory

Growth

Fund,

Institutional

Shares

......

2,497

—

(2,889)

2,283

(1,891)

—

—

—

—

Victory

High

Income

Fund,

Institutional

Shares

......

30,290

944

—

—

951

32,185

4,604,387

944

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

4,472

—

—

5,012

262,292

—

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

4,226

—

—

—

541

4,767

196,639

—

—

Victory

Market

Neutral

Income

Fund,

Class

I

..........

37,225

911

—

—

(908) 37,228

4,354,165

911

—

Victory

Index

Fund,

Class

R6

.........

5,750

2,293

—

—

2,034

10,077

157,748

—

—

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

2,709

—

—

—

1,186

3,895

94,664

—

—

Victory

RS

International

Fund,

Class

R6

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

25,145

—

(2,491)

617

1,849

25,120

1,708,878

—

—

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

$

75,853

$

1,791

$

—

$

—

$

$

77,980

8,503,829

$

1,791

$

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

4,253

—

—

—

883

5,136

357,379

—

—

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

1,085

—

(1,089)

(17) —

—

—

—

Victory

Target

Managed

Allocation

Fund

........

29,787

—

(10,043)

1,896

2,402

24,042

1,973,884

—

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

17,193

—

(2,702)

552

2,632

17,675

1,665,925

—

—

VictoryShares

Corporate

Bond

ETF

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

40,198

—

—

—

1,206

41,404

1,899,203

862

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

12,128

—

(5,561)

1,495

717

8,779

156,416

—

VictoryShares

Free

Cash

Flow

ETF

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

6,872

873

—

—

1,020

8,765

231,746

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

7,864

—

—

—

2,134

9,998

342,786

—

VictoryShares

Hedged

Equity

Income

ETF

...........

7,413

—

—

—

7,741

284,904

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

993

—

—

996

36,000

—

—

VictoryShares

International

Value

Momentum

ETF

...

14,307

—

—

—

2,066

16,373

267,086

—

VictoryShares

International

Volatility

Wtd

ETF

......

7,342

—

(3,456)

899

(237) 4,548

87,761

—

VictoryShares

Pioneer

Asset-

Based

Income

ETF

......

—

7,027

—

—

(37) 6,990

280,000

—

VictoryShares

Short-Term

Bond

ETF

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

22,450

—

—

—

22,592

443,598

519

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

4,582

—

—

—

1,126

5,708

200,000

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

8,158

—

—

—

1,346

9,504

106,772

—

VictoryShares

US

Value

Momentum

ETF

........

6,537

—

—

—

962

7,499

83,804

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

10,157

—

—

—

2,239

12,396

262,123

—

$

640,817

$

24,817

$

(32,188)

$

8,755

$

32,347

$

674,548

54,927,581

$

11,030

$

—

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

2030

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

48,068

$

1,303

$

—

$

—

$

11,162

$

60,533

707,332

$

$

—

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

82,150

5,986

—

—

1,262

89,398

9,571,472

1,985

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

2,000

9,973

—

—

1,342

13,315

493,143

—

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

89,617

—

(10,050)

2,418

9,429

91,414

7,209,319

—

—

Victory

Government

Securities

Fund,

Institutional

Shares

.

198,252

3,901

—

—

2,038

204,191

22,662,661

3,900

—

Victory

Growth

Fund,

Institutional

Shares

......

6,915

—

—

—

2,089

9,004

196,626

—

—

Victory

High

Income

Fund,

Institutional

Shares

......

48,372

1,508

—

—

1,518

51,398

7,353,067

1,508

—

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Income

Stock

Fund,

Institutional

Shares

......

$

18,279

$

$

—

$

—

$

1,991

$

20,489

1,072,172

$

$

—

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

14,685

—

—

—

1,879

16,564

683,332

—

—

Victory

Market

Neutral

Income

Fund,

Class

I

..........

34,106

7,901

—

—

(1,025)

40,982

4,793,271

901

—

Victory

Index

Fund,

Class

R6

.........

24,566

1,986

—

—

8,055

34,607

541,748

—

—

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

6,105

—

—

—

2,673

8,778

213,325

—

—

Victory

RS

International

Fund,

Class

R6

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

66,089

—

(7,524)

1,998

4,491

65,054

4,425,433

—

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

66,676

3,103

—

—

70,081

7,642,372

1,603

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

13,621

—

—

—

2,827

16,448

1,144,623

—

—

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

6,770

—

(7,193)

(458) 881

—

—

—

—

Victory

Target

Managed

Allocation

Fund

........

93,417

—

(36,114)

4,872

8,181

70,356

5,776,385

—

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

44,330

—

(5,532)

1,419

7,014

47,231

4,451,516

—

—

VictoryShares

Corporate

Bond

ETF

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

45,877

1,997

—

—

1,404

49,278

2,260,410

1,000

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

28,807

—

(10,978)

1,524

3,492

22,845

407,025

742

—

VictoryShares

Free

Cash

Flow

ETF

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

22,147

1,852

—

—

3,298

27,297

721,759

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

13,839

1,006

—

—

3,771

18,616

638,261

—

VictoryShares

Hedged

Equity

Income

ETF

...........

8,482

—

—

—

8,857

326,000

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

1,985

—

—

1,993

72,000

—

—

VictoryShares

International

Value

Momentum

ETF

...

41,025

—

(3,730)

5,217

42,966

700,880

1,250

—

VictoryShares

International

Volatility

Wtd

ETF

......

21,056

—

(10,204)

2,639

(749) 12,742

245,850

—

VictoryShares

Pioneer

Asset-

Based

Income

ETF

......

—

13,552

—

—

(71) 13,481

540,000

—

VictoryShares

Short-Term

Bond

ETF

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

71,808

—

—

—

72,263

1,418,858

1,659

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

11,318

1,962

—

—

2,817

16,097

563,995

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

18,676

3,508

—

—

3,133

25,317

284,422

—

VictoryShares

US

Value

Momentum

ETF

........

22,276

987

—

—

3,275

26,538

296,589

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

35,048

—

—

—

7,724

42,772

904,469

—

$

1,204,377

$

62,729

$

(91,325)

$

14,866

$

100,258

$

1,290,905

88,318,315

$

16,685

$

—

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

2040

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

87,193

$

16,953

$

—

$

—

$

20,750

$

124,896

1,459,411

$

544

$

—

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

$

63,420

$

12,610

$

—

$

—

$

1,049

$

77,079

8,252,582

$

1,610

$

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

2,000

11,770

—

—

1,427

15,197

562,841

—

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

169,789

—

(28,118)

6,806

15,600

164,077

12,939,838

—

—

Victory

Government

Securities

Fund,

Institutional

Shares

.

105,824

5,131

—

—

1,145

112,100

12,441,789

2,130

—

Victory

Growth

Fund,

Institutional

Shares

......

13,709

—

(7,903)

6,165

(2,534)

9,437

206,095

—

—

Victory

High

Income

Fund,

Institutional

Shares

......

58,378

1,820

—

—

1,832

62,030

8,874,131

1,820

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

29,727

—

—

3,238

33,322

1,743,691

—

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

25,493

—

—

—

3,263

28,756

1,186,292

—

—

Victory

Market

Neutral

Income

Fund,

Class

I

..........

23,393

9,650

—

—

(752) 32,291

3,776,749

650

—

Victory

Index

Fund,

Class

R6

.........

46,154

8,500

—

—

15,486

70,140

1,097,997

—

—

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

8,335

—

—

—

3,649

11,984

291,216

—

—

Victory

RS

International

Fund,

Class

R6

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

113,517

—

(5,906)

1,050

10,437

119,098

8,101,890

—

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

25,204

595

—

—

25,911

2,825,603

595

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

29,941

—

—

—

6,215

36,156

2,516,074

—

—

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

13,837

—

(14,868)

(624) 1,655

—

—

—

—

Victory

Target

Managed

Allocation

Fund

........

166,940

—

(58,324)

7,486

17,415

133,517

10,961,996

—

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

77,775

—

(8,417)

1,987

13,337

84,682

7,981,342

—

—

VictoryShares

Corporate

Bond

ETF

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

37,237

—

—

—

1,118

38,355

1,759,335

798

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

49,989

—

(12,678)

641

8,288

46,240

823,858

1,330

—

VictoryShares

Free

Cash

Flow

ETF

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

43,371

7,858

—

—

6,486

57,715

1,526,057

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

28,365

8,796

—

—

8,237

45,398

1,556,473

—

VictoryShares

Hedged

Equity

Income

ETF

...........

17,530

—

—

—

776

18,306

673,761

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

9,969

—

—

10,076

364,000

—

—

VictoryShares

International

Value

Momentum

ETF

...

71,124

—

(4,310)

500

9,485

76,799

1,252,800

2,204

—

VictoryShares

International

Volatility

Wtd

ETF

......

31,034

—

(14,552)

3,787

(928) 19,341

373,183

619

—

VictoryShares

Pioneer

Asset-

Based

Income

ETF

......

—

21,080

—

—

(109) 20,971

840,000

—

VictoryShares

Short-Term

Bond

ETF

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

64,758

—

—

—

65,168

1,279,554

1,496

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

16,722

2,034

—

—

4,074

22,830

799,883

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

30,604

2,170

—

—

5,102

37,876

425,524

—

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

VictoryShares

US

Value

Momentum

ETF

........

$

43,206

$

3,881

$

—

$

—

$

6,325

$

53,412

596,927

$

$

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

66,057

5,889

—

—

14,627

86,573

1,830,689

—

$

1,560,626

$

129,063

$

(155,076)

$

27,798

$

177,322

$

1,739,733

99,321,581

$

16,370

$

—

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

2050

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

67,947

$

12,437

$

—

$

—

$

16,193

$

96,577

1,128,502

$

$

—

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

37,418

892

—

—

579

38,889

4,163,681

892

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

2,000

9,226

—

—

1,307

12,533

464,193

—

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

125,008

—

(19,553)

4,797

11,792

122,044

9,624,950

—

—

Victory

Government

Securities

Fund,

Institutional

Shares

.

40,861

804

—

—

42,085

4,670,870

804

—

Victory

Growth

Fund,

Institutional

Shares

......

11,370

—

(4,675)

3,630

(481) 9,844

214,982

—

—

Victory

High

Income

Fund,

Institutional

Shares

......

9,001

—

—

9,564

1,368,174

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

20,717

—

—

2,257

23,223

1,215,207

—

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

19,220

—

—

—

2,459

21,679

894,364

—

—

Victory

Market

Neutral

Income

Fund,

Class

I

..........

7,426

2,732

—

—

(247) 9,911

1,159,201

—

Victory

Index

Fund,

Class

R6

.........

38,230

7,396

—

—

12,918

58,544

916,465

—

—

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

4,682

—

—

—

2,050

6,732

163,609

—

—

Victory

RS

International

Fund,

Class

R6

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

82,257

—

(2,007)

8,190

88,604

6,027,508

—

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

944

—

—

971

105,871

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

22,478

—

—

—

4,665

27,143

1,888,878

—

—

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

10,097

—

(10,820)

(920) 1,643

—

—

—

—

Victory

Target

Managed

Allocation

Fund

........

122,971

—

(44,684)

4,188

14,182

96,657

7,935,695

—

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

52,703

—

(1,005)

10,538

62,382

5,879,514

—

—

VictoryShares

Corporate

Bond

ETF

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

12,884

—

—

—

13,271

608,750

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

35,296

—

(9,281)

6,026

32,341

576,226

943

—

VictoryShares

Free

Cash

Flow

ETF

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

32,627

10,161

—

—

5,133

47,921

1,267,090

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

23,280

6,070

—

—

6,667

36,017

1,234,836

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

7,984

—

—

8,083

292,000

—

—

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

VictoryShares

International

Value

Momentum

ETF

...

$

53,420

$

—

$

(3,730)

$

$

7,090

$

57,151

932,283

$

1,647

$

—

VictoryShares

International

Volatility

Wtd

ETF

......

21,004

—

(9,684)

2,285

(351) 13,254

255,741

—

VictoryShares

Pioneer

Asset-

Based

Income

ETF

......

—

10,037

—

—

(51) 9,986

400,000

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

11,497

6,967

—

—

2,710

21,174

741,847

—

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

..

13,886

—

—

—

1,596

15,482

288,087

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

21,519

5,020

—

—

3,602

30,141

338,624

—

VictoryShares

US

Value

Momentum

ETF

........

34,012

2,334

—

—

4,998

41,344

462,053

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

49,315

6,798

—

—

11,117

67,230

1,421,654

—

$

984,070

$

89,411

$

(105,439)

$

14,961

$

137,774

$

1,120,777

56,640,855

$

7,641

$

—

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Target

2060

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

11,802

$

2,074

$

—

$

—

$

2,818

$

16,694

195,066

$

$

—

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

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

3,497

593

—

—

4,154

444,731

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

500

2,018

—

—

2,715

100,571

—

—

Victory

Global

Managed

Volatility

Fund,

Institutional

Shares

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

19,253

—

(5,506)

1,321

1,263

16,331

1,287,921

—

—

Victory

Government

Securities

Fund,

Institutional

Shares

.

5,890

—

—

6,067

673,303

—

Victory

Growth

Fund,

Institutional

Shares

......

2,207

—

(1,504)

705

(160) 1,248

27,243

—

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

3,963

—

—

4,442

232,467

—

Victory

Integrity

Mid-Cap

Value

Fund,

Class

R6

....

2,774

—

—

—

3,129

129,084

—

—

Victory

Market

Neutral

Income

Fund,

Class

I

..........

—

504

—

—

(10) 494

57,823

—

Victory

Index

Fund,

Class

R6

.........

5,771

1,500

—

—

1,990

9,261

144,975

—

—

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

582

—

—

—

837

20,334

—

—

Victory

RS

International

Fund,

Class

R6

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

12,512

—

—

—

1,286

13,798

938,668

—

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

—\*

—

—

—\*

—\*

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

3,021

—

—

—

627

3,648

253,894

—

—

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...

541

—

(583) 45

(3) —

—

—

—

Victory

Target

Managed

Allocation

Fund

........

18,406

—

(8,011)

554

2,159

13,108

1,076,200

—

—

Victory

Trivalent

International

Fund-Core

Equity,

Class

R6

7,770

—

—

—

1,598

9,368

882,910

—

—

VictoryShares

Corporate

Bond

ETF

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

1,719

—

—

—

1,770

81,206

—

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

\*

Rounds

to

less

than

$1

thousand.

9. #### Segment

#### Reporting:
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.

10. #### New

#### Regulatory

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds'

financial

statements.

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

$

5,125

$

—

$

(984) $

$

886

$

5,071

90,347

$

$

—

VictoryShares

Free

Cash

Flow

ETF

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

5,435

2,007

—

—

818

8,260

218,406

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

3,946

1,084

—

—

1,154

6,184

212,019

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

2,951

—

—

2,989

108,000

—

—

VictoryShares

International

Value

Momentum

ETF

...

7,937

—

—

—

1,147

9,084

148,180

—

VictoryShares

International

Volatility

Wtd

ETF

......

3,594

—

(1,862)

(98) 2,061

39,768

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

2,917

—

—

708

4,120

144,334

—

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

..

2,103

—

—

—

2,344

43,625

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

4,197

—

—

719

5,334

59,930

—

VictoryShares

US

Value

Momentum

ETF

........

5,039

2,511

—

—

742

8,292

92,671

—

VictoryShares

WestEnd

U.S.

Sector

ETF

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

8,176

1,438

—

—

1,853

11,467

242,452

—

$

148,678

$

17,756

$

(18,450)

$

3,096

$

21,191

$

172,271

7,946,261

$

1,056

$

—

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

88219-1225

October

31,

2025

Semi-Annual:

Full

Financials

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

Victory

Value

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

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fund

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get

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searching

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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)
Victory

Aggressive

Growth

Fund

#### 2
Victory

Capital

Growth

Fund

#### 5
Victory

Global

Managed

Volatility

Fund

#### 20
Victory

Growth

&

Income

Fund

#### 33
Victory

Growth

Fund

#### 41
Victory

Income

Stock

Fund

#### 43
Victory

Science

&

Technology

Fund

#### 46
Victory

Small

Cap

Stock

Fund

#### 51
Victory

Value

Fund

#### 60

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 64
Statements

of

Operations

#### 67
Statements

of

Changes

in

Net

Assets

#### 70
Financial

Highlights

#### 76

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 94
Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Aggressive

#### Growth

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.8%)

Communication

Services

(15.0%):

Alphabet,

Inc.

,

Class

C

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

567,280

$

159,871

Meta

Platforms,

Inc.

,

Class

A

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

216,272

140,220

Netflix,

Inc.

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

80,453

90,015

Pinterest,

Inc.

,

Class

A

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

40,389

1,337

Reddit,

Inc.

,

Class

A

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

56,761

11,860

Spotify

Technology

SA

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

10,970

7,189

The

Trade

Desk,

Inc.

,

Class

A

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

207,338

10,425

420,917

Communications

Equipment

(2.5%):

Arista

Networks,

Inc.

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

262,381

41,375

Motorola

Solutions,

Inc.

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

72,848

29,628

71,003

Consumer

Discretionary

(11.4%):

Airbnb,

Inc.

,

Class

A

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

6,072

768

Amazon.com,

Inc.

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

445,979

108,917

Booking

Holdings,

Inc.

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

686

3,483

Burlington

Stores,

Inc.

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

82,326

22,524

Chewy,

Inc.

,

Class

A

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

69,995

2,360

Chipotle

Mexican

Grill,

Inc.

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

196,687

6,233

Deckers

Outdoor

Corp.

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

15,881

1,294

DoorDash,

Inc.

,

Class

A

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

26,691

6,790

DraftKings,

Inc.

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

106,714

3,264

Duolingo,

Inc.

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

14,807

4,007

Expedia

Group,

Inc.

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

25,752

5,666

Las

Vegas

Sands

Corp.

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

82,736

4,910

Lululemon

Athletica,

Inc.

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

11,324

1,931

On

Holding

AG

,

Class

A

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

550,348

20,446

O'Reilly

Automotive,

Inc.

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

414,637

39,158

SharkNinja,

Inc.

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

38,780

3,316

Tesla,

Inc.

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

127,175

58,063

Ulta

Beauty,

Inc.

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

31,045

16,140

Viking

Holdings

Ltd.

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

82,648

5,029

Wingstop,

Inc.

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

25,352

5,492

319,791

Consumer

Staples

(0.8%):

BellRing

Brands,

Inc.

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

127,750

3,849

BJ's

Wholesale

Club

Holdings,

Inc.

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

104,746

9,245

Keurig

Dr.

Pepper,

Inc.

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

203,845

5,536

Maplebear,

Inc.

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

85,559

3,154

21,784

Energy

(0.3%):

Diamondback

Energy,

Inc.

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

30,184

4,322

Texas

Pacific

Land

Corp.

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

4,818

4,545

8,867

Financials

(4.8%):

Huntington

Bancshares,

Inc.

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

735,808

11,361

LPL

Financial

Holdings,

Inc.

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

28,212

10,645

The

Progressive

Corp.

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

23,602

4,862

Toast,

Inc.

,

Class

A

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

105,877

3,826

Tradeweb

Markets,

Inc.

,

Class

A

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

95,668

10,082

Visa,

Inc.

,

Class

A

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

274,375

93,491

134,267

Health

Care

(7.8%):

Alnylam

Pharmaceuticals,

Inc.

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

19,999

9,120

Argenx

SE

,

ADR

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

12,914

10,570

Corcept

Therapeutics,

Inc.

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

77,890

5,723

Dexcom,

Inc.

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

113,483

6,607

Doximity,

Inc.

,

Class

A

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

107,095

7,068

Victory

Portfolios

III

#### Victory

#### Aggressive

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Eli

Lilly

&

Co.

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

48,811

$

42,117

Exelixis,

Inc.

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

174,049

6,731

Halozyme

Therapeutics,

Inc.

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

81,037

5,283

Incyte

Corp.

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

88,417

8,265

Insmed,

Inc.

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

87,240

16,541

Intuitive

Surgical,

Inc.

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

76,360

40,798

McKesson

Corp.

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

35,823

29,065

Medpace

Holdings,

Inc.

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

11,296

6,607

Natera,

Inc.

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

68,840

13,694

Neurocrine

Biosciences,

Inc.

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

41,248

5,907

Veeva

Systems,

Inc.

,

Class

A

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

10,467

3,048

217,144

Industrials

(9.0%):

Armstrong

World

Industries,

Inc.

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

12,814

2,440

Builders

FirstSource,

Inc.

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

41,415

4,811

BWX

Technologies,

Inc.

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

40,852

8,726

Clean

Harbors,

Inc.

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

42,240

8,892

GE

Vernova,

Inc.

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

13,905

8,136

HEICO

Corp.

,

Class

A

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

49,382

12,233

Howmet

Aerospace,

Inc.

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

54,915

11,310

Lyft,

Inc.

,

Class

A

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

284,403

5,819

Paycom

Software,

Inc.

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

15,649

2,928

Paylocity

Holding

Corp.

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

18,950

2,677

Quanta

Services,

Inc.

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

139,944

62,853

Rollins,

Inc.

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

48,329

2,784

Trane

Technologies

PLC

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

70,274

31,529

Uber

Technologies,

Inc.

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

547,660

52,849

Vertiv

Holdings

Co.

,

Class

A

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

158,286

30,527

W.W.

Grainger,

Inc.

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

3,980

3,897

252,411

IT

Services

(1.3%):

Gartner,

Inc.

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

11,951

2,968

GoDaddy,

Inc.

,

Class

A

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

11,989

1,596

Snowflake,

Inc.

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

115,029

31,619

36,183

Materials

(0.1%):

Royal

Gold,

Inc.

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

21,179

3,702

Semiconductors

&

Semiconductor

Equipment

(22.7%):

Astera

Labs,

Inc.

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

38,502

7,187

Broadcom,

Inc.

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

443,123

163,791

KLA

Corp.

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

2,386

2,884

Lam

Research

Corp.

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

132,762

20,905

Lattice

Semiconductor

Corp.

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

77,270

5,638

Monolithic

Power

Systems,

Inc.

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

20,733

20,837

NVIDIA

Corp.

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

1,994,951

403,958

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

37,668

11,317

636,517

Software

(18.7%):

Adobe,

Inc.

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

55,071

18,741

AppLovin

Corp.

,

Class

A

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

53,381

34,021

Atlassian

Corp.

,

Class

A

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

9,669

1,638

Autodesk,

Inc.

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

27,818

8,383

Cadence

Design

Systems,

Inc.

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

97,763

33,111

Corpay,

Inc.

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

10,725

2,792

Crowdstrike

Holdings,

Inc.

,

Class

A

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

12,508

6,792

CyberArk

Software

Ltd.

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

18,332

9,547

Datadog,

Inc.

,

Class

A

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

14,648

2,385

Docusign,

Inc.

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

31,612

2,312

Elastic

NV

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

27,381

2,443

Fair

Isaac

Corp.

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

2,215

3,676

HubSpot,

Inc.

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

647

Victory

Portfolios

III

#### Victory

#### Aggressive

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Intuit,

Inc.

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

17,775

$

11,866

Manhattan

Associates,

Inc.

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

14,380

2,618

Microsoft

Corp.

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

367,463

190,276

Nutanix,

Inc.

,

Class

A

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

24,521

1,747

Oracle

Corp.

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

101,741

26,718

Palantir

Technologies,

Inc.

,

Class

A

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

165,100

33,098

Palo

Alto

Networks,

Inc.

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

238,517

52,531

ServiceNow,

Inc.

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

71,302

65,547

Synopsys,

Inc.

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

23,744

10,775

Zscaler,

Inc.

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

8,860

2,934

524,269

Technology

Hardware,

Storage

&

Peripherals

(5.4%):

Apple,

Inc.

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

544,487

147,213

Pure

Storage,

Inc.

,

Class

A

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

28,205

2,784

149,997

Total

Common

Stocks

(Cost

$1,066,066)

a

a

a

2,796,852

Total

Investments

(Cost

$1,066,066)

—

99.8%

2,796,852

Other

assets

in

excess

of

liabilities

— 0.2%

5,998

NET

ASSETS

-

100.00%

$

2,802,850

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(97.9%)

Australia

(1.9%):

Consumer

Discretionary

(0.3%):

Aristocrat

Leisure

Ltd.

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

67,419

$

2,789

Financials

(0.5%):

ANZ

Group

Holdings

Ltd.

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

69,513

1,664

Macquarie

Group

Ltd.

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

18,540

2,644

QBE

Insurance

Group

Ltd.

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

44,792

581

4,889

Health

Care

(0.1%):

CSL

Ltd.

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

5,632

656

Industrials

(0.1%):

Brambles

Ltd.

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

48,587

789

Qantas

Airways

Ltd.

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

118,763

791

1,580

Materials

(0.5%):

BHP

Group

Ltd.

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

109,604

3,123

Northern

Star

Resources

Ltd.

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

67,983

1,096

Rio

Tinto

Ltd.

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

11,279

979

5,198

Real

Estate

(0.4%):

Charter

Hall

Group

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

45,597

670

Goodman

Group

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

27,966

603

Scentre

Group

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

1,161,186

3,092

4,365

19,477

Austria

(0.4%):

Financials

(0.4%):

BAWAG

Group

AG

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

32,088

4,146

Belgium

(0.4%):

Consumer

Staples

(0.2%):

Anheuser-Busch

InBev

SA

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

26,581

1,621

Information

Technology

(0.1%):

Melexis

NV

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

14,694

1,057

Materials

(0.1%):

Solvay

SA

,

Class

A

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

31,906

979

Titan

SA

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

12,654

567

1,546

4,224

Bermuda

(0.3%):

Financials

(0.3%):

Everest

Group

Ltd.

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

8,093

2,545

Brazil

(0.3%):

Consumer

Discretionary

(0.1%):

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

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

50,700

Vivara

Participacoes

SA

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

68,400

684

Consumer

Staples

(0.1%):

M

Dias

Branco

SA

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

43,300

Tres

Tentos

Agroindustrial

SA

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

80,958

Energy

(0.0%):(c)

Brava

Energia

(d) .......................................................

72,191

PRIO

SA

(d) ...........................................................

28,600

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Financials

(0.0%):(c)

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

,

Preference

Shares

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

93,800

$

Pagseguro

Digital

Ltd.

,

Class

A

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

20,905

Industrials

(0.0%):(c)

Marcopolo

SA

,

Preference

Shares

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

295,340

Utilities

(0.1%):

Equatorial

Energia

SA

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

36,300

Neoenergia

SA

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

53,200

536

2,960

Canada

(2.1%):

Consumer

Discretionary

(0.1%):

Lululemon

Athletica,

Inc.

(d) ...............................................

7,792

1,329

Consumer

Staples

(0.2%):

George

Weston

Ltd.

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

35,808

2,177

Energy

(0.1%):

Parex

Resources,

Inc.

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

98,390

1,259

Financials

(0.7%):

Manulife

Financial

Corp.

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

125,460

4,061

National

Bank

of

Canada

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

25,372

2,835

6,896

Industrials

(0.2%):

Bombardier,

Inc.

,

Class

B

(d) ...............................................

16,899

2,361

Information

Technology

(0.3%):

Constellation

Software,

Inc.

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

1,090

2,869

Materials

(0.5%):

Agnico

Eagle

Mines

Ltd.

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

23,960

3,854

Stella-Jones,

Inc.

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

16,909

960

4,814

21,705

Chile

(0.1%):

Consumer

Staples

(0.1%):

Cencosud

SA

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

131,925

Real

Estate

(0.0%):(c)

Parque

Arauco

SA

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

90,767

662

China

(0.5%):

Communication

Services

(0.2%):

Tencent

Holdings

Ltd.

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

29,100

2,364

Consumer

Discretionary

(0.1%):

Degrees

International

Ltd.

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

428,000

TravelSky

Technology

Ltd.

,

Class

H

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

184,000

566

Financials

(0.0%):(c)

FinVolution

Group

,

ADR

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

23,544

Health

Care

(0.1%):

3SBio,

Inc.

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

93,500

Shanghai

Conant

Optical

Co.

Ltd.

,

Class

H

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

89,500

519

Zylox-Tonbridge

Medical

Technology

Co.

Ltd.

,

Class

H

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

79,000

1,131

Industrials

(0.1%):

ANE

Cayman,

Inc.

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

360,500

532

China

Communications

Services

Corp.

Ltd.

,

Class

H

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

386,000

764

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Information

Technology

(0.0%):(c)

GDS

Holdings

Ltd.

,

Class

A

(d) .............................................

86,300

$

5,353

Denmark

(0.4%):

Consumer

Discretionary

(0.2%):

Pandora

A/S

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

13,257

1,774

Health

Care

(0.2%):

Genmab

A/S

(d) ........................................................

2,712

774

Novo

Nordisk

A/S

,

Class

B

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

37,410

1,842

2,616

4,390

Finland

(0.3%):

Financials

(0.2%):

Nordea

Bank

Abp

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

150,640

2,577

Industrials

(0.1%):

Konecranes

Oyj

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

6,428

634

3,211

France

(3.0%):

Communication

Services

(0.2%):

Orange

SA

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

59,370

950

Publicis

Groupe

SA

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

8,207

822

1,772

Consumer

Discretionary

(0.2%):

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

2,446

1,729

Consumer

Staples

(0.3%):

L'Oreal

SA

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

7,541

3,147

Energy

(0.3%):

Gaztransport

Et

Technigaz

SA

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

11,054

2,189

Technip

Energies

NV

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

20,519

833

3,022

Financials

(0.2%):

AXA

SA

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

26,906

1,167

BNP

Paribas

SA

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

11,856

918

2,085

Health

Care

(0.1%):

BioMerieux

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

5,839

752

Ipsen

SA

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

4,414

620

1,372

Industrials

(1.3%):

Cie

de

Saint-Gobain

SA

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

6,134

595

Eiffage

SA

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

16,332

2,009

Rexel

SA

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

82,455

2,859

Safran

SA

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

15,428

5,481

Schneider

Electric

SE

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

6,521

1,858

SPIE

SA

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

12,866

655

13,457

Information

Technology

(0.2%):

Capgemini

SE

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

12,696

1,953

Materials

(0.1%):

Arkema

SA

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

11,061

657

Real

Estate

(0.0%):(c)

Klepierre

SA

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

14,459

552

Utilities

(0.1%):

Engie

SA

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

31,848

745

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Veolia

Environnement

SA

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

22,564

$

746

1,491

31,237

Germany

(2.6%):

Communication

Services

(0.1%):

CTS

Eventim

AG

&

Co.

KGaA

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

8,640

774

Consumer

Discretionary

(0.1%):

Volkswagen

AG

,

Preference

Shares

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

10,487

1,092

Consumer

Staples

(0.1%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

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

11,637

943

Financials

(0.7%):

Allianz

SE

,

Registered

Shares

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

14,857

5,969

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Registered

Shares

.......

1,924

1,190

7,159

Health

Care

(0.0%):(c)

Fresenius

Medical

Care

AG

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

10,055

540

Industrials

(0.6%):

GEA

Group

AG

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

8,277

592

Siemens

AG

,

Registered

Shares

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

17,455

4,946

Siemens

Energy

AG

(d) ...................................................

7,897

984

6,522

Information

Technology

(0.6%):

SAP

SE

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

23,174

6,026

Utilities

(0.4%):

E.ON

SE

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

45,096

839

RWE

AG

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

57,402

2,825

3,664

26,720

Greece

(0.1%):

Consumer

Discretionary

(0.1%):

JUMBO

SA

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

6,418

OPAP

SA

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

12,100

Hong

Kong

(0.9%):

Communication

Services

(0.1%):

NetEase

Cloud

Music,

Inc.

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

13,900

Consumer

Discretionary

(0.1%):

Galaxy

Entertainment

Group

Ltd.

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

124,000

618

Energy

(0.0%):(c)

CGN

Mining

Co.

Ltd.

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

770,000

Financials

(0.4%):

AIA

Group

Ltd.

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

262,000

2,549

BOC

Hong

Kong

Holdings

Ltd.

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

199,000

978

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

13,000

709

4,236

Health

Care

(0.0%):(c)

China

Medical

System

Holdings

Ltd.

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

165,000

Real

Estate

(0.3%):

China

Jinmao

Holdings

Group

Ltd.

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

956,000

CK

Asset

Holdings

Ltd.

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

657,500

3,253

3,418

Utilities

(0.0%):(c)

China

Water

Affairs

Group

Ltd.

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

292,000

9,611

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Hungary

(0.0%):(c)

Communication

Services

(0.0%):(c)

Magyar

Telekom

Telecommunications

PLC

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

81,636

$

India

(1.1%):

Communication

Services

(0.0%):(c)

Just

Dial

Ltd.

(d) ........................................................

19,623

Consumer

Discretionary

(0.2%):

ASK

Automotive

Ltd.

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

76,409

Cartrade

Tech

Ltd.

(d) ....................................................

18,078

614

Ceat

Ltd.

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

5,696

Leela

Palaces

Hotels

&

Resorts

Ltd.

(d) .......................................

23,274

Whirlpool

of

India

Ltd.

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

13,725

1,619

Consumer

Staples

(0.0%):(c)

Allied

Blenders

&

Distillers

Ltd.

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

41,114

Energy

(0.0%):(c)

Mangalore

Refinery

&

Petrochemicals

Ltd.

(d) ..................................

136,732

Financials

(0.2%):

Angel

One

Ltd.

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

6,968

City

Union

Bank

Ltd.

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

104,924

LIC

Housing

Finance

Ltd.

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

39,226

Nippon

Life

India

Asset

Management

Ltd.

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

57,290

564

Nuvama

Wealth

Management

Ltd.

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

3,167

The

Karur

Vysya

Bank

Ltd.

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

170,294

2,002

Health

Care

(0.1%):

Fortis

Healthcare

Ltd.

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

25,756

Jubilant

Pharmova

Ltd.

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

18,466

Onesource

Specialty

Pharma

Ltd.

(d) .........................................

11,551

Strides

Pharma

Science

Ltd.

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

25,615

1,036

Industrials

(0.3%):

eClerx

Services

Ltd.

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

5,382

GE

Vernova

T&D

India

Ltd.

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

11,987

J

Kumar

Infraprojects

Ltd.

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

53,048

Kajaria

Ceramics

Ltd.

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

20,944

Kalpataru

Projects

International

Ltd.

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

21,000

Sagility

Ltd.

(d) ........................................................

785,058

Transport

Corp.

of

India

Ltd.

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

18,299

VRL

Logistics

Ltd.

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

97,276

2,688

Information

Technology

(0.1%):

Coforge

Ltd.

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

14,774

Zensar

Technologies

Ltd.

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

29,408

560

Materials

(0.2%):

Dhanuka

Agritech

Ltd.

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

19,597

MOIL

Ltd.

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

101,170

National

Aluminium

Co.

Ltd.

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

183,793

Welspun

Corp.

Ltd.

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

41,620

1,657

Real

Estate

(0.0%):(c)

Oberoi

Realty

Ltd.

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

12,190

Sunteck

Realty

Ltd.

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

47,693

Utilities

(0.0%):(c)

Mahanagar

Gas

Ltd.

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

16,974

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) VA

Tech

Wabag

Ltd.

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

15,944

$

11,274

Indonesia

(0.2%):

Consumer

Staples

(0.1%):

PT

Japfa

Comfeed

Indonesia

Tbk

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

2,937,600

Health

Care

(0.0%):(c)

PT

Kalbe

Farma

Tbk

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

2,975,100

Materials

(0.1%):

Aneka

Tambang

Tbk

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

2,380,700

Real

Estate

(0.0%):(c)

PT

Ciputra

Development

Tbk

..............................................

4,768,400

Utilities

(0.0%):(c)

PT

Perusahaan

Gas

Negara

Tbk

.............................................

2,240,600

1,602

Ireland

(0.6%):

Financials

(0.1%):

Bank

of

Ireland

Group

PLC

...............................................

46,544

762

Industrials

(0.1%):

AerCap

Holdings

NV

....................................................

9,482

1,235

Materials

(0.4%):

CRH

PLC

............................................................

32,461

3,866

James

Hardie

Industries

PLC

(d) ............................................

39,022

822

4,688

6,685

Italy

(0.7%):

Consumer

Discretionary

(0.1%):

Ferrari

NV

............................................................

1,598

640

PRADA

SpA

..........................................................

154,900

914

1,554

Financials

(0.2%):

Banca

Mediolanum

SpA

..................................................

34,789

699

Banco

BPM

SpA

.......................................................

82,069

1,196

1,895

Information

Technology

(0.0%):(c)

Reply

SpA

............................................................

3,743

525

Utilities

(0.4%):

Enel

SpA

.............................................................

362,960

3,671

7,645

Japan

(7.0%):

Communication

Services

(0.6%):

Capcom

Co.

Ltd.

.......................................................

73,300

1,914

Kakaku.com,

Inc.

.......................................................

123,800

2,201

Konami

Group

Corp.

....................................................

10,200

1,699

5,814

Consumer

Discretionary

(1.2%):

Asics

Corp.

...........................................................

34,200

871

Sanrio

Co.

Ltd.

........................................................

23,300

1,078

Sony

Group

Corp.

......................................................

66,300

1,847

Sumitomo

Electric

Industries

Ltd.

...........................................

39,000

1,422

Suzuki

Motor

Corp.

.....................................................

48,900

730

Toyota

Motor

Corp.

.....................................................

301,600

6,150

12,098

Consumer

Staples

(0.3%):

Asahi

Group

Holdings

Ltd.

................................................

47,600

513

MatsukiyoCocokara

&

Co.

................................................

42,300

767

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Toyo

Suisan

Kaisha

Ltd.

..................................................

25,200

$

1,827

3,107

Financials

(1.1%):

Mizuho

Financial

Group,

Inc.

..............................................

153,420

5,140

ORIX

Corp.

...........................................................

27,400

670

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

70,100

1,898

Tokio

Marine

Holdings,

Inc.

...............................................

110,900

4,136

11,844

Health

Care

(0.6%):

Hoya

Corp.

...........................................................

20,800

3,379

Otsuka

Holdings

Co.

Ltd.

.................................................

17,800

969

Shionogi

&

Co.

Ltd.

.....................................................

147,100

2,467

6,815

Industrials

(1.9%):

Central

Japan

Railway

Co.

................................................

35,800

877

Fuji

Electric

Co.

Ltd.

....................................................

45,900

3,279

Fujikura

Ltd.

..........................................................

15,000

2,043

ITOCHU

Corp.

........................................................

27,300

1,581

Komatsu

Ltd.

..........................................................

22,600

756

MISUMI

Group,

Inc.

....................................................

76,400

1,191

Mitsubishi

Heavy

Industries

Ltd.

............................................

171,500

5,178

Nippon

Yusen

KK

(b) ....................................................

30,200

1,043

Obayashi

Corp.

........................................................

42,600

721

Recruit

Holdings

Co.

Ltd.

.................................................

10,400

516

Sanwa

Holdings

Corp.

...................................................

96,400

2,629

19,814

Information

Technology

(1.2%):

Disco

Corp.

...........................................................

9,600

3,188

Fujitsu

Ltd.

...........................................................

121,100

3,156

Ibiden

Co.

Ltd.

.........................................................

16,800

1,581

NEC

Corp.

...........................................................

67,300

2,445

SCREEN

Holdings

Co.

Ltd.

...............................................

9,900

939

Yokogawa

Electric

Corp.

.................................................

29,800

892

12,201

Materials

(0.0%):(c)

Asahi

Kasei

Corp.

......................................................

74,900

574

Real

Estate

(0.1%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

18,000

611

72,878

Luxembourg

(0.1%):

Materials

(0.1%):

ArcelorMittal

SA

.......................................................

18,425

703

Malaysia

(0.1%):

Industrials

(0.0%):(c)

Zetrix

Ai

Bhd

..........................................................

1,420,300

Materials

(0.1%):

Malayan

Cement

Bhd

....................................................

321,300

527

Real

Estate

(0.0%):(c)

Eco

World

Development

Group

Bhd

.........................................

618,100

Matrix

Concepts

Holdings

Bhd

.............................................

628,100

510

1,323

Mexico

(0.1%):

Energy

(0.0%):(c)

Vista

Energy

SAB

de

CV

,

ADR

(d) ...........................................

5,935

Financials

(0.0%):(c)

Gentera

SAB

de

CV

.....................................................

140,031

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Health

Care

(0.0%):(c)

Genomma

Lab

Internacional

SAB

de

CV

,

Class

B

(b) .............................

166,799

$

Materials

(0.1%):

GCC

SAB

de

CV

.......................................................

43,827

Real

Estate

(0.0%):(c)

Concentradora

Fibra

Danhos

SA

de

CV

.......................................

17,244

FIBRA

Macquarie

Mexico

(a) ..............................................

93,898

1,384

Netherlands

(2.1%):

Communication

Services

(0.3%):

Koninklijke

KPN

NV

....................................................

802,155

3,712

Consumer

Discretionary

(0.1%):

Prosus

NV

(d) ..........................................................

23,028

1,591

Consumer

Staples

(0.1%):

Koninklijke

Ahold

Delhaize

NV

............................................

21,049

861

Financials

(0.6%):

Euronext

NV

(a) ........................................................

7,403

1,058

ING

Groep

NV

........................................................

178,054

4,445

NN

Group

NV

.........................................................

10,841

742

6,245

Health

Care

(0.1%):

Argenx

SE

(d) ..........................................................

1,161

950

Industrials

(0.2%):

Wolters

Kluwer

NV

.....................................................

13,379

1,640

Information

Technology

(0.7%):

ASM

International

NV

...................................................

2,869

1,861

ASML

Holding

NV

.....................................................

4,998

5,284

7,145

22,144

New

Zealand

(0.2%):

Health

Care

(0.2%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

81,781

1,733

Norway

(0.4%):

Energy

(0.1%):

Aker

BP

ASA

.........................................................

40,389

1,047

Equinor

ASA

..........................................................

16,512

1,443

Industrials

(0.2%):

Kongsberg

Gruppen

ASA

.................................................

70,231

1,791

Materials

(0.1%):

Norsk

Hydro

ASA

......................................................

200,937

1,359

4,593

Philippines

(0.0%):(c)

Financials

(0.0%):(c)

Security

Bank

Corp.

.....................................................

161,740

Utilities

(0.0%):(c)

Manila

Water

Co.,

Inc.

...................................................

379,400

Poland

(0.0%):(c)

Financials

(0.0%):(c)

Alior

Bank

SA

.........................................................

7,092

Portugal

(0.1%):

Energy

(0.1%):

Galp

Energia

SGPS

SA

...................................................

39,164

787

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Russian

Federation

(0.0%):

Consumer

Discretionary

(0.0%):

Detsky

Mir

PJSC

(d) (e) (f) .................................................

214,920

$

—

Financials

(0.0%):

Bank

St

Petersburg

PJSC

(d) (e) (f) ...........................................

372,110

—

—

Saudi

Arabia

(0.1%):

Consumer

Discretionary

(0.0%):(c)

United

Electronics

Co.

...................................................

9,329

Industrials

(0.1%):

Riyadh

Cables

Group

Co.

.................................................

9,415

Real

Estate

(0.0%):(c)

Arabian

Centres

Co.

(a) ...................................................

38,289

800

Singapore

(0.5%):

Communication

Services

(0.1%):

Sea

Ltd.

,

ADR

(d) .......................................................

6,707

1,048

Financials

(0.3%):

DBS

Group

Holdings

Ltd.

.................................................

28,900

1,197

Singapore

Exchange

Ltd.

.................................................

151,400

1,965

3,162

Industrials

(0.1%):

Singapore

Technologies

Engineering

Ltd.

......................................

122,100

795

5,005

South

Africa

(0.1%):

Energy

(0.0%):(c)

Exxaro

Resources

Ltd.

...................................................

23,012

Financials

(0.0%):(c)

Santam

Ltd.

...........................................................

11,443

Materials

(0.1%):

Pan

African

Resources

PLC

...............................................

680,805

754

1,262

South

Korea

(0.7%):

Communication

Services

(0.0%):(c)

Netmarble

Corp.

(a) .....................................................

5,297

Consumer

Discretionary

(0.0%):(c)

Silicon2

Co.

Ltd.

(d) .....................................................

5,978

Consumer

Staples

(0.0%):(c)

Kolmar

Korea

Co.

Ltd.

...................................................

4,005

Financials

(0.1%):

DB

Insurance

Co.

Ltd.

...................................................

2,389

JB

Financial

Group

Co.

Ltd.

...............................................

21,721

KIWOOM

Securities

Co.

Ltd.

..............................................

2,752

572

1,126

Health

Care

(0.1%):

Classys,

Inc.

..........................................................

7,872

Hugel,

Inc.

(d) .........................................................

948

PharmaResearch

Co.

Ltd.

.................................................

945

804

Industrials

(0.3%):

HD

Hyundai

Electric

Co.

Ltd.

..............................................

630

Hyosung

Heavy

Industries

Corp.

............................................

676

1,008

Hyundai

Glovis

Co.

Ltd.

..................................................

2,434

Hyundai

Rotem

Co.

Ltd.

..................................................

3,849

622

Samsung

E&A

Co.

Ltd.

..................................................

14,130

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Sanil

Electric

Co.

Ltd.

...................................................

3,840

$

3,012

Information

Technology

(0.1%):

Douzone

Bizon

Co.

Ltd.

..................................................

5,964

IsuPetasys

Co.

Ltd.

......................................................

6,812

540

LEENO

Industrial,

Inc.

...................................................

6,491

PSK,

Inc.

.............................................................

8,225

1,391

Materials

(0.1%):

Hyosung

TNC

Corp.

.....................................................

1,033

OCI

Holdings

Co.

Ltd.

...................................................

1,922

Poongsan

Corp.

........................................................

5,534

730

7,669

Spain

(1.3%):

Energy

(0.1%):

Repsol

SA

............................................................

48,188

884

Financials

(0.8%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

272,037

5,480

Banco

Santander

SA

.....................................................

248,814

2,535

Bankinter

SA

..........................................................

62,047

935

8,950

Industrials

(0.3%):

Aena

SME

SA

(a) .......................................................

104,496

2,838

Utilities

(0.1%):

Iberdrola

SA

..........................................................

57,813

1,171

13,843

Sweden

(0.7%):

Communication

Services

(0.1%):

Tele2

AB

,

B

Shares

.....................................................

59,701

949

Consumer

Staples

(0.1%):

Essity

AB

,

Class

B

......................................................

59,554

1,636

Financials

(0.1%):

Swedbank

AB

,

Class

A

...................................................

24,766

752

Industrials

(0.3%):

Atlas

Copco

AB

,

Class

B

.................................................

217,031

3,248

Materials

(0.1%):

Boliden

AB

(d) .........................................................

15,739

706

7,291

Switzerland

(3.3%):

Consumer

Staples

(0.7%):

Coca-Cola

HBC

AG

.....................................................

91,722

4,161

Nestle

SA

,

Registered

Shares

..............................................

33,816

3,232

7,393

Financials

(0.5%):

Partners

Group

Holding

AG

...............................................

515

631

UBS

Group

AG

........................................................

84,320

3,227

Zurich

Insurance

Group

AG

...............................................

2,077

1,445

5,303

Health

Care

(1.5%):

Amrize

Ltd.

(d) .........................................................

15,458

800

Novartis

AG

,

Registered

Shares

.............................................

60,948

7,545

Roche

Holding

AG

......................................................

19,237

6,232

Sandoz

Group

AG

......................................................

12,569

838

15,415

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Industrials

(0.2%):

ABB

Ltd.

,

Registered

Shares

...............................................

26,092

$

1,940

Information

Technology

(0.3%):

Logitech

International

SA

,

Registered

Shares

...................................

20,039

2,410

Materials

(0.1%):

Holcim

AG

(d) .........................................................

14,479

1,287

33,748

Taiwan

(1.1%):

Consumer

Discretionary

(0.1%):

Lion

Travel

Service

Co.

Ltd.

...............................................

48,000

Minth

Group

Ltd.

.......................................................

108,000

Tong

Yang

Industry

Co.

Ltd.

...............................................

157,000

1,217

Consumer

Staples

(0.0%):(c)

Charoen

Pokphand

Enterprise

..............................................

52,000

Health

Care

(0.1%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

12,197

Lotus

Pharmaceutical

Co.

Ltd.

.............................................

28,000

515

Industrials

(0.2%):

Bizlink

Holding,

Inc.

....................................................

26,266

1,181

China

Airlines

Ltd.

......................................................

296,000

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

.................................

124,000

605

1,978

Information

Technology

(0.7%):

Arcadyan

Technology

Corp.

(d) .............................................

29,000

ASMedia

Technology,

Inc.

................................................

4,000

Chenbro

Micom

Co.

Ltd.

.................................................

31,000

926

Chroma

ATE,

Inc.

......................................................

29,000

768

Elite

Material

Co.

Ltd.

...................................................

10,000

Ennoconn

Corp.

........................................................

20,000

Genius

Electronic

Optical

Co.

Ltd.

..........................................

18,000

Getac

Holdings

Corp.

....................................................

65,000

Gold

Circuit

Electronics

Ltd.

...............................................

31,400

King

Slide

Works

Co.

Ltd.

................................................

2,000

King

Yuan

Electronics

Co.

Ltd.

.............................................

163,000

1,143

MPI

Corp.

............................................................

10,000

678

Nanya

Technology

Corp.

(d) ...............................................

90,000

Phison

Electronics

Corp.

..................................................

15,000

517

Taiwan

Union

Technology

Corp.

............................................

29,000

Tripod

Technology

Corp.

.................................................

50,000

553

7,610

Materials

(0.0%):(c)

Nan

Pao

Resins

Chemical

Co.

Ltd.

..........................................

22,000

11,813

Thailand

(0.1%):

Consumer

Discretionary

(0.1%):

Com7

PCL,

NVDR

.....................................................

519,100

Health

Care

(0.0%):(c)

Bumrungrad

Hospital

PCL,

NVDR

..........................................

55,500

Utilities

(0.0%):(c)

Gunkul

Engineering

PCL,

NVDR

...........................................

3,980,500

949

United

Arab

Emirates

(0.1%):

Industrials

(0.1%):

Air

Arabia

PJSC

........................................................

476,222

505

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) United

Kingdom

(5.3%):

Communication

Services

(0.2%):

Auto

Trader

Group

PLC

(a) ................................................

148,799

$

1,526

Informa

PLC

..........................................................

61,689

786

2,312

Consumer

Discretionary

(0.5%):

Birkenstock

Holding

PLC

(d) ...............................................

14,956

597

Next

PLC

............................................................

24,503

4,603

Pepco

Group

NV

.......................................................

40,922

5,508

Consumer

Staples

(0.7%):

Imperial

Brands

PLC

....................................................

100,218

3,982

Unilever

PLC

.........................................................

52,459

3,147

7,129

Energy

(1.1%):

BP

PLC

..............................................................

332,138

1,946

Harbour

Energy

PLC

....................................................

210,952

624

Shell

PLC

............................................................

156,449

5,864

TechnipFMC

PLC

......................................................

71,624

2,962

11,396

Financials

(1.3%):

3i

Group

PLC

.........................................................

26,719

1,546

Barclays

PLC

.........................................................

1,088,158

5,836

HSBC

Holdings

PLC

....................................................

282,723

3,957

Standard

Chartered

PLC

..................................................

108,862

2,234

13,573

Health

Care

(0.3%):

AstraZeneca

PLC

.......................................................

13,670

2,255

Hikma

Pharmaceuticals

PLC

...............................................

25,694

621

2,876

Industrials

(0.4%):

Howden

Joinery

Group

PLC

...............................................

105,016

1,193

International

Consolidated

Airlines

Group

SA

...................................

119,177

655

RELX

PLC

...........................................................

11,682

516

Rolls-Royce

Holdings

PLC

................................................

130,330

2,005

4,369

Information

Technology

(0.0%):(c)

Softcat

PLC

...........................................................

23,611

Materials

(0.4%):

Rio

Tinto

PLC

.........................................................

54,133

3,902

Real

Estate

(0.1%):

LondonMetric

Property

PLC

...............................................

225,013

563

Utilities

(0.3%):

Centrica

PLC

..........................................................

652,137

1,537

Drax

Group

PLC

.......................................................

80,492

763

National

Grid

PLC

......................................................

43,656

654

2,954

55,080

United

States

(58.6%):

Communication

Services

(7.4%):

Alphabet,

Inc.

,

Class

C

...................................................

76,437

21,541

Alphabet,

Inc.

,

Class

A

...................................................

117,179

32,950

Comcast

Corp.

,

Class

A

..................................................

88,756

2,471

Meta

Platforms,

Inc.

,

Class

A

..............................................

5,382

3,489

Netflix,

Inc.

(d) .........................................................

6,454

7,221

T-Mobile

US,

Inc.

......................................................

11,530

2,422

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Verizon

Communications,

Inc.

..............................................

183,039

$

7,274

77,368

Consumer

Discretionary

(4.2%):

Amazon.com,

Inc.

(d) ....................................................

32,228

7,871

Booking

Holdings,

Inc.

...................................................

894

4,540

Deckers

Outdoor

Corp.

(d) .................................................

17,364

1,415

DoorDash,

Inc.

,

Class

A

(d) ................................................

10,280

2,615

Expedia

Group,

Inc.

.....................................................

18,977

4,175

General

Motors

Co.

.....................................................

119,285

8,241

Lowe's

Cos.,

Inc.

.......................................................

11,665

2,778

NVR,

Inc.

(d) ..........................................................

PulteGroup,

Inc.

........................................................

19,013

2,279

Ralph

Lauren

Corp.

.....................................................

10,496

3,355

Tapestry,

Inc.

..........................................................

25,997

2,855

Toll

Brothers,

Inc.

......................................................

22,737

3,068

43,459

Consumer

Staples

(3.0%):

Altria

Group,

Inc.

.......................................................

18,685

1,053

Coca-Cola

Consolidated,

Inc.

..............................................

13,270

1,730

Costco

Wholesale

Corp.

..................................................

5,360

4,885

Ingredion,

Inc.

.........................................................

8,059

930

Kimberly-Clark

Corp.

....................................................

22,427

2,685

Philip

Morris

International,

Inc.

.............................................

35,476

5,120

Sysco

Corp.

...........................................................

31,152

2,314

The

Kroger

Co.

........................................................

47,863

3,046

U.S.

Foods

Holding

Corp.

(d) ...............................................

29,590

2,149

Walmart,

Inc.

..........................................................

69,324

7,014

30,926

Energy

(1.2%):

Chevron

Corp.

.........................................................

12,613

1,989

Coterra

Energy,

Inc.

.....................................................

63,433

1,501

Marathon

Petroleum

Corp.

................................................

18,080

3,524

Ovintiv,

Inc.

..........................................................

75,999

2,851

Valero

Energy

Corp.

.....................................................

17,433

2,956

12,821

Financials

(6.0%):

American

Express

Co.

...................................................

11,407

4,115

Ameriprise

Financial,

Inc.

.................................................

12,417

5,622

Brookfield

Asset

Management

Ltd.

,

Class

A

....................................

28,886

1,563

Capital

One

Financial

Corp.

...............................................

18,221

4,008

Cincinnati

Financial

Corp.

................................................

9,196

1,422

Fidelity

National

Financial,

Inc.

............................................

50,239

2,775

Interactive

Brokers

Group,

Inc.

.............................................

63,415

4,462

JPMorgan

Chase

&

Co.

..................................................

35,291

10,980

PayPal

Holdings,

Inc.

(d) ..................................................

49,333

3,417

Synchrony

Financial

.....................................................

4,204

The

Allstate

Corp.

......................................................

24,124

4,620

The

Bank

of

New

York

Mellon

Corp.

.........................................

16,361

1,766

The

Goldman

Sachs

Group,

Inc.

............................................

10,080

7,957

The

Hartford

Insurance

Group,

Inc.

..........................................

22,597

2,806

The

PNC

Financial

Services

Group,

Inc.

......................................

6,410

1,170

The

Progressive

Corp.

...................................................

16,832

3,467

Visa,

Inc.

,

Class

A

......................................................

5,349

1,823

W.R.

Berkley

Corp.

.....................................................

3,310

62,522

Health

Care

(6.7%):

Abbott

Laboratories

.....................................................

43,793

5,414

AbbVie,

Inc.

..........................................................

38,616

8,420

Bristol-Myers

Squibb

Co.

.................................................

39,155

1,804

Cardinal

Health,

Inc.

....................................................

37,418

7,138

Centene

Corp.

(d) .......................................................

12,285

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Exelixis,

Inc.

(d) ........................................................

45,163

$

1,746

Gilead

Sciences,

Inc.

....................................................

51,954

6,224

Johnson

&

Johnson

.....................................................

34,171

6,454

McKesson

Corp.

.......................................................

9,273

7,523

Merck

&

Co.,

Inc.

......................................................

99,136

8,524

Pfizer,

Inc.

............................................................

199,901

4,928

Royalty

Pharma

PLC

,

Class

A

..............................................

77,259

2,900

Tenet

Healthcare

Corp.

(d) .................................................

15,046

3,107

UnitedHealth

Group,

Inc.

.................................................

9,737

3,326

Universal

Health

Services,

Inc.

,

Class

B

.......................................

6,705

1,455

69,397

Industrials

(6.0%):

Acuity,

Inc.

...........................................................

9,207

3,361

Allison

Transmission

Holdings,

Inc.

.........................................

25,797

2,129

Automatic

Data

Processing,

Inc.

............................................

23,287

6,062

Cintas

Corp.

..........................................................

8,788

1,611

Comfort

Systems

USA,

Inc.

...............................................

7,164

6,917

Cummins,

Inc.

.........................................................

17,099

7,484

Delta

Air

Lines,

Inc.

.....................................................

74,158

4,255

EMCOR

Group,

Inc.

....................................................

8,986

6,072

GE

Vernova,

Inc.

.......................................................

8,116

4,749

General

Electric

Co.

.....................................................

6,262

1,935

Leidos

Holdings,

Inc.

....................................................

22,353

4,258

Lockheed

Martin

Corp.

...................................................

5,392

2,652

Owens

Corning

........................................................

16,441

2,093

Uber

Technologies,

Inc.

(d) ................................................

42,411

4,093

United

Airlines

Holdings,

Inc.

(d) ............................................

49,596

4,664

62,335

Information

Technology

(21.6%):

Adobe,

Inc.

(d) .........................................................

9,639

3,280

Amphenol

Corp.

,

Class

A

.................................................

26,164

3,646

Apple,

Inc.

...........................................................

106,196

28,712

Arista

Networks,

Inc.

(d) ..................................................

29,451

4,644

Cisco

Systems,

Inc.

.....................................................

131,460

9,611

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

51,830

3,777

Docusign,

Inc.

(d) .......................................................

34,666

2,536

Dropbox,

Inc.

,

Class

A

(d) .................................................

90,243

2,617

F5,

Inc.

(d) ............................................................

11,315

2,863

Flex

Ltd.

(d) ...........................................................

47,920

2,996

Fortinet,

Inc.

(d) ........................................................

43,469

3,757

Gen

Digital,

Inc.

.......................................................

96,131

2,534

GoDaddy,

Inc.

,

Class

A

(d) ................................................

27,926

3,718

Hewlett

Packard

Enterprise

Co.

.............................................

85,891

2,097

International

Business

Machines

Corp.

........................................

21,907

6,734

KLA

Corp.

...........................................................

1,514

1,830

Microsoft

Corp.

........................................................

94,623

48,997

Motorola

Solutions,

Inc.

..................................................

5,077

2,065

NetApp,

Inc.

..........................................................

26,816

3,158

NVIDIA

Corp.

.........................................................

306,859

62,136

Palantir

Technologies,

Inc.

,

Class

A

(d) ........................................

41,640

8,348

QUALCOMM,

Inc.

.....................................................

36,478

6,599

Salesforce,

Inc.

........................................................

8,242

2,146

VeriSign,

Inc.

..........................................................

12,949

3,105

Zoom

Communications,

Inc.

(d) .............................................

34,445

3,005

224,911

Materials

(1.2%):

CF

Industries

Holdings,

Inc.

...............................................

28,136

2,344

Newmont

Corp.

........................................................

55,742

4,513

Reliance,

Inc.

..........................................................

7,481

2,113

Steel

Dynamics,

Inc.

.....................................................

22,878

3,587

12,557

Victory

Portfolios

III

#### Victory

#### Capital

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Bank

St

Petersburg

PJSC

......................................

12/15/2021

$

Detsky

Mir

PJSC

............................................

9/30/2020

Security

Description

Shares

Value

(000) Utilities

(1.3%):

DTE

Energy

Co.

.......................................................

21,331

$

2,891

Edison

International

.....................................................

25,036

1,386

Evergy,

Inc.

...........................................................

30,348

2,331

NiSource,

Inc.

.........................................................

58,981

2,484

NRG

Energy,

Inc.

.......................................................

17,308

2,975

OGE

Energy

Corp.

......................................................

20,111

888

12,955

609,251

Total

Common

Stocks

(Cost

$711,761)

1,017,703

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

,

expiring

3/31/40

(d) (e) ..............................

1,780

—

Total

Warrants

(Cost

$–)

—

Exchange-Traded

Funds

(1.3%)

United

States

(1.3%):

iShares

Core

MSCI

EAFE

ETF

.............................................

14,287

1,258

iShares

MSCI

Emerging

Markets

Small-Cap

ETF

................................

10,687

737

Real

Estate

Select

Sector

SPDR

Fund

........................................

285,472

11,676

13,671

Total

Exchange-Traded

Funds

(Cost

$14,017)

13,671

Collateral

for

Securities

Loaned

(0.2%)^

United

States

(0.2%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(g) ........

463,652

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(g) ............

463,652

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(g) ...............

463,652

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(g) .

463,652

Total

Collateral

for

Securities

Loaned

(Cost

$1,855)

1,855

Total

Investments

(Cost

$727,633)

—

99.4%

1,033,229

Other

assets

in

excess

of

liabilities

—

0.6%

6,260

NET

ASSETS

-

100.00%

$

1,039,489

^

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

October

31,

2025,

the

fair

value

of

these

securities

was

$11,753

(thousands)

and

amounted

to

1.1%

of

net

assets.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Amount

represents

less

than

0.05%

of

net

assets.

(d) Non-income

producing

security.

(e) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

October

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(f) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

October

31,

2025

(amounts

in

thousands):

(g) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

NVDR

—

Non-Voting

Depository

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(99.7%)

Australia

(1.2%):

Consumer

Discretionary

(0.1%):

Wesfarmers

Ltd.

(a) ......................................................

10,750

$

590

Consumer

Staples

(0.0%):(b)

Coles

Group

Ltd.

.......................................................

8,496

Financials

(0.2%):

Medibank

Pvt.

Ltd.

......................................................

255,439

815

Health

Care

(0.2%):

Cochlear

Ltd.

..........................................................

2,745

515

Pro

Medicus

Ltd.

.......................................................

630

623

Industrials

(0.5%):

Brambles

Ltd.

.........................................................

92,049

1,495

Computershare

Ltd.

.....................................................

24,992

597

Qantas

Airways

Ltd.

.....................................................

17,913

2,211

Materials

(0.2%):

BHP

Group

Ltd.

........................................................

15,894

Fortescue

Ltd.

.........................................................

27,708

838

5,200

Austria

(0.0%):(b)

Energy

(0.0%):(b)

OMV

AG

............................................................

3,544

Belgium

(0.2%):

Consumer

Discretionary

(0.1%):

D'ieteren

Group

........................................................

1,820

Financials

(0.1%):

KBC

Group

NV

........................................................

3,228

721

Bermuda

(0.0%):(b)

Financials

(0.0%):(b)

Everest

Group

Ltd.

......................................................

Brazil

(1.0%):

Energy

(0.2%):

Petroleo

Brasileiro

SA

-

Petrobras

,

Preference

Shares

.............................

187,200

1,035

Financials

(0.6%):

Banco

Bradesco

SA

.....................................................

341,300

981

Itau

Unibanco

Holding

SA

,

Preference

Shares

..................................

213,119

1,563

2,544

Industrials

(0.1%):

WEG

SA

.............................................................

55,700

Materials

(0.1%):

Vale

SA

..............................................................

25,097

4,320

Canada

(2.5%):

Consumer

Discretionary

(0.5%):

Dollarama,

Inc.

........................................................

14,721

1,914

Gildan

Activewear,

Inc.

..................................................

3,414

2,113

Consumer

Staples

(0.5%):

George

Weston

Ltd.

.....................................................

11,848

720

Loblaw

Cos.

Ltd.

.......................................................

37,967

1,509

2,229

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Energy

(0.8%):

ARC

Resources

Ltd.

.....................................................

31,555

$

582

Canadian

Natural

Resources

Ltd.

............................................

31,545

1,009

Cenovus

Energy,

Inc.

....................................................

22,402

Suncor

Energy,

Inc.

.....................................................

42,754

1,703

3,673

Financials

(0.3%):

Bank

of

Montreal

.......................................................

1,610

Canadian

Imperial

Bank

of

Commerce

........................................

3,833

iA

Financial

Corp.,

Inc.

...................................................

2,261

Manulife

Financial

Corp.

.................................................

8,275

Sun

Life

Financial,

Inc.

..................................................

3,681

1,276

Information

Technology

(0.3%):

Constellation

Software,

Inc.

...............................................

1,134

Materials

(0.1%):

Kinross

Gold

Corp.

.....................................................

6,992

Lundin

Gold,

Inc.

.......................................................

5,515

538

10,963

China

(2.3%):

Communication

Services

(0.3%):

NetEase,

Inc.

..........................................................

44,600

1,251

Consumer

Discretionary

(0.8%):

ANTA

Sports

Products

Ltd.

................................................

69,400

724

BYD

Co.

Ltd.

.........................................................

59,900

774

JD.com,

Inc.

,

Class

A

....................................................

10,100

Meituan

,

Class

B

(a) (c) ...................................................

39,400

519

Pop

Mart

International

Group

Ltd.

(c) .........................................

22,000

626

Vipshop

Holdings

Ltd.

,

ADR

..............................................

32,876

575

3,385

Energy

(0.4%):

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

,

Class

B

....................................

83,900

PetroChina

Co.

Ltd.

,

Class

H

..............................................

1,420,000

1,468

1,632

Financials

(0.6%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

417,000

Bank

of

China

Ltd.

,

Class

H

...............................................

693,000

China

Life

Insurance

Co.

Ltd.

,

Class

H

.......................................

105,000

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

H

................................

147,400

598

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

.............................

518,000

Ping

An

Insurance

Group

Co.

of

China

Ltd.

....................................

25,500

The

People's

Insurance

Co.

Group

of

China

Ltd.

,

Class

H

..........................

598,000

537

2,762

Industrials

(0.1%):

Yangzijiang

Shipbuilding

Holdings

Ltd.

.......................................

144,600

Information

Technology

(0.1%):

Xiaomi

Corp.

,

Class

B

(a) (c) ...............................................

45,800

Materials

(0.0%):(b)

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

48,000

9,873

Denmark

(0.3%):

Consumer

Discretionary

(0.2%):

Pandora

A/S

..........................................................

4,726

633

Health

Care

(0.1%):

Novo

Nordisk

A/S

,

Class

B

................................................

11,179

550

1,183

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Finland

(0.8%):

Communication

Services

(0.1%):

Elisa

Oyj

.............................................................

12,932

$

570

Health

Care

(0.2%):

Orion

Oyj

,

Class

B

......................................................

9,769

682

Industrials

(0.4%):

Kone

Oyj

,

Class

B

......................................................

27,360

1,828

Information

Technology

(0.1%):

Nokia

Oyj

............................................................

52,398

3,437

France

(1.5%):

Communication

Services

(0.1%):

Orange

SA

............................................................

18,424

Consumer

Discretionary

(0.2%):

FDJ

UNITED

.........................................................

10,415

Hermes

International

SCA

................................................

552

855

Consumer

Staples

(0.1%):

L'Oreal

SA

...........................................................

863

Energy

(0.3%):

TotalEnergies

SE

.......................................................

21,090

1,316

Health

Care

(0.0%):(b)

Ipsen

SA

.............................................................

910

Industrials

(0.6%):

Bouygues

SA

..........................................................

2,939

Cie

de

Saint-Gobain

SA

..................................................

3,637

Eiffage

SA

............................................................

1,483

Safran

SA

............................................................

3,733

1,326

Thales

SA

............................................................

2,096

598

Vinci

SA

.............................................................

821

2,702

Utilities

(0.2%):

Engie

SA

.............................................................

29,420

689

6,345

Germany

(1.7%):

Communication

Services

(0.4%):

CTS

Eventim

AG

&

Co.

KGaA

.............................................

3,757

Deutsche

Telekom

AG

...................................................

41,747

1,293

1,629

Financials

(0.6%):

Allianz

SE

,

Registered

Shares

..............................................

Commerzbank

AG

(d) ....................................................

5,454

Deutsche

Bank

AG

,

Registered

Shares

........................................

10,127

Deutsche

Boerse

AG

....................................................

Hannover

Rueck

SE

.....................................................

2,709

773

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Registered

Shares

.......

Talanx

AG

............................................................

7,615

927

2,658

Industrials

(0.5%):

Deutsche

Post

AG

......................................................

5,368

GEA

Group

AG

........................................................

12,237

875

Rational

AG

..........................................................

Rheinmetall

AG

........................................................

660

Siemens

Energy

AG

(a) ...................................................

2,758

2,317

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Materials

(0.1%):

Heidelberg

Materials

AG

(d) ...............................................

2,083

$

Utilities

(0.1%):

E.ON

SE

.............................................................

11,661

7,310

Hong

Kong

(1.1%):

Consumer

Discretionary

(0.3%):

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

23,300

Bosideng

International

Holdings

Ltd.

.........................................

464,000

Geely

Automobile

Holdings

Ltd.

............................................

203,000

1,261

Consumer

Staples

(0.2%):

WH

Group

Ltd.

(c) ......................................................

658,500

634

Financials

(0.3%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

297,500

1,462

Industrials

(0.3%):

SITC

International

Holdings

Co.

Ltd.

.........................................

126,000

Techtronic

Industries

Co.

Ltd.

..............................................

76,500

892

1,357

4,714

Hungary

(0.1%):

Financials

(0.1%):

OTP

Bank

Nyrt

........................................................

4,180

India

(2.2%):

Communication

Services

(0.0%):(b)

Bharti

Airtel

Ltd.

.......................................................

7,538

Consumer

Discretionary

(0.1%):

Hero

MotoCorp

Ltd.

.....................................................

7,339

Consumer

Staples

(0.5%):

Britannia

Industries

Ltd.

..................................................

8,762

576

ITC

Ltd.

.............................................................

170,112

805

Marico

Ltd.

...........................................................

31,505

Nestle

India

Ltd.

.......................................................

37,253

534

2,171

Financials

(0.1%):

HDFC

Asset

Management

Co.

Ltd.

(c) ........................................

5,910

ICICI

Bank

Ltd.

........................................................

5,804

Health

Care

(0.1%):

Sun

Pharmaceutical

Industries

Ltd.

..........................................

10,845

Torrent

Pharmaceuticals

Ltd.

...............................................

6,178

Industrials

(0.3%):

Bharat

Electronics

Ltd.

...................................................

21,616

Cummins

India

Ltd.

.....................................................

7,245

InterGlobe

Aviation

Ltd.

(c) ................................................

10,949

694

1,152

Information

Technology

(0.7%):

HCL

Technologies

Ltd.

...................................................

58,027

1,007

Infosys

Ltd.

...........................................................

70,322

1,172

Tata

Consultancy

Services

Ltd.

.............................................

29,838

1,027

3,206

Materials

(0.4%):

Asian

Paints

Ltd.

.......................................................

21,796

617

Pidilite

Industries

Ltd.

...................................................

27,280

Tata

Steel

Ltd.

.........................................................

63,944

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Vedanta

Ltd.

..........................................................

87,919

$

1,681

9,742

Indonesia

(0.3%):

Financials

(0.3%):

PT

Bank

Mandiri

Persero

Tbk

..............................................

2,076,800

589

PT

Bank

Rakyat

Indonesia

Persero

Tbk

.......................................

3,704,000

886

1,475

Ireland

(1.8%):

Consumer

Discretionary

(0.2%):

PDD

Holdings,

Inc.

,

ADR

(a) ...............................................

6,667

899

Industrials

(0.4%):

Trane

Technologies

PLC

..................................................

3,952

1,773

Information

Technology

(1.0%):

Accenture

PLC

,

Class

A

..................................................

8,352

2,089

TE

Connectivity

PLC

....................................................

9,737

2,405

4,494

Materials

(0.2%):

CRH

PLC

............................................................

4,865

580

7,746

Israel

(0.6%):

Financials

(0.2%):

Bank

Leumi

Le-Israel

BM

................................................

18,116

Mizrahi

Tefahot

Bank

Ltd.

................................................

8,836

575

943

Information

Technology

(0.4%):

Check

Point

Software

Technologies

Ltd.

(a) ....................................

6,179

1,209

Wix.com

Ltd.

(a) ........................................................

2,425

1,562

2,505

Italy

(0.5%):

Consumer

Discretionary

(0.2%):

Ferrari

NV

............................................................

2,670

1,069

Financials

(0.2%):

Banco

BPM

SpA

.......................................................

7,682

FinecoBank

Banca

Fineco

SpA

.............................................

33,250

761

873

Utilities

(0.1%):

Enel

SpA

.............................................................

35,931

2,305

Japan

(3.4%):

Communication

Services

(0.1%):

Capcom

Co.

Ltd.

.......................................................

18,800

KDDI

Corp.

...........................................................

7,400

609

Consumer

Discretionary

(0.7%):

Asics

Corp.

...........................................................

23,600

601

Bandai

Namco

Holdings,

Inc.

..............................................

14,100

Fast

Retailing

Co.

Ltd.

...................................................

2,800

1,028

Isuzu

Motors

Ltd.

.......................................................

14,100

Subaru

Corp.

..........................................................

14,400

Suzuki

Motor

Corp.

.....................................................

17,300

2,806

Consumer

Staples

(0.1%):

Kobe

Bussan

Co.

Ltd.

(d) .................................................

9,000

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) MatsukiyoCocokara

&

Co.

................................................

18,900

$

551

Financials

(0.2%):

SBI

Holdings,

Inc.

......................................................

6,600

Sompo

Holdings,

Inc.

....................................................

6,100

Tokio

Marine

Holdings,

Inc.

...............................................

14,500

541

1,022

Health

Care

(0.6%):

Chugai

Pharmaceutical

Co.

Ltd.

............................................

20,700

948

Hoya

Corp.

...........................................................

9,900

1,608

2,556

Industrials

(0.5%):

Fujikura

Ltd.

..........................................................

2,300

MonotaRO

Co.

Ltd.

.....................................................

13,100

Nippon

Yusen

KK

(d) ....................................................

5,800

Recruit

Holdings

Co.

Ltd.

.................................................

19,100

947

Toyota

Tsusho

Corp.

.....................................................

12,800

2,035

Information

Technology

(1.1%):

Advantest

Corp.

........................................................

4,000

599

Fujitsu

Ltd.

...........................................................

48,200

1,256

NEC

Corp.

...........................................................

7,700

Nomura

Research

Institute

Ltd.

.............................................

25,000

965

Oracle

Corp.

..........................................................

3,400

Tokyo

Electron

Ltd.

.....................................................

2,500

551

Trend

Micro,

Inc.

.......................................................

10,000

510

Yokogawa

Electric

Corp.

.................................................

12,000

4,834

Materials

(0.1%):

Nitto

Denko

Corp.

......................................................

13,200

Utilities

(0.0%):(b)

Chubu

Electric

Power

Co.,

Inc.

.............................................

9,400

14,873

Luxembourg

(0.1%):

Energy

(0.1%):

Tenaris

SA

............................................................

9,829

Mexico

(0.5%):

Consumer

Staples

(0.2%):

Wal-Mart

de

Mexico

SAB

de

CV

...........................................

226,440

749

Financials

(0.2%):

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.................................

120,241

1,132

Industrials

(0.0%):(b)

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

...............................

15,590

Materials

(0.1%):

Grupo

Mexico

SAB

de

CV

,

Class

B

..........................................

32,609

2,355

Netherlands

(1.2%):

Communication

Services

(0.5%):

Koninklijke

KPN

NV

....................................................

282,463

1,307

Universal

Music

Group

NV

(d) .............................................

28,908

775

2,082

Consumer

Staples

(0.1%):

Koninklijke

Ahold

Delhaize

NV

............................................

8,801

Industrials

(0.3%):

Wolters

Kluwer

NV

.....................................................

10,370

1,271

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Information

Technology

(0.3%):

ASML

Holding

NV

.....................................................

1,504

$

1,590

5,303

Norway

(0.3%):

Communication

Services

(0.1%):

Telenor

ASA

..........................................................

14,879

Energy

(0.0%):(b)

Equinor

ASA

..........................................................

4,290

Industrials

(0.2%):

Kongsberg

Gruppen

ASA

.................................................

32,671

833

Materials

(0.0%):(b)

Norsk

Hydro

ASA

......................................................

17,717

1,277

Peru

(0.0%):(b)

Financials

(0.0%):(b)

Credicorp

Ltd.

.........................................................

Philippines

(0.2%):

Financials

(0.1%):

BDO

Unibank,

Inc.

.....................................................

145,910

Industrials

(0.1%):

International

Container

Terminal

Services,

Inc.

..................................

67,390

608

939

Poland

(0.1%):

Financials

(0.1%):

Santander

Bank

Polska

SA

................................................

3,585

Russian

Federation

(0.0%):

Consumer

Staples

(0.0%):

X5

Retail

Group

NV

,

GDR

(a) (e) (f) ..........................................

18,705

—

Energy

(0.0%):

LUKOIL

PJSC

(a) (e) (f) ...................................................

34,009

—

Tatneft

PJSC

(a) (e) (f) ....................................................

90,761

—

—

Financials

(0.0%):

Sberbank

of

Russia

PJSC

(a) (e) (f) ...........................................

409,312

—

Materials

(0.0%):

MMC

Norilsk

Nickel

PJSC

(a) (e) (f) ..........................................

524,900

—

—

Singapore

(0.7%):

Financials

(0.6%):

Oversea-Chinese

Banking

Corp.

Ltd.

.........................................

115,200

1,507

Singapore

Exchange

Ltd.

.................................................

98,100

1,273

2,780

Industrials

(0.1%):

Singapore

Technologies

Engineering

Ltd.

......................................

55,500

3,142

South

Africa

(0.5%):

Consumer

Staples

(0.1%):

Clicks

Group

Ltd.

......................................................

17,408

Financials

(0.3%):

Capitec

Bank

Holdings

Ltd.

...............................................

4,476

990

FirstRand

Ltd.

.........................................................

45,276

Standard

Bank

Group

Ltd.

................................................

12,414

1,388

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Materials

(0.1%):

Gold

Fields

Ltd.

........................................................

7,955

$

2,062

South

Korea

(0.7%):

Consumer

Discretionary

(0.3%):

Kia

Corp.

............................................................

17,507

1,469

Financials

(0.1%):

DB

Insurance

Co.

Ltd.

...................................................

2,802

KB

Financial

Group,

Inc.

.................................................

2,784

Industrials

(0.2%):

Hyundai

Rotem

Co.

Ltd.

..................................................

4,033

652

Information

Technology

(0.1%):

SK

hynix,

Inc.

.........................................................

1,490

580

3,177

Spain

(1.3%):

Consumer

Discretionary

(0.3%):

Industria

de

Diseno

Textil

SA

(d) ............................................

27,866

1,538

Financials

(0.7%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

138,309

2,786

Banco

Santander

SA

.....................................................

38,136

3,175

Industrials

(0.1%):

ACS

Actividades

de

Construccion

y

Servicios

SA

................................

2,282

Aena

SME

SA

(c) .......................................................

7,639

Utilities

(0.2%):

Endesa

SA

............................................................

7,671

Iberdrola

SA

..........................................................

19,855

677

5,785

Sweden

(0.2%):

Industrials

(0.0%):(b)

Volvo

AB

,

Class

B

......................................................

5,909

Information

Technology

(0.2%):

Telefonaktiebolaget

LM

Ericsson

,

Class

B

.....................................

74,104

752

914

Switzerland

(3.0%):

Consumer

Staples

(0.5%):

Coca-Cola

HBC

AG

.....................................................

17,442

791

Nestle

SA

,

Registered

Shares

..............................................

13,861

1,325

2,116

Financials

(0.0%):(b)

Zurich

Insurance

Group

AG

...............................................

Health

Care

(1.3%):

Novartis

AG

,

Registered

Shares

.............................................

25,797

3,194

Roche

Holding

AG

......................................................

7,705

2,496

5,690

Industrials

(0.9%):

ABB

Ltd.

,

Registered

Shares

...............................................

15,501

1,153

Geberit

AG

,

Registered

Shares

.............................................

2,194

1,604

Kuehne

+

Nagel

International

AG

,

Registered

Shares

.............................

1,896

Schindler

Holding

AG

,

Participation

Certificates

.................................

SGS

SA

,

Registered

Shares

................................................

3,768

3,684

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Information

Technology

(0.2%):

Logitech

International

SA

,

Registered

Shares

...................................

7,455

$

896

Materials

(0.1%):

Glencore

PLC

.........................................................

49,247

Holcim

AG

(a) .........................................................

1,741

12,892

Taiwan

(1.7%):

Consumer

Staples

(0.0%):(b)

President

Chain

Store

Corp.

...............................................

32,000

Information

Technology

(1.7%):

Accton

Technology

Corp.

.................................................

14,000

Advantech

Co.

Ltd.

.....................................................

20,295

Delta

Electronics,

Inc.

...................................................

13,000

MediaTek,

Inc.

.........................................................

27,000

1,145

Realtek

Semiconductor

Corp.

..............................................

44,000

735

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

32,000

1,548

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.............................

9,092

2,731

7,270

7,518

Thailand

(0.2%):

Communication

Services

(0.2%):

Advanced

Info

Service

PCL

...............................................

67,500

631

United

Kingdom

(4.2%):

Communication

Services

(0.1%):

Auto

Trader

Group

PLC

(c) ................................................

50,954

523

Consumer

Discretionary

(0.7%):

Compass

Group

PLC

....................................................

8,117

InterContinental

Hotels

Group

PLC

..........................................

9,255

1,116

Next

PLC

............................................................

8,923

1,676

3,061

Consumer

Staples

(1.1%):

British

American

Tobacco

PLC

.............................................

4,707

Imperial

Brands

PLC

....................................................

53,983

2,145

Reckitt

Benckiser

Group

PLC

..............................................

10,728

820

Tesco

PLC

............................................................

35,729

Unilever

PLC

.........................................................

25,295

1,518

4,939

Energy

(0.7%):

BP

PLC

..............................................................

143,596

841

Shell

PLC

............................................................

53,422

2,003

2,844

Financials

(0.1%):

HSBC

Holdings

PLC

....................................................

34,846

Health

Care

(0.4%):

GSK

PLC

............................................................

68,620

1,606

Industrials

(0.6%):

International

Consolidated

Airlines

Group

SA

...................................

30,329

RELX

PLC

...........................................................

26,037

1,151

Rolls-Royce

Holdings

PLC

................................................

72,394

1,114

2,431

Information

Technology

(0.2%):

The

Sage

Group

PLC

....................................................

57,862

874

Materials

(0.1%):

Anglogold

Ashanti

PLC

..................................................

3,738

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Rio

Tinto

PLC

.........................................................

5,427

$

648

Utilities

(0.2%):

Centrica

PLC

..........................................................

298,501

703

18,117

United

States

(62.6%):

Communication

Services

(8.0%):

Alphabet,

Inc.

,

Class

A

...................................................

24,580

6,912

Alphabet,

Inc.

,

Class

C

...................................................

43,131

12,155

AT&T,

Inc.

...........................................................

28,628

708

Electronic

Arts,

Inc.

.....................................................

12,106

2,422

Meta

Platforms,

Inc.

,

Class

A

..............................................

15,903

10,311

Netflix,

Inc.

(a) .........................................................

1,686

1,886

T-Mobile

US,

Inc.

......................................................

2,013

Verizon

Communications,

Inc.

..............................................

5,023

35,017

Consumer

Discretionary

(5.7%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

22,920

2,900

Best

Buy

Co.,

Inc.

......................................................

1,368

Booking

Holdings,

Inc.

...................................................

943

4,788

Chipotle

Mexican

Grill,

Inc.

(a) .............................................

40,770

1,292

Darden

Restaurants,

Inc.

..................................................

1,778

Deckers

Outdoor

Corp.

(a) .................................................

3,898

Domino's

Pizza,

Inc.

.....................................................

1,727

688

eBay,

Inc.

............................................................

2,660

Expedia

Group,

Inc.

.....................................................

9,740

2,143

General

Motors

Co.

.....................................................

10,162

702

Lowe's

Cos.,

Inc.

.......................................................

2,532

603

Marriott

International,

Inc.

,

Class

A

..........................................

NVR,

Inc.

(a) ..........................................................

822

O'Reilly

Automotive,

Inc.

(a) ...............................................

23,968

2,264

Starbucks

Corp.

........................................................

4,406

The

TJX

Cos.,

Inc.

......................................................

28,848

4,043

Ulta

Beauty,

Inc.

(a) .....................................................

2,432

1,264

Williams-Sonoma,

Inc.

...................................................

2,330

Yum!

Brands,

Inc.

......................................................

9,307

1,286

24,668

Consumer

Staples

(5.3%):

Altria

Group,

Inc.

.......................................................

87,321

4,923

Colgate-Palmolive

Co.

...................................................

41,091

3,166

Costco

Wholesale

Corp.

..................................................

4,825

4,398

Kimberly-Clark

Corp.

....................................................

13,754

1,646

Monster

Beverage

Corp.

(a) ................................................

19,820

1,325

PepsiCo,

Inc.

..........................................................

7,144

1,044

Philip

Morris

International,

Inc.

.............................................

28,124

4,059

Sysco

Corp.

...........................................................

9,182

682

The

Kroger

Co.

........................................................

6,718

The

Procter

&

Gamble

Co.

................................................

2,214

Walmart,

Inc.

..........................................................

9,198

931

22,934

Energy

(1.6%):

Coterra

Energy,

Inc.

.....................................................

10,265

EOG

Resources,

Inc.

....................................................

33,838

3,581

Expand

Energy

Corp.

....................................................

4,007

Marathon

Petroleum

Corp.

................................................

1,410

Valero

Energy

Corp.

.....................................................

13,184

2,236

6,749

Financials

(6.1%):

American

Express

Co.

...................................................

2,052

740

Ameriprise

Financial,

Inc.

.................................................

6,276

2,842

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Capital

One

Financial

Corp.

...............................................

2,996

$

659

Fidelity

National

Financial,

Inc.

............................................

6,287

Interactive

Brokers

Group,

Inc.

.............................................

16,065

1,130

JPMorgan

Chase

&

Co.

..................................................

5,249

1,633

Loews

Corp.

..........................................................

4,430

M&T

Bank

Corp.

.......................................................

1,956

Mastercard,

Inc.

,

Class

A

.................................................

10,409

5,746

MSCI,

Inc.

...........................................................

4,177

2,458

PayPal

Holdings,

Inc.

(a) ..................................................

6,450

SEI

Investments

Co.

.....................................................

2,672

Synchrony

Financial

.....................................................

6,676

T. Rowe

Price

Group,

Inc.

.................................................

893

The

Allstate

Corp.

......................................................

2,356

The

Goldman

Sachs

Group,

Inc.

............................................

955

754

The

Progressive

Corp.

...................................................

16,496

3,398

Visa,

Inc.

,

Class

A

......................................................

6,428

2,190

W.R.

Berkley

Corp.

.....................................................

23,571

1,681

Wells

Fargo

&

Co.

......................................................

7,309

636

26,717

Health

Care

(6.3%):

AbbVie,

Inc.

..........................................................

21,508

4,690

Amgen,

Inc.

...........................................................

1,127

Bristol-Myers

Squibb

Co.

.................................................

25,529

1,176

Cardinal

Health,

Inc.

....................................................

8,682

1,656

Cencora,

Inc.

..........................................................

1,635

552

CVS

Health

Corp.

......................................................

7,257

567

DaVita,

Inc.

(a) .........................................................

579

Gilead

Sciences,

Inc.

....................................................

30,667

3,674

HCA

Healthcare,

Inc.

....................................................

846

IDEXX

Laboratories,

Inc.

(a) ...............................................

3,142

1,978

Johnson

&

Johnson

.....................................................

4,598

869

McKesson

Corp.

.......................................................

5,835

4,734

Merck

&

Co.,

Inc.

......................................................

7,325

630

Mettler-Toledo

International,

Inc.

(a) .........................................

918

1,300

Pfizer,

Inc.

............................................................

23,014

567

The

Cigna

Group

.......................................................

1,636

UnitedHealth

Group,

Inc.

.................................................

1,628

556

Zoetis,

Inc.

...........................................................

21,771

3,137

27,280

Industrials

(6.4%):

3M

Co.

..............................................................

3,458

576

Automatic

Data

Processing,

Inc.

............................................

11,946

3,110

Carlisle

Cos.,

Inc.

.......................................................

Caterpillar,

Inc.

........................................................

5,236

3,023

Cintas

Corp.

..........................................................

19,563

3,585

Delta

Air

Lines,

Inc.

.....................................................

3,904

EMCOR

Group,

Inc.

....................................................

3,377

2,282

Fastenal

Co.

...........................................................

48,138

1,981

GE

Vernova,

Inc.

.......................................................

1,197

700

General

Electric

Co.

.....................................................

2,116

654

Leidos

Holdings,

Inc.

....................................................

3,097

590

Lennox

International,

Inc.

.................................................

1,260

636

Lockheed

Martin

Corp.

...................................................

1,015

Old

Dominion

Freight

Line,

Inc.

............................................

6,046

849

Otis

Worldwide

Corp.

....................................................

20,838

1,933

Paychex,

Inc.

..........................................................

1,996

Rollins,

Inc.

...........................................................

20,960

1,207

United

Airlines

Holdings,

Inc.

(a) ............................................

2,008

Verisk

Analytics,

Inc.

....................................................

6,914

1,512

Vertiv

Holdings

Co.

,

Class

A

...............................................

8,494

1,638

W.W.

Grainger,

Inc.

.....................................................

2,583

2,529

28,031

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Information

Technology

(21.7%):

Adobe,

Inc.

(a) .........................................................

10,406

$

3,541

Amphenol

Corp.

,

Class

A

.................................................

4,302

600

Apple,

Inc.

...........................................................

65,954

17,832

Applied

Materials,

Inc.

...................................................

8,157

1,901

AppLovin

Corp.

,

Class

A

(a) ...............................................

2,025

1,291

Arista

Networks,

Inc.

(a) ..................................................

12,227

1,928

Autodesk,

Inc.

(a) .......................................................

7,212

2,173

Broadcom,

Inc.

........................................................

8,912

3,294

Cisco

Systems,

Inc.

.....................................................

15,008

1,097

Dell

Technologies,

Inc.

,

Class

C

............................................

2,412

Docusign,

Inc.

(a) .......................................................

4,571

Dropbox,

Inc.

,

Class

A

(a) .................................................

3,063

F5,

Inc.

(a) ............................................................

1,410

Fair

Isaac

Corp.

(a) ......................................................

739

1,226

Fortinet,

Inc.

(a) ........................................................

34,024

2,941

Gartner,

Inc.

(a) ........................................................

4,197

1,042

GoDaddy,

Inc.

,

Class

A

(a) .................................................

10,772

1,434

HP,

Inc.

..............................................................

15,293

International

Business

Machines

Corp.

........................................

3,265

1,004

Jabil,

Inc.

............................................................

2,187

KLA

Corp.

...........................................................

2,696

3,259

Lam

Research

Corp.

.....................................................

34,070

5,365

Microsoft

Corp.

........................................................

15,638

8,098

Motorola

Solutions,

Inc.

..................................................

5,296

2,154

NetApp,

Inc.

..........................................................

14,939

1,760

Nutanix,

Inc.

,

Class

A

(a) ..................................................

13,536

964

NVIDIA

Corp.

.........................................................

123,588

25,025

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

5,327

1,068

Palo

Alto

Networks,

Inc.

(a) ................................................

2,716

598

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

6,765

668

QUALCOMM,

Inc.

.....................................................

3,811

689

VeriSign,

Inc.

..........................................................

2,063

Zscaler,

Inc.

(a) .........................................................

2,827

936

94,460

Materials

(0.5%):

CF

Industries

Holdings,

Inc.

...............................................

4,366

Newmont

Corp.

........................................................

6,336

513

Packaging

Corp.

of

America

...............................................

1,084

Reliance,

Inc.

..........................................................

1,334

Steel

Dynamics,

Inc.

.....................................................

3,251

510

1,975

Real

Estate

(0.5%):

American

Tower

Corp.

...................................................

2,046

Crown

Castle,

Inc.

......................................................

7,698

694

Prologis,

Inc.

..........................................................

3,705

Welltower,

Inc.

.........................................................

3,451

625

2,145

Utilities

(0.5%):

DTE

Energy

Co.

.......................................................

3,988

541

Evergy,

Inc.

...........................................................

5,566

Exelon

Corp.

..........................................................

6,576

NiSource,

Inc.

.........................................................

10,855

NRG

Energy,

Inc.

.......................................................

2,891

2,225

272,201

Uruguay

(0.7%):

Consumer

Discretionary

(0.7%):

MercadoLibre,

Inc.

(a) ....................................................

1,281

2,981

Total

Common

Stocks

(Cost

$320,350)

433,487

Victory

Portfolios

III

#### Victory

#### Global

#### Managed

#### Volatility

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

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

(a) (e) ...............................

1,403

$

—

Total

Warrants

(Cost

$–)

—

Collateral

for

Securities

Loaned

(0.6%)^

United

States

(0.6%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(g) ........

612,835

613

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(g) ............

612,835

612

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(g) ...............

612,835

613

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(g) .

612,835

613

Total

Collateral

for

Securities

Loaned

(Cost

$2,451)

2,451

Total

Investments

(Cost

$322,801)

—

100.3%

435,938

Liabilities

in

excess

of

other

assets

—

(0.3)%

(929)

NET

ASSETS

-

100.00%

$

435,009

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) Amount

represents

less

than

0.05%

of

net

assets.

(c) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

October

31,

2025,

the

fair

value

of

these

securities

was

$3,816

(thousands)

and

amounted

to

0.9%

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

October

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(f) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

October

31,

2025

(amounts

in

thousands):

(g) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.8%)

Communication

Services

(10.5%):

Alphabet,

Inc.

,

Class

A

...................................................

165,315

$

46,485

Alphabet,

Inc.

,

Class

C

...................................................

184,568

52,015

AT&T,

Inc.

...........................................................

124,541

3,082

Charter

Communications,

Inc.

,

Class

A

(a) (b) ...................................

1,611

Comcast

Corp.

,

Class

A

..................................................

345,323

9,612

Electronic

Arts,

Inc.

.....................................................

31,792

6,360

Fox

Corp.

,

Class

A

......................................................

3,760

Fox

Corp.

,

Class

B

......................................................

2,015

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a) ............................

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

(a) ............................

3,634

Live

Nation

Entertainment,

Inc.

(a) ...........................................

2,609

Meta

Platforms,

Inc.

,

Class

A

..............................................

82,595

53,550

Netflix,

Inc.

(a) .........................................................

18,193

20,355

News

Corp.

,

Class

A

.....................................................

5,548

News

Corp.

,

Class

B

(b) ..................................................

1,496

Omnicom

Group,

Inc.

....................................................

2,950

Pinterest,

Inc.

,

Class

A

(a) .................................................

9,707

ROBLOX

Corp.

,

Class

A

(a) ...............................................

10,125

1,151

Spotify

Technology

SA

(a) .................................................

2,605

1,707

Take-Two

Interactive

Software,

Inc.

(a) ........................................

2,928

751

The

New

York

Times

Co.

,

Class

A

...........................................

31,700

1,807

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

15,539

781

The

Walt

Disney

Co.

....................................................

30,949

3,485

T-Mobile

US,

Inc.

......................................................

7,868

1,653

Verizon

Communications,

Inc.

..............................................

511,291

20,319

Warner

Bros

Discovery,

Inc.

(a) .............................................

40,025

899

226,270

Communications

Equipment

(1.5%):

Arista

Networks,

Inc.

(a) ..................................................

58,346

9,201

Cisco

Systems,

Inc.

.....................................................

309,664

22,639

F5,

Inc.

(a) ............................................................

Motorola

Solutions,

Inc.

..................................................

1,566

637

32,598

Consumer

Discretionary

(8.6%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

4,142

524

Amazon.com,

Inc.

(a) ....................................................

208,084

50,818

AutoZone,

Inc.

(a) .......................................................

610

Best

Buy

Co.,

Inc.

......................................................

1,946

Booking

Holdings,

Inc.

...................................................

1,645

Burlington

Stores,

Inc.

(a) .................................................

32,872

8,994

Carnival

Corp.

(a) .......................................................

10,572

Carvana

Co.

(a) .........................................................

1,209

Chipotle

Mexican

Grill,

Inc.

(a) .............................................

54,178

1,717

D.R.

Horton,

Inc.

.......................................................

2,713

Darden

Restaurants,

Inc.

..................................................

20,268

3,651

Deckers

Outdoor

Corp.

(a) .................................................

1,470

Domino's

Pizza,

Inc.

.....................................................

8,040

3,204

DoorDash,

Inc.

,

Class

A

(a) ................................................

3,394

863

DraftKings,

Inc.

(a) ......................................................

4,782

Duolingo,

Inc.

(a) .......................................................

eBay,

Inc.

............................................................

4,599

Expedia

Group,

Inc.

.....................................................

1,206

Ford

Motor

Co.

........................................................

38,965

512

Garmin

Ltd.

...........................................................

16,572

3,545

General

Motors

Co.

.....................................................

9,600

663

Genuine

Parts

Co.

......................................................

1,383

Hilton

Worldwide

Holdings,

Inc.

............................................

2,355

605

Las

Vegas

Sands

Corp.

...................................................

3,671

Lennar

Corp.

,

Class

A

....................................................

37,878

4,688

Lennar

Corp.

,

Class

B

...................................................

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Lowe's

Cos.,

Inc.

.......................................................

59,796

$

14,239

Lululemon

Athletica,

Inc.

(a) ...............................................

1,045

Marriott

International,

Inc.

,

Class

A

..........................................

2,264

590

McDonald's

Corp.

......................................................

27,054

8,074

NIKE,

Inc.

,

Class

B

.....................................................

11,586

748

NVR,

Inc.

(a) ..........................................................

O'Reilly

Automotive,

Inc.

(a) ...............................................

8,485

801

PulteGroup,

Inc.

........................................................

24,654

2,955

Ralph

Lauren

Corp.

.....................................................

22,503

7,193

Rivian

Automotive,

Inc.

,

Class

A

(a) ..........................................

7,379

Ross

Stores,

Inc.

.......................................................

3,201

509

Royal

Caribbean

Cruises

Ltd.

..............................................

2,457

705

Starbucks

Corp.

........................................................

11,349

918

Tesla,

Inc.

(a) ..........................................................

68,418

31,237

The

Home

Depot,

Inc.

...................................................

9,950

3,777

The

TJX

Cos.,

Inc.

......................................................

83,013

11,634

Tractor

Supply

Co.

......................................................

5,289

Ulta

Beauty,

Inc.

(a) .....................................................

12,534

6,516

Williams-Sonoma,

Inc.

...................................................

30,483

5,924

Yum!

Brands,

Inc.

......................................................

35,477

4,903

186,170

Consumer

Staples

(7.0%):

Altria

Group,

Inc.

.......................................................

415,767

23,441

Archer-Daniels-Midland

Co.

...............................................

9,328

565

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

41,092

3,627

Brown-Forman

Corp.

,

Class

A

..............................................

816

Brown-Forman

Corp.

,

Class

B

.............................................

5,377

Church

&

Dwight

Co.,

Inc.

................................................

4,560

Colgate-Palmolive

Co.

...................................................

109,761

8,457

Constellation

Brands,

Inc.

,

Class

A

..........................................

2,870

Costco

Wholesale

Corp.

..................................................

8,649

7,883

Dollar

General

Corp.

....................................................

4,352

Dollar

Tree,

Inc.

(a) ......................................................

3,871

General

Mills,

Inc.

......................................................

10,126

Hormel

Foods

Corp.

.....................................................

5,381

Ingredion,

Inc.

.........................................................

9,000

1,039

Kellanova

............................................................

6,898

573

Kenvue,

Inc.

..........................................................

41,194

592

Keurig

Dr.

Pepper,

Inc.

...................................................

104,874

2,848

Kimberly-Clark

Corp.

....................................................

109,823

13,147

McCormick

&

Co.,

Inc.

..................................................

4,911

Mondelez

International,

Inc.

,

Class

A

.........................................

24,505

1,408

Monster

Beverage

Corp.

(a) ................................................

12,861

860

PepsiCo,

Inc.

..........................................................

74,308

10,856

Philip

Morris

International,

Inc.

.............................................

73,991

10,679

Sprouts

Farmers

Market,

Inc.

(a) ............................................

1,745

Sysco

Corp.

...........................................................

146,153

10,856

Target

Corp.

..........................................................

35,283

3,271

The

Clorox

Co.

........................................................

7,383

830

The

Coca-Cola

Co.

......................................................

83,783

5,773

The

Estee

Lauder

Cos.,

Inc.

...............................................

5,017

The

Hershey

Co.

.......................................................

2,734

The

Kraft

Heinz

Co.

.....................................................

22,976

568

The

Kroger

Co.

........................................................

126,961

8,079

The

Procter

&

Gamble

Co.

................................................

144,229

21,688

Tyson

Foods,

Inc.

,

Class

A

................................................

5,172

U.S.

Foods

Holding

Corp.

(a) ...............................................

4,117

Walmart,

Inc.

..........................................................

85,041

8,604

149,957

Electronic

Equipment,

Instruments

&

Components

(0.2%):

Amphenol

Corp.

,

Class

A

.................................................

10,766

1,500

CDW

Corp.

...........................................................

892

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Corning,

Inc.

..........................................................

7,008

$

624

Jabil,

Inc.

............................................................

842

Keysight

Technologies,

Inc.

(a) .............................................

1,161

TE

Connectivity

PLC

....................................................

2,650

655

Teledyne

Technologies,

Inc.

(a) .............................................

Trimble,

Inc.

(a) ........................................................

1,616

Zebra

Technologies

Corp.

(a) ...............................................

3,764

Energy

(3.5%):

Chevron

Corp.

.........................................................

30,845

4,865

Coterra

Energy,

Inc.

.....................................................

237,647

5,623

Devon

Energy

Corp.

.....................................................

155,671

5,058

Diamondback

Energy,

Inc.

................................................

11,836

1,695

EOG

Resources,

Inc.

....................................................

153,469

16,243

Expand

Energy

Corp.

....................................................

21,900

2,262

Marathon

Petroleum

Corp.

................................................

83,025

16,182

Ovintiv,

Inc.

..........................................................

62,178

2,332

Valero

Energy

Corp.

.....................................................

126,043

21,372

75,632

Financials

(14.8%):

Affirm

Holdings,

Inc.

(a) ..................................................

2,827

Aflac,

Inc.

............................................................

5,731

614

American

Express

Co.

...................................................

39,267

14,165

American

Financial

Group,

Inc.

.............................................

19,731

2,598

American

International

Group,

Inc.

..........................................

6,422

507

Ameriprise

Financial,

Inc.

.................................................

17,373

7,866

Aon

PLC

,

Class

A

......................................................

2,282

777

Apollo

Global

Management,

Inc.

............................................

4,463

555

Arch

Capital

Group

Ltd.

..................................................

3,815

Ares

Management

Corp.

,

Class

A

...........................................

2,290

Arthur

J. Gallagher

&

Co.

.................................................

2,767

690

Axis

Capital

Holdings

Ltd.

................................................

13,000

1,218

Bank

of

America

Corp.

...................................................

82,524

4,411

Bank

OZK

............................................................

66,992

3,014

Berkshire

Hathaway,

Inc.

,

Class

A

(a) .........................................

2,147

Berkshire

Hathaway,

Inc.

,

Class

B

(a) .........................................

14,839

7,086

Blackrock,

Inc.

........................................................

1,565

1,695

Blackstone,

Inc.

........................................................

8,127

1,192

Block,

Inc.

(a) ..........................................................

5,652

Brown

&

Brown,

Inc.

....................................................

3,092

Capital

One

Financial

Corp.

...............................................

43,468

9,563

Cboe

Global

Markets,

Inc.

................................................

1,100

Chubb

Ltd.

...........................................................

4,758

1,318

Cincinnati

Financial

Corp.

................................................

20,770

3,211

Citigroup,

Inc.

.........................................................

20,701

2,096

Citizens

Financial

Group,

Inc.

..............................................

4,528

CME

Group,

Inc.

.......................................................

4,053

1,076

Coinbase

Global,

Inc.

,

Class

A

(a) ...........................................

2,296

789

Corebridge

Financial,

Inc.

.................................................

3,935

East

West

Bancorp,

Inc.

..................................................

49,027

4,981

Equitable

Holdings,

Inc.

..................................................

53,800

2,658

Erie

Indemnity

Co.

,

Class

A

...............................................

Evercore,

Inc.

.........................................................

17,171

5,058

Everest

Group

Ltd.

......................................................

18,203

5,725

FactSet

Research

Systems,

Inc.

.............................................

Fidelity

National

Financial,

Inc.

............................................

83,673

4,622

Fidelity

National

Information

Services,

Inc.

....................................

5,531

Fifth

Third

Bancorp

.....................................................

6,994

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

First

Horizon

Corp.

.....................................................

368,882

7,879

Fiserv,

Inc.

(a) ..........................................................

5,796

Global

Payments,

Inc.

....................................................

2,546

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Huntington

Bancshares,

Inc.

...............................................

302,408

$

4,669

Interactive

Brokers

Group,

Inc.

.............................................

63,046

4,436

Intercontinental

Exchange,

Inc.

.............................................

6,351

929

Janus

Henderson

Group

PLC

..............................................

63,449

2,764

JPMorgan

Chase

&

Co.

..................................................

120,758

37,570

KeyCorp

.............................................................

11,507

KKR

&

Co.,

Inc.

.......................................................

7,740

916

Loews

Corp.

..........................................................

1,825

LPL

Financial

Holdings,

Inc.

...............................................

11,993

4,525

M&T

Bank

Corp.

.......................................................

1,685

Markel

Group,

Inc.

(a) ....................................................

Marsh

&

McLennan

Cos.,

Inc.

.............................................

5,476

976

Mastercard,

Inc.

,

Class

A

.................................................

8,986

4,960

MetLife,

Inc.

..........................................................

6,302

503

Moody's

Corp.

.........................................................

1,953

938

Morgan

Stanley

........................................................

13,947

2,287

MSCI,

Inc.

...........................................................

787

Nasdaq,

Inc.

..........................................................

4,511

Northern

Trust

Corp.

....................................................

25,011

3,218

PayPal

Holdings,

Inc.

(a) ..................................................

10,209

707

Principal

Financial

Group,

Inc.

.............................................

30,746

2,584

Prudential

Financial,

Inc.

.................................................

4,292

Raymond

James

Financial,

Inc.

.............................................

1,914

Regions

Financial

Corp.

..................................................

9,445

Rithm

Capital

Corp.

.....................................................

129,700

1,423

Robinhood

Markets,

Inc.

,

Class

A

(a) .........................................

8,121

1,192

S&P

Global,

Inc.

.......................................................

3,294

1,605

SoFi

Technologies,

Inc.

(a) .................................................

12,514

State

Street

Corp.

.......................................................

46,986

5,434

Synchrony

Financial

.....................................................

135,348

10,067

T. Rowe

Price

Group,

Inc.

.................................................

2,279

The

Allstate

Corp.

......................................................

61,808

11,837

The

Bank

of

New

York

Mellon

Corp.

.........................................

142,266

15,355

The

Carlyle

Group,

Inc.

..................................................

3,132

The

Charles

Schwab

Corp.

................................................

18,683

1,766

The

Goldman

Sachs

Group,

Inc.

............................................

31,155

24,593

The

Hartford

Insurance

Group,

Inc.

..........................................

2,984

The

PNC

Financial

Services

Group,

Inc.

......................................

80,547

14,704

The

Progressive

Corp.

...................................................

15,543

3,202

The

Travelers

Cos.,

Inc.

..................................................

2,377

638

Toast,

Inc.

,

Class

A

(a) ....................................................

4,733

Tradeweb

Markets,

Inc.

,

Class

A

............................................

36,401

3,836

Truist

Financial

Corp.

....................................................

14,409

643

U.S.

Bancorp

..........................................................

16,378

764

Unum

Group

..........................................................

28,866

2,119

Visa,

Inc.

,

Class

A

......................................................

68,638

23,388

W.R.

Berkley

Corp.

.....................................................

84,991

6,063

Wells

Fargo

&

Co.

......................................................

101,827

8,856

Willis

Towers

Watson

PLC

................................................

1,040

Zions

Bancorp

NA

......................................................

78,206

4,075

319,234

Health

Care

(12.3%):

Abbott

Laboratories

.....................................................

47,181

5,833

AbbVie,

Inc.

..........................................................

72,698

15,851

Agilent

Technologies,

Inc.

.................................................

4,615

675

Align

Technology,

Inc.

(a) .................................................

1,107

Alnylam

Pharmaceuticals,

Inc.

(a) ...........................................

1,787

815

Amgen,

Inc.

...........................................................

7,693

2,296

Argenx

SE

,

ADR

(a) .....................................................

5,073

4,152

Baxter

International,

Inc.

.................................................

8,297

Becton

Dickinson

&

Co.

..................................................

4,101

733

Biogen,

Inc.

(a) .........................................................

2,386

Boston

Scientific

Corp.

(a) .................................................

21,129

2,128

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Bristol-Myers

Squibb

Co.

.................................................

447,878

$

20,634

Cardinal

Health,

Inc.

....................................................

44,305

8,452

Cencora,

Inc.

..........................................................

2,620

885

Centene

Corp.

(a) .......................................................

8,022

CVS

Health

Corp.

......................................................

100,876

7,884

Danaher

Corp.

.........................................................

9,352

2,014

Dexcom,

Inc.

(a) ........................................................

34,422

2,004

Edwards

Lifesciences

Corp.

(a) .............................................

8,240

679

Elevance

Health,

Inc.

....................................................

13,705

4,347

Eli

Lilly

&

Co.

.........................................................

31,240

26,956

GE

HealthCare

Technologies,

Inc.

...........................................

7,445

558

Gilead

Sciences,

Inc.

....................................................

200,324

23,997

HCA

Healthcare,

Inc.

....................................................

2,445

1,124

Hologic,

Inc.

(a) ........................................................

3,602

Humana,

Inc.

..........................................................

1,964

546

IDEXX

Laboratories,

Inc.

(a) ...............................................

1,141

718

Illumina,

Inc.

(a) ........................................................

2,507

Incyte

Corp.

(a) .........................................................

3,111

Insmed,

Inc.

(a) .........................................................

34,248

6,493

Insulet

Corp.

(a) ........................................................

1,142

Intuitive

Surgical,

Inc.

(a) .................................................

14,256

7,617

IQVIA

Holdings,

Inc.

(a) ..................................................

2,797

605

Johnson

&

Johnson

.....................................................

152,710

28,842

Labcorp

Holdings,

Inc.

...................................................

1,360

McKesson

Corp.

.......................................................

6,490

5,266

Medtronic

PLC

........................................................

105,155

9,538

Merck

&

Co.,

Inc.

......................................................

180,700

15,537

Mettler-Toledo

International,

Inc.

(a) .........................................

Molina

Healthcare,

Inc.

(a) ................................................

872

Natera,

Inc.

(a) .........................................................

29,139

5,797

Pfizer,

Inc.

............................................................

441,902

10,893

Quest

Diagnostics,

Inc.

...................................................

22,894

4,028

Regeneron

Pharmaceuticals,

Inc.

............................................

1,492

973

ResMed,

Inc.

..........................................................

2,083

514

Royalty

Pharma

PLC

,

Class

A

..............................................

154,547

5,802

STERIS

PLC

..........................................................

1,598

Stryker

Corp.

..........................................................

5,126

1,826

The

Cigna

Group

.......................................................

25,385

6,204

The

Cooper

Cos.,

Inc.

(a) ..................................................

3,233

Thermo

Fisher

Scientific,

Inc.

..............................................

5,403

3,066

UnitedHealth

Group,

Inc.

.................................................

36,177

12,357

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

2,141

623

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

3,671

1,562

Waters

Corp.

(a) ........................................................

968

West

Pharmaceutical

Services,

Inc.

..........................................

1,164

Zimmer

Biomet

Holdings,

Inc.

.............................................

3,222

Zoetis,

Inc.

...........................................................

6,377

919

266,474

Industrials

(8.0%):

3M

Co.

..............................................................

38,426

6,398

Automatic

Data

Processing,

Inc.

............................................

60,721

15,806

Broadridge

Financial

Solutions,

Inc.

.........................................

17,100

3,769

Builders

FirstSource,

Inc.

(a) ...............................................

16,319

1,896

BWX

Technologies,

Inc.

..................................................

16,036

3,425

C.H.

Robinson

Worldwide,

Inc.

.............................................

43,600

6,714

Carlisle

Cos.,

Inc.

.......................................................

15,275

4,965

Caterpillar,

Inc.

........................................................

42,102

24,304

Clean

Harbors,

Inc.

(a) ...................................................

16,606

3,496

Comfort

Systems

USA,

Inc.

...............................................

4,700

4,538

Cummins,

Inc.

.........................................................

28,042

12,273

Expeditors

International

of

Washington,

Inc.

....................................

47,225

5,757

FedEx

Corp.

..........................................................

23,755

6,030

GE

Vernova,

Inc.

.......................................................

3,707

2,169

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) HEICO

Corp.

,

Class

A

...................................................

19,455

$

4,820

Howmet

Aerospace,

Inc.

..................................................

21,558

4,440

Leidos

Holdings,

Inc.

....................................................

15,600

2,971

Lockheed

Martin

Corp.

...................................................

24,909

12,252

Masco

Corp.

..........................................................

80,020

5,182

Otis

Worldwide

Corp.

....................................................

141,337

13,110

Owens

Corning

........................................................

26,033

3,314

Quanta

Services,

Inc.

....................................................

9,345

4,197

SS&C

Technologies

Holdings,

Inc.

..........................................

58,710

4,986

Trane

Technologies

PLC

..................................................

16,258

7,294

Uber

Technologies,

Inc.

(a) ................................................

55,386

5,345

United

Parcel

Service,

Inc.

,

Class

B

..........................................

43,733

4,217

173,668

IT

Services

(2.4%):

Accenture

PLC

,

Class

A

..................................................

66,062

16,522

Cloudflare,

Inc.

,

Class

A

(a) ................................................

2,724

690

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

128,467

9,363

CoreWeave,

Inc.

,

Class

A

(a) ...............................................

2,395

Gartner,

Inc.

(a) ........................................................

630

GoDaddy,

Inc.

,

Class

A

(a) .................................................

1,159

International

Business

Machines

Corp.

........................................

44,020

13,532

MongoDB,

Inc.

(a) ......................................................

692

Okta,

Inc.

(a) ..........................................................

1,401

Snowflake,

Inc.

(a) ......................................................

33,904

9,320

Twilio,

Inc.

,

Class

A

(a) ...................................................

1,256

VeriSign,

Inc.

..........................................................

912

50,823

Materials

(2.0%):

CF

Industries

Holdings,

Inc.

...............................................

167,030

13,912

CRH

PLC

............................................................

33,082

3,940

LyondellBasell

Industries

NV

,

Class

A

........................................

86,082

3,996

Olin

Corp.

............................................................

38,442

796

Packaging

Corp.

of

America

...............................................

31,727

6,211

Reliance,

Inc.

..........................................................

24,847

7,017

Steel

Dynamics,

Inc.

.....................................................

30,088

4,718

The

Mosaic

Co.

........................................................

109,700

3,011

43,601

Real

Estate

(1.9%):

American

Healthcare

REIT,

Inc.

............................................

35,300

1,600

Brixmor

Property

Group,

Inc.

..............................................

70,700

1,849

Camden

Property

Trust

...................................................

17,400

1,731

CareTrust

REIT,

Inc.

....................................................

43,400

1,504

Cousins

Properties,

Inc.

..................................................

55,400

1,436

Crown

Castle,

Inc.

......................................................

2,920

CubeSmart

...........................................................

20,033

755

Digital

Realty

Trust,

Inc.

..................................................

4,700

801

Equinix,

Inc.

..........................................................

2,847

2,409

Equity

Residential

......................................................

36,200

2,152

First

Industrial

Realty

Trust,

Inc.

............................................

35,600

1,968

Healthpeak

Properties,

Inc.

................................................

49,193

883

Invitation

Homes,

Inc.

...................................................

72,000

2,027

Kimco

Realty

Corp.

.....................................................

103,518

2,139

Omega

Healthcare

Investors,

Inc.

...........................................

51,800

2,177

Prologis,

Inc.

..........................................................

23,761

2,948

Public

Storage

.........................................................

7,900

2,201

Realty

Income

Corp.

....................................................

10,000

580

Simon

Property

Group,

Inc.

...............................................

19,936

3,504

Ventas,

Inc.

...........................................................

41,300

3,047

Welltower,

Inc.

.........................................................

33,100

5,992

41,966

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Semiconductors

&

Semiconductor

Equipment

(11.2%):

Advanced

Micro

Devices,

Inc.

(a) ............................................

14,557

$

3,728

Analog

Devices,

Inc.

....................................................

4,430

1,037

Applied

Materials,

Inc.

...................................................

51,679

12,046

Broadcom,

Inc.

........................................................

95,100

35,152

First

Solar,

Inc.

(a) ......................................................

881

Intel

Corp.

(a) ..........................................................

41,895

1,675

KLA

Corp.

...........................................................

5,864

7,088

Lam

Research

Corp.

.....................................................

130,960

20,621

Marvell

Technology,

Inc.

.................................................

7,679

720

Microchip

Technology,

Inc.

................................................

4,674

Micron

Technology,

Inc.

..................................................

9,957

2,228

Monolithic

Power

Systems,

Inc.

............................................

8,006

8,046

NVIDIA

Corp.

.........................................................

595,224

120,527

ON

Semiconductor

Corp.

(a) ...............................................

3,511

QUALCOMM,

Inc.

.....................................................

104,862

18,970

Skyworks

Solutions,

Inc.

.................................................

38,927

3,026

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.............................

14,614

4,391

Teradyne,

Inc.

.........................................................

1,339

Texas

Instruments,

Inc.

...................................................

8,120

1,311

241,512

Software

(7.6%):

Adobe,

Inc.

(a) .........................................................

3,802

1,294

AppLovin

Corp.

,

Class

A

(a) ...............................................

12,468

7,946

Atlassian

Corp.

,

Class

A

(a) ................................................

1,410

Autodesk,

Inc.

(a) .......................................................

12,791

3,855

Bentley

Systems,

Inc.

,

Class

B

.............................................

1,664

Cadence

Design

Systems,

Inc.

(a) ............................................

2,430

823

Corpay,

Inc.

(a) .........................................................

715

Crowdstrike

Holdings,

Inc.

,

Class

A

(a) .......................................

2,137

1,160

Datadog,

Inc.

,

Class

A

(a) .................................................

2,747

Docusign,

Inc.

(a) .......................................................

2,531

Dynatrace,

Inc.

(a) ......................................................

3,885

Fair

Isaac

Corp.

(a) ......................................................

Fortinet,

Inc.

(a) ........................................................

5,694

Gen

Digital,

Inc.

.......................................................

5,023

Guidewire

Software,

Inc.

(a) ...............................................

1,057

HubSpot,

Inc.

(a) .......................................................

Intuit,

Inc.

............................................................

7,734

5,163

Microsoft

Corp.

........................................................

180,252

93,336

Nutanix,

Inc.

,

Class

A

(a) ..................................................

3,239

Oracle

Corp.

..........................................................

55,153

14,484

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

33,251

6,666

Palo

Alto

Networks,

Inc.

(a) ................................................

29,733

6,548

PTC,

Inc.

(a) ...........................................................

1,062

Roper

Technologies,

Inc.

..................................................

959

Salesforce,

Inc.

........................................................

8,337

2,171

ServiceNow,

Inc.

(a) .....................................................

10,057

9,245

Strategy,

Inc.

(a) ........................................................

2,361

636

Synopsys,

Inc.

(a) .......................................................

11,051

5,015

Tyler

Technologies,

Inc.

(a) ................................................

Workday,

Inc.

,

Class

A

(a) .................................................

1,914

Zoom

Communications,

Inc.

(a) .............................................

2,312

Zscaler,

Inc.

(a) .........................................................

865

163,125

Technology

Hardware,

Storage

&

Peripherals

(5.1%):

Apple,

Inc.

...........................................................

331,690

89,679

Dell

Technologies,

Inc.

,

Class

C

............................................

2,696

Hewlett

Packard

Enterprise

Co.

.............................................

211,060

5,154

HP,

Inc.

..............................................................

184,865

5,115

NetApp,

Inc.

..........................................................

76,072

8,960

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

2,728

Victory

Portfolios

III

#### Victory

#### Growth

#### &

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Seagate

Technology

Holdings

PLC

..........................................

1,936

$

Super

Micro

Computer,

Inc.

(a) .............................................

4,624

Western

Digital

Corp.

....................................................

3,190

110,829

Utilities

(3.2%):

Alliant

Energy

Corp.

....................................................

5,434

Ameren

Corp.

.........................................................

37,625

3,838

American

Electric

Power

Co.,

Inc.

...........................................

11,762

1,414

American

Water

Works

Co.,

Inc.

............................................

4,728

607

Atmos

Energy

Corp.

.....................................................

3,352

576

CenterPoint

Energy,

Inc.

..................................................

13,776

527

CMS

Energy

Corp.

......................................................

6,299

Consolidated

Edison,

Inc.

.................................................

7,942

774

Constellation

Energy

Corp.

................................................

6,912

2,606

Dominion

Energy,

Inc.

...................................................

18,811

1,104

DTE

Energy

Co.

.......................................................

4,384

594

Duke

Energy

Corp.

......................................................

17,144

2,131

Edison

International

.....................................................

203,398

11,264

Entergy

Corp.

.........................................................

9,490

912

Evergy,

Inc.

...........................................................

115,735

8,890

Eversource

Energy

......................................................

7,770

574

Exelon

Corp.

..........................................................

22,286

1,028

FirstEnergy

Corp.

.......................................................

12,202

559

NextEra

Energy,

Inc.

....................................................

45,432

3,698

NiSource,

Inc.

.........................................................

89,252

3,758

NRG

Energy,

Inc.

.......................................................

51,742

8,892

OGE

Energy

Corp.

......................................................

81,903

3,615

PG&E

Corp.

..........................................................

46,343

740

PPL

Corp.

............................................................

15,657

572

Public

Service

Enterprise

Group,

Inc.

.........................................

11,007

887

Sempra

..............................................................

14,395

1,323

The

Southern

Co.

.......................................................

24,246

2,280

Vistra

Corp.

...........................................................

7,428

1,399

WEC

Energy

Group,

Inc.

.................................................

16,325

1,824

Xcel

Energy,

Inc.

.......................................................

12,713

1,032

68,244

Total

Common

Stocks

(Cost

$1,435,992)

a

a

a

2,153,867

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(d) ........

105,616

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(d) ............

105,616

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(d) ...............

105,616

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(d) .

105,616

Total

Collateral

for

Securities

Loaned

(Cost

$422)

a

a

a

Total

Investments

(Cost

$1,436,414)

—

99.8%

2,154,289

Other

assets

in

excess

of

liabilities

— 0.2%

4,272

NET

ASSETS

-

100.00%

$

2,158,561

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Amount

represents

less

than

0.05%

of

net

assets.

(d) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Growth

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.9%)

Communication

Services

(17.4%):

Alphabet,

Inc.

,

Class

A

...................................................

320,380

$

90,088

Alphabet,

Inc.

,

Class

C

...................................................

323,270

91,104

Meta

Platforms,

Inc.

,

Class

A

..............................................

231,058

149,806

Netflix,

Inc.

(a) .........................................................

104,322

116,722

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

21,680

1,090

The

Walt

Disney

Co.

....................................................

275,363

31,011

479,821

Communications

Equipment

(0.8%):

Arista

Networks,

Inc.

(a) ..................................................

133,924

21,119

Consumer

Discretionary

(14.1%):

Alibaba

Group

Holding

Ltd.

,

ADR

(b) ........................................

7,166

1,221

Amazon.com,

Inc.

(a) ....................................................

601,551

146,911

Burlington

Stores,

Inc.

(a) (b) ...............................................

87,916

24,053

Chipotle

Mexican

Grill,

Inc.

(a) .............................................

110,827

3,512

NIKE,

Inc.

,

Class

B

.....................................................

131,105

8,468

Starbucks

Corp.

........................................................

181,422

14,672

Tesla,

Inc.

(a) ..........................................................

349,675

159,648

Ulta

Beauty,

Inc.

(a) .....................................................

32,831

17,068

Yum

China

Holdings,

Inc.

.................................................

67,807

2,933

Yum!

Brands,

Inc.

......................................................

74,982

10,363

388,849

Consumer

Staples

(1.7%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

111,830

9,870

Keurig

Dr.

Pepper,

Inc.

...................................................

218,188

5,926

Monster

Beverage

Corp.

(a) ................................................

489,722

32,728

48,524

Energy

(0.2%):

Diamondback

Energy,

Inc.

................................................

32,489

4,652

Financials

(6.6%):

Block,

Inc.

(a) ..........................................................

137,740

10,460

FactSet

Research

Systems,

Inc.

.............................................

28,554

7,618

Huntington

Bancshares,

Inc.

...............................................

785,031

12,121

LPL

Financial

Holdings,

Inc.

...............................................

30,088

11,353

PayPal

Holdings,

Inc.

(a) ..................................................

124,922

8,653

SEI

Investments

Co.

.....................................................

162,625

13,109

The

Progressive

Corp.

...................................................

24,983

5,147

Tradeweb

Markets,

Inc.

,

Class

A

............................................

95,883

10,105

Visa,

Inc.

,

Class

A

......................................................

305,373

104,053

182,619

Health

Care

(9.0%):

Argenx

SE

,

ADR

(a) .....................................................

13,771

11,272

Dexcom,

Inc.

(a) ........................................................

76,992

4,482

Eli

Lilly

&

Co.

.........................................................

52,323

45,147

Illumina,

Inc.

(a) ........................................................

80,509

9,946

Insmed,

Inc.

(a) .........................................................

93,038

17,640

Intuitive

Surgical,

Inc.

(a) .................................................

57,915

30,943

Natera,

Inc.

(a) .........................................................

73,569

14,635

Novartis

AG

,

ADR

......................................................

108,354

13,413

Novo

Nordisk

A/S

,

ADR

(b) ...............................................

317,853

15,721

Regeneron

Pharmaceuticals,

Inc.

............................................

37,516

24,453

Roche

Holding

AG

,

ADR

.................................................

246,475

9,958

Thermo

Fisher

Scientific,

Inc.

..............................................

28,248

16,028

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

79,766

33,946

247,584

Industrials

(5.9%):

Builders

FirstSource,

Inc.

(a) ...............................................

44,659

5,188

BWX

Technologies,

Inc.

..................................................

43,568

9,307

Clean

Harbors,

Inc.

(a) ...................................................

45,356

9,548

Victory

Portfolios

III

#### Victory

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Deere

&

Co.

..........................................................

26,087

$

12,043

Expeditors

International

of

Washington,

Inc.

....................................

108,344

13,207

GE

Vernova,

Inc.

.......................................................

10,044

5,877

HEICO

Corp.

,

Class

A

...................................................

52,871

13,098

Howmet

Aerospace,

Inc.

..................................................

58,672

12,083

Quanta

Services,

Inc.

....................................................

25,566

11,482

The

Boeing

Co.

(a) ......................................................

280,251

56,336

Uber

Technologies,

Inc.

(a) ................................................

150,556

14,529

162,698

IT

Services

(2.5%):

Shopify,

Inc.

,

Class

A

(a) ..................................................

263,816

45,867

Snowflake,

Inc.

(a) ......................................................

84,411

23,203

69,070

Semiconductors

&

Semiconductor

Equipment

(18.2%):

Broadcom,

Inc.

........................................................

147,156

54,393

Lam

Research

Corp.

.....................................................

141,631

22,301

Monolithic

Power

Systems,

Inc.

............................................

20,669

20,773

NVIDIA

Corp.

.........................................................

1,857,147

376,054

QUALCOMM,

Inc.

.....................................................

88,260

15,966

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.............................

39,903

11,988

501,475

Software

(18.1%):

AppLovin

Corp.

,

Class

A

(a) ...............................................

28,445

18,129

Autodesk,

Inc.

(a) .......................................................

139,124

41,924

Intuit,

Inc.

............................................................

14,441

9,640

Microsoft

Corp.

........................................................

437,266

226,421

Oracle

Corp.

..........................................................

428,992

112,657

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

37,282

7,474

Palo

Alto

Networks,

Inc.

(a) ................................................

64,888

14,291

Salesforce,

Inc.

........................................................

109,705

28,568

ServiceNow,

Inc.

(a) .....................................................

22,203

20,411

Synopsys,

Inc.

(a) .......................................................

25,046

11,366

Workday,

Inc.

,

Class

A

(a) .................................................

38,072

9,134

500,015

Technology

Hardware,

Storage

&

Peripherals

(5.4%):

Apple,

Inc.

...........................................................

554,696

149,973

Total

Common

Stocks

(Cost

$822,653)

a

a

a

2,756,399

Total

Investments

(Cost

$822,653)

—

99.9%

2,756,399

Other

assets

in

excess

of

liabilities

— 0.1%

3,440

NET

ASSETS

-

100.00%

$

2,759,839

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

ADR

—

American

Depositary

Receipt

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Income

#### Stock

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.7%)

Communication

Services

(4.2%):

Alphabet,

Inc.

,

Class

A

...................................................

65,900

$

18,531

Comcast

Corp.

,

Class

A

..................................................

724,856

20,176

Electronic

Arts,

Inc.

.....................................................

34,696

6,941

Meta

Platforms,

Inc.

,

Class

A

..............................................

21,400

13,875

The

New

York

Times

Co.

,

Class

A

...........................................

80,400

4,582

Verizon

Communications,

Inc.

..............................................

1,121,363

44,563

108,668

Consumer

Discretionary

(6.3%):

Darden

Restaurants,

Inc.

..................................................

49,100

8,845

Domino's

Pizza,

Inc.

.....................................................

19,922

7,938

Garmin

Ltd.

...........................................................

38,358

8,206

Lennar

Corp.

,

Class

A

....................................................

91,246

11,294

Lowe's

Cos.,

Inc.

.......................................................

138,940

33,086

McDonald's

Corp.

......................................................

51,100

15,250

PulteGroup,

Inc.

........................................................

58,971

7,069

Ralph

Lauren

Corp.

.....................................................

57,693

18,442

The

TJX

Cos.,

Inc.

......................................................

184,783

25,895

Williams-Sonoma,

Inc.

...................................................

73,817

14,346

Wyndham

Hotels

&

Resorts,

Inc.

............................................

600

Yum!

Brands,

Inc.

......................................................

83,900

11,596

162,011

Consumer

Staples

(9.0%):

Altria

Group,

Inc.

.......................................................

981,271

55,324

Colgate-Palmolive

Co.

...................................................

240,240

18,511

Ingredion,

Inc.

.........................................................

23,200

2,678

Kimberly-Clark

Corp.

....................................................

265,548

31,789

PepsiCo,

Inc.

..........................................................

122,382

17,879

Philip

Morris

International,

Inc.

.............................................

115,236

16,632

Sysco

Corp.

...........................................................

348,631

25,896

Target

Corp.

..........................................................

70,486

6,535

The

Clorox

Co.

........................................................

13,137

1,477

The

Kroger

Co.

........................................................

292,888

18,636

The

Procter

&

Gamble

Co.

................................................

249,358

37,496

232,853

Energy

(7.2%):

Chevron

Corp.

.........................................................

79,202

12,492

Coterra

Energy,

Inc.

.....................................................

612,213

14,485

Devon

Energy

Corp.

.....................................................

399,703

12,986

EOG

Resources,

Inc.

....................................................

393,454

41,643

Expand

Energy

Corp.

....................................................

26,979

2,787

Marathon

Petroleum

Corp.

................................................

212,855

41,487

Ovintiv,

Inc.

..........................................................

161,867

6,072

Valero

Energy

Corp.

.....................................................

323,141

54,792

186,744

Financials

(20.0%):

American

Express

Co.

...................................................

81,286

29,322

American

Financial

Group,

Inc.

.............................................

51,317

6,757

Ameriprise

Financial,

Inc.

.................................................

41,940

18,989

Axis

Capital

Holdings

Ltd.

................................................

33,022

3,093

Bank

OZK

............................................................

170,321

7,663

Capital

One

Financial

Corp.

...............................................

93,701

20,613

Cincinnati

Financial

Corp.

................................................

49,665

7,678

East

West

Bancorp,

Inc.

..................................................

125,694

12,771

Equitable

Holdings,

Inc.

..................................................

56,764

2,804

Evercore,

Inc.

.........................................................

44,023

12,967

Everest

Group

Ltd.

......................................................

45,797

14,404

Fidelity

National

Financial,

Inc.

............................................

214,660

11,858

First

Horizon

Corp.

.....................................................

936,011

19,993

Interactive

Brokers

Group,

Inc.

.............................................

149,128

10,493

Victory

Portfolios

III

#### Victory

#### Income

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Janus

Henderson

Group

PLC

..............................................

161,661

$

7,042

JPMorgan

Chase

&

Co.

..................................................

231,962

72,168

Northern

Trust

Corp.

....................................................

60,538

7,789

Principal

Financial

Group,

Inc.

.............................................

72,424

6,087

Rithm

Capital

Corp.

.....................................................

333,500

3,658

State

Street

Corp.

.......................................................

112,035

12,958

Synchrony

Financial

.....................................................

336,754

25,048

The

Allstate

Corp.

......................................................

148,887

28,515

The

Bank

of

New

York

Mellon

Corp.

.........................................

345,227

37,260

The

Goldman

Sachs

Group,

Inc.

............................................

71,068

56,099

The

PNC

Financial

Services

Group,

Inc.

......................................

195,862

35,755

Unum

Group

..........................................................

71,564

5,254

W.R.

Berkley

Corp.

.....................................................

208,514

14,875

Wells

Fargo

&

Co.

......................................................

169,800

14,768

Zions

Bancorp

NA

......................................................

200,500

10,448

517,129

Health

Care

(14.9%):

Abbott

Laboratories

.....................................................

57,400

7,096

AbbVie,

Inc.

..........................................................

121,593

26,512

Bristol-Myers

Squibb

Co.

.................................................

1,073,498

49,456

Cardinal

Health,

Inc.

....................................................

100,111

19,098

CVS

Health

Corp.

......................................................

219,193

17,130

Elevance

Health,

Inc.

....................................................

27,019

8,570

Gilead

Sciences,

Inc.

....................................................

467,918

56,052

Johnson

&

Johnson

.....................................................

302,208

57,078

McKesson

Corp.

.......................................................

12,100

9,817

Medtronic

PLC

........................................................

224,025

20,319

Merck

&

Co.,

Inc.

......................................................

371,557

31,947

Pfizer,

Inc.

............................................................

925,179

22,806

Quest

Diagnostics,

Inc.

...................................................

54,235

9,543

Royalty

Pharma

PLC

,

Class

A

..............................................

397,102

14,907

The

Cigna

Group

.......................................................

55,200

13,491

UnitedHealth

Group,

Inc.

.................................................

60,000

20,494

384,316

Industrials

(14.0%):

3M

Co.

..............................................................

97,840

16,290

Automatic

Data

Processing,

Inc.

............................................

155,925

40,587

Broadridge

Financial

Solutions,

Inc.

.........................................

43,300

9,543

C.H.

Robinson

Worldwide,

Inc.

.............................................

112,404

17,309

Carlisle

Cos.,

Inc.

.......................................................

39,161

12,729

Caterpillar,

Inc.

........................................................

107,940

62,309

Comfort

Systems

USA,

Inc.

...............................................

11,800

11,394

Cummins,

Inc.

.........................................................

71,581

31,330

Expeditors

International

of

Washington,

Inc.

....................................

121,823

14,850

FedEx

Corp.

..........................................................

37,801

9,595

Leidos

Holdings,

Inc.

....................................................

40,200

7,657

Lockheed

Martin

Corp.

...................................................

63,971

31,466

Masco

Corp.

..........................................................

201,124

13,025

Otis

Worldwide

Corp.

....................................................

363,078

33,679

Owens

Corning

........................................................

67,595

8,606

SS&C

Technologies

Holdings,

Inc.

..........................................

151,588

12,873

Trane

Technologies

PLC

..................................................

41,432

18,588

United

Parcel

Service,

Inc.

,

Class

B

..........................................

112,741

10,871

362,701

Information

Technology

(12.0%):

Accenture

PLC

,

Class

A

..................................................

152,667

38,182

Applied

Materials,

Inc.

...................................................

114,260

26,634

Cisco

Systems,

Inc.

.....................................................

700,671

51,226

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

316,263

23,049

Hewlett

Packard

Enterprise

Co.

.............................................

510,830

12,474

HP,

Inc.

..............................................................

457,780

12,667

International

Business

Machines

Corp.

........................................

92,222

28,350

Victory

Portfolios

III

#### Victory

#### Income

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) KLA

Corp.

...........................................................

12,013

$

14,521

Lam

Research

Corp.

.....................................................

173,211

27,274

NetApp,

Inc.

..........................................................

191,412

22,545

QUALCOMM,

Inc.

.....................................................

243,671

44,080

Skyworks

Solutions,

Inc.

.................................................

99,864

7,761

308,763

Materials

(4.1%):

CF

Industries

Holdings,

Inc.

...............................................

428,221

35,667

CRH

PLC

............................................................

85,879

10,228

LyondellBasell

Industries

NV

,

Class

A

........................................

220,691

10,245

Olin

Corp.

............................................................

100,092

2,072

Packaging

Corp.

of

America

...............................................

50,396

9,866

Reliance,

Inc.

..........................................................

63,782

18,014

Steel

Dynamics,

Inc.

.....................................................

77,139

12,095

The

Mosaic

Co.

........................................................

280,600

7,702

105,889

Real

Estate

(4.2%):

American

Healthcare

REIT,

Inc.

............................................

97,200

4,405

Brixmor

Property

Group,

Inc.

..............................................

185,100

4,842

Camden

Property

Trust

...................................................

44,200

4,397

CareTrust

REIT,

Inc.

....................................................

111,400

3,860

Cousins

Properties,

Inc.

..................................................

136,300

3,534

Crown

Castle,

Inc.

......................................................

7,545

681

CubeSmart

...........................................................

52,134

1,964

Digital

Realty

Trust,

Inc.

..................................................

12,300

2,096

Equinix,

Inc.

..........................................................

7,354

6,222

Equity

Residential

......................................................

95,200

5,659

First

Industrial

Realty

Trust,

Inc.

............................................

92,500

5,113

Healthpeak

Properties,

Inc.

................................................

128,078

2,299

Invitation

Homes,

Inc.

...................................................

181,800

5,118

Kimco

Realty

Corp.

.....................................................

266,129

5,498

Omega

Healthcare

Investors,

Inc.

...........................................

137,800

5,792

Prologis,

Inc.

..........................................................

60,917

7,559

Public

Storage

.........................................................

20,400

5,683

Realty

Income

Corp.

....................................................

25,600

1,484

Simon

Property

Group,

Inc.

...............................................

51,169

8,993

Ventas,

Inc.

...........................................................

107,800

7,955

Welltower,

Inc.

.........................................................

84,900

15,370

108,524

Utilities

(3.8%):

Ameren

Corp.

.........................................................

80,600

8,223

Edison

International

.....................................................

500,571

27,722

Evergy,

Inc.

...........................................................

284,992

21,890

NiSource,

Inc.

.........................................................

202,900

8,544

NRG

Energy,

Inc.

.......................................................

120,795

20,760

OGE

Energy

Corp.

......................................................

212,311

9,371

WEC

Energy

Group,

Inc.

.................................................

23,811

2,660

99,170

Total

Common

Stocks

(Cost

$2,126,473)

a

a

a

2,576,768

Total

Investments

(Cost

$2,126,473)

—

99.7%

2,576,768

Other

assets

in

excess

of

liabilities

— 0.3%

8,584

NET

ASSETS

-

100.00%

$

2,585,352

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.2%)

Australia

(0.3%):

Information

Technology

(0.3%):

Atlassian

Corp.

,

Class

A

(a) ................................................

24,009

$

4,067

Belgium

(0.0%):(b)

Health

Care

(0.0%):(b)

UCB

SA

.............................................................

Canada

(0.6%):

Health

Care

(0.0%):(b)

Xenon

Pharmaceuticals,

Inc.

(a) .............................................

1,137

Information

Technology

(0.6%):

Celestica,

Inc.

(a) .......................................................

11,558

3,981

Shopify,

Inc.

,

Class

A

(a) ..................................................

24,380

4,239

8,220

8,268

China

(0.0%):(b)

Health

Care

(0.0%):(b)

GenFleet

Therapeutics

Shanghai,

Inc.

,

Class

H

(a) ................................

600

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.

,

Class

H

(a) .............................

4,318

Denmark

(0.0%):(b)

Health

Care

(0.0%):(b)

Ascendis

Pharma

A/S

,

ADR

(a) .............................................

Germany

(0.2%):

Information

Technology

(0.2%):

SAP

SE

,

ADR

.........................................................

9,842

2,559

Ireland

(0.2%):

Health

Care

(0.0%):(b)

ICON

PLC

(a) .........................................................

Medtronic

PLC

........................................................

2,878

Information

Technology

(0.2%):

Accenture

PLC

,

Class

A

..................................................

11,341

2,836

3,170

Israel

(1.6%):

Information

Technology

(1.6%):

CyberArk

Software

Ltd.

(a) ................................................

24,161

12,582

Monday.com

Ltd.

(a) .....................................................

16,121

3,309

Wix.com

Ltd.

(a) ........................................................

45,552

6,630

22,521

Italy

(0.0%):(b)

Health

Care

(0.0%):(b)

DiaSorin

SpA

.........................................................

Netherlands

(0.5%):

Health

Care

(0.0%):(b)

Argenx

SE

,

ADR

(a) .....................................................

Pharvaris

NV

(a) ........................................................

2,001

QIAGEN

NV

..........................................................

1,179

Information

Technology

(0.5%):

ASML

Holding

NV

,

Registered

Shares

,

NYS

...................................

3,883

4,113

NXP

Semiconductors

NV

.................................................

12,058

2,522

6,635

6,848

South

Korea

(0.2%):

Information

Technology

(0.2%):

SK

hynix,

Inc.

.........................................................

8,626

3,357

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Switzerland

(0.0%):(b)

Health

Care

(0.0%):(b)

Galderma

Group

AG

(a) ..................................................

$

Oculis

Holding

AG

(a) ....................................................

2,425

Taiwan

(0.9%):

Information

Technology

(0.9%):

Silicon

Motion

Technology

Corp.

,

ADR

.......................................

75,238

7,382

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

101,505

4,909

12,291

Thailand

(0.7%):

Information

Technology

(0.7%):

Fabrinet

(a) ............................................................

23,330

10,278

United

Kingdom

(0.0%):(b)

Health

Care

(0.0%):(b)

AstraZeneca

PLC

,

ADR

..................................................

1,380

GSK

PLC

............................................................

5,553

Immunocore

Holdings

PLC

,

ADR

(a) .........................................

1,149

United

States

(92.9%):

Communication

Services

(13.8%):

Alphabet,

Inc.

,

Class

A

...................................................

212,782

59,832

Meta

Platforms,

Inc.

,

Class

A

..............................................

125,808

81,568

Netflix,

Inc.

(a) .........................................................

24,924

27,886

Pinterest,

Inc.

,

Class

A

(a) .................................................

83,715

2,771

Reddit,

Inc.

,

Class

A

(a) ...................................................

53,369

11,151

ROBLOX

Corp.

,

Class

A

(a) ...............................................

28,049

3,190

Take-Two

Interactive

Software,

Inc.

(a) ........................................

41,005

10,512

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

42,790

2,152

199,062

Consumer

Discretionary

(4.1%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

8,596

1,088

Amazon.com,

Inc.

(a) ....................................................

236,855

57,845

Navan,

Inc.

,

Class

A

(a) ...................................................

4,900

59,032

Consumer

Staples

(0.3%):

Maplebear,

Inc.

(a) ......................................................

133,277

4,913

Financials

(3.4%):

Block,

Inc.

(a) ..........................................................

26,740

2,031

Coinbase

Global,

Inc.

,

Class

A

(a) ...........................................

12,305

4,230

HCI

Group,

Inc.

........................................................

18,012

3,675

Mastercard,

Inc.

,

Class

A

.................................................

17,780

9,814

PayPal

Holdings,

Inc.

(a) ..................................................

89,276

6,184

Toast,

Inc.

,

Class

A

(a) ....................................................

125,017

4,518

Visa,

Inc.

,

Class

A

......................................................

48,458

16,512

WEX,

Inc.

(a) ..........................................................

11,025

1,608

48,572

Health

Care

(11.4%):

Abbott

Laboratories

.....................................................

1,638

AbbVie,

Inc.

..........................................................

2,233

Absci

Corp.

(a) (c) .......................................................

363,982

1,558

Acadia

Healthcare

Co.,

Inc.

(a) ..............................................

2,342

Agilent

Technologies,

Inc.

.................................................

1,184

Agios

Pharmaceuticals,

Inc.

(a) .............................................

998

Align

Technology,

Inc.

(a) .................................................

Alignment

Healthcare,

Inc.

(a) ..............................................

3,057

Alnylam

Pharmaceuticals,

Inc.

(a) ...........................................

Amicus

Therapeutics,

Inc.

(a) ...............................................

6,407

AnaptysBio,

Inc.

(a) (c) ...................................................

188,887

6,909

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Apellis

Pharmaceuticals,

Inc.

(a) ............................................

2,204

$

Apogee

Therapeutics,

Inc.

(a) ...............................................

76,945

4,354

Arcellx,

Inc.

(a) ........................................................

52,168

4,708

Arcus

Biosciences,

Inc.

(a) .................................................

1,551

Avantor,

Inc.

(a) ........................................................

6,347

Biogen,

Inc.

(a) .........................................................

671

Bio-Techne

Corp.

.......................................................

1,363

Boston

Scientific

Corp.

(a) .................................................

3,187

Bridgebio

Pharma,

Inc.

(a) .................................................

126,149

7,902

Bristol-Myers

Squibb

Co.

.................................................

2,452

CAMP4

Therapeutics

Corp.

(a) (c) ...........................................

227,800

948

Cardinal

Health,

Inc.

....................................................

689

Celldex

Therapeutics,

Inc.

(a) ...............................................

1,802

Cencora,

Inc.

..........................................................

915

Charles

River

Laboratories

International,

Inc.

(a) .................................

Crinetics

Pharmaceuticals,

Inc.

(a) ...........................................

143,904

6,260

CVS

Health

Corp.

......................................................

Cytokinetics,

Inc.

(a) .....................................................

835

Danaher

Corp.

.........................................................

1,339

Dianthus

Therapeutics,

Inc.

(a) ..............................................

1,430

Disc

Medicine,

Inc.

(a) ...................................................

92,347

7,962

Dyne

Therapeutics,

Inc.

(a) ................................................

103,201

2,330

Edwards

Lifesciences

Corp.

(a) .............................................

3,810

Elanco

Animal

Health,

Inc.

(a) ..............................................

2,988

Elevance

Health,

Inc.

....................................................

553

Eli

Lilly

&

Co.

.........................................................

12,879

11,113

Encompass

Health

Corp.

..................................................

558

Guardant

Health,

Inc.

(a) ..................................................

223,896

20,827

HCA

Healthcare,

Inc.

....................................................

HeartFlow,

Inc.

(a) ......................................................

Ideaya

Biosciences,

Inc.

(a) ................................................

161,707

5,152

Insmed,

Inc.

(a) .........................................................

85,089

16,133

Intuitive

Surgical,

Inc.

(a) .................................................

765

Ionis

Pharmaceuticals,

Inc.

(a) ..............................................

1,000

Johnson

&

Johnson

.....................................................

2,458

Kymera

Therapeutics,

Inc.

(a) ..............................................

27,595

1,706

Labcorp

Holdings,

Inc.

...................................................

Madrigal

Pharmaceuticals,

Inc.

(a) ...........................................

MBX

Biosciences,

Inc.

(a) .................................................

2,911

Merck

&

Co.,

Inc.

......................................................

5,090

Natera,

Inc.

(a) .........................................................

53,345

10,612

Nuvalent,

Inc.

,

Class

A

(a) .................................................

Olema

Pharmaceuticals,

Inc.

(a) .............................................

256,131

2,298

Option

Care

Health,

Inc.

(a) ................................................

2,135

ORIC

Pharmaceuticals,

Inc.

(a) .............................................

360,193

4,740

Protagonist

Therapeutics,

Inc.

(a) ............................................

78,317

6,157

PTC

Therapeutics,

Inc.

(a) .................................................

700

Revolution

Medicines,

Inc.

(a) ..............................................

153,979

9,060

Scholar

Rock

Holding

Corp.

(a) .............................................

749

Soleno

Therapeutics,

Inc.

(a) ...............................................

753

Spyre

Therapeutics,

Inc.

(a) (c) ..............................................

77,126

1,887

STERIS

PLC

..........................................................

Structure

Therapeutics,

Inc.

,

ADR

(a) .........................................

2,482

Stryker

Corp.

..........................................................

Thermo

Fisher

Scientific,

Inc.

..............................................

Twist

Bioscience

Corp.

(a) .................................................

83,568

2,749

Ultragenyx

Pharmaceutical,

Inc.

(a) ..........................................

103,885

3,594

United

Therapeutics

Corp.

(a) ..............................................

UnitedHealth

Group,

Inc.

.................................................

1,774

606

Vaxcyte,

Inc.

(a) ........................................................

627

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

16,295

4,745

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

17,192

7,316

Viridian

Therapeutics,

Inc.

(a) ..............................................

250,211

5,912

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Zymeworks,

Inc.

(a) .....................................................

82,922

$

1,583

165,312

Information

Technology

(59.9%):

Adobe,

Inc.

(a) .........................................................

10,416

3,545

Advanced

Micro

Devices,

Inc.

(a) ............................................

16,385

4,197

Aehr

Test

Systems

(a) (c) ..................................................

272,002

7,069

Amphenol

Corp.

,

Class

A

.................................................

49,783

6,937

Appfolio,

Inc.

,

Class

A

(a) .................................................

11,793

3,000

Apple,

Inc.

...........................................................

134,454

36,352

Applied

Materials,

Inc.

...................................................

4,859

1,133

AppLovin

Corp.

,

Class

A

(a) ...............................................

68,013

43,347

Arista

Networks,

Inc.

(a) ..................................................

162,265

25,588

Autodesk,

Inc.

(a) .......................................................

23,548

7,096

Broadcom,

Inc.

........................................................

117,207

43,323

Cadence

Design

Systems,

Inc.

(a) ............................................

13,237

4,483

Cirrus

Logic,

Inc.

(a) .....................................................

5,493

729

Coherent

Corp.

(a) ......................................................

138,754

18,310

Corpay,

Inc.

(a) .........................................................

13,160

3,426

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

104,855

19,673

Crowdstrike

Holdings,

Inc.

,

Class

A

(a) .......................................

2,908

1,579

Dell

Technologies,

Inc.

,

Class

C

............................................

11,817

1,914

Docusign,

Inc.

(a) .......................................................

58,372

4,269

Dropbox,

Inc.

,

Class

A

(a) .................................................

88,277

2,560

Dynatrace,

Inc.

(a) ......................................................

126,144

6,379

Elastic

NV

(a) ..........................................................

22,622

2,018

F5,

Inc.

(a) ............................................................

5,074

1,284

Fair

Isaac

Corp.

(a) ......................................................

5,214

8,653

First

Solar,

Inc.

(a) ......................................................

6,289

1,679

Flex

Ltd.

(a) ...........................................................

73,296

4,582

Fortinet,

Inc.

(a) ........................................................

82,953

7,170

Gartner,

Inc.

(a) ........................................................

8,247

2,048

Gitlab,

Inc.

,

Class

A

(a) ...................................................

73,206

3,569

GoDaddy,

Inc.

,

Class

A

(a) .................................................

30,211

4,022

Impinj,

Inc.

(a) .........................................................

29,708

6,006

Intuit,

Inc.

............................................................

11,718

7,822

Jabil,

Inc.

............................................................

15,213

3,360

JFrog

Ltd.

(a) ..........................................................

193,638

9,194

KLA

Corp.

...........................................................

8,423

10,181

Klaviyo,

Inc.

,

Class

A

(a) ..................................................

307,600

7,998

Lam

Research

Corp.

.....................................................

160,801

25,320

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

142,052

21,042

Manhattan

Associates,

Inc.

(a) ..............................................

5,650

1,029

MaxLinear,

Inc.

(a) ......................................................

531,773

8,056

Microsoft

Corp.

........................................................

184,786

95,684

MKS,

Inc.

............................................................

19,649

2,824

Monolithic

Power

Systems,

Inc.

............................................

24,088

24,208

Motorola

Solutions,

Inc.

..................................................

7,478

3,041

NetApp,

Inc.

..........................................................

16,596

1,955

Novanta,

Inc.

(a) ........................................................

42,588

5,409

Nutanix,

Inc.

,

Class

A

(a) ..................................................

72,701

5,179

NVIDIA

Corp.

.........................................................

769,197

155,755

Oracle

Corp.

..........................................................

139,322

36,587

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

81,036

16,245

Pegasystems,

Inc.

.......................................................

101,572

6,465

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

50,058

4,941

QUALCOMM,

Inc.

.....................................................

7,704

1,394

RingCentral,

Inc.

,

Class

A

(a) ...............................................

83,896

2,527

Riot

Platforms,

Inc.

(a) ...................................................

88,318

1,747

Salesforce,

Inc.

........................................................

12,908

3,361

Samsara,

Inc.

,

Class

A

(a) .................................................

60,442

2,428

Seagate

Technology

Holdings

PLC

..........................................

3,582

917

Semtech

Corp.

(a) .......................................................

225,827

15,325

ServiceNow,

Inc.

(a) .....................................................

38,472

35,367

Victory

Portfolios

III

#### Victory

#### Science

#### &

#### Technology

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Snowflake,

Inc.

(a) ......................................................

92,160

$

25,333

Strategy,

Inc.

(a) ........................................................

13,464

3,629

Synopsys,

Inc.

(a) .......................................................

19,931

9,045

Trimble,

Inc.

(a) ........................................................

94,251

7,516

Varonis

Systems,

Inc.

(a) ..................................................

354,770

12,499

Workday,

Inc.

,

Class

A

(a) .................................................

10,926

2,621

Zscaler,

Inc.

(a) .........................................................

11,916

3,946

865,890

1,342,781

Uruguay

(0.1%):

Consumer

Discretionary

(0.1%):

MercadoLibre,

Inc.

(a) ....................................................

717

1,669

Total

Common

Stocks

(Cost

$677,167)

1,418,484

Rights

(0.0%)(b)

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) Total

Warrants

(Cost

$52)

—

(e) Exchange-Traded

Funds

(0.3%)

United

States

(0.3%):

iShares

Expanded

Tech

Sector

ETF

(c) ........................................

33,652

4,505

Total

Exchange-Traded

Funds

(Cost

$3,661)

4,505

Collateral

for

Securities

Loaned

(1.0%)^

United

States

(1.0%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(f) ........

3,755,717

3,756

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(f) ............

3,755,717

3,755

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(f) ................

3,755,717

3,756

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(f) .

3,755,717

3,756

Total

Collateral

for

Securities

Loaned

(Cost

$15,023)

15,023

Total

Investments

(Cost

$695,903)

—

99.5%

1,438,012

Other

assets

in

excess

of

liabilities

—

0.5%

6,770

NET

ASSETS

-

100.00%

$

1,444,782

^

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

October

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(e) Rounds

to

less

than

$1

thousand.

(f) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ADR

—

American

Depositary

Receipt

CVR

—

Contingent

Value

Right

ETF

—

Exchange-Traded

Fund

NYS

—

New

York

Registered

Shares

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.1%)

Communication

Services

(2.7%):

Cable

One,

Inc.

........................................................

5,161

$

767

Cargurus,

Inc.(a)

.......................................................

75,339

2,646

Cinemark

Holdings,

Inc.

..................................................

44,548

1,203

Cogent

Communications

Holdings,

Inc.

.......................................

20,527

847

Gray

Media,

Inc.

.......................................................

292,547

1,337

IDT

Corp.,

Class

B

......................................................

21,756

1,102

Madison

Square

Garden

Sports

Corp.(a)

.......................................

4,390

941

Magnite,

Inc.(a)

........................................................

287,084

5,133

MediaAlpha,

Inc.,

Class

A(a)

..............................................

76,880

980

Nexstar

Media

Group,

Inc.

................................................

6,100

1,194

Nexxen

International

Ltd.(a)

...............................................

151,802

1,248

Playtika

Holding

Corp.

...................................................

171,328

629

Yelp,

Inc.(a)

...........................................................

68,353

2,254

Ziff

Davis,

Inc.(a)

.......................................................

53,294

1,807

22,088

Consumer

Discretionary

(10.1%):

Academy

Sports

&

Outdoors,

Inc.

...........................................

14,865

712

American

Eagle

Outfitters,

Inc.

.............................................

135,597

2,266

Atmus

Filtration

Technologies,

Inc.

..........................................

45,990

2,092

Bath

&

Body

Works,

Inc.

.................................................

40,820

999

Beazer

Homes

USA,

Inc.(a)

...............................................

28,570

640

Boot

Barn

Holdings,

Inc.(a)

...............................................

8,962

1,700

Brinker

International,

Inc.(a)

...............................................

13,120

1,426

Brunswick

Corp.

.......................................................

16,475

1,089

Build-A-Bear

Workshop,

Inc.

..............................................

33,212

1,801

Cricut,

Inc.,

Class

A

.....................................................

181,369

963

First

Watch

Restaurant

Group,

Inc.(a)

........................................

51,608

851

Frontdoor,

Inc.(a)

.......................................................

37,822

2,512

Garrett

Motion,

Inc.

.....................................................

238,643

4,043

Genius

Sports

Ltd.(a)

....................................................

209,319

2,357

G-III

Apparel

Group

Ltd.(a)

...............................................

54,528

1,464

Global-e

Online

Ltd.(a)

..................................................

49,651

1,809

Group

Automotive,

Inc.

.................................................

1,280

509

Hamilton

Beach

Brands

Holding

Co.,

Class

A

...................................

30,243

Installed

Building

Products,

Inc.

............................................

7,970

1,978

KB

Home

............................................................

32,731

2,043

Kontoor

Brands,

Inc.

....................................................

25,596

2,071

Kura

Sushi

USA,

Inc.,

Class

A(a)(b)

.........................................

21,963

1,250

Latham

Group,

Inc.(a)

...................................................

63,180

Life

Time

Group

Holdings,

Inc.(a)

...........................................

65,318

1,615

Lindblad

Expeditions

Holdings,

Inc.(a)

.......................................

28,411

Marriott

Vacations

Worldwide

Corp.

.........................................

17,834

1,177

Modine

Manufacturing

Co.(a)

..............................................

17,010

2,606

Monarch

Casino

&

Resort,

Inc.

.............................................

19,551

1,761

Norwegian

Cruise

Line

Holdings

Ltd.(a)

......................................

13,827

Penn

Entertainment,

Inc.(a)

................................................

47,500

782

Phinia,

Inc.

...........................................................

52,127

2,706

Phoenix

Education

Partners,

Inc.(a)

..........................................

13,238

PVH

Corp.

...........................................................

12,900

1,010

Sally

Beauty

Holdings,

Inc.(a)

..............................................

112,000

1,692

SharkNinja,

Inc.(a)

......................................................

13,021

1,113

Signet

Jewelers

Ltd.

.....................................................

53,725

5,311

Sportradar

Group

AG(a)

..................................................

116,286

2,978

Steven

Madden

Ltd.

.....................................................

41,725

1,415

Taylor

Morrison

Home

Corp.(a)

............................................

95,067

5,635

The

Buckle,

Inc.

........................................................

73,312

4,017

The

Cheesecake

Factory,

Inc.(b)

............................................

9,540

The

Goodyear

Tire

&

Rubber

Co.(a)

.........................................

138,500

954

Topgolf

Callaway

Brands

Corp.(a)

...........................................

87,926

827

Tri

Pointe

Homes,

Inc.(a)

.................................................

102,159

3,254

Universal

Technical

Institute,

Inc.(a)

.........................................

26,056

774

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Victoria's

Secret

&

Co.(a)

.................................................

55,000

$

1,939

Visteon

Corp.

..........................................................

12,450

1,334

Winmark

Corp.

........................................................

1,337

539

Winnebago

Industries,

Inc.

................................................

37,155

1,401

YETI

Holdings,

Inc.(a)

...................................................

21,940

746

82,662

Consumer

Staples

(2.4%):

Cal-Maine

Foods,

Inc.

...................................................

31,998

2,809

Dole

PLC

............................................................

159,784

2,036

Edgewell

Personal

Care

Co.

...............................................

43,321

840

elf

Beauty,

Inc.(a)

.......................................................

12,028

1,469

Interparfums,

Inc.

.......................................................

12,496

1,114

Medifast,

Inc.(a)

.......................................................

59,889

720

Nomad

Foods

Ltd.

......................................................

89,320

1,009

Oddity

Tech

Ltd.(a)

.....................................................

49,477

2,239

Sprouts

Farmers

Market,

Inc.(a)

............................................

9,628

760

SunOpta,

Inc.(a)

........................................................

396,910

2,072

The

Andersons,

Inc.

.....................................................

35,342

1,637

The

Chefs'

Warehouse,

Inc.(a)

..............................................

25,900

1,528

United

Natural

Foods,

Inc.(a)

..............................................

30,306

1,141

19,374

Energy

(4.8%):

Atlas

Energy

Solutions,

Inc.(b)

.............................................

63,660

788

Cactus,

Inc.,

Class

A

.....................................................

36,510

1,613

California

Resources

Corp.

................................................

30,650

1,446

Centrus

Energy

Corp.,

Class

A(a)(b)

.........................................

6,743

2,478

Core

Natural

Resources,

Inc.

...............................................

36,266

2,865

DHT

Holdings,

Inc.

.....................................................

68,900

915

Gulfport

Energy

Corp.(a)

.................................................

12,990

2,416

Magnolia

Oil

&

Gas

Corp.,

Class

A

..........................................

73,541

1,652

Matador

Resources

Co.

...................................................

21,935

866

Murphy

Oil

Corp.

......................................................

187,819

5,315

Northern

Oil

&

Gas,

Inc.

..................................................

45,610

1,009

NPK

International,

Inc.(a)

.................................................

77,315

951

Patterson-UTI

Energy,

Inc.

................................................

136,900

858

Plains

GP

Holdings

LP,

Class

A(a)

...........................................

66,680

1,152

Ranger

Energy

Services,

Inc.

...............................................

139,036

1,910

Scorpio

Tankers,

Inc.

....................................................

76,904

4,745

SM

Energy

Co.

........................................................

100,684

2,103

Talos

Energy,

Inc.(a)

.....................................................

98,000

961

Teekay

Corp.

Ltd.

......................................................

249,764

2,403

Teekay

Tankers

Ltd.,

Class

A

...............................................

37,550

2,290

Tidewater,

Inc.(a)

.......................................................

16,340

827

39,563

Financials

(18.2%):

Acadian

Asset

Management,

Inc.

............................................

57,385

2,760

AGNC

Investment

Corp.(b)

...............................................

81,000

810

Amalgamated

Financial

Corp.

..............................................

91,138

2,484

Ameris

Bancorp

........................................................

58,650

4,200

Apollo

Commercial

Real

Estate

Finance,

Inc.

...................................

63,503

622

Artisan

Partners

Asset

Management,

Inc.,

Class

A

................................

96,842

4,228

Atlanticus

Holdings

Corp.(a)

...............................................

26,967

1,486

BancFirst

Corp.

........................................................

17,569

1,913

Bank

of

Hawaii

Corp.

....................................................

26,600

1,727

Bank7

Corp.

..........................................................

6,104

BOK

Financial

Corp.

....................................................

14,040

1,468

Bread

Financial

Holdings,

Inc.

.............................................

69,497

4,354

Brighthouse

Financial,

Inc.(a)

..............................................

16,983

969

Cathay

General

Bancorp

..................................................

49,168

2,235

CNO

Financial

Group,

Inc.

................................................

36,100

1,445

Coastal

Financial

Corp.(a)

................................................

26,871

2,862

Cohen

&

Steers,

Inc.

....................................................

30,114

2,057

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) CVB

Financial

Corp.

....................................................

84,475

$

1,552

Dime

Community

Bancshares,

Inc.

..........................................

47,416

1,245

Donnelley

Financial

Solutions,

Inc.(a)

........................................

16,312

750

Dynex

Capital,

Inc.(b)

...................................................

98,500

1,304

Enova

International,

Inc.(a)

................................................

28,818

3,446

Essent

Group

Ltd.

......................................................

77,090

4,669

Euronet

Worldwide,

Inc.(a)

................................................

17,380

1,318

Figure

Technology

Solutions,

Inc.,

Class

A(a)

...................................

31,332

1,241

First

American

Financial

Corp.

.............................................

20,170

1,261

First

Bancorp

..........................................................

15,900

772

First

Bancorp

Puerto

Rico

.................................................

157,530

3,070

First

Financial

Bancorp

...................................................

102,846

2,408

First

Interstate

BancSystem,

Inc.,

Class

A

......................................

55,865

1,746

First

Merchants

Corp.

....................................................

44,150

1,566

Flagstar

Bank

NA

.......................................................

177,500

2,027

FNB

Corp.

............................................................

139,710

2,196

Franklin

BSP

Realty

Trust,

Inc.

.............................................

73,133

742

Glacier

Bancorp,

Inc.

....................................................

45,000

1,838

Globe

Life,

Inc.

........................................................

18,970

2,495

Hamilton

Insurance

Group

Ltd.,

Class

B(a)

....................................

136,796

3,238

Hancock

Whitney

Corp.

..................................................

67,120

3,833

Independent

Bank

Corp.

..................................................

24,025

1,617

International

Bancshares

Corp.

.............................................

47,135

3,129

Jackson

Financial,

Inc.,

Class

A

.............................................

39,164

3,948

Kinsale

Capital

Group,

Inc.

................................................

4,987

1,992

Ladder

Capital

Corp.

....................................................

198,382

2,097

Live

Oak

Bancshares,

Inc.

................................................

43,406

1,352

Marex

Group

PLC

......................................................

26,526

805

MFA

Financial,

Inc.

.....................................................

59,613

536

NBT

Bancorp,

Inc.

......................................................

39,350

1,592

Northeast

Community

Bancorp,

Inc.

.........................................

28,725

564

Northwest

Bancshares,

Inc.

................................................

134,900

1,580

OFG

Bancorp

.........................................................

70,308

2,718

Old

National

Bancorp

....................................................

99,170

2,026

Old

Second

Bancorp,

Inc.

.................................................

131,764

2,365

PJT

Partners,

Inc.,

Class

A

................................................

18,382

2,961

Primerica,

Inc.

.........................................................

3,740

972

Prosperity

Bancshares,

Inc.

................................................

21,100

1,389

QCR

Holdings,

Inc.

.....................................................

51,412

3,825

Renasant

Corp.

........................................................

47,120

1,585

RLI

Corp.

............................................................

15,100

890

Shift4

Payments,

Inc.,

Class

A(a)(b)

.........................................

3,915

Skyward

Specialty

Insurance

Group,

Inc.(a)

....................................

50,200

2,289

SouthState

Bank

Corp.

...................................................

34,224

3,034

StepStone

Group,

Inc.,

Class

A

.............................................

16,113

981

Stewart

Information

Services

Corp.

..........................................

20,000

1,365

Texas

Capital

Bancshares,

Inc.(a)

...........................................

42,720

3,582

The

Bancorp,

Inc.(a)

.....................................................

33,150

2,167

The

Bank

of

NT

Butterfield

&

Son

Ltd.

.......................................

98,142

4,540

Toast,

Inc.,

Class

A(a)

....................................................

32,029

1,158

UMB

Financial

Corp.

....................................................

20,300

2,170

United

Bankshares,

Inc.

..................................................

26,620

953

Universal

Insurance

Holdings,

Inc.

..........................................

74,710

2,303

Valley

National

Bancorp

..................................................

285,180

3,100

Virtus

Investment

Partners,

Inc.

.............................................

7,050

1,148

Western

Alliance

Bancorp

.................................................

10,750

831

White

Mountains

Insurance

Group

Ltd.

.......................................

700

1,333

World

Acceptance

Corp.(a)

................................................

14,297

1,822

149,579

Health

Care

(15.4%):

ACADIA

Pharmaceuticals,

Inc.(a)

...........................................

18,357

AdaptHealth

Corp.(a)

....................................................

83,813

753

ADMA

Biologics,

Inc.(a)

.................................................

35,589

551

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Agios

Pharmaceuticals,

Inc.(a)

.............................................

22,521

$

974

Akebia

Therapeutics,

Inc.(a)

...............................................

247,701

547

Alignment

Healthcare,

Inc.(a)

..............................................

161,338

2,720

Alkermes

PLC(a)

.......................................................

26,718

820

Amicus

Therapeutics,

Inc.(a)

...............................................

65,506

592

Amphastar

Pharmaceuticals,

Inc.(a)

..........................................

16,400

AnaptysBio,

Inc.(a)

.....................................................

25,773

943

Apogee

Therapeutics,

Inc.(a)

...............................................

35,985

2,036

Arcellx,

Inc.(a)

........................................................

8,747

789

Arcus

Biosciences,

Inc.(a)

.................................................

77,792

1,534

Arcutis

Biotherapeutics,

Inc.(a)

.............................................

51,944

1,315

Arrowhead

Pharmaceuticals,

Inc.(a)

..........................................

24,601

1,043

aTyr

Pharma,

Inc.(a)(b)

...................................................

174,885

Avanos

Medical,

Inc.(a)

..................................................

70,347

782

Avidity

Biosciences,

Inc.(a)

...............................................

19,708

1,377

Beam

Therapeutics,

Inc.(a)

................................................

19,642

Beta

Bionics,

Inc.(a)(b)

...................................................

23,430

638

BioCryst

Pharmaceuticals,

Inc.(a)

...........................................

34,864

BioLife

Solutions,

Inc.(a)

.................................................

86,733

2,417

Bridgebio

Pharma,

Inc.(a)

.................................................

61,973

3,882

Brookdale

Senior

Living,

Inc.(a)

............................................

116,733

1,082

Catalyst

Pharmaceuticals,

Inc.(a)

............................................

21,980

Celcuity,

Inc.(a)

........................................................

18,847

1,454

Celldex

Therapeutics,

Inc.(a)

...............................................

19,216

514

Certara,

Inc.(a)

.........................................................

76,338

888

Charles

River

Laboratories

International,

Inc.(a)

.................................

4,650

837

Cidara

Therapeutics,

Inc.(a)

...............................................

6,368

696

Collegium

Pharmaceutical,

Inc.(a)

...........................................

23,686

853

Corcept

Therapeutics,

Inc.(a)

..............................................

18,471

1,357

CorVel

Corp.(a)

........................................................

32,453

2,400

Crinetics

Pharmaceuticals,

Inc.(a)

...........................................

19,935

867

Cytokinetics,

Inc.(a)

.....................................................

16,341

1,039

Edgewise

Therapeutics,

Inc.(a)

.............................................

79,048

1,445

Encompass

Health

Corp.

..................................................

10,210

1,162

Envista

Holdings

Corp.(a)

.................................................

65,400

1,331

Exact

Sciences

Corp.(a)

..................................................

73,821

4,775

EyePoint

Pharmaceuticals,

Inc.(a)

...........................................

90,004

1,178

GeneDx

Holdings

Corp.(a)

................................................

6,018

824

GRAIL,

Inc.(a)(b)

......................................................

15,929

1,464

Halozyme

Therapeutics,

Inc.(a)

.............................................

9,983

651

HealthEquity,

Inc.(a)

....................................................

19,027

1,800

ICU

Medical,

Inc.(a)

....................................................

10,992

1,320

Immunome,

Inc.(a)

......................................................

83,305

1,339

Immunovant,

Inc.(a)

.....................................................

59,927

1,479

Innoviva,

Inc.(a)

.......................................................

140,800

2,563

Insmed,

Inc.(a)

.........................................................

6,856

1,300

Integra

LifeSciences

Holdings

Corp.(a)

.......................................

44,209

531

Intellia

Therapeutics,

Inc.(a)

...............................................

29,659

iRadimed

Corp.

........................................................

22,165

1,703

iRhythm

Technologies,

Inc.(a)

..............................................

2,179

Kiniksa

Pharmaceuticals

International

PLC(a)

..................................

64,327

2,381

Krystal

Biotech,

Inc.(a)

...................................................

4,481

885

Kymera

Therapeutics,

Inc.(a)

..............................................

13,340

825

Lantheus

Holdings,

Inc.(a)

................................................

12,910

745

LENZ

Therapeutics,

Inc.(a)(b)

.............................................

57,574

1,711

Ligand

Pharmaceuticals,

Inc.(a)

.............................................

5,980

1,144

LivaNova

PLC(a)

.......................................................

26,571

1,398

Madrigal

Pharmaceuticals,

Inc.(a)

...........................................

2,915

1,221

Mirum

Pharmaceuticals,

Inc.(a)

.............................................

8,263

600

MoonLake

Immunotherapeutics(a)

..........................................

33,832

Natera,

Inc.(a)

.........................................................

4,873

969

Niagen

Bioscience,

Inc.(a)

................................................

278,258

2,098

Novavax,

Inc.(a)(b)

.....................................................

26,431

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Nuvalent,

Inc.,

Class

A(a)

.................................................

9,627

$

956

OptimizeRx

Corp.(a)

....................................................

16,914

Option

Care

Health,

Inc.(a)

................................................

40,686

1,059

OrthoPediatrics

Corp.(a)

..................................................

128,832

2,170

Owlet,

Inc.(a)

.........................................................

94,763

881

Pacira

BioSciences,

Inc.(a)

................................................

60,894

1,302

Pediatrix

Medical

Group,

Inc.(a)

............................................

127,547

2,164

Perrigo

Co.

PLC

.......................................................

31,900

662

Progyny,

Inc.(a)

........................................................

85,471

1,599

Protagonist

Therapeutics,

Inc.(a)

............................................

9,358

736

PTC

Therapeutics,

Inc.(a)

.................................................

11,592

792

Repligen

Corp.(a)

.......................................................

17,206

2,565

Revolution

Medicines,

Inc.(a)

..............................................

26,311

1,548

Rhythm

Pharmaceuticals,

Inc.(a)

............................................

25,817

2,937

Scholar

Rock

Holding

Corp.(a)

.............................................

82,967

2,458

Select

Medical

Holdings

Corp.

.............................................

148,151

2,049

SI-BONE,

Inc.(a)

.......................................................

172,564

2,559

SIGA

Technologies,

Inc.

..................................................

267,831

2,218

Soleno

Therapeutics,

Inc.(a)

...............................................

13,175

885

Stoke

Therapeutics,

Inc.(a)(b)

..............................................

41,141

1,236

Supernus

Pharmaceuticals,

Inc.(a)

...........................................

22,608

1,246

Surgery

Partners,

Inc.(a)

..................................................

48,170

1,056

Syndax

Pharmaceuticals,

Inc.(a)

............................................

98,000

1,343

Talkspace,

Inc.(a)

.......................................................

28,977

Taysha

Gene

Therapies,

Inc.(a)

.............................................

216,373

1,073

TG

Therapeutics,

Inc.(a)

..................................................

37,089

1,290

The

Ensign

Group,

Inc.

...................................................

7,740

1,394

The

Pennant

Group,

Inc.(a)

................................................

18,450

Travere

Therapeutics,

Inc.(a)

...............................................

34,195

1,202

Twist

Bioscience

Corp.(a)

.................................................

13,107

Vera

Therapeutics,

Inc.(a)

.................................................

11,909

Veracyte,

Inc.(a)

........................................................

15,836

571

Vericel

Corp.(a)

........................................................

11,073

Viking

Therapeutics,

Inc.(a)(b)

.............................................

46,445

1,769

Xenon

Pharmaceuticals,

Inc.(a)

.............................................

21,569

904

Xeris

Biopharma

Holdings,

Inc.(a)

..........................................

181,989

1,765

Zymeworks,

Inc.(a)

.....................................................

77,240

1,474

126,006

Industrials

(16.3%):

ACCO

Brands

Corp.

....................................................

541,606

2,036

Alamo

Group,

Inc.

......................................................

3,190

570

Ameresco,

Inc.,

Class

A(a)

................................................

67,723

2,676

Apogee

Enterprises,

Inc.

..................................................

37,991

1,391

Applied

Industrial

Technologies,

Inc.

.........................................

9,908

2,547

ArcBest

Corp.

.........................................................

12,700

944

Archer

Aviation,

Inc.,

Class

A(a)

............................................

172,479

1,935

Argan,

Inc.

...........................................................

14,837

4,543

ASGN,

Inc.(a)

.........................................................

24,524

1,098

Atkore,

Inc.

...........................................................

38,675

2,678

BlueLinx

Holdings,

Inc.(a)

................................................

10,600

694

Boise

Cascade

Co.

......................................................

27,108

1,911

BWX

Technologies,

Inc.

..................................................

6,411

1,369

Casella

Waste

Systems,

Inc.(a)

.............................................

57,609

5,102

CECO

Environmental

Corp.(a)

.............................................

42,053

2,056

Columbus

McKinnon

Corp.

...............................................

76,206

1,237

Deluxe

Corp.

..........................................................

105,769

1,915

DNOW,

Inc.(a)

........................................................

159,493

2,345

Enovix

Corp.(a)(b)

......................................................

136,295

1,634

ExlService

Holdings,

Inc.(a)

...............................................

17,549

686

Exponent,

Inc.

.........................................................

25,232

1,787

Fluor

Corp.(a)

.........................................................

31,960

1,559

FTAI

Aviation

Ltd.

......................................................

21,413

3,702

Gates

Industrial

Corp.

PLC(a)

..............................................

253,470

5,597

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Genco

Shipping

&

Trading

Ltd.

.............................................

117,804

$

2,007

Generac

Holdings,

Inc.(a)

.................................................

2,470

Granite

Construction,

Inc.

.................................................

11,740

1,208

Griffon

Corp.

..........................................................

29,063

2,151

Hayward

Holdings,

Inc.(a)

................................................

62,720

1,064

Helios

Technologies,

Inc.

.................................................

25,190

1,395

Hub

Group,

Inc.,

Class

A

.................................................

32,300

1,190

Huron

Consulting

Group,

Inc.(a)

............................................

13,017

2,141

ICF

International,

Inc.

...................................................

18,120

1,455

JBT

Marel

Corp.

.......................................................

14,221

1,793

Kforce,

Inc.

...........................................................

33,160

839

Korn

Ferry

...........................................................

40,675

2,632

Kornit

Digital

Ltd.(a)

....................................................

57,432

775

Legalzoom.com,

Inc.(a)

..................................................

187,977

1,874

Liquidity

Services,

Inc.(a)

.................................................

74,451

1,782

Masterbrand,

Inc.(a)

.....................................................

167,360

2,114

Matson,

Inc.

..........................................................

32,091

3,240

Mayville

Engineering

Co.,

Inc.(a)

...........................................

71,136

1,268

Montrose

Environmental

Group,

Inc.(a)

.......................................

12,907

Mueller

Industries,

Inc.

...................................................

21,445

2,270

NEXTracker,

Inc.,

Class

A(a)

..............................................

19,010

1,924

Powell

Industries,

Inc.

...................................................

Power

Solutions

International,

Inc.(a)

........................................

24,767

2,121

RBC

Bearings,

Inc.(a)

...................................................

11,691

5,010

Redwire

Corp.(a)(b)

.....................................................

54,179

Resideo

Technologies,

Inc.(a)

..............................................

86,031

3,682

Ryder

System,

Inc.

......................................................

9,135

1,546

Sensata

Technologies

Holding

PLC

..........................................

39,600

1,260

SkyWest,

Inc.(a)

........................................................

15,130

1,520

Sterling

Infrastructure,

Inc.(a)

..............................................

23,857

9,016

Sun

Country

Airlines

Holdings,

Inc.(a)

........................................

198,758

2,441

Tecogen,

Inc.(a)(b)

......................................................

25,203

Terex

Corp.

...........................................................

76,656

3,528

The

Brink's

Co.

........................................................

16,440

1,827

The

Greenbrier

Cos.,

Inc.

.................................................

23,000

961

The

Timken

Co.

........................................................

33,561

2,635

Titan

International,

Inc.(a)

.................................................

100,394

758

Titan

Machinery,

Inc.(a)

..................................................

36,447

598

Transcat,

Inc.(a)

........................................................

15,448

1,122

TriNet

Group,

Inc.

......................................................

17,452

1,047

UFP

Industries,

Inc.

.....................................................

14,550

1,341

V2X,

Inc.(a)

..........................................................

56,092

3,202

Valmont

Industries,

Inc.

..................................................

3,520

1,455

Wabash

National

Corp.

...................................................

86,317

692

WillScot

Holdings

Corp.

..................................................

36,237

788

133,289

Information

Technology

(16.8%):

A10

Networks,

Inc.

.....................................................

137,921

2,460

ACI

Worldwide,

Inc.(a)

..................................................

27,240

1,297

Adeia,

Inc.

............................................................

142,529

2,429

ADTRAN

Holdings,

Inc.(a)

...............................................

83,363

869

Agilysys,

Inc.(a)

.......................................................

10,275

1,289

Alkami

Technology,

Inc.(a)(b)

..............................................

66,044

1,340

Arlo

Technologies,

Inc.(a)

.................................................

20,633

Arteris,

Inc.(a)

.........................................................

81,440

1,108

Bel

Fuse,

Inc.,

Class

B

...................................................

23,833

3,670

Belden,

Inc.

...........................................................

35,229

4,293

Benchmark

Electronics,

Inc.

...............................................

68,447

2,999

Box,

Inc.,

Class

A(a)

....................................................

82,767

2,656

Cellebrite

DI

Ltd.(a)

.....................................................

155,115

2,646

Ciena

Corp.(a)

.........................................................

8,691

1,651

Clear

Secure,

Inc.,

Class

A

................................................

76,077

2,318

Commvault

Systems,

Inc.(a)

...............................................

28,738

4,001

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Confluent,

Inc.,

Class

A(a)

................................................

36,399

$

851

Consensus

Cloud

Solutions,

Inc.(a)

..........................................

62,330

1,827

Crane

NXT

Co.

........................................................

24,290

1,536

Credo

Technology

Group

Holding

Ltd.(a)

.....................................

20,824

3,907

Digital

Turbine,

Inc.(a)

...................................................

801,212

5,000

Diodes,

Inc.(a)

.........................................................

48,211

2,572

Extreme

Networks,

Inc.(a)

................................................

221,290

4,209

indie

Semiconductor,

Inc.,

Class

A(a)(b)

......................................

1,093,263

5,882

Insight

Enterprises,

Inc.(a)

................................................

19,048

1,905

InterDigital,

Inc.

.......................................................

737

IonQ,

Inc.(a)

..........................................................

8,098

505

JFrog

Ltd.(a)

..........................................................

41,441

1,968

Klaviyo,

Inc.,

Class

A(a)

..................................................

20,360

529

Knowles

Corp.(a)

.......................................................

166,501

3,931

Kulicke

&

Soffa

Industries,

Inc.

.............................................

60,908

2,432

Lattice

Semiconductor

Corp.(a)

.............................................

13,170

961

LightPath

Technologies,

Inc.,

Class

A(a)

......................................

158,164

1,373

Lumentum

Holdings,

Inc.(a)

...............................................

9,656

1,946

NetScout

Systems,

Inc.(a)

.................................................

81,003

2,252

Netskope,

Inc.,

Class

A(a)

.................................................

41,270

976

Nova

Ltd.(a)

..........................................................

2,199

758

Nutanix,

Inc.,

Class

A(a)

..................................................

49,128

3,500

Okta,

Inc.(a)

..........................................................

13,636

1,248

Onto

Innovation,

Inc.(a)

..................................................

26,420

3,566

Photronics,

Inc.(a)

......................................................

70,696

1,690

Plexus

Corp.(a)

........................................................

8,730

1,221

Porch

Group,

Inc.(a)

.....................................................

587,086

8,836

Qualys,

Inc.(a)

.........................................................

17,748

2,188

Rambus,

Inc.(a)

........................................................

19,563

2,012

Sanmina

Corp.(a)

.......................................................

33,723

4,622

ScanSource,

Inc.(a)

.....................................................

47,526

2,039

Semtech

Corp.(a)

.......................................................

23,543

1,598

Silicon

Laboratories,

Inc.(a)

...............................................

18,033

2,364

Silicon

Motion

Technology

Corp.,

ADR

.......................................

36,862

3,616

SPS

Commerce,

Inc.(a)

...................................................

22,086

1,816

Synaptics,

Inc.(a)

.......................................................

22,839

1,620

The

Descartes

Systems

Group,

Inc.(a)

........................................

10,732

947

Tower

Semiconductor

Ltd.(a)

..............................................

32,201

2,742

TTM

Technologies,

Inc.(a)

................................................

26,598

1,787

Unusual

Machines,

Inc.(a)(b)

..............................................

83,988

1,257

Varonis

Systems,

Inc.(a)

..................................................

20,542

724

Veeco

Instruments,

Inc.(a)

.................................................

132,615

3,813

Vertex,

Inc.,

Class

A(a)

...................................................

31,818

729

Vishay

Intertechnology,

Inc.

...............................................

73,988

1,256

Weave

Communications,

Inc.(a)

............................................

31,105

Zeta

Global

Holdings

Corp.,

Class

A(a)

.......................................

52,055

936

137,369

Materials

(4.3%):

AdvanSix,

Inc.

.........................................................

60,807

1,130

Avient

Corp.

..........................................................

33,023

1,059

Cabot

Corp.

...........................................................

23,223

1,567

Carpenter

Technology

Corp.

...............................................

25,732

8,129

Coeur

Mining,

Inc.(a)

....................................................

62,440

1,072

Commercial

Metals

Co.

..................................................

53,101

3,152

Hawkins,

Inc.

.........................................................

18,606

2,639

Ingevity

Corp.(a)

.......................................................

23,500

1,262

Knife

River

Corp.(a)

....................................................

8,940

541

Materion

Corp.

........................................................

28,179

3,230

O-I

Glass,

Inc.(a)

.......................................................

118,763

1,341

Olin

Corp.

............................................................

40,973

848

Olympic

Steel,

Inc.

......................................................

42,639

1,578

Ryerson

Holding

Corp.

...................................................

70,560

1,557

Sealed

Air

Corp.

.......................................................

96,620

3,238

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) SunCoke

Energy,

Inc.

....................................................

224,483

$

1,798

Sylvamo

Corp.

.........................................................

31,421

1,276

35,417

Real

Estate

(5.5%):

Acadia

Realty

Trust

.....................................................

32,145

613

American

Healthcare

REIT,

Inc.

............................................

53,218

2,412

Apple

Hospitality

REIT,

Inc.

...............................................

60,433

676

Broadstone

Net

Lease,

Inc.

................................................

155,744

2,791

CareTrust

REIT,

Inc.

....................................................

74,916

2,596

Compass,

Inc.,

Class

A(a)

.................................................

163,157

1,258

COPT

Defense

Properties

.................................................

66,954

1,886

Curbline

Properties

Corp.

.................................................

65,900

1,520

Cushman

&

Wakefield

PLC(a)

.............................................

188,859

2,965

DiamondRock

Hospitality

Co.

..............................................

107,700

842

Douglas

Emmett,

Inc.

....................................................

135,630

1,755

Easterly

Government

Properties,

Inc.

.........................................

45,100

975

Essential

Properties

Realty

Trust,

Inc.

........................................

79,192

2,366

Four

Corners

Property

Trust,

Inc.

............................................

96,782

2,288

Howard

Hughes

Holdings,

Inc.(a)

...........................................

13,320

1,056

Independence

Realty

Trust,

Inc.

.............................................

53,330

850

Innovative

Industrial

Properties,

Inc.

.........................................

5,622

Kite

Realty

Group

Trust

..................................................

39,188

868

LXP

Industrial

Trust

.....................................................

165,800

1,573

National

Health

Investors,

Inc.

.............................................

10,541

785

Newmark

Group,

Inc.,

Class

A

.............................................

50,925

908

Phillips

Edison

&

Co.,

Inc.

................................................

30,232

1,023

Ryman

Hospitality

Properties,

Inc.

...........................................

9,143

795

Sabra

Health

Care

REIT,

Inc.

..............................................

107,138

1,909

Sila

Realty

Trust,

Inc.

....................................................

48,760

1,156

SL

Green

Realty

Corp.

...................................................

14,544

747

STAG

Industrial,

Inc.

....................................................

28,200

1,079

Summit

Hotel

Properties,

Inc.

..............................................

149,027

766

Sunstone

Hotel

Investors,

Inc.

..............................................

49,204

Tanger,

Inc.

...........................................................

19,844

646

Terreno

Realty

Corp.

....................................................

15,966

912

The

Macerich

Co.

......................................................

45,028

772

The

St.

Joe

Co.

........................................................

36,870

2,093

Urban

Edge

Properties

...................................................

41,364

795

Veris

Residential,

Inc.

....................................................

76,900

1,104

45,498

Utilities

(2.6%):

Avista

Corp.

..........................................................

55,927

2,128

Black

Hills

Corp.

.......................................................

83,631

5,305

Genie

Energy

Ltd.,

Class

B

................................................

61,568

926

H2O

America

.........................................................

27,820

1,287

MGE

Energy,

Inc.

......................................................

5,887

National

Fuel

Gas

Co.

...................................................

11,000

868

New

Jersey

Resources

Corp.

...............................................

21,380

947

Northwestern

Energy

Group,

Inc.

...........................................

26,650

1,590

ONE

Gas,

Inc.

.........................................................

18,829

1,510

Portland

General

Electric

Co.

..............................................

32,501

1,485

Southwest

Gas

Holdings,

Inc.

..............................................

19,956

1,586

Spire,

Inc.

............................................................

22,119

1,911

Unitil

Corp.

...........................................................

27,955

1,363

21,394

Total

Common

Stocks

(Cost

$682,998)

a

a

a

812,239

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

Sha

res,

expiring

11/1/27(a)(d)(f)(e)

............

7,105

—

Victory

Portfolios

III

#### Victory

#### Small

#### Cap

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

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

Shares

a

Value

(000) OmniAb

Operations,

Inc.,

15.00 Earnout

Shares,

expiring

11/1/27(a)(d)(f)(e)

............

7,105

—

Total

Rights

(Cost

$36)

a

a

a

Collateral

for

Securities

Loaned

(2.4%)^

Goldman

Sachs

Financial

Square

Government

Fun

d,

Institutional

Shares,

4.01%(g)

........

4,960,681

$

4,960

HSBC

U.S.

Government

Money

Market

Fun

d,

Institutional

Shares,

3.98%(g)

............

4,960,681

4,961

Invesco

Government

&

Agency

Portfoli

o,

Institutional

Shares,

4.00%(g)

...............

4,960,681

4,961

Morgan

Stanley

Institutional

Liquidity

Government

Portfoli

o,

Institutional

Shares,

4.00%(g)

.

4,960,681

4,961

Total

Collateral

for

Securities

Loaned

(Cost

$19,843)

a

a

a

19,843

Total

Investments

(Cost

$702,877)

—

101.5%

832,083

Liabilities

in

excess

of

other

assets

— (1.5)%

(12,191)

NET

ASSETS

-

100.00%

$

819,892

At

October

31,

2025,

the

Fund's

investments

in

foreign

securities

were

8.0%

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

October

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(e) 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

October

31,

2025. (g) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ADR

—

American

Depositary

Receipt

CVR

—

Contingent

Value

Right

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Value

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.8%)

Communication

Services

(5.3%):

Alphabet,

Inc.

,

Class

A

...................................................

141,583

$

39,812

AT&T,

Inc.

...........................................................

178,416

4,416

Comcast

Corp.

,

Class

A

..................................................

165,263

4,600

Electronic

Arts,

Inc.

.....................................................

15,335

3,068

Meta

Platforms,

Inc.

,

Class

A

..............................................

4,550

2,950

Nexstar

Media

Group,

Inc.

................................................

17,134

3,353

Take-Two

Interactive

Software,

Inc.

(a) ........................................

29,300

7,512

Verizon

Communications,

Inc.

..............................................

147,982

5,881

71,592

Consumer

Discretionary

(5.8%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

21,564

2,729

Aptiv

PLC

(a) ..........................................................

64,613

5,240

BorgWarner,

Inc.

.......................................................

139,527

5,994

Deckers

Outdoor

Corp.

(a) .................................................

51,222

4,175

Domino's

Pizza,

Inc.

.....................................................

4,353

1,734

Expedia

Group,

Inc.

.....................................................

31,472

6,924

General

Motors

Co.

.....................................................

48,013

3,317

H&R

Block,

Inc.

.......................................................

54,279

2,700

Lear

Corp.

............................................................

23,182

2,426

Lowe's

Cos.,

Inc.

.......................................................

23,851

5,680

Mattel,

Inc.

(a) .........................................................

587,500

10,798

NVR,

Inc.

(a) ..........................................................

713

5,141

PulteGroup,

Inc.

........................................................

49,776

5,967

PVH

Corp.

...........................................................

28,598

2,240

Toll

Brothers,

Inc.

......................................................

60,700

8,191

Ulta

Beauty,

Inc.

(a) .....................................................

9,716

5,051

78,307

Consumer

Staples

(5.5%):

Altria

Group,

Inc.

.......................................................

129,528

7,303

Coca-Cola

Consolidated,

Inc.

..............................................

37,747

4,921

Colgate-Palmolive

Co.

...................................................

87,953

6,777

Ingredion,

Inc.

.........................................................

54,058

6,239

Keurig

Dr.

Pepper,

Inc.

...................................................

202,592

5,502

Mondelez

International,

Inc.

,

Class

A

.........................................

158,900

9,130

PepsiCo,

Inc.

..........................................................

24,264

3,545

Sysco

Corp.

...........................................................

81,562

6,058

The

Procter

&

Gamble

Co.

................................................

90,634

13,629

U.S.

Foods

Holding

Corp.

(a) ...............................................

146,200

10,617

73,721

Energy

(5.1%):

Devon

Energy

Corp.

.....................................................

184,247

5,986

Enterprise

Products

Partners

LP

.............................................

439,124

13,521

EOG

Resources,

Inc.

....................................................

61,391

6,498

Exxon

Mobil

Corp.

.....................................................

140,200

16,033

Marathon

Petroleum

Corp.

................................................

38,238

7,453

Valero

Energy

Corp.

.....................................................

116,780

19,801

69,292

Financials

(20.2%):

Affiliated

Managers

Group,

Inc.

............................................

19,647

4,675

American

Express

Co.

...................................................

15,709

5,667

Ameriprise

Financial,

Inc.

.................................................

15,117

6,844

Cboe

Global

Markets,

Inc.

................................................

52,500

12,896

Citigroup,

Inc.

.........................................................

242,200

24,518

East

West

Bancorp,

Inc.

..................................................

71,315

7,246

Euronet

Worldwide,

Inc.

(a) ................................................

31,820

2,414

Evercore,

Inc.

.........................................................

19,046

5,610

Everest

Group

Ltd.

......................................................

60,074

18,894

Fairfax

Financial

Holdings

Ltd.

.............................................

11,600

18,835

Fidelity

National

Financial,

Inc.

............................................

134,559

7,433

Victory

Portfolios

III

#### Victory

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) JPMorgan

Chase

&

Co.

..................................................

76,233

$

23,718

KeyCorp

.............................................................

1,258,200

22,132

MGIC

Investment

Corp.

..................................................

165,365

4,534

PayPal

Holdings,

Inc.

(a) ..................................................

73,703

5,105

Principal

Financial

Group,

Inc.

.............................................

55,815

4,691

Regions

Financial

Corp.

..................................................

159,445

3,859

SEI

Investments

Co.

.....................................................

75,821

6,112

Synchrony

Financial

.....................................................

107,712

8,012

The

Allstate

Corp.

......................................................

30,335

5,810

The

Goldman

Sachs

Group,

Inc.

............................................

10,321

8,147

The

PNC

Financial

Services

Group,

Inc.

......................................

15,640

2,855

The

Progressive

Corp.

...................................................

27,607

5,687

U.S.

Bancorp

..........................................................

545,377

25,458

Unum

Group

..........................................................

228,900

16,806

Voya

Financial,

Inc.

.....................................................

45,763

3,407

W.R.

Berkley

Corp.

.....................................................

97,718

6,971

Zions

Bancorp

NA

......................................................

62,841

3,275

271,611

Health

Care

(16.0%):

AbbVie,

Inc.

..........................................................

74,120

16,161

Agilent

Technologies,

Inc.

.................................................

23,386

3,423

Bristol-Myers

Squibb

Co.

.................................................

160,557

7,397

Cardinal

Health,

Inc.

....................................................

10,882

2,076

Centene

Corp.

(a) .......................................................

51,798

1,832

Chemed

Corp.

.........................................................

6,513

2,809

CVS

Health

Corp.

......................................................

193,688

15,137

Elevance

Health,

Inc.

....................................................

13,306

4,221

Exelixis,

Inc.

(a) ........................................................

99,122

3,833

GE

HealthCare

Technologies,

Inc.

...........................................

82,900

6,213

Gilead

Sciences,

Inc.

....................................................

95,321

11,418

Humana,

Inc.

..........................................................

12,123

3,372

Johnson

&

Johnson

.....................................................

119,378

22,547

McKesson

Corp.

.......................................................

17,560

14,247

Medpace

Holdings,

Inc.

(a) ................................................

9,747

5,701

Medtronic

PLC

........................................................

145,200

13,170

Merck

&

Co.,

Inc.

......................................................

90,087

7,746

Pfizer,

Inc.

............................................................

207,776

5,122

Regeneron

Pharmaceuticals,

Inc.

............................................

17,931

11,687

Royalty

Pharma

PLC

,

Class

A

..............................................

150,632

5,655

Tenet

Healthcare

Corp.

(a) .................................................

20,657

4,265

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a) ...................................

844,800

17,302

The

Cigna

Group

.......................................................

74,272

18,153

United

Therapeutics

Corp.

(a) ..............................................

8,828

3,932

UnitedHealth

Group,

Inc.

.................................................

21,100

7,207

214,626

Industrials

(16.6%):

A.O.

Smith

Corp.

.......................................................

81,970

5,409

Acuity,

Inc.

...........................................................

5,757

2,102

Allison

Transmission

Holdings,

Inc.

.........................................

31,060

2,564

Automatic

Data

Processing,

Inc.

............................................

20,448

5,323

CACI

International,

Inc.

,

Class

A

(a) .........................................

30,700

17,261

Carlisle

Cos.,

Inc.

.......................................................

10,317

3,354

Caterpillar,

Inc.

........................................................

24,487

14,135

Comfort

Systems

USA,

Inc.

...............................................

2,892

2,792

Delta

Air

Lines,

Inc.

.....................................................

55,697

3,196

Eaton

Corp.

PLC

.......................................................

36,200

13,813

EMCOR

Group,

Inc.

....................................................

7,559

5,108

Expeditors

International

of

Washington,

Inc.

....................................

34,459

4,201

FedEx

Corp.

..........................................................

57,420

14,574

Ferguson

Enterprises,

Inc.

.................................................

24,182

6,009

General

Dynamics

Corp.

..................................................

25,700

8,864

Genpact

Ltd.

..........................................................

78,227

2,984

Victory

Portfolios

III

#### Victory

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Honeywell

International,

Inc.

..............................................

58,900

$

11,858

Johnson

Controls

International

PLC

..........................................

79,600

9,105

Leidos

Holdings,

Inc.

....................................................

74,521

14,194

Lincoln

Electric

Holdings,

Inc.

.............................................

16,942

3,972

Lockheed

Martin

Corp.

...................................................

19,244

9,466

Lyft,

Inc.

,

Class

A

(a) ....................................................

189,200

3,871

Masco

Corp.

..........................................................

78,595

5,090

Otis

Worldwide

Corp.

....................................................

64,936

6,023

Owens

Corning

........................................................

42,656

5,431

PACCAR,

Inc.

.........................................................

50,647

4,984

RTX

Corp.

............................................................

61,767

11,025

SS&C

Technologies

Holdings,

Inc.

..........................................

202,200

17,171

United

Airlines

Holdings,

Inc.

(a) ............................................

25,457

2,394

United

Parcel

Service,

Inc.

,

Class

B

..........................................

29,251

2,820

WESCO

International,

Inc.

................................................

14,299

3,711

222,804

Information

Technology

(12.1%):

Accenture

PLC

,

Class

A

..................................................

36,689

9,176

Adobe,

Inc.

(a) .........................................................

18,462

6,283

Amdocs

Ltd.

..........................................................

62,375

5,256

Amphenol

Corp.

,

Class

A

.................................................

43,200

6,019

Analog

Devices,

Inc.

....................................................

39,800

9,318

Apple,

Inc.

...........................................................

16,261

4,396

Applied

Materials,

Inc.

...................................................

79,332

18,492

Arrow

Electronics,

Inc.

(a) .................................................

17,204

1,919

Check

Point

Software

Technologies

Ltd.

(a) ....................................

48,700

9,530

Cisco

Systems,

Inc.

.....................................................

137,608

10,061

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

68,971

5,027

Corpay,

Inc.

(a) .........................................................

27,700

7,212

Dropbox,

Inc.

,

Class

A

(a) .................................................

153,880

4,463

Gen

Digital,

Inc.

.......................................................

134,240

3,539

GoDaddy,

Inc.

,

Class

A

(a) .................................................

10,303

1,372

Hewlett

Packard

Enterprise

Co.

.............................................

71,471

1,745

Jabil,

Inc.

............................................................

22,438

4,956

Lam

Research

Corp.

.....................................................

62,589

9,855

NetApp,

Inc.

..........................................................

52,601

6,195

Nutanix,

Inc.

,

Class

A

(a) ..................................................

16,749

1,193

ON

Semiconductor

Corp.

(a) ...............................................

77,238

3,868

QUALCOMM,

Inc.

.....................................................

40,888

7,397

Salesforce,

Inc.

........................................................

40,300

10,495

Teradata

Corp.

(a) .......................................................

111,336

2,321

Zebra

Technologies

Corp.

(a) ...............................................

34,000

9,154

Zoom

Communications,

Inc.

(a) .............................................

34,870

3,042

162,284

Materials

(3.6%):

Avery

Dennison

Corp.

...................................................

30,225

5,286

CF

Industries

Holdings,

Inc.

...............................................

68,647

5,717

LyondellBasell

Industries

NV

,

Class

A

........................................

46,801

2,172

NewMarket

Corp.

......................................................

4,994

3,835

PPG

Industries,

Inc.

.....................................................

84,100

8,221

Reliance,

Inc.

..........................................................

11,241

3,175

Sealed

Air

Corp.

.......................................................

256,929

8,610

Solstice

Advanced

Materials,

Inc.

(a) .........................................

14,725

664

Steel

Dynamics,

Inc.

.....................................................

53,229

8,346

The

Mosaic

Co.

........................................................

99,227

2,724

48,750

Real

Estate

(3.2%):

Camden

Property

Trust

...................................................

12,873

1,281

CareTrust

REIT,

Inc.

....................................................

40,935

1,418

Cousins

Properties,

Inc.

..................................................

42,681

1,107

Equinix,

Inc.

..........................................................

4,707

3,982

Equity

LifeStyle

Properties,

Inc.

............................................

174,400

10,647

Victory

Portfolios

III

#### Victory

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Equity

Residential

......................................................

37,111

$

2,206

First

Industrial

Realty

Trust,

Inc.

............................................

27,251

1,506

Invitation

Homes,

Inc.

...................................................

75,059

2,113

Kimco

Realty

Corp.

.....................................................

73,897

1,527

Omega

Healthcare

Investors,

Inc.

...........................................

39,633

1,666

Prologis,

Inc.

..........................................................

27,986

3,473

Public

Storage

.........................................................

7,756

2,160

Simon

Property

Group,

Inc.

...............................................

14,198

2,495

Ventas,

Inc.

...........................................................

30,328

2,238

Welltower,

Inc.

.........................................................

25,340

4,588

42,407

Utilities

(4.4%):

American

Electric

Power

Co.,

Inc.

...........................................

98,300

11,821

Edison

International

.....................................................

125,154

6,931

Evergy,

Inc.

...........................................................

55,014

4,226

Exelon

Corp.

..........................................................

339,200

15,644

National

Fuel

Gas

Co.

...................................................

92,285

7,282

NRG

Energy,

Inc.

.......................................................

19,519

3,354

OGE

Energy

Corp.

......................................................

77,456

3,419

PG&E

Corp.

..........................................................

228,737

3,651

Talen

Energy

Corp.

(a) ...................................................

6,465

2,585

58,913

Total

Common

Stocks

(Cost

$1,071,552)

a

a

a

1,314,307

Total

Investments

(Cost

$1,071,552)

—

97.8%

1,314,307

Other

assets

in

excess

of

liabilities

— 2.2%

30,213

NET

ASSETS

-

100.00%

$

1,344,520

At

October

31,

2025,

the

Fund's

investments

in

foreign

securities

were

7.9%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Statements

of

Assets

and

Liabilities

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Aggressive

Growth

Fund

Victory

Capital

Growth

Fund

Victory

Global

Managed

Volatility

Fund

Assets:

Investments,

at

value

(Cost

$1,066,066,

$727,633

and

$322,801)

$

2,796,852

$

1,033,229

(a) $

435,938

(b) Foreign

currency,

at

value

(Cost

$—,

$629

and

$127)

—

630

Cash

8,424

5,427

557

Deposit

with

broker

for

futures

contracts

—

—

Receivables:

Dividends,

interest,

and

securities

lending

income

1,054

Capital

shares

issued

—

Investments

sold

6,068

1,054

—

From

Adviser

Reclaims

—

1,796

839

Prepaid

expenses

Total

Assets

2,811,714

1,043,556

437,945

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

1,855

2,451

Payable

to

affiliate

on

interfund

lending

928

—

—

Investments

purchased

5,634

—

Capital

shares

redeemed

776

720

Accrued

foreign

capital

gains

taxes

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

997

655

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(c) Trustees'

fees

—

(c) 1

Other

accrued

expenses

Total

Liabilities

8,864

4,067

2,936

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

870,603

636,679

250,875

Total

accumulated

earnings

(loss)

1,932,247

402,810

184,134

Net

Assets

$

2,802,850

$

1,039,489

$

435,009

Net

Assets:

Fund

Shares

$

2,787,964

$

1,037,034

$

11,312

Institutional

Shares

14,886

2,455

423,697

Total

$

2,802,850

$

1,039,489

$

435,009

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

34,283

69,306

913

Institutional

Shares

33,418

Total

34,462

69,468

34,331

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

.32

$

.96

$

.39

Institutional

Shares

.07

.12

.68

(a) Includes

$2,744

thousand

of

securities

on

loan.

(b) Includes

$2,685

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

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Growth

&

Income

Fund

Victory

Growth

Fund

Victory

Income

Stock

Fund

Assets:

Investments,

at

value

(Cost

$1,436,414,

$822,653

and

$2,126,473)

$

2,154,289

(a) $

2,756,399

(b) $

2,576,768

Cash

6,764

11,963

6,666

Receivables:

Dividends,

interest,

and

securities

lending

income

1,784

3,664

Capital

shares

issued

Investments

sold

2,048

—

—

From

Adviser

Reclaims

—

—

Prepaid

expenses

Total

Assets

2,165,292

2,768,735

2,587,707

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

—

Payable

to

affiliate

on

interfund

lending

2,363

—

—

Investments

purchased

1,670

5,815

—

Capital

shares

redeemed

753

976

741

Accrued

expenses

and

other

payables:

Investment

advisory

fees

1,091

1,580

1,101

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

Trustees'

fees

—

(c) —

—

(c) Other

accrued

expenses

Total

Liabilities

6,731

8,896

2,355

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

1,295,686

600,509

1,935,003

Total

accumulated

earnings

(loss)

862,875

2,159,330

650,349

Net

Assets

$

2,158,561

$

2,759,839

$

2,585,352

Net

Assets:

Fund

Shares

$

2,153,227

$

2,549,140

$

1,786,273

Institutional

Shares

5,334

210,699

799,079

Total

$

2,158,561

$

2,759,839

$

2,585,352

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

80,203

55,486

93,260

Institutional

Shares

4,602

41,810

Total

80,401

60,088

135,070

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

.85

$

.94

$

.15

Institutional

Shares

.91

.79

.11

(a) Includes

$418

thousand

of

securities

on

loan.

(b) Includes

$11,942

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

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Science

&

Technology

Fund

Victory

Small

Cap

Stock

Fund

Victory

Value

Fund

Assets:

Investments,

at

value

(Cost

$695,903,

$702,877

and

$1,071,552)

$

1,438,012

(a) $

832,083

(b) $

1,314,307

Foreign

currency,

at

value

(Cost

$86,

$—

and

$—)

—

—

Cash

21,735

8,787

26,940

Receivables:

Dividends,

interest,

and

securities

lending

income

1,478

Capital

shares

issued

552

3,212

Investments

sold

15,319

1,297

—

From

Adviser

—

—

Reclaims

—

—

Prepaid

expenses

Total

Assets

1,475,900

842,465

1,345,968

Liabilities:

Payables:

Collateral

received

on

loaned

securities

15,023

19,843

—

Investments

purchased

14,265

1,669

—

Capital

shares

redeemed

661

Accrued

expenses

and

other

payables:

Investment

advisory

fees

844

745

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

Trustees'

fees

12b-1

fees

—

—

Other

accrued

expenses

Total

Liabilities

31,118

22,573

1,448

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

585,037

645,670

971,315

Total

accumulated

earnings

(loss)

859,745

174,222

373,205

Net

Assets

$

1,444,782

$

819,892

$

1,344,520

Net

Assets:

Fund

Shares

$

1,387,617

$

515,230

$

792,902

Institutional

Shares

—

304,662

551,618

Class

A

57,165

—

—

Total

$

1,444,782

$

819,892

$

1,344,520

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

37,583

36,724

38,583

Institutional

Shares

—

21,208

26,814

Class

A

1,660

—

—

Total

39,243

57,932

65,397

Net

asset

value,

offering

and

redemption

price

per

share:(c)

Fund

Shares

$

.92

$

.03

$

.55

Institutional

Shares

—

.37

.57

Class

A

.44

—

—

Maximum

Sales

Charge

—

Class

A

.75

%

—

%

—

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.54

$

—

$

—

(a) Includes

$14,922

thousand

of

securities

on

loan.

(b) Includes

$19,245

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

Six

Months

Ended

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Aggressive

Growth

Fund

Victory

Capital

Growth

Fund

Victory

Global

Managed

Volatility

Fund

Investment

Income:

Dividends

$

3,742

$

10,585

$

4,453

Interest

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(7)

(647)

(266)

Total

Income

4,141

10,142

4,221

Expenses:

Investment

advisory

fees

5,618

3,736

1,406

Administration

fees

—

Fund

Shares

1,939

745

Administration

fees

—

Institutional

Shares

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

696

Transfer

agent

fees

—

Institutional

Shares

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

(a) —

Line

of

credit

fees

—

—

(a) Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

8,495

5,212

1,843

Expenses

waived/reimbursed

by

Adviser

(8)

(8)

(193)

Net

Expenses

8,487

5,204

1,650

Net

Investment

Income

(Loss)

(4,346)

4,938

2,571

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

79,760

54,035

40,588

Foreign

taxes

on

realized

gains

—

(207)

(131)

Net

realized

gains

(losses)

from

in-kind

redemptions

95,266

—

—

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

517,560

109,325

15,584

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—

(63)

Net

realized/unrealized

gains

(losses)

on

investments

692,586

163,090

56,066

Change

in

net

assets

resulting

from

operations

$

688,240

$

168,028

$

58,637

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Growth

&

Income

Fund

Victory

Growth

Fund

Victory

Income

Stock

Fund

Investment

Income:

Dividends

$

18,011

$

5,039

$

35,932

Interest

Securities

lending

(net

of

fees)

—

(a) Foreign

tax

withholding

(3)

(15)

—

(a) Total

Income

18,144

5,406

36,023

Expenses:

Investment

advisory

fees

6,276

8,910

6,376

Administration

fees

—

Fund

Shares

1,550

1,787

1,327

Administration

fees

—

Institutional

Shares

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

563

552

Transfer

agent

fees

—

Institutional

Shares

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

Other

expenses

Total

Expenses

8,612

11,707

9,165

Expenses

waived/reimbursed

by

Adviser

(10)

(9)

(11)

Net

Expenses

8,602

11,698

9,154

Net

Investment

Income

(Loss)

9,542

(6,292)

26,869

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

80,958

104,488

62,685

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

273,474

564,038

196,998

Net

realized/unrealized

gains

(losses)

on

investments

354,432

668,526

259,683

Change

in

net

assets

resulting

from

operations

$

363,974

$

662,234

$

286,552

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Science

&

Technology

Fund

Victory

Small

Cap

Stock

Fund

Victory

Value

Fund

Investment

Income:

Dividends

$

1,700

$

5,853

$

13,776

Interest

521

Securities

lending

(net

of

fees)

—

Foreign

tax

withholding

(32)

(14)

—

(a) Total

Income

1,976

6,111

14,297

Expenses:

Investment

advisory

fees

4,674

2,841

4,304

Administration

fees

—

Fund

Shares

945

592

Administration

fees

—

Institutional

Shares

—

Administration

fees

—

Class

A

—

—

Sub-Administration

fees

12b-1

fees

—

Class

A

—

—

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

Transfer

agent

fees

—

Institutional

Shares

—

Transfer

agent

fees

—

Class

A

—

—

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

—

(a) —

(a) Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

6,375

3,993

5,938

Expenses

waived/reimbursed

by

Adviser

—

(24)

(3)

Net

Expenses

6,375

3,969

5,935

Net

Investment

Income

(Loss)

(4,399)

2,142

8,362

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

102,929

45,076

31,789

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

302,836

99,586

111,971

Net

realized/unrealized

gains

(losses)

on

investments

405,765

144,662

143,760

Change

in

net

assets

resulting

from

operations

$

401,366

$

146,804

$

152,122

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(4,346)

$

(5,147)

$

4,938

$

8,903

$

2,571

$

6,852

Net

realized

gains

(losses)

175,026

114,349

53,828

102,290

40,457

52,156

Net

change

in

unrealized

appreciation/depreciation

517,560

180,463

109,262

(24,275)

15,609

1,539

Change

in

net

assets

resulting

from

operations

688,240

289,665

168,028

86,918

58,637

60,547

Distributions

to

Shareholders:

Fund

Shares

—

(119,506)

—

(106,775)

—

(335)

Institutional

Shares

—

(518)

—

(267)

—

(15,850)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(120,024)

—

(107,042)

—

(16,185)

Change

in

net

assets

resulting

from

capital

transactions

(87,414)

(25,164)

(38,973)

40,785

(66,001)

(100,546)

Change

in

net

assets

600,825

144,477

129,055

20,661

(7,364)

(56,184)

Net

Assets:

Beginning

of

period

2,202,025

2,057,548

910,434

889,773

442,373

498,557

End

of

period

$

2,802,850

$

2,202,025

$

1,039,489

$

910,434

$

435,009

$

442,373

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

73,109

$

133,187

$

23,807

$

50,589

$

806

$

Distributions

reinvested

—

117,605

—

105,913

—

Cost

of

shares

redeemed

(160,554)

(277,941)

(62,613)

(115,814)

(380)

(1,709)

Total

Fund

Shares

$

(87,445)

$

(27,149)

$

(38,806)

$

40,688

$

$

(932)

Institutional

Shares

Proceeds

from

shares

issued

$

112,690

$

4,665

$

$

$

—

$

—

(a) Distributions

reinvested

—

—

—

15,850

Cost

of

shares

redeemed

(112,660)

(3,168)

(180)

(555)

(66,427)

(115,464)

Total

Institutional

Shares

$

$

1,985

$

(167)

$

$

(66,427)

$

(99,614)

Change

in

net

assets

resulting

from

capital

transactions

$

(87,415)

$

(25,164)

$

(38,973)

$

40,785

$

(66,001)

$

(100,546)

Share

Transactions:

Fund

Shares

Issued

989

2,057

1,703

3,772

Reinvested

—

1,703

—

8,099

—

Redeemed

(2,160)

(4,303)

(4,472)

(8,660)

(32)

(158)

Total

Fund

Shares

(1,171)

(543)

(2,769)

3,211

(87)

Institutional

Shares

Issued

1,403

—

—

(b) Reinvested

—

—

—

1,404

Redeemed

(1,381)

(48)

(13)

(41)

(5,336)

(10,092)

Total

Institutional

Shares

(12)

(5,336)

(8,688)

Change

in

Shares

(1,149)

(512)

(2,781)

3,218

(5,298)

(8,775)

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

9,542

$

20,564

$

(6,292)

$

(9,502)

$

26,869

$

56,169

Net

realized

gains

(losses)

80,958

196,046

104,488

300,655

62,685

303,190

Net

change

in

unrealized

appreciation/depreciation

273,474

(36,760)

564,038

57,467

196,998

(201,011)

Change

in

net

assets

resulting

from

operations

363,974

179,850

662,234

348,620

286,552

158,348

Distributions

to

Shareholders:

Fund

Shares

(10,141)

(349,659)

—

(220,322)

(19,533)

(284,645)

Institutional

Shares

(25)

(923)

—

(31,159)

(8,637)

(131,974)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(10,166)

(350,582)

—

(251,481)

(28,170)

(416,619)

Change

in

net

assets

resulting

from

capital

transactions

(73,715)

182,368

(131,810)

(226,536)

(68,276)

56,165

Change

in

net

assets

280,093

11,636

530,424

(129,397)

190,106

(202,106)

Net

Assets:

Beginning

of

period

1,878,468

1,866,832

2,229,415

2,358,812

2,395,246

2,597,352

End

of

period

$

2,158,561

$

1,878,468

$

2,759,839

$

2,229,415

$

2,585,352

$

2,395,246

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

42,332

$

85,197

$

46,138

$

100,193

$

29,860

$

69,581

Distributions

reinvested

9,926

342,743

—

217,024

18,722

275,249

Cost

of

shares

redeemed

(125,955)

(246,197)

(141,656)

(285,907)

(111,669)

(219,570)

Total

Fund

Shares

$

(73,697)

$

181,743

$

(95,518)

$

31,310

$

(63,087)

$

125,260

Institutional

Shares

Proceeds

from

shares

issued

$

504

$

1,965

$

11,157

$

25,296

$

15,749

$

65,183

Distributions

reinvested

890

—

30,960

8,625

131,709

Cost

of

shares

redeemed

(546)

(2,230)

(47,449)

(314,102)

(29,563)

(265,987)

Total

Institutional

Shares

$

(18)

$

625

$

(36,292)

$

(257,846)

$

(5,189)

$

(69,095)

Change

in

net

assets

resulting

from

capital

transactions

$

(73,715)

$

182,368

$

(131,810)

$

(226,536)

$

(68,276)

$

56,165

Share

Transactions:

Fund

Shares

Issued

1,688

3,345

1,098

2,626

1,612

3,599

Reinvested

14,074

—

5,443

1,015

15,009

Redeemed

(5,010)

(9,711)

(3,375)

(7,525)

(6,041)

(11,434)

Total

Fund

Shares

(2,927)

7,708

(2,277)

544

(3,414)

7,174

Institutional

Shares

Issued

700

857

3,517

Reinvested

—

779

7,194

Redeemed

(22)

(86)

(1,128)

(8,008)

(1,593)

(13,753)

Total

Institutional

Shares

(1)

(856)

(6,529)

(268)

(3,042)

Change

in

Shares

(2,928)

7,734

(3,133)

(5,985)

(3,682)

4,132

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(4,399)

$

(7,953)

$

2,142

$

2,131

$

8,362

$

16,552

Net

realized

gains

(losses)

102,929

106,036

45,076

59,868

31,789

159,743

Net

change

in

unrealized

appreciation/depreciation

302,836

25,448

99,586

(90,372)

111,971

(91,790)

Change

in

net

assets

resulting

from

operations

401,366

123,531

146,804

(28,373)

152,122

84,505

Distributions

to

Shareholders:

Fund

Shares

—

—

—

(32,013)

—

(99,163)

Institutional

Shares

—

—

—

(16,423)

—

(62,200)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

—

—

(48,436)

—

(161,363)

Change

in

net

assets

resulting

from

capital

transactions

(60,654)

(134,845)

(47,028)

(57,447)

(41,480)

59,609

Change

in

net

assets

340,712

(11,314)

99,776

(134,256)

110,642

(17,249)

Net

Assets:

Beginning

of

period

1,104,070

1,115,384

720,116

854,372

1,233,878

1,251,127

End

of

period

$

1,444,782

$

1,104,070

$

819,892

$

720,116

$

1,344,520

$

1,233,878

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

25,764

$

54,895

$

11,509

$

26,072

$

16,200

$

35,717

Distributions

reinvested

—

—

—

31,583

—

97,962

Cost

of

shares

redeemed

(83,475)

(179,908)

(53,628)

(99,393)

(58,314)

(113,856)

Total

Fund

Shares

$

(57,711)

$

(125,013)

$

(42,119)

$

(41,738)

$

(42,114)

$

19,823

Institutional

Shares

Proceeds

from

shares

issued

$

—

$

—

$

5,223

$

14,385

$

13,627

$

18,378

Distributions

reinvested

—

—

—

16,415

—

62,173

Cost

of

shares

redeemed

—

—

(10,132)

(46,509)

(12,993)

(40,765)

Total

Institutional

Shares

$

—

$

—

$

(4,909)

$

(15,709)

$

634

$

39,786

Class

A

Proceeds

from

shares

issued

$

$

1,019

$

—

$

—

$

—

$

—

Cost

of

shares

redeemed

(3,408)

(10,851)

—

—

—

—

Total

Class

A

$

(2,943)

$

(9,832)

$

—

$

—

$

—

$

—

Change

in

net

assets

resulting

from

capital

transactions

$

(60,654)

$

(134,845)

$

(47,028)

$

(57,447)

$

(41,480)

$

59,609

Share

Transactions:

Fund

Shares

Issued

786

1,940

860

1,926

822

1,790

Reinvested

—

—

—

2,266

—

5,087

Redeemed

(2,553)

(6,390)

(4,050)

(7,371)

(2,945)

(5,723)

Total

Fund

Shares

(1,767)

(4,450)

(3,190)

(3,179)

(2,123)

1,154

Institutional

Shares

Issued

—

—

1,115

688

962

Reinvested

—

—

—

1,151

—

3,224

Redeemed

—

—

(714)

(3,192)

(643)

(1,968)

Total

Institutional

Shares

—

—

(326)

(926)

2,218

Class

A

Issued

—

—

—

—

Redeemed

(115)

(418)

—

—

—

—

Total

Class

A

(98)

(379)

—

—

—

—

Change

in

Shares

(1,865)

(4,829)

(3,516)

(4,105)

(2,078)

3,372

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Aggressive

Growth

Fund

Fund

Shares

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$61.83

$56.96

$41.82

$41.79

$61.22

$46.02

$43.91

Investment

Activities:

Net

investment

income

(loss)(b)

(0.12)

(0.14)

(0.09)

(0.03)

(0.15)

(0.15)

(0.07)

Net

realized

and

unrealized

gains

(losses)

19.61 8.46 15.23 0.90 (12.92)

15.45 9.82 Total

from

Investment

Activities

19.49 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

$81.32

$61.83

$56.96

$41.82

$41.79

$61.22

$46.02

Total

Return(c)(d)

31.52%

13.97%

36.20%

2.31%

(23.75)%

33.27%

26.30%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.65%

0.64%

0.64%

0.68%

0.63%

0.63%

0.72%

Net

Investment

Income

(Loss)(e)

(0.33)%

(0.22)%

(0.17)%

(0.12)%

(0.29)%

(0.28)%

(0.17)%

Gross

Expenses(e)(f)

0.65%

0.64%

0.64%

0.68%

0.63%

0.63%

0.72%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,787,964

$2,192,112

$2,050,192

$1,600,944

$1,648,078

$2,307,263

$1,861,282

Portfolio

Turnover(c)(g)

15%(h)

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.

(h) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Aggressive

Growth

Fund

Institutional

Shares

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$63.16

$58.16

$42.69

$42.60

$62.27

$46.82

$44.54

Investment

Activities:

Net

investment

income

(loss)(b)

(0.15)

(0.19)

(0.08)

0.01 (0.18)

(0.17)

(0.05)

Net

realized

and

unrealized

gains

(losses)

20.06 8.64 15.55 0.92 (13.13)

15.72 9.98 Total

from

Investment

Activities

19.91 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

$83.07

$63.16

$58.16

$42.69

$42.60

$62.27

$46.82

Total

Return(c)(d)

31.52%

13.90%

36.24%

2.41%

(23.73)%

33.24%

26.33%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.72%

0.71%

0.63%

0.53%

0.66%

0.66%

0.70%

Net

Investment

Income

(Loss)(e)

(0.39)%

(0.29)%

(0.16)%

0.03%

(0.33)%

(0.32)%

(0.13)%

Gross

Expenses(e)(f)

0.83%

0.87%

0.91%

1.28%

0.72%

0.73%

0.81%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,886

$9,913

$7,356

$3,109

$3,706

$20,405

$12,287

Portfolio

Turnover(c)(g)

15%(h)

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.

(h) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Capital

Growth

Fund

Fund

Shares

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$12.60

$12.89

$11.00

$11.30

$13.67

$10.62

$11.36

Investment

Activities:

Net

investment

income

(loss)(b)

0.07 0.13 0.15 0.12 0.19 0.13 0.14 Net

realized

and

unrealized

gains

(losses)

2.29 1.17 1.87 0.38 (0.95)

3.28 0.13 Total

from

Investment

Activities

2.36 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

$14.96

$12.60

$12.89

$11.00

$11.30

$13.67

$10.62

Total

Return(c)(d)

18.73%

9.80%

18.46%

4.63%

(6.74)%

32.74%

2.14%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.04%

1.09%

1.13%

1.16%

1.09%

1.07%

1.12%

Net

Investment

Income

(Loss)(e)

0.99%(g)

0.95%

1.25%

1.49%

1.52%

1.04%

1.35%

Gross

Expenses(e)(f)

1.04%

1.09%

1.13%

1.16%

1.09%

1.07%

1.13%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,037,034

$908,212

$887,600

$802,284

$799,210

$899,767

$755,102

Portfolio

Turnover(c)(h)

30%

57%

59%

41%

58%

67%(i)

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) Includes

net

investment

income

received

on

EU

Reclaims

during

the

six

months

ended

October

31,

2025. Without

these

amounts

the

net

investment

income

would

have

been

less

by

0.06%.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(i)

Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Capital

Growth

Fund

Institutional

Shares

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$12.74

$13.02

$11.10

$11.39

$13.81

$10.66

$11.39

Investment

Activities:

Net

investment

income

(loss)(b)

0.07(c)

0.12 0.15 0.11 0.20 0.15 0.14 Net

realized

and

unrealized

gains

(losses)

2.31 1.18 1.89 0.37 (0.95)

3.35 0.14 Total

from

Investment

Activities

2.38 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

$15.12

$12.74

$13.02

$11.10

$11.39

$13.81

$10.66

Total

Return(d)(e)

18.68%

9.74%

18.40%

4.50%

(6.68)%

33.45%

2.20%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.10%

1.13%

1.16%

1.25%

1.06%

0.77%

1.01%

Net

Investment

Income

(Loss)(f)

0.94%(c)

0.90%

1.22%

1.35%

1.58%

1.30%

1.31%

Gross

Expenses(f)(g)

1.75%

1.83%

1.80%

1.83%

1.66%

0.92%

1.01%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,455

$2,222

$2,173

$2,156

$2,251

$1,766

$11,559

Portfolio

Turnover(d)(h)

30%

57%

59%

41%

58%

67%(i)

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) Includes

net

investment

income

received

on

EU

Reclaims

during

the

six

months

ended

October

31,

2025. Without

these

amounts

the

net

investment

income

(loss)

per

share

and

net

investment

income

(loss)

ratio

would

have

been

less

by

$0.01

and

0.06%,

respectively.

(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.

(i)

Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Global

Managed

Volatility

Fund

Fund

Shares

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$10.93

$10.09

$9.07

$8.38

$10.78

$11.20

$10.97

Investment

Activities:

Net

investment

income

(loss)(b)

0.05 0.13 0.13 0.05 0.17 0.15 0.12 Net

realized

and

unrealized

gains

(losses)

1.41 1.07 1.05 0.64 (1.85)

2.15 0.56 Total

from

Investment

Activities

1.46 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

$12.39

$10.93

$10.09

$9.07

$8.38

$10.78

$11.20

Total

Return(c)(d)

13.36%

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%

0.90%

Net

Investment

Income

(Loss)(e)

0.89%

1.20%

1.40%

1.78%

1.77%

1.26%

1.14%

Gross

Expenses(e)(f)

1.11%

1.15%

1.24%

1.39%

1.13%

1.05%

1.15%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$11,312

$9,564

$9,709

$9,574

$9,065

$12,183

$10,414

Portfolio

Turnover(c)(g)

33%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$11.17

$10.30

$9.26

$8.54

$10.98

$11.35

$11.11

Investment

Activities:

Net

investment

income

(loss)(b)

0.07 0.16 0.16 0.06 0.19 0.18 0.14 Net

realized

and

unrealized

gains

(losses)

1.44 1.09 1.06 0.66 (1.90)

2.19 0.57 Total

from

Investment

Activities

1.51 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

$12.68

$11.17

$10.30

$9.26

$8.54

$10.98

$11.35

Total

Return(c)(d)

13.52%

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%

0.70%

Net

Investment

Income

(Loss)(e)

1.10%

1.39%

1.60%

1.98%

1.96%

1.45%

1.34%

Gross

Expenses(e)(f)

0.78%

0.79%

0.77%

0.80%

0.78%

0.77%

0.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$423,697

$432,809

$488,848

$491,685

$471,568

$594,164

$725,204

Portfolio

Turnover(c)(g)

33%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$22.54

$24.70

$20.05

$22.05

$26.78

$20.41

$23.70

Investment

Activities:

Net

investment

income

(loss)(b)

0.12 0.26 0.21 0.19 0.21 0.15 0.22 Net

realized

and

unrealized

gains

(losses)

4.31 2.39 4.66 0.12 (1.86)

6.40 1.45 Total

from

Investment

Activities

4.43 2.65 4.87 0.31 (1.65)

6.55 1.67 Distributions

to

Shareholders

from:

Net

investment

income

(0.12)

(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

(0.12)

(4.81)

(0.22)

(2.31)

(3.08)

(0.18)

(4.96)

Net

Asset

Value,

End

of

Period

$26.85

$22.54

$24.70

$20.05

$22.05

$26.78

$20.41

Total

Return(c)(d)

19.71%

9.45%

24.37%

1.84%

(7.41)%

32.24%

7.81%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.83%

0.86%

0.85%

0.82%

0.81%

0.81%

0.87%

Net

Investment

Income

(Loss)(e)

0.92%

1.03%

0.93%

1.27%

0.84%

0.63%

1.05%

Gross

Expenses(e)(f)

0.83%

0.86%

0.85%

0.82%

0.81%

0.81%

0.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,153,227

$1,873,985

$1,862,561

$1,616,531

$1,672,669

$1,934,246

$1,605,020

Portfolio

Turnover(c)(g)

21%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$22.59

$24.74

$20.10

$22.12

$26.75

$20.38

$23.68

Investment

Activities:

Net

investment

income

(loss)(b)

0.12 0.25 0.17 0.31 0.16 0.15 0.23 Net

realized

and

unrealized

gains

(losses)

4.32 2.39 4.67 0.12 (1.67)

6.40 1.44 Total

from

Investment

Activities

4.44 2.64 4.84 0.43 (1.51)

6.55 1.67 Distributions

to

Shareholders

from:

Net

investment

income

(0.12)

(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

(0.12)

(4.79)

(0.20)

(2.45)

(3.12)

(0.18)

(4.97)

Net

Asset

Value,

End

of

Period

$26.91

$22.59

$24.74

$20.10

$22.12

$26.75

$20.38

Total

Return(c)(d)

19.65%

9.43%

24.17%

2.47%

(6.77)%

32.32%

7.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.85%

0.93%

1.01%

0.04%

0.72%

0.79%

0.83%

Net

Investment

Income

(Loss)(e)

0.91%

0.96%

0.76%

2.07%

0.59%

0.65%

1.09%

Gross

Expenses(e)(f)

1.24%

1.32%

1.37%

0.44%

0.74%

0.79%

0.83%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,334

$4,483

$4,271

$3,958

$5,193

$213,041

$172,787

Portfolio

Turnover(c)(g)

21%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$35.27

$34.10

$27.55

$27.66

$39.27

$30.85

$31.54

Investment

Activities:

Net

investment

income

(loss)(b)

(0.10)

(0.14)

(0.11)

(0.06)

(0.14)

(0.13)

(0.05)

Net

realized

and

unrealized

gains

(losses)

10.77 5.34 8.75 1.55 (7.72)

10.03 6.18 Total

from

Investment

Activities

10.67 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

$45.94

$35.27

$34.10

$27.55

$27.66

$39.27

$30.85

Total

Return(c)(d)

30.25%

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%

0.89%

0.88%

0.84%

0.84%

0.91%

Net

Investment

Income

(Loss)(e)

(0.48)%

(0.38)%

(0.36)%

(0.33)%

(0.43)%

(0.38)%

(0.16)%

Gross

Expenses(e)(f)

0.89%

0.89%

0.89%

0.88%

0.84%

0.84%

0.91%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,549,140

$2,037,463

$1,951,058

$1,594,565

$1,606,239

$2,224,130

$1,841,547

Portfolio

Turnover(c)(g)

6%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$35.17

$34.02

$27.49

$27.59

$39.17

$30.77

$31.47

Investment

Activities:

Net

investment

income

(loss)(b)

(0.11)

(0.15)

(0.11)

(0.05)

(0.13)

(0.13)

(0.04)

Net

realized

and

unrealized

gains

(losses)

10.73 5.33 8.73 1.55 (7.70)

10.01 6.16 Total

from

Investment

Activities

10.62 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

$45.79

$35.17

$34.02

$27.49

$27.59

$39.17

$30.77

Total

Return(c)(d)

30.20%

13.87%

32.00%

6.21%

(22.09)%

32.89%

23.75%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.96%

0.91%

0.88%

0.82%

0.83%

0.83%

0.87%

Net

Investment

Income

(Loss)(e)

(0.54)%

(0.39)%

(0.35)%

(0.25)%

(0.41)%

(0.36)%

(0.13)%

Gross

Expenses(e)(f)

0.97%

0.92%

0.89%

0.83%

0.83%

0.83%

0.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$210,699

$191,952

$407,754

$442,894

$1,199,990

$1,338,685

$1,175,311

Portfolio

Turnover(c)(g)

6%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$17.27

$19.31

$17.44

$18.75

$20.18

$15.73

$19.78

Investment

Activities:

Net

investment

income

(loss)(b)

0.20 0.42 0.42 0.34 0.40 0.34 0.40 Net

realized

and

unrealized

gains

(losses)

1.89 0.81 2.52 0.01 0.21 4.45 (0.87)

Total

from

Investment

Activities

2.09 1.23 2.94 0.35 0.61 4.79 (0.47)

Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(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

(0.21)

(3.27)

(1.07)

(1.66)

(2.04)

(0.34)

(3.58)

Net

Asset

Value,

End

of

Period

$19.15

$17.27

$19.31

$17.44

$18.75

$20.18

$15.73

Total

Return(c)(d)

12.13%

5.65%

17.37%

1.82%

2.75%

30.75%

(3.84)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.72%

0.75%

0.75%

0.74%

0.70%

0.70%

0.74%

Net

Investment

Income

(Loss)(e)

2.11%

2.15%

2.32%

2.55%

2.04%

1.90%

2.31%

Gross

Expenses(e)(f)

0.72%

0.75%

0.75%

0.74%

0.70%

0.70%

0.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,786,273

$1,669,943

$1,727,892

$1,604,350

$1,670,838

$1,740,731

$1,482,959

Portfolio

Turnover(c)(g)

27%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$17.24

$19.27

$17.41

$18.72

$20.15

$15.71

$19.76

Investment

Activities:

Net

investment

income

(loss)(b)

0.20 0.41 0.42 0.34 0.40 0.34 0.40 Net

realized

and

unrealized

gains

(losses)

1.88 0.82 2.51 0.02 0.21 4.44 (0.86)

Total

from

Investment

Activities

2.08 1.23 2.93 0.36 0.61 4.78 (0.46)

Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(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

(0.21)

(3.26)

(1.07)

(1.67)

(2.04)

(0.34)

(3.59)

Net

Asset

Value,

End

of

Period

$19.11

$17.24

$19.27

$17.41

$18.72

$20.15

$15.71

Total

Return(c)(d)

12.09%

5.71%

17.35%

1.83%

2.77%

30.75%

(3.81)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.72%

0.76%

0.74%

0.72%

0.68%

0.68%

0.72%

Net

Investment

Income

(Loss)(e)

2.10%

2.14%

2.33%

2.57%

2.05%

1.91%

2.34%

Gross

Expenses(e)(f)

0.72%

0.76%

0.75%

0.73%

0.69%

0.69%

0.72%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$799,079

$725,303

$869,460

$804,090

$953,444

$1,078,555

$1,028,803

Portfolio

Turnover(c)(g)

27%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$26.93

$24.35

$19.02

$19.87

$36.68

$28.93

$28.39

Investment

Activities:

Net

investment

income

(loss)(b)

(0.11)

(0.18)

(0.16)

(0.09)

(0.17)

(0.26)

(0.17)

Net

realized

and

unrealized

gains

(losses)

10.10 2.76 5.49 (0.76)

(12.03)

9.92 7.26 Total

from

Investment

Activities

9.99 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

$36.92

$26.93

$24.35

$19.02

$19.87

$36.68

$28.93

Total

Return(c)(d)

37.05%

10.64%

28.02%

(4.33)%

(37.07)%

33.71%

30.85%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.96%

0.96%

0.97%

0.97%

0.95%

0.99%

1.04%

Net

Investment

Income

(Loss)(e)

(0.66)%

(0.64)%

(0.71)%

(0.63)%

(0.64)%

(0.76)%

(0.66)%

Gross

Expenses(e)(f)

0.96%

0.96%

0.97%

0.97%

0.95%

0.99%

1.04%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,387,617

$1,059,822

$1,066,594

$935,858

$1,067,016

$1,923,477

$1,559,222

Portfolio

Turnover(c)(g)

25%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$25.17

$22.83

$17.88

$18.72

$34.93

$27.71

$27.53

Investment

Activities:

Net

investment

income

(loss)(b)

(0.15)

(0.25)

(0.21)

(0.12)

(0.24)

(0.35)

(0.23)

Net

realized

and

unrealized

gains

(losses)

9.42 2.59 5.16 (0.72)

(11.36)

9.48 6.96 Total

from

Investment

Activities

9.27 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

$34.44

$25.17

$22.83

$17.88

$18.72

$34.93

$27.71

Total

Return(c)(d)

36.87%

10.25%

27.68%

(4.49)%

(37.26)%

33.27%

30.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.28%

1.28%

1.26%(g)

1.24%

1.24%

1.30%

1.33%

Net

Investment

Income

(Loss)(e)

(0.98)%

(0.96)%

(1.00)%

(0.90)%

(0.93)%

(1.07)%

(0.94)%

Gross

Expenses(e)(f)

1.28%

1.28%

1.26%

1.25%

1.24%

1.30%

1.33%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$57,165

$44,248

$48,790

$46,211

$56,350

$109,245

$93,813

Portfolio

Turnover(c)(h)

25%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$11.62

$12.94

$11.58

$12.63

$21.25

$14.88

$16.74

Investment

Activities:

Net

investment

income

(loss)(b)

0.03 0.02 0.03 0.03 (0.01)

(0.01)

0.05 Net

realized

and

unrealized

gains

(losses)

2.38 (0.55)

1.35 (0.38)

(2.14)

7.95 (0.28)

Total

from

Investment

Activities

2.41 (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

$14.03

$11.62

$12.94

$11.58

$12.63

$21.25

$14.88

Total

Return(c)(d)

20.74%

(5.05)%

11.95%

(2.83)%

(13.71)%

55.25%

(2.21)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.01%

1.01%

1.02%

1.06%

1.08%

1.10%

1.10%

Net

Investment

Income

(Loss)(e)

0.50%

0.22%

0.28%

0.28%

(0.09)%

(0.04)%

0.33%

Gross

Expenses(e)(f)

1.01%

1.01%

1.02%

1.06%

1.08%

1.10%

1.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$515,230

$463,935

$557,429

$561,071

$623,725

$818,576

$595,019

Portfolio

Turnover(c)(g)

56%(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) 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) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Small

Cap

Stock

Fund

Institutional

Shares

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$11.90

$13.22

$11.83

$12.88

$21.53

$15.06

$16.91

Investment

Activities:

Net

investment

income

(loss)(b)

0.04 0.04 0.05 0.04 (0.01)

—(c)

0.07 Net

realized

and

unrealized

gains

(losses)

2.43 (0.56)

1.38 (0.39)

(2.17)

8.04 (0.28)

Total

from

Investment

Activities

2.47 (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

$14.37

$11.90

$13.22

$11.83

$12.88

$21.53

$15.06

Total

Return(d)(e)

20.76%

(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%

0.93%

0.96%

1.03%

1.04%

0.98%

Net

Investment

Income

(Loss)(f)

0.58%

0.30%

0.38%

0.38%

(0.06)%

0.02%

0.45%

Gross

Expenses(f)(g)

0.95%

0.95%

0.95%

0.99%

1.04%

1.05%

0.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$304,662

$256,181

$296,943

$360,589

$351,835

$644,802

$557,173

Portfolio

Turnover(d)(h)

56%(i)

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.

(i)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Value

Fund

Fund

Shares

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$18.28

$19.51

$16.77

$17.79

$18.65

$13.57

$19.32

Investment

Activities:

Net

investment

income

(loss)(b)

0.12 0.25 0.24 0.18 0.23 0.21 0.26 Net

realized

and

unrealized

gains

(losses)

2.15 1.13 2.72 0.12 0.03 5.12 (1.39)

Total

from

Investment

Activities

2.27 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

$20.55

$18.28

$19.51

$16.77

$17.79

$18.65

$13.57

Total

Return(c)(d)

12.42%

6.58%

17.78%

1.81%

1.23%

39.66%

(9.43)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.91%

0.95%

0.94%

0.91%

0.91%

0.92%

0.96%

Net

Investment

Income

(Loss)(e)

1.25%

1.26%

1.36%

1.41%

1.28%

1.29%

1.69%

Gross

Expenses(e)(f)

0.91%

0.95%

0.94%

0.91%

0.91%

0.92%

0.97%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$792,902

$744,091

$771,747

$729,941

$767,351

$833,149

$711,182

Portfolio

Turnover(c)(g)

24%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$18.30

$19.53

$16.78

$17.80

$18.67

$13.58

$19.33

Investment

Activities:

Net

investment

income

(loss)(b)

0.13 0.26 0.25 0.18 0.24 0.22 0.27 Net

realized

and

unrealized

gains

(losses)

2.14 1.13 2.73 0.12 0.03 5.13 (1.39)

Total

from

Investment

Activities

2.27 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

$20.57

$18.30

$19.53

$16.78

$17.80

$18.67

$13.58

Total

Return(c)(d)

12.40%

6.60%

17.90%

1.81%

1.28%

39.83%

(9.40)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.88%

0.91%

0.89%

0.86%

0.86%

0.84%

0.88%

Net

Investment

Income

(Loss)(e)

1.28%

1.30%

1.41%

1.46%

1.33%

1.36%

1.75%

Gross

Expenses(e)(f)

0.88%

0.91%

0.90%

0.87%

0.86%

0.85%

0.89%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$551,618

$489,787

$479,380

$436,604

$352,564

$273,446

$215,830

Portfolio

Turnover(c)(g)

24%

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following nine 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

(ASC) 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

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.

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

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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

each

Fund's

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

October

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

Level

Level

Level

Total

Aggressive

Growth

Fund

Common

Stocks

...............................................

$

2,796,852

$

—

$

—

$

2,796,852

Total

.......................................................

$

2,796,852

$

—

$

—

$

2,796,852

Capital

Growth

Fund

Common

Stocks

...............................................

647,696

370,007

—(a)

1,017,703

Warrants

....................................................

—

—

—(a)

—(a)

Exchange-Traded

Funds

.........................................

13,671

—

—

13,671

Collateral

for

Securities

Loaned

...................................

1,855

—

—

1,855

Total

.......................................................

$

663,222

$

370,007

$

—(a)

$

1,033,229

Global

Managed

Volatility

Fund

Common

Stocks

...............................................

305,655

127,832

—(a)

433,487

Warrants

....................................................

—

—

—(a)

—(a)

Collateral

for

Securities

Loaned

...................................

2,451

—

—

2,451

Total

.......................................................

$

308,106

$

127,832

$

—(a)

$

435,938

Growth

&

Income

Fund

Common

Stocks

...............................................

2,153,867

—

—

2,153,867

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

2,154,289

$

—

$

—

$

2,154,289

Growth

Fund

Common

Stocks

...............................................

2,756,399

—

—

2,756,399

Total

.......................................................

$

2,756,399

$

—

$

—

$

2,756,399

Income

Stock

Fund

Common

Stocks

...............................................

2,576,768

—

—

2,576,768

Total

.......................................................

$

2,576,768

$

—

$

—

$

2,576,768

Science

&

Technology

Fund

Common

Stocks

...............................................

1,402,909

15,575

—

1,418,484

Rights

......................................................

—

—

—(b)

—(b)

Warrants

....................................................

—

—

—(b)

—(b)

Exchange-Traded

Funds

.........................................

4,505

—

—

4,505

Collateral

for

Securities

Loaned

...................................

15,023

—

—

15,023

Total

.......................................................

$

1,422,437

$

15,575

$

—(b)

$

1,438,012

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

As

of October

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

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 October

31,

2025,

the

Funds

had

no

open

forward

foreign

exchange

currency

contracts.

Level

Level

Level

Total

Small

Cap

Stock

Fund

Common

Stocks

...............................................

$

812,239

$

—

$

—

$

812,239

Rights

......................................................

—

—

Collateral

for

Securities

Loaned

...................................

19,843

—

—

19,843

Total

.......................................................

$

832,082

$

—

$

$

832,083

Value

Fund

Common

Stocks

...............................................

1,314,307

—

—

1,314,307

Total

.......................................................

$

1,314,307

$

—

$

—

$

1,314,307

(a) Zero

market

value

securities.

(b) Rounds

to

less

than

$1

thousand.

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Futures

Contracts:

The

Funds

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Funds

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Funds

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs and

a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian,

which is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Funds

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Funds

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Funds

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Funds'

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Funds'

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

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

October

31,

2025

(amounts

in

thousands):

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Capital

Growth

Fund

..............................................

$

2,744

$

1,096

$

1,855

Global

Managed

Volatility

Fund

......................................

2,685

2,451

Growth

&

Income

Fund

............................................

—

Growth

Fund

....................................................

11,942

12,280

—

Science

&

Technology

Fund

.........................................

14,922

—

15,023

Small

Cap

Stock

Fund

.............................................

19,245

—

19,843

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Funds

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.

The Capital

Growth

Fund filed

for

additional

European

Union

("EU")

reclaims

related

to

prior

years.

These

EU

reclaims

are

recorded

when

the

amount

is

known

and

there

are

no

significant

uncertainties

on

collectability. For

the six

months

ended October

31,

2025,

the

Fund

recognized

$214

thousand

related

to

EU

reclaims

and

$107

thousand

in

interest

and

entitlements.

These

EU

reclaims

are

reflected

on

the

Statement

of

Operations

as

Dividend

Income.

The

related

interest

and

entitlements

are

reflected

on

the

Statements

of

Operations

as

Interest

Income.

In

the

event

the

Fund

could

not

pass

through

its

foreign

tax

credit

on

to

shareholders

in

a

given

year

but

receives

a

tax

refund

from

a

prior

tax

year

where

the

Fund

previously

passed

foreign

tax

credits,

the

Fund

may

enter

in

a

closing

agreement

with

the

Internal

Revenue

Service

("IRS")

in

order

to

pay

the

associated

liability

on

behalf

of

the

Fund's

shareholders.

For

the

six

months

ended

October

31,

2025,

the

Fund

did

not

enter

in

any

closing

agreements. It

is

expected

the

Fund

will

enter

into

a

closing

agreement

with

the

IRS.

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

six

months

ended

October

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

and

purchases

and

sales

associated

with

in-kind

transactions

for

the

six

months

ended

October

31,

2025,

are

included

in

the

tables

below

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in-kind

redemptions

are

reflected

on

the

Statements

of

Operations

as

net

realized

gains

(losses)

from

in-kind

redemptions.

Excluding

U.S.

Government

Securities

Purchases

Sales

Aggressive

Growth

Fund

....................................................................

$

430,781

$

389,486

Capital

Growth

Fund

.......................................................................

291,267

326,506

Global

Managed

Volatility

Fund

...............................................................

152,963

216,263

Growth

&

Income

Fund

.....................................................................

431,434

506,582

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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

October

31,

2025,

certain

affiliated fund-of-funds

owned

total

outstanding

shares

of

the

Funds

as

follows:

\*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.

Excluding

U.S.

Government

Securities

Purchases

Sales

Growth

Fund

.............................................................................

$

158,704

$

286,631

Income

Stock

Fund

........................................................................

678,284

745,781

Science

&

Technology

Fund

..................................................................

316,020

383,362

Small

Cap

Stock

Fund

......................................................................

437,589

479,059

Value

Fund

..............................................................................

310,435

344,160

Associated

with

In-Kind

Transactions

Purchases

Sales

Aggressive

Growth

Fund

................................................................

$

—

$

110,490

Small

Cap

Stock

Fund

..................................................................

142,456

—

Global

Managed

Volatility

Fund

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

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6.9 Victory

Target

Retirement

2030

Fund

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21.0 Victory

Target

Retirement

2040

Fund

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37.7 Victory

Target

Retirement

2050

Fund

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28.0 Victory

Target

Retirement

2060

Fund

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3.8 Growth

Fund

Ownership

%

Victory

Target

Retirement

2030

Fund

.

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0.3 Victory

Target

Retirement

2040

Fund

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0.3 Victory

Target

Retirement

2050

Fund

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0.4 Victory

Target

Retirement

2060

Fund

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0.0\*

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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1.3 Victory

Target

Retirement

2050

Fund

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0.9 Victory

Target

Retirement

2060

Fund

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0.2 Small

Cap

Stock

Fund

Ownership

%

Victory

Target

Retirement

Income

Fund

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0.6 Victory

Target

Retirement

2030

Fund

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2.0 Victory

Target

Retirement

2040

Fund

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4.3 Victory

Target

Retirement

2050

Fund

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.

.

.

.

3.3 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4 Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment.

\*

Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

The

performance

adjustment

for

each

share

class

is

accrued

daily

and

calculated

monthly

by

comparing

the

respective class's

performance

to

the

Lipper

Index

listed

in

the

table

below.

\*

Global

Managed

Volatility

Fund

is

excluded

from

the

performance

adjustment.

Each

Index

tracks

the

total

return

performance

of

the

largest

funds

within

the

respective

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the

average

annual

performance

of the relevant

share

class

of

each

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point

.

Each

class's

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,

a class

pays

a

positive

performance

fee

adjustment

for

a

performance

period

whenever

that

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.

Adviser

Fee

Tier

Rates

Up

to

$750

million

Next

$750

million

Over

$1.5

billion

Aggressive

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.33%

Base

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment.

\*

Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

The

performance

adjustment

for

each

share

class

is

accrued

daily

and

calculated

monthly

by

comparing

the

respective class's

performance

to

the

Lipper

Index

listed

in

the

table

below.

\*

Global

Managed

Volatility

Fund

is

excluded

from

the

performance

adjustment.

Each

Index

tracks

the

total

return

performance

of

the

largest

funds

within

the

respective

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the

average

annual

performance

of the relevant

share

class

of

each

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point

.

Each

class's

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,

a class

pays

a

positive

performance

fee

adjustment

for

a

performance

period

whenever

that

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.

Adviser

Fee

Tier

Rates

Up

to

$750

million

Next

$750

million

Over

$1.5

billion

Aggressive

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.33%

Base

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

+/-

For

the

six

months ended October

31,

2025,

performance adjustments were

(amounts

in

thousands):

For

the

six

months ended October

31,

2025,

there

were

no

performance adjustments

for

the Capital

Growth

Fund,

the

Income

Stock

Fund,

and

the

Value

Fund.

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

six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

Fund

Shares

Institutional

Shares

Class

A

Aggressive

Growth

Fund

...........................................................

$

N/A

as

annual

%

rate

................................................................

0.03%

0.02%

N/A

Growth

&

Income

Fund

............................................................

$

—(a)

N/A

as

annual

%

rate

................................................................

0.01%

0.01%

N/A

Growth

Fund

....................................................................

$

N/A

as

annual

%

rate

................................................................

0.03%

0.08%

N/A

Science

&

Technology

Fund

.........................................................

$

(235) N/A

(11) as

annual

%

rate

................................................................

(0.04)%

N/A

(0.04)%

Small

Cap

Stock

Fund

.............................................................

$

(113) (66) N/A

as

annual

%

rate

................................................................

(0.04)%

(0.05)%

N/A

(a) Rounds

to

less

than

$1

thousand.

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser, provides

transfer

agent

services

to

the

Fund

Shares based

on

an

annual

charge

of

$23

per

shareholder

account

plus

out-of-pocket

expenses. 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

are

paid

monthly

based

on

a

fee

accrued

daily

at

an

annualized

rate

of

average

daily

net

assets,

plus

out-of-pocket

expenses

as

follows:

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Funds

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

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

and/or

servicing

of

Class

A. Amounts

incurred

for

the

six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

October

31,

2025,

the

Distributor

received

less

than

$1

thousand

from

commissions

earned

in

connection

with

sales

of

Class

A. Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. 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

October

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

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,

2026

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

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

![](epub583097645006848.jpg)

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

October

31,

2025. For

the

six

months ended

October

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of October

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

\*

Global

Managed

Volatility

Fund's

fiscal

year-end

changed

from

December

to

April

effective

April

30,

2023. The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees and

expenses

or

make

other

payments

to

assist

the

Funds

in

maintaining

competitive

expense

ratios. Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

October

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

6. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

In

effect

until

August

31,

2026

Fund

Shares

Institutional

Shares

Class

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

Amount

Aggressive

Growth

Fund

...............................................................................

$

Value

Fund

.........................................................................................

December

31,

2025

\*

April

30,

2026

April

30,

2027

April

30,

2028

April

30,

2029

Total

Aggressive

Growth

Fund

.................

$

—

$

$

$

$

$

Capital

Growth

Fund

....................

—

Global

Managed

Volatility

Fund

............

1,272

Growth

&

Income

Fund

..................

—

Growth

Fund

..........................

—

Income

Stock

Fund

.....................

—

Small

Cap

Stock

Fund

...................

—

Value

Fund

...........................

—

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

![](epub583097645006849.jpg)

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

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

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.

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.

Sector

Risk

—

To

the

extent a

Fund

(or

Funds) focuses

in

one

or

more

sectors,

such

as

the

information

technology

sector

or

financial

sector,

market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's

(or

Funds') investments

and

could

make

the

Fund's

(or

Funds')

performance

more

volatile.

Financials

Sector

Risk

—

Companies

in

the

financials

sector

are

subject

to

extensive

government

regulation,

which

may

limit

both

the

amounts

and

types

of

loans

and

other

financial

commitments

that

companies

in

this

sector

can

make,

and

the

interest

rates

and

fees

that

these

companies

can

charge.

Profitability

can

be

largely

dependent

on

the

availability

and

cost

of

capital

and

the

rate

of

corporate

and

consumer

debt

defaults,

and

can

fluctuate

significantly

when

interest

rates

change.

Financial

difficulties

of

borrowers

can

negatively

affect

the

financials

sector.

Insurance

companies

can

be

subject

to

severe

price

competition.

The

financials

sector

can

be

subject

to

relatively

rapid

change

as

dis-

tinctions

between

financial

service

segments

become

increasingly

blurred.

Information

Technology

Sector

Risk

—

Companies

in

the

information

technology

sector

face

intense

competition,

both

domestically

and

internationally.

These

companies

may

be

smaller

or

newer

and

may

have

limited

product

lines,

markets,

financial

resources,

or

personnel.

The

products

of

companies

in

the

information

technology

sector

may

face

product

obsolescence

due

to

rapid

technological

developments

and

frequent

new

product

introduction,

unpredictable

changes

in

growth

rates,

and

competition

for

the

services

of

qualified

personnel.

These

com-

panies

may

be

developing

or

marketing

new

products

or

services

for

which

markets

are

not

yet

established

and

may

never

become

established.

Science

and

Technology

Investment Risk

—

A

mutual

fund

portfolio

consisting

of

investments

related

to

the

fields

of

science

and

tech-

nology

is

likely

to

be

more

volatile

than

a

portfolio

that

is

more

widely

diversified

in

other

economic

sectors.

There

is

a

possibility

that

the

Fund's

(or

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

Fund's

(or

Funds')

portfolio

are

sub-

ject

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.

Large-Capitalization

Stock

Risk

—

The

Fund(s)

invest

in

large-capitalization

companies.

Such

investments

may

go

in

and

out

of

favor

based

on

market

and

economic

conditions

and

may

underperform

other

market

segments.

Some

large-capitalization

companies

may

be

unable

to

respond

quickly

to

new

competitive

challenges

and

attain

the

high

growth

rate

of

successful

smaller

companies,

especially

during

extended

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

periods

of

economic

expansion.

As

such,

returns

on

investments

in

stocks

of

large-capitalization

companies

could

trail

the

returns

on

investments

in

stocks

of

small-

and

mid-capitalization

companies.

Small-Capitalization

Stock

Risk

—

The

Fund(s)

is

(are) subject

to

small-cap

company

risk,

which

is

the

greater

risk

of

investing

in

smaller,

less

well-known

companies,

as

opposed

to

investing

in

established

companies

with

proven

track

records.

Small-cap

companies

also

may

have

limited

product

lines,

markets,

or

financial

resources.

Securities

of

such

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

the

securities

of

larger

companies.

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.

7. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

October

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

average

borrowing

for

the

days

outstanding

and

average

interest

rate

for

each

Fund

during

the

six

months

ended

October

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

October

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

six

months

ended

October

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

October

31,

2025. Amount

Outstanding

at

October

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Capital

Growth

Fund

......................................

$

—

$

11,000

5.36%

$

18,200

Global

Managed

Volatility

Fund

..............................

—

1,300

5.43%

1,500

Borrower

or

Lender

Amount

Outstanding

at

October

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Aggressive

Growth

Fund

..........................

Borrower

$

928

$

2,097

4.82%

$

3,945

Capital

Growth

Fund

.............................

Borrower

—

777

4.72%

777

Growth

&

Income

Fund

...........................

Borrower

2,363

1,607

4.79%

2,363

Growth

Fund

...................................

Borrower

—

4,397

4.87%

4,397

Small

Cap

Stock

Fund

............................

Borrower

—

2,039

4.95%

2,039

Value

Fund

....................................

Borrower

—

2,042

4.95%

2,042

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

8. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax

year

ended

April

30,

2025,

the

Funds

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

9. #### Segment

#### Reporting:
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.

10. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds'

financial

statements.

Declared

Paid

Aggressive

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

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.

.

.

.

Annually

Annually

Capital

Growth

Fund

.

.

.

.

.

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.

.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

Annually

Annually

Global

Managed

Volatility

Fund

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

Annually

Annually

Growth

&

Income

Fund

.

.

.

.

.

.

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.

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.

Quarterly

Quarterly

Growth

Fund

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.

.

Annually

Annually

Income

Stock

Fund

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Quarterly

Quarterly

Science

&

Technology

Fund

.

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.

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Annually

Annually

Small

Cap

Stock

Fund

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.

Annually

Annually

Value

Fund

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.

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.

.

Annually

Annually

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-Equity-1225

October

31,

2025

Semi-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* 

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*wish* 

*to* 

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*election,* 

*or* 

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*or* 

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*by* 

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*tax* 

*will* 

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*at* 

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• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

500

Index

Fund

#### 2
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
Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.8%)

Communication

Services

(10.3%):

Alphabet,

Inc.,

Class

A

...................................................

1,428,182

$

401,590

Alphabet,

Inc.,

Class

C

...................................................

1,241,110

349,770

AT&T,

Inc.

...........................................................

1,757,137

43,489

Charter

Communications,

Inc.,

Class

A(a)

.....................................

22,998

5,378

Comcast

Corp.,

Class

A

..................................................

898,678

25,015

Electronic

Arts,

Inc.

.....................................................

55,291

11,062

Fox

Corp.,

Class

A

......................................................

49,888

3,225

Fox

Corp.,

Class

B

......................................................

31,013

1,811

Liberty

Media

Corp.-Liberty

Formula

One,

Series

A(a)

............................

4,926

Liberty

Media

Corp.-Liberty

Formula

One,

Series

C(a)

............................

53,367

5,329

Live

Nation

Entertainment,

Inc.(a)

...........................................

37,725

5,641

Meta

Platforms,

Inc.,

Class

A

..............................................

532,823

345,456

Netflix,

Inc.(a)

.........................................................

103,980

116,339

News

Corp.,

Class

A

.....................................................

89,884

2,382

News

Corp.,

Class

B(b)

..................................................

22,516

686

Omnicom

Group,

Inc.

....................................................

46,211

3,467

Pinterest,

Inc.,

Class

A(a)

.................................................

144,184

4,772

ROBLOX

Corp.,

Class

A(a)

...............................................

146,247

16,631

Spotify

Technology

SA(a)

.................................................

36,635

24,008

Take-Two

Interactive

Software,

Inc.(a)

........................................

41,621

10,670

The

Trade

Desk,

Inc.,

Class

A(a)

............................................

107,714

5,416

The

Walt

Disney

Co.

....................................................

442,106

49,790

T-Mobile

US,

Inc.

......................................................

109,151

22,927

Verizon

Communications,

Inc.

..............................................

1,036,760

41,201

Warner

Bros

Discovery,

Inc.(a)

.............................................

570,853

12,816

1,509,319

Communications

Equipment

(0.9%):

Arista

Networks,

Inc.(a)

..................................................

255,090

40,225

Cisco

Systems,

Inc.

.....................................................

970,915

70,984

F5,

Inc.(a)

............................................................

13,815

3,496

Motorola

Solutions,

Inc.

..................................................

40,715

16,559

131,264

Consumer

Discretionary

(10.2%):

Airbnb,

Inc.,

Class

A(a)

..................................................

102,695

12,995

Amazon.com,

Inc.(a)

....................................................

2,376,953

580,499

AutoZone,

Inc.(a)

.......................................................

4,091

15,032

Best

Buy

Co.,

Inc.

......................................................

46,929

3,855

Booking

Holdings,

Inc.

...................................................

7,954

40,388

Burlington

Stores,

Inc.(a)

.................................................

15,175

4,152

Carnival

Corp.(a)

.......................................................

262,956

7,581

Carvana

Co.(a)

.........................................................

31,477

9,649

Chipotle

Mexican

Grill,

Inc.(a)

.............................................

325,984

10,330

D.R.

Horton,

Inc.

.......................................................

64,362

9,595

Darden

Restaurants,

Inc.

..................................................

28,244

5,088

Deckers

Outdoor

Corp.(a)

.................................................

35,147

2,864

Domino's

Pizza,

Inc.

.....................................................

8,141

3,244

DoorDash,

Inc.,

Class

A(a)

................................................

84,736

21,554

DraftKings,

Inc.(a)

......................................................

116,045

3,550

Duolingo,

Inc.(a)

.......................................................

9,359

2,533

eBay,

Inc.

............................................................

111,508

9,067

Expedia

Group,

Inc.

.....................................................

28,445

6,258

Ford

Motor

Co.

........................................................

954,191

12,529

Garmin

Ltd.

...........................................................

40,068

8,572

General

Motors

Co.

.....................................................

232,902

16,091

Genuine

Parts

Co.

......................................................

33,584

4,276

Hilton

Worldwide

Holdings,

Inc.

............................................

57,781

14,847

Las

Vegas

Sands

Corp.

...................................................

76,180

4,521

Lennar

Corp.,

Class

A

....................................................

54,602

6,758

Lennar

Corp.,

Class

B

...................................................

1,810

Lowe's

Cos.,

Inc.

.......................................................

137,762

32,805

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Lululemon

Athletica,

Inc.(a)

...............................................

25,030

$

4,269

Marriott

International,

Inc.,

Class

A

..........................................

54,987

14,328

McDonald's

Corp.

......................................................

175,498

52,374

NIKE,

Inc.,

Class

B

.....................................................

286,864

18,529

NVR,

Inc.(a)

..........................................................

663

4,781

O'Reilly

Automotive,

Inc.(a)

...............................................

206,743

19,525

PulteGroup,

Inc.

........................................................

47,706

5,718

Rivian

Automotive,

Inc.,

Class

A(a)(b)

........................................

181,179

2,459

Ross

Stores,

Inc.

.......................................................

77,912

12,382

Royal

Caribbean

Cruises

Ltd.

..............................................

61,925

17,762

Starbucks

Corp.

........................................................

278,728

22,541

Tesla,

Inc.(a)

..........................................................

668,337

305,136

The

Home

Depot,

Inc.

...................................................

244,922

92,970

The

TJX

Cos.,

Inc.

......................................................

273,397

38,314

Tractor

Supply

Co.

......................................................

128,846

6,972

Ulta

Beauty,

Inc.(a)

.....................................................

10,886

5,659

Williams-Sonoma,

Inc.

...................................................

28,464

5,532

Yum!

Brands,

Inc.

......................................................

67,777

9,367

1,487,465

Consumer

Staples

(4.6%):

Altria

Group,

Inc.

.......................................................

412,298

23,245

Archer-Daniels-Midland

Co.

...............................................

116,384

7,045

Brown-Forman

Corp.,

Class

A

..............................................

8,074

Brown-Forman

Corp.,

Class

B

.............................................

69,553

1,894

Church

&

Dwight

Co.,

Inc.

................................................

59,062

5,179

Colgate-Palmolive

Co.

...................................................

197,892

15,248

Constellation

Brands,

Inc.,

Class

A

..........................................

37,802

4,966

Costco

Wholesale

Corp.

..................................................

108,989

99,338

Dollar

General

Corp.

....................................................

53,354

5,264

Dollar

Tree,

Inc.(a)

......................................................

49,410

4,897

General

Mills,

Inc.

......................................................

129,729

6,047

Hormel

Foods

Corp.

.....................................................

68,391

1,477

Kellanova

............................................................

83,982

6,976

Kenvue,

Inc.

..........................................................

468,095

6,726

Keurig

Dr.

Pepper,

Inc.

...................................................

316,351

8,592

Kimberly-Clark

Corp.

....................................................

80,999

9,696

McCormick

&

Co.,

Inc.

..................................................

64,166

4,117

Mondelez

International,

Inc.,

Class

A

.........................................

317,113

18,221

Monster

Beverage

Corp.(a)

................................................

169,850

11,351

PepsiCo,

Inc.

..........................................................

335,805

49,058

Philip

Morris

International,

Inc.

.............................................

382,569

55,216

Sprouts

Farmers

Market,

Inc.(a)

............................................

23,287

1,839

Sysco

Corp.

...........................................................

116,653

8,665

Target

Corp.

..........................................................

110,881

10,281

The

Clorox

Co.

........................................................

29,423

3,309

The

Coca-Cola

Co.

......................................................

1,051,396

72,441

The

Estee

Lauder

Cos.,

Inc.

...............................................

56,715

5,484

The

Hershey

Co.

.......................................................

35,423

6,009

The

Kraft

Heinz

Co.

.....................................................

287,788

7,117

The

Kroger

Co.

........................................................

160,611

10,220

The

Procter

&

Gamble

Co.

................................................

576,325

86,662

Tyson

Foods,

Inc.,

Class

A

................................................

67,889

3,490

U.S.

Foods

Holding

Corp.(a)

...............................................

54,111

3,929

Walmart,

Inc.

..........................................................

1,070,093

108,272

672,490

Electronic

Equipment,

Instruments

&

Components

(0.7%):

Amphenol

Corp.,

Class

A

.................................................

298,503

41,593

CDW

Corp.

...........................................................

31,659

5,045

Corning,

Inc.

..........................................................

192,891

17,183

Jabil,

Inc.

............................................................

25,429

5,617

Keysight

Technologies,

Inc.(a)

.............................................

41,563

7,604

TE

Connectivity

PLC

....................................................

72,393

17,882

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Teledyne

Technologies,

Inc.(a)

.............................................

11,311

$

5,959

Trimble,

Inc.(a)

........................................................

57,478

4,584

Zebra

Technologies

Corp.(a)

...............................................

12,173

3,278

108,745

Energy

(2.8%):

Baker

Hughes

Co.

......................................................

241,025

11,668

Cheniere

Energy,

Inc.

....................................................

53,461

11,334

Chevron

Corp.

.........................................................

500,974

79,014

ConocoPhillips

Co.

.....................................................

306,732

27,256

Coterra

Energy,

Inc.

.....................................................

181,854

4,303

Devon

Energy

Corp.

.....................................................

146,179

4,749

Diamondback

Energy,

Inc.

................................................

44,215

6,331

EOG

Resources,

Inc.

....................................................

133,573

14,137

EQT

Corp.

............................................................

150,997

8,090

Expand

Energy

Corp.

....................................................

57,716

5,963

Exxon

Mobil

Corp.

.....................................................

1,048,601

119,918

Halliburton

Co.

........................................................

205,803

5,524

Kinder

Morgan,

Inc.

.....................................................

474,976

12,440

Marathon

Petroleum

Corp.

................................................

74,324

14,487

Occidental

Petroleum

Corp.

...............................................

239,968

9,887

ONEOK,

Inc.

..........................................................

153,828

10,306

Phillips

Co.

.........................................................

98,896

13,464

SLB

Ltd.

.............................................................

366,832

13,228

Targa

Resources

Corp.

...................................................

51,736

7,969

Texas

Pacific

Land

Corp.

.................................................

5,574

5,258

The

Williams

Cos.,

Inc.

..................................................

298,397

17,268

Valero

Energy

Corp.

.....................................................

75,688

12,834

415,428

Financials

(13.0%):

Affirm

Holdings,

Inc.(a)

..................................................

65,908

4,737

Aflac,

Inc.

............................................................

117,513

12,596

American

Express

Co.

...................................................

171,077

61,713

American

International

Group,

Inc.

..........................................

135,197

10,675

Ameriprise

Financial,

Inc.

.................................................

23,025

10,425

Aon

PLC,

Class

A

......................................................

51,251

17,460

Apollo

Global

Management,

Inc.

............................................

99,071

12,315

Arch

Capital

Group

Ltd.

..................................................

87,998

7,595

Ares

Management

Corp.,

Class

A

...........................................

49,911

7,422

Arthur

J. Gallagher

&

Co.

.................................................

62,227

15,525

Bank

of

America

Corp.

...................................................

1,820,281

97,294

Berkshire

Hathaway,

Inc.,

Class

A(a)

.........................................

60,838

Berkshire

Hathaway,

Inc.,

Class

B(a)

.........................................

329,382

157,293

Blackrock,

Inc.

........................................................

35,389

38,320

Blackstone,

Inc.

........................................................

179,318

26,295

Block,

Inc.(a)

..........................................................

129,920

9,866

Brown

&

Brown,

Inc.

....................................................

66,553

5,307

Capital

One

Financial

Corp.

...............................................

155,894

34,295

Cboe

Global

Markets,

Inc.

................................................

25,397

6,239

Chubb

Ltd.

...........................................................

97,535

27,011

Cincinnati

Financial

Corp.

................................................

37,315

5,769

Citigroup,

Inc.

.........................................................

451,580

45,713

Citizens

Financial

Group,

Inc.

..............................................

103,896

5,285

CME

Group,

Inc.

.......................................................

88,162

23,406

Coinbase

Global,

Inc.,

Class

A(a)

...........................................

50,880

17,492

Corebridge

Financial,

Inc.

.................................................

95,077

3,096

Erie

Indemnity

Co.,

Class

A

...............................................

5,960

1,744

Everest

Group

Ltd.

......................................................

9,972

3,136

FactSet

Research

Systems,

Inc.

.............................................

9,031

2,409

Fidelity

National

Information

Services,

Inc.

....................................

127,458

7,969

Fifth

Third

Bancorp

.....................................................

160,434

6,677

First

Citizens

Bancshares,

Inc.,

Class

A

.......................................

2,159

3,940

Fiserv,

Inc.(a)

..........................................................

132,307

8,824

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Global

Payments,

Inc.

....................................................

58,365

$

4,538

Huntington

Bancshares,

Inc.

...............................................

352,316

5,440

Interactive

Brokers

Group,

Inc.

.............................................

104,771

7,372

Intercontinental

Exchange,

Inc.

.............................................

139,665

20,432

JPMorgan

Chase

&

Co.

..................................................

674,507

209,853

KeyCorp

.............................................................

264,936

4,660

KKR

&

Co.,

Inc.

.......................................................

168,009

19,880

Loews

Corp.

..........................................................

41,460

4,128

LPL

Financial

Holdings,

Inc.

...............................................

19,353

7,302

M&T

Bank

Corp.

.......................................................

37,951

6,978

Markel

Group,

Inc.(a)

....................................................

3,014

5,951

Marsh

&

McLennan

Cos.,

Inc.

.............................................

120,763

21,514

Mastercard,

Inc.,

Class

A

.................................................

202,002

111,503

MetLife,

Inc.

..........................................................

136,496

10,895

Moody's

Corp.

.........................................................

44,007

21,137

Morgan

Stanley

........................................................

300,156

49,226

MSCI,

Inc.

...........................................................

18,287

10,763

Nasdaq,

Inc.

..........................................................

111,081

9,496

Northern

Trust

Corp.

....................................................

45,755

5,887

PayPal

Holdings,

Inc.(a)

..................................................

234,089

16,215

Principal

Financial

Group,

Inc.

.............................................

53,573

4,502

Prudential

Financial,

Inc.

.................................................

85,835

8,927

Raymond

James

Financial,

Inc.

.............................................

43,786

6,948

Regions

Financial

Corp.

..................................................

216,111

5,230

Robinhood

Markets,

Inc.,

Class

A(a)

.........................................

182,929

26,850

S&P

Global,

Inc.

.......................................................

74,953

36,518

SoFi

Technologies,

Inc.(a)

.................................................

286,476

8,503

State

Street

Corp.

.......................................................

68,888

7,968

Synchrony

Financial

.....................................................

90,236

6,712

T. Rowe

Price

Group,

Inc.

.................................................

52,456

5,378

The

Allstate

Corp.

......................................................

64,220

12,299

The

Bank

of

New

York

Mellon

Corp.

.........................................

172,701

18,640

The

Carlyle

Group,

Inc.

..................................................

62,061

3,309

The

Charles

Schwab

Corp.

................................................

420,924

39,786

The

Goldman

Sachs

Group,

Inc.

............................................

74,126

58,513

The

Hartford

Insurance

Group,

Inc.

..........................................

68,440

8,499

The

PNC

Financial

Services

Group,

Inc.

......................................

96,245

17,570

The

Progressive

Corp.

...................................................

143,748

29,612

The

Travelers

Cos.,

Inc.

..................................................

54,964

14,764

Toast,

Inc.,

Class

A(a)

....................................................

111,737

4,038

Tradeweb

Markets,

Inc.,

Class

A

............................................

27,858

2,936

Truist

Financial

Corp.

....................................................

315,419

14,077

U.S.

Bancorp

..........................................................

381,116

17,790

Visa,

Inc.,

Class

A

......................................................

417,256

142,176

W.R.

Berkley

Corp.

.....................................................

72,173

5,149

Wells

Fargo

&

Co.

......................................................

787,247

68,467

Willis

Towers

Watson

PLC

................................................

23,706

7,422

1,894,434

Health

Care

(9.0%):

Abbott

Laboratories

.....................................................

425,489

52,599

AbbVie,

Inc.

..........................................................

434,503

94,739

Agilent

Technologies,

Inc.

.................................................

69,015

10,101

Align

Technology,

Inc.(a)

.................................................

16,165

2,229

Alnylam

Pharmaceuticals,

Inc.(a)

...........................................

30,781

14,037

Amgen,

Inc.

...........................................................

132,172

39,444

Baxter

International,

Inc.

.................................................

122,407

2,261

Becton

Dickinson

&

Co.

..................................................

70,100

12,528

Biogen,

Inc.(a)

.........................................................

35,558

5,486

Boston

Scientific

Corp.(a)

.................................................

362,854

36,547

Bristol-Myers

Squibb

Co.

.................................................

499,644

23,019

Cardinal

Health,

Inc.

....................................................

58,219

11,106

Cencora,

Inc.

..........................................................

45,535

15,382

Centene

Corp.(a)

.......................................................

117,420

4,153

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) CVS

Health

Corp.

......................................................

311,200

$

24,320

Danaher

Corp.

.........................................................

160,401

34,547

Dexcom,

Inc.(a)

........................................................

94,205

5,485

Edwards

Lifesciences

Corp.(a)

.............................................

140,718

11,602

Elevance

Health,

Inc.

....................................................

55,164

17,498

Eli

Lilly

&

Co.

.........................................................

208,941

180,287

GE

HealthCare

Technologies,

Inc.

...........................................

111,181

8,333

Gilead

Sciences,

Inc.

....................................................

304,589

36,487

HCA

Healthcare,

Inc.

....................................................

40,806

18,758

Hologic,

Inc.(a)

........................................................

53,270

3,937

Humana,

Inc.

..........................................................

29,289

8,148

IDEXX

Laboratories,

Inc.(a)

...............................................

19,387

12,204

Illumina,

Inc.(a)

........................................................

36,057

4,454

Incyte

Corp.(a)

.........................................................

46,727

4,368

Insulet

Corp.(a)

........................................................

17,024

5,329

Intuitive

Surgical,

Inc.(a)

.................................................

87,634

46,821

IQVIA

Holdings,

Inc.(a)

..................................................

41,176

8,913

Johnson

&

Johnson

.....................................................

592,238

111,856

Labcorp

Holdings,

Inc.

...................................................

20,152

5,118

McKesson

Corp.

.......................................................

30,549

24,786

Medtronic

PLC

........................................................

315,001

28,571

Merck

&

Co.,

Inc.

......................................................

614,128

52,803

Mettler-Toledo

International,

Inc.(a)

.........................................

4,983

7,057

Molina

Healthcare,

Inc.(a)

................................................

12,809

1,961

Natera,

Inc.(a)

.........................................................

32,199

6,405

Pfizer,

Inc.

............................................................

1,396,591

34,426

Quest

Diagnostics,

Inc.

...................................................

27,030

4,756

Regeneron

Pharmaceuticals,

Inc.

............................................

25,043

16,323

ResMed,

Inc.

..........................................................

35,585

8,785

STERIS

PLC

..........................................................

23,871

5,626

Stryker

Corp.

..........................................................

88,063

31,372

The

Cigna

Group

.......................................................

64,541

15,774

The

Cooper

Cos.,

Inc.(a)

..................................................

47,618

3,329

Thermo

Fisher

Scientific,

Inc.

..............................................

92,774

52,639

UnitedHealth

Group,

Inc.

.................................................

222,418

75,969

Veeva

Systems,

Inc.,

Class

A(a)

.............................................

36,598

10,657

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

62,806

26,728

Waters

Corp.(a)

........................................................

14,416

5,040

West

Pharmaceutical

Services,

Inc.

..........................................

17,330

4,888

Zimmer

Biomet

Holdings,

Inc.

.............................................

48,012

4,828

Zoetis,

Inc.

...........................................................

108,514

15,636

1,310,455

Industrials

(8.3%):

3M

Co.

..............................................................

130,655

21,754

AMETEK,

Inc.

........................................................

56,256

11,370

Automatic

Data

Processing,

Inc.

............................................

99,385

25,870

Axon

Enterprise,

Inc.(a)

..................................................

18,249

13,362

Booz

Allen

Hamilton

Holding

Corp.

.........................................

29,277

2,552

Broadridge

Financial

Solutions,

Inc.

.........................................

28,380

6,255

Carlisle

Cos.,

Inc.

.......................................................

10,197

3,315

Carrier

Global

Corp.

.....................................................

195,965

11,658

Caterpillar,

Inc.

........................................................

115,068

66,424

Cintas

Corp.

..........................................................

83,994

15,394

Comfort

Systems

USA,

Inc.

...............................................

8,484

8,192

Copart,

Inc.(a)

.........................................................

216,237

9,300

CSX

Corp.

............................................................

456,637

16,448

Cummins,

Inc.

.........................................................

33,394

14,616

Curtiss-Wright

Corp.

....................................................

9,107

5,425

Deere

&

Co.

..........................................................

61,528

28,403

Delta

Air

Lines,

Inc.

.....................................................

159,134

9,131

Dover

Corp.

...........................................................

33,182

6,021

Eaton

Corp.

PLC

.......................................................

95,546

36,457

EMCOR

Group,

Inc.

....................................................

10,773

7,280

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Emerson

Electric

Co.

....................................................

137,802

$

19,233

Equifax,

Inc.

..........................................................

30,016

6,336

Expeditors

International

of

Washington,

Inc.

....................................

32,590

3,973

Fastenal

Co.

...........................................................

280,523

11,544

FedEx

Corp.

..........................................................

52,995

13,451

Ferguson

Enterprises,

Inc.

.................................................

48,198

11,977

Fortive

Corp.

..........................................................

81,504

4,103

GE

Vernova,

Inc.

.......................................................

66,930

39,163

General

Dynamics

Corp.

..................................................

65,667

22,649

General

Electric

Co.

.....................................................

260,372

80,442

Graco,

Inc.

...........................................................

39,524

3,232

HEICO

Corp.

..........................................................

10,227

3,250

HEICO

Corp.,

Class

A

...................................................

18,503

4,584

Honeywell

International,

Inc.

..............................................

155,923

31,392

Howmet

Aerospace,

Inc.

..................................................

97,902

20,163

Hubbell,

Inc.

..........................................................

12,869

6,048

IDEX

Corp.

...........................................................

18,065

3,097

Illinois

Tool

Works,

Inc.

..................................................

71,285

17,388

Ingersoll

Rand,

Inc.

.....................................................

96,772

7,387

J.B.

Hunt

Transport

Services,

Inc.

...........................................

18,743

3,165

Jacobs

Solutions,

Inc.

....................................................

28,804

4,488

Johnson

Controls

International

PLC

..........................................

160,074

18,311

L3Harris

Technologies,

Inc.

...............................................

45,697

13,211

Leidos

Holdings,

Inc.

....................................................

30,939

5,893

Lennox

International,

Inc.

.................................................

7,706

3,892

Lockheed

Martin

Corp.

...................................................

57,346

28,207

Norfolk

Southern

Corp.

..................................................

55,007

15,588

Northrop

Grumman

Corp.

.................................................

35,086

20,471

Old

Dominion

Freight

Line,

Inc.

............................................

44,156

6,200

Otis

Worldwide

Corp.

....................................................

95,807

8,887

PACCAR,

Inc.

.........................................................

126,217

12,420

Parker-Hannifin

Corp.

...................................................

31,045

23,993

Paychex,

Inc.

..........................................................

78,734

9,214

Pentair

PLC

...........................................................

39,471

4,198

Quanta

Services,

Inc.

....................................................

35,744

16,054

Republic

Services,

Inc.

...................................................

49,433

10,294

Rockwell

Automation,

Inc.

................................................

27,436

10,106

Rollins,

Inc.

...........................................................

70,216

4,045

RTX

Corp.

............................................................

329,160

58,755

Snap-on,

Inc.

..........................................................

12,352

4,145

Southwest

Airlines

Co.

...................................................

125,808

3,812

SS&C

Technologies

Holdings,

Inc.

..........................................

50,599

4,297

Textron,

Inc.

..........................................................

42,723

3,452

The

Boeing

Co.(a)

......................................................

185,760

37,341

Trane

Technologies

PLC

..................................................

54,517

24,459

TransDigm

Group,

Inc.

...................................................

13,595

17,789

TransUnion

...........................................................

46,583

3,782

Uber

Technologies,

Inc.(a)

................................................

493,038

47,578

Union

Pacific

Corp.

.....................................................

145,588

32,083

United

Airlines

Holdings,

Inc.(a)

............................................

78,625

7,394

United

Parcel

Service,

Inc.,

Class

B

..........................................

180,492

17,403

United

Rentals,

Inc.

.....................................................

15,695

13,673

Veralto

Corp.

..........................................................

60,289

5,949

Verisk

Analytics,

Inc.

....................................................

34,017

7,442

Vertiv

Holdings

Co.,

Class

A

...............................................

91,921

17,728

W.W.

Grainger,

Inc.

.....................................................

10,989

10,758

Waste

Management,

Inc.

..................................................

98,690

19,715

Watsco,

Inc.

...........................................................

8,364

3,078

Westinghouse

Air

Brake

Technologies

Corp.

....................................

41,289

8,441

XPO,

Inc.(a)

..........................................................

27,602

3,971

Xylem,

Inc.

...........................................................

59,317

8,948

1,209,269

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) IT

Services

(1.4%):

Accenture

PLC,

Class

A

..................................................

166,912

$

41,745

Cloudflare,

Inc.,

Class

A(a)

................................................

75,275

19,067

Cognizant

Technology

Solutions

Corp.,

Class

A

.................................

118,735

8,653

CoreWeave,

Inc.,

Class

A(a)

...............................................

66,917

8,948

Gartner,

Inc.(a)

........................................................

17,788

4,417

GoDaddy,

Inc.,

Class

A(a)

.................................................

33,304

4,434

International

Business

Machines

Corp.

........................................

229,086

70,423

MongoDB,

Inc.(a)

......................................................

19,026

6,846

Okta,

Inc.(a)

..........................................................

40,438

3,701

Snowflake,

Inc.(a)

......................................................

79,973

21,983

Twilio,

Inc.,

Class

A(a)

...................................................

35,415

4,777

VeriSign,

Inc.

..........................................................

22,531

5,403

200,397

Materials

(1.6%):

Air

Products

and

Chemicals,

Inc.

............................................

54,250

13,160

Amcor

PLC

...........................................................

557,311

4,403

Avery

Dennison

Corp.

...................................................

18,542

3,243

Ball

Corp.

............................................................

65,387

3,073

CF

Industries

Holdings,

Inc.

...............................................

38,758

3,228

Corteva,

Inc.

..........................................................

165,910

10,194

Dow,

Inc.

............................................................

170,574

4,068

DuPont

de

Nemours,

Inc.

.................................................

101,972

8,326

Ecolab,

Inc.

...........................................................

62,298

15,973

Freeport-McMoRan,

Inc.

.................................................

350,037

14,597

International

Flavors

&

Fragrances,

Inc.

.......................................

60,959

3,839

International

Paper

Co.

...................................................

127,283

4,918

Linde

PLC

............................................................

114,654

47,960

LyondellBasell

Industries

NV,

Class

A

........................................

61,507

2,855

Martin

Marietta

Materials,

Inc.

.............................................

14,634

8,972

Newmont

Corp.

........................................................

269,661

21,834

Nucor

Corp.

...........................................................

55,640

8,349

Packaging

Corp.

of

America

...............................................

21,294

4,169

PPG

Industries,

Inc.

.....................................................

54,797

5,356

Reliance,

Inc.

..........................................................

12,602

3,559

RPM

International,

Inc.

..................................................

30,554

3,339

Smurfit

WestRock

PLC

...................................................

126,270

4,662

Solstice

Advanced

Materials,

Inc.(a)

.........................................

38,981

1,757

Steel

Dynamics,

Inc.

.....................................................

33,457

5,246

The

Sherwin-Williams

Co.

................................................

56,825

19,601

Vulcan

Materials

Co.

....................................................

32,253

9,337

236,018

Real

Estate

(1.8%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

41,157

2,396

American

Tower

Corp.

...................................................

114,755

20,539

AvalonBay

Communities,

Inc.

..............................................

34,558

6,010

CBRE

Group,

Inc.,

Class

A(a)

..............................................

72,329

11,025

CoStar

Group,

Inc.(a)

....................................................

102,043

7,022

Crown

Castle,

Inc.

......................................................

106,244

9,585

Digital

Realty

Trust,

Inc.

..................................................

83,497

14,229

Equinix,

Inc.

..........................................................

23,903

20,222

Equity

Residential

......................................................

92,088

5,474

Essex

Property

Trust,

Inc.

.................................................

15,472

3,895

Extra

Space

Storage,

Inc.

.................................................

51,301

6,851

Gaming

and

Leisure

Properties,

Inc.

.........................................

65,087

2,907

Invitation

Homes,

Inc.

...................................................

147,916

4,164

Iron

Mountain,

Inc.

.....................................................

71,511

7,362

Mid-America

Apartment

Communities,

Inc.

....................................

28,035

3,595

Prologis,

Inc.

..........................................................

227,501

28,231

Public

Storage

.........................................................

38,586

10,749

Realty

Income

Corp.

....................................................

223,814

12,977

SBA

Communications

Corp.

...............................................

25,754

4,931

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Simon

Property

Group,

Inc.

...............................................

79,304

$

13,938

Sun

Communities,

Inc.

...................................................

29,885

3,783

UDR,

Inc.

............................................................

79,215

2,669

Ventas,

Inc.

...........................................................

110,300

8,139

VICI

Properties,

Inc.

....................................................

259,649

7,787

Welltower,

Inc.

.........................................................

164,118

29,712

Weyerhaeuser

Co.

......................................................

173,953

4,001

Zillow

Group,

Inc.,

Class

A(a)

..............................................

10,834

775

Zillow

Group,

Inc.,

Class

C(a)

..............................................

40,014

3,000

255,968

Semiconductors

&

Semiconductor

Equipment

(14.4%):

Advanced

Micro

Devices,

Inc.(a)

............................................

396,994

101,678

Analog

Devices,

Inc.

....................................................

120,591

28,234

Applied

Materials,

Inc.

...................................................

195,509

45,573

Broadcom,

Inc.

........................................................

1,139,991

421,375

First

Solar,

Inc.(a)

......................................................

24,691

6,591

Intel

Corp.(a)

..........................................................

1,144,691

45,776

KLA

Corp.

...........................................................

32,411

39,177

Lam

Research

Corp.

.....................................................

309,993

48,812

Marvell

Technology,

Inc.

.................................................

209,387

19,628

Microchip

Technology,

Inc.

................................................

129,063

8,056

Micron

Technology,

Inc.

..................................................

274,726

61,476

Monolithic

Power

Systems,

Inc.

............................................

11,271

11,327

NVIDIA

Corp.

.........................................................

5,737,910

1,161,869

ON

Semiconductor

Corp.(a)

...............................................

98,817

4,949

QUALCOMM,

Inc.

.....................................................

265,207

47,976

Teradyne,

Inc.

.........................................................

38,567

7,010

Texas

Instruments,

Inc.

...................................................

223,271

36,049

2,095,556

Software

(11.2%):

Adobe,

Inc.(a)

.........................................................

103,947

35,374

AppLovin

Corp.,

Class

A(a)

...............................................

54,929

35,008

Atlassian

Corp.,

Class

A(a)

................................................

38,555

6,532

Autodesk,

Inc.(a)

.......................................................

52,072

15,691

Bentley

Systems,

Inc.,

Class

B

.............................................

29,952

1,522

Cadence

Design

Systems,

Inc.(a)

............................................

66,623

22,565

Corpay,

Inc.(a)

.........................................................

16,514

4,299

Crowdstrike

Holdings,

Inc.,

Class

A(a)

.......................................

59,386

32,247

Datadog,

Inc.,

Class

A(a)

.................................................

76,772

12,499

Docusign,

Inc.(a)

.......................................................

47,981

3,509

Dynatrace,

Inc.(a)

......................................................

71,815

3,632

Fair

Isaac

Corp.(a)

......................................................

5,696

9,453

Fortinet,

Inc.(a)

........................................................

156,359

13,514

Gen

Digital,

Inc.

.......................................................

134,521

3,546

Guidewire

Software,

Inc.(a)

...............................................

20,295

4,742

HubSpot,

Inc.(a)

.......................................................

12,318

6,059

Intuit,

Inc.

............................................................

66,993

44,721

Microsoft

Corp.

........................................................

1,803,218

933,724

Nutanix,

Inc.,

Class

A(a)

..................................................

63,243

4,505

Oracle

Corp.

..........................................................

409,179

107,455

Palantir

Technologies,

Inc.,

Class

A(a)

........................................

534,135

107,078

Palo

Alto

Networks,

Inc.(a)

................................................

162,993

35,898

PTC,

Inc.(a)

...........................................................

29,065

5,771

Roper

Technologies,

Inc.

..................................................

26,278

11,724

Salesforce,

Inc.

........................................................

228,208

59,428

ServiceNow,

Inc.(a)

.....................................................

50,959

46,846

Strategy,

Inc.(a)

........................................................

64,653

17,425

Synopsys,

Inc.(a)

.......................................................

45,144

20,487

Tyler

Technologies,

Inc.(a)

................................................

10,441

4,973

Workday,

Inc.,

Class

A(a)

.................................................

52,718

12,648

Zoom

Communications,

Inc.(a)

.............................................

64,593

5,634

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Zscaler,

Inc.(a)

.........................................................

23,844

$

7,896

1,636,405

Technology

Hardware,

Storage

&

Peripherals

(7.3%):

Apple,

Inc.

...........................................................

3,650,191

986,902

Dell

Technologies,

Inc.,

Class

C

............................................

75,318

12,202

Hewlett

Packard

Enterprise

Co.

.............................................

320,727

7,832

HP,

Inc.

..............................................................

227,196

6,287

NetApp,

Inc.

..........................................................

48,337

5,693

Pure

Storage,

Inc.,

Class

A(a)

..............................................

75,759

7,478

Seagate

Technology

Holdings

PLC

..........................................

51,861

13,270

Super

Micro

Computer,

Inc.(a)

.............................................

124,504

6,469

Western

Digital

Corp.

....................................................

84,062

12,627

1,058,760

Utilities

(2.3%):

Alliant

Energy

Corp.

....................................................

62,100

4,149

Ameren

Corp.

.........................................................

65,671

6,700

American

Electric

Power

Co.,

Inc.

...........................................

130,794

15,729

American

Water

Works

Co.,

Inc.

............................................

49,186

6,317

Atmos

Energy

Corp.

.....................................................

38,978

6,693

CenterPoint

Energy,

Inc.

..................................................

158,239

6,051

CMS

Energy

Corp.

......................................................

72,317

5,319

Consolidated

Edison,

Inc.

.................................................

87,977

8,570

Constellation

Energy

Corp.

................................................

76,656

28,899

Dominion

Energy,

Inc.

...................................................

208,747

12,251

DTE

Energy

Co.

.......................................................

50,448

6,838

Duke

Energy

Corp.

......................................................

190,779

23,714

Edison

International

.....................................................

93,375

5,171

Entergy

Corp.

.........................................................

108,973

10,471

Evergy,

Inc.

...........................................................

54,992

4,224

Eversource

Energy

......................................................

90,188

6,657

Exelon

Corp.

..........................................................

247,190

11,400

FirstEnergy

Corp.

.......................................................

140,514

6,440

NextEra

Energy,

Inc.

....................................................

511,692

41,652

NiSource,

Inc.

.........................................................

114,010

4,801

NRG

Energy,

Inc.

.......................................................

46,755

8,035

PG&E

Corp.

..........................................................

534,346

8,528

PPL

Corp.

............................................................

180,083

6,577

Public

Service

Enterprise

Group,

Inc.

.........................................

121,953

9,824

Sempra

..............................................................

159,817

14,694

The

Southern

Co.

.......................................................

270,054

25,396

Vistra

Corp.

...........................................................

82,260

15,490

WEC

Energy

Group,

Inc.

.................................................

78,562

8,778

Xcel

Energy,

Inc.

.......................................................

144,552

11,733

331,101

Total

Common

Stocks

(Cost

$2,989,056)

a

a

a

14,553,074

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.01%(d)

........

210,989

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.98%(d)

............

210,989

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.00%(d)

...............

210,989

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.00%(d)

.

210,989

Total

Collateral

for

Securities

Loaned

(Cost

$844)

a

a

a

844

Total

Investments

(Cost

$2,989,900)

—

99.8%

14,553,918

Other

assets

in

excess

of

liabilities

— 0.2%

24,020

NET

ASSETS

-

100.00%

$

14,577,938

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

Victory

Portfolios

III

#### Victory

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(c) Amount

represents

less

than

0.05%

of

net

assets.

(d) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) E-Mini

S&P

500

Futures

..............

12/19/25

$

22,654

$

23,371

$

717

Total

unrealized

appreciation

$

717

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

717

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.6%)

Communication

Services

(3.8%):

Advantage

Solutions,

Inc.(a)

...............................................

9,063

$

Altice

USA,

Inc.,

Class

A(a)

...............................................

26,120

AMC

Entertainment

Holdings,

Inc.(a)(b)

......................................

58,153

AMC

Networks,

Inc.,

Class

A(a)

............................................

3,397

Angi,

Inc.(a)

..........................................................

3,985

Anterix,

Inc.(a)

........................................................

2,013

Array

Digital

Infrastructure,

Inc.

............................................

1,582

AST

SpaceMobile,

Inc.(a)(b)

..............................................

23,479

1,884

Atlanta

Braves

Holdings,

Inc.(a)

............................................

6,481

ATN

International,

Inc.

...................................................

1,037

Bandwidth,

Inc.,

Class

A(a)

................................................

3,072

Boston

Omaha

Corp.,

Class

A(a)

............................................

3,276

Bumble,

Inc.,

Class

A(a)

..................................................

6,252

Cable

One,

Inc.

........................................................

519

Cardlytics,

Inc.(a)(b)

....................................................

5,107

Cargurus,

Inc.(a)

.......................................................

9,285

Cars.com,

Inc.(a)

.......................................................

6,255

Cinemark

Holdings,

Inc.(b)

................................................

11,824

Clear

Channel

Outdoor

Holdings,

Inc.(a)

......................................

40,094

Cogent

Communications

Holdings,

Inc.

.......................................

5,363

CuriosityStream,

Inc.

....................................................

4,171

Daily

Journal

Corp.(a)

...................................................

DHI

Group,

Inc.(a)

......................................................

3,826

EchoStar

Corp.,

Class

A(a)

................................................

15,237

1,141

Entravision

Communications

Corp.,

Class

A

....................................

6,219

Eventbrite,

Inc.,

Class

A(a)

................................................

7,836

EverQuote,

Inc.,

Class

A(a)

................................................

3,132

FingerMotion,

Inc.(a)

....................................................

4,123

Frontier

Communications

Parent,

Inc.(a)

......................................

26,991

1,019

fuboTV,

Inc.,

Class

A(a)(b)

................................................

38,324

Gaia,

Inc.(a)

..........................................................

1,796

Gannett

Co.,

Inc.(a)

.....................................................

13,405

GCI

Liberty,

Inc.(a)(c)

...................................................

12,260

—(d)

Getty

Images

Holdings,

Inc.(a)(b)

...........................................

12,109

Globalstar,

Inc.(a)

......................................................

5,700

Gogo,

Inc.(a)

..........................................................

8,330

Gray

Media,

Inc.

.......................................................

9,505

IAC,

Inc.(a)

...........................................................

7,799

Ibotta,

Inc.,

Class

A(a)(b)

.................................................

1,560

IDT

Corp.,

Class

B

......................................................

2,313

iHeartMedia,

Inc.,

Class

A(a)

..............................................

12,842

Integral

Ad

Science

Holding

Corp.(a)

.........................................

8,474

Iridium

Communications,

Inc.

..............................................

10,578

John

Wiley

&

Sons,

Inc.,

Class

A

............................................

4,744

Liberty

Broadband

Corp.,

Class

C(a)

.........................................

14,928

803

Liberty

Global

Ltd.,

Class

A(a)

.............................................

34,725

Liberty

Latin

America

Ltd.,

Class

C(a)

........................................

18,317

Liberty

Media

Corp.-Liberty

Live(a)

.........................................

9,354

846

Lionsgate

Studios

Corp.(a)

................................................

22,422

Lumen

Technologies,

Inc.(a)

...............................................

108,016

1,110

Madison

Square

Garden

Entertainment

Corp.(a)

.................................

4,481

Madison

Square

Garden

Sports

Corp.(a)

.......................................

1,931

Magnite,

Inc.(a)

........................................................

15,918

Match

Group,

Inc.

......................................................

27,384

886

MediaAlpha,

Inc.,

Class

A(a)

..............................................

3,325

National

CineMedia,

Inc.

.................................................

7,238

Newsmax,

Inc.(a)(b)

.....................................................

7,436

Nexstar

Media

Group,

Inc.

................................................

3,254

637

Nextdoor

Holdings,

Inc.(a)

................................................

23,573

Ooma,

Inc.(a)

.........................................................

2,639

Paramount

Skydance

Corp.(b)

..............................................

97,455

1,500

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Playstudios,

Inc.(a)

......................................................

8,537

$

PubMatic,

Inc.,

Class

A(a)

................................................

4,111

QuinStreet,

Inc.(a)

......................................................

6,030

Reddit,

Inc.,

Class

A(a)

...................................................

13,684

2,859

Reservoir

Media,

Inc.(a)

..................................................

3,704

Roku,

Inc.(a)

..........................................................

14,840

1,575

Rumble,

Inc.(a)(b)

......................................................

16,877

Scholastic

Corp.

........................................................

2,318

Shenandoah

Telecommunications

Co.

........................................

5,523

Shutterstock,

Inc.(b)

.....................................................

2,734

Sinclair,

Inc.

..........................................................

4,375

Snap,

Inc.,

Class

A(a)

....................................................

125,215

977

Sphere

Entertainment

Co.(a)

...............................................

3,134

Spok

Holdings,

Inc.

.....................................................

2,241

Stagwell,

Inc.(a)

........................................................

11,995

Teads

Holding

Co.(a)

....................................................

2,281

TechTarget,

Inc.(a)

......................................................

3,028

TEGNA,

Inc.

..........................................................

18,257

Telephone

and

Data

Systems,

Inc.

...........................................

11,483

The

Arena

Group

Holdings,

Inc.(a)

..........................................

717

The

E.W.

Scripps

Co.,

Class

A(a)

...........................................

7,524

The

Interpublic

Group

of

Cos.,

Inc.

..........................................

41,863

1,074

The

Marcus

Corp.

......................................................

2,517

The

New

York

Times

Co.,

Class

A

...........................................

18,278

1,042

Thryv

Holdings,

Inc.(a)

..................................................

4,544

TKO

Group

Holdings,

Inc.

................................................

7,861

1,481

Townsquare

Media,

Inc.,

Class

A

............................................

1,240

Travelzoo(a)

..........................................................

698

TripAdvisor,

Inc.(a)

.....................................................

12,386

TrueCar,

Inc.(a)

........................................................

7,209

Trump

Media

&

Technology

Group

Corp.(a)(b)

.................................

14,689

Uniti

Group,

Inc.(a)(b)

...................................................

26,852

Vimeo,

Inc.(a)

.........................................................

16,050

Vivid

Seats,

Inc.,

Class

A(a)(b)

.............................................

Warner

Music

Group

Corp.,

Class

A

.........................................

16,413

525

WideOpenWest,

Inc.(a)

...................................................

5,516

Yelp,

Inc.(a)

...........................................................

6,996

Ziff

Davis,

Inc.(a)

.......................................................

4,540

ZipRecruiter,

Inc.(a)

.....................................................

7,041

ZoomInfo

Technologies,

Inc.(a)

.............................................

30,725

28,138

Consumer

Discretionary

(11.8%):

1-800-Flowers.com,

Inc.,

Class

A(a)(b)

.......................................

3,268

Abercrombie

&

Fitch

Co.(a)

...............................................

5,278

Academy

Sports

&

Outdoors,

Inc.

...........................................

7,538

Accel

Entertainment,

Inc.(a)

...............................................

5,717

Acushnet

Holdings

Corp.

.................................................

3,241

ADT,

Inc.

............................................................

76,882

680

Adtalem

Global

Education,

Inc.(a)

...........................................

4,019

Advance

Auto

Parts,

Inc.

.................................................

6,803

Allied

Gaming

&

Entertainment,

Inc.(a)

.......................................

1,741

American

Axle

&

Manufacturing

Holdings,

Inc.(a)

...............................

12,178

American

Eagle

Outfitters,

Inc.

.............................................

17,801

American

Outdoor

Brands,

Inc.(a)

...........................................

1,037

American

Public

Education,

Inc.(a)

..........................................

1,874

America's

Car-Mart,

Inc.(a)

................................................

827

Aptiv

PLC(a)

..........................................................

24,716

2,004

Aramark

.............................................................

29,973

1,135

Arhaus,

Inc.(a)

.........................................................

5,707

Arko

Corp.

...........................................................

8,286

Asbury

Automotive

Group,

Inc.(a)

...........................................

2,238

525

Atmus

Filtration

Technologies,

Inc.

..........................................

9,357

AutoNation,

Inc.(a)

.....................................................

3,230

646

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) BARK,

Inc.(a)

.........................................................

9,649

$

Barnes

&

Noble

Education,

Inc.(a)

..........................................

1,197

Bassett

Furniture

Industries,

Inc.

............................................

744

Bath

&

Body

Works,

Inc.

.................................................

24,572

602

Beazer

Homes

USA,

Inc.(a)

...............................................

3,054

Bed

Bath

&

Beyond,

Inc.(a)

...............................................

6,332

Biglari

Holdings,

Inc.,

Class

B(a)

...........................................

BJ's

Restaurants,

Inc.(a)

..................................................

2,278

Bloomin'

Brands,

Inc.

....................................................

9,378

Boot

Barn

Holdings,

Inc.(a)

...............................................

3,477

659

BorgWarner,

Inc.

.......................................................

24,628

1,058

Boyd

Gaming

Corp.

.....................................................

7,312

569

Bright

Horizons

Family

Solutions,

Inc.(a)

.....................................

6,462

706

Brightstar

Lottery

PLC(b)

.................................................

13,034

Brinker

International,

Inc.(a)

...............................................

5,023

546

Brunswick

Corp.

.......................................................

7,396

Build-A-Bear

Workshop,

Inc.

..............................................

1,399

Caesars

Entertainment,

Inc.(a)

..............................................

22,404

Caleres,

Inc.

..........................................................

3,608

Camping

World

Holdings,

Inc.,

Class

A

.......................................

6,724

Capri

Holdings

Ltd.(a)

...................................................

13,280

CarMax,

Inc.(a)

........................................................

17,141

718

Carriage

Services,

Inc.

...................................................

1,604

Carter's,

Inc.

..........................................................

4,105

Cava

Group,

Inc.(a)(b)

...................................................

11,383

612

Cavco

Industries,

Inc.(a)

..................................................

897

Century

Communities,

Inc.

................................................

2,989

Champion

Homes,

Inc.(a)

.................................................

6,366

Chegg,

Inc.(a)

.........................................................

10,583

Chewy,

Inc.,

Class

A(a)

..................................................

25,397

856

Choice

Hotels

International,

Inc.(b)

..........................................

2,978

Churchill

Downs,

Inc.

....................................................

7,596

754

Citi

Trends,

Inc.(a)

......................................................

796

Clarus

Corp.

..........................................................

2,886

Columbia

Sportswear

Co.

.................................................

3,061

Cooper-Standard

Holdings,

Inc.(a)

...........................................

1,890

Coursera,

Inc.(a)

.......................................................

15,564

Cracker

Barrel

Old

Country

Store,

Inc.(b)

.....................................

2,462

Cricut,

Inc.,

Class

A

.....................................................

4,947

Crocs,

Inc.(a)

..........................................................

6,045

Dana,

Inc.

............................................................

14,858

Dave

&

Buster's

Entertainment,

Inc.(a)(b)

.....................................

3,801

Denny's

Corp.(a)

.......................................................

5,434

Designer

Brands,

Inc.,

Class

A

.............................................

3,526

Dick's

Sporting

Goods,

Inc.

................................................

7,311

1,619

Dillard's,

Inc.,

Class

A

...................................................

879

527

Dine

Brands

Global,

Inc.(b)

...............................................

1,648

Dorman

Products,

Inc.(a)

.................................................

2,971

Dream

Finders

Homes,

Inc.,

Class

A(a)(b)

.....................................

3,255

Dutch

Bros,

Inc.,

Class

A(a)

...............................................

14,055

781

El

Pollo

Loco

Holdings,

Inc.(a)

.............................................

2,954

Envela

Corp.(a)

........................................................

583

Escalade,

Inc.

.........................................................

872

Ethan

Allen

Interiors,

Inc.

.................................................

2,600

Etsy,

Inc.(a)

...........................................................

11,227

696

European

Wax

Center,

Inc.,

Class

A(a)

........................................

2,909

EVgo,

Inc.(a)

..........................................................

14,280

Faraday

Future

Intelligent

Electric,

Inc.(a)(b)

...................................

14,759

Figs,

Inc.,

Class

A(a)

....................................................

16,759

First

Watch

Restaurant

Group,

Inc.(a)

........................................

5,618

Five

Below,

Inc.(a)

......................................................

6,181

972

Flexsteel

Industries,

Inc.

..................................................

Floor

&

Decor

Holdings,

Inc.,

Class

A(a)(b)

....................................

12,154

759

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Fox

Factory

Holding

Corp.(a)

..............................................

4,717

$

Frontdoor,

Inc.(a)

.......................................................

8,311

552

Full

House

Resorts,

Inc.(a)

................................................

3,297

Funko,

Inc.,

Class

A(a)

...................................................

3,377

GameStop

Corp.,

Class

A(a)(b)

.............................................

46,945

1,046

Garrett

Motion,

Inc.

.....................................................

22,767

Genesco,

Inc.(a)

........................................................

1,076

Genius

Sports

Ltd.(a)

....................................................

24,958

Gentex

Corp.

..........................................................

25,122

589

Gentherm,

Inc.(a)

.......................................................

3,382

GigaCloud

Technology,

Inc.,

Class

A(a)

.......................................

2,841

G-III

Apparel

Group

Ltd.(a)

...............................................

4,113

Global

Business

Travel

Group

I(a)

...........................................

20,858

Golden

Entertainment,

Inc.

................................................

2,137

Graham

Holdings

Co.,

Class

B

.............................................

Grand

Canyon

Education,

Inc.(a)

............................................

3,157

594

Green

Brick

Partners,

Inc.(a)

...............................................

4,583

Group

Automotive,

Inc.

.................................................

1,439

572

Groupon,

Inc.(a)(b)

.....................................................

2,385

Guess?,

Inc.(b)

.........................................................

3,284

H&R

Block,

Inc.

.......................................................

15,164

754

Hamilton

Beach

Brands

Holding

Co.,

Class

A

...................................

533

Hanesbrands,

Inc.(a)

.....................................................

39,801

Harley-Davidson,

Inc.

...................................................

13,819

Hasbro,

Inc.

...........................................................

15,135

1,155

Haverty

Furniture

Cos.,

Inc.

...............................................

1,453

Helen

of

Troy

Ltd.(a)

....................................................

2,511

Hilton

Grand

Vacations,

Inc.(a)

.............................................

8,136

Holley,

Inc.(a)

.........................................................

5,437

Hooker

Furnishings

Corp.

.................................................

1,036

Hovnanian

Enterprises,

Inc.,

Class

A(a)

.......................................

Hyatt

Hotels

Corp.,

Class

A

................................................

4,648

639

Inspired

Entertainment,

Inc.(a)

.............................................

2,654

Installed

Building

Products,

Inc.

............................................

2,664

661

iRobot

Corp.(a)(b)

......................................................

2,977

J. Jill,

Inc.

............................................................

701

Jack

in

the

Box,

Inc.(b)

...................................................

1,881

JAKKS

Pacific,

Inc.

.....................................................

886

Johnson

Outdoors,

Inc.,

Class

A

............................................

928

KB

Home

............................................................

7,488

KinderCare

Learning

Cos.,

Inc.(a)

...........................................

3,322

Kohl's

Corp.

..........................................................

12,498

Kontoor

Brands,

Inc.

....................................................

6,259

506

Krispy

Kreme,

Inc.(b)

....................................................

9,566

Kura

Sushi

USA,

Inc.,

Class

A(a)(b)

.........................................

706

Lakeland

Industries,

Inc.(b)

................................................

952

Lands'

End,

Inc.(a)

......................................................

990

Latham

Group,

Inc.(a)

...................................................

4,600

Laureate

Education,

Inc.(a)

................................................

14,425

La-Z-Boy,

Inc.

.........................................................

4,605

LCI

Industries

.........................................................

2,628

Lear

Corp.

............................................................

6,082

636

Legacy

Education,

Inc.(a)

.................................................

828

Legacy

Housing

Corp.(a)

.................................................

967

Leggett

&

Platt,

Inc.

.....................................................

15,012

Leslie's,

Inc.(a)

........................................................

689

Levi

Strauss

&

Co.,

Class

A

...............................................

11,023

LGI

Homes,

Inc.(a)

.....................................................

2,288

Life

Time

Group

Holdings,

Inc.(a)

...........................................

14,136

Light

&

Wonder,

Inc.(a)(b)

................................................

9,627

700

Lincoln

Educational

Services

Corp.(a)

........................................

3,298

Lindblad

Expeditions

Holdings,

Inc.(a)

.......................................

4,114

Lithia

Motors,

Inc.

......................................................

2,883

905

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) LKQ

Corp.

...........................................................

29,330

$

937

Lucid

Group,

Inc.(a)(b)

...................................................

14,149

Lucky

Strike

Entertainment

Corp.(b)

.........................................

8,672

Luminar

Technologies,

Inc.(a)(b)

............................................

5,835

M/I

Homes,

Inc.(a)

......................................................

2,954

Macy's,

Inc.

...........................................................

30,574

596

Malibu

Boats,

Inc.,

Class

A(a)

..............................................

2,120

Marine

Products

Corp.

...................................................

820

MarineMax,

Inc.(a)

.....................................................

2,128

Marriott

Vacations

Worldwide

Corp.

.........................................

3,649

MasterCraft

Boat

Holdings,

Inc.(a)

..........................................

1,736

Mattel,

Inc.(a)

.........................................................

36,710

675

Meritage

Homes

Corp.

...................................................

7,967

538

MGM

Resorts

International(a)

..............................................

23,839

764

Mister

Car

Wash,

Inc.(a)

..................................................

10,973

Mobileye

Global,

Inc.,

Class

A(a)

...........................................

18,080

Modine

Manufacturing

Co.(a)(b)

............................................

5,925

908

Mohawk

Industries,

Inc.(a)

................................................

5,779

657

Monarch

Casino

&

Resort,

Inc.

.............................................

1,434

Monro,

Inc.

...........................................................

3,232

Motorcar

Parts

of

America,

Inc.(a)

...........................................

1,658

Movado

Group,

Inc.

.....................................................

1,620

Murphy

USA,

Inc.

......................................................

2,021

724

Nathan's

Famous,

Inc.

....................................................

National

Vision

Holdings,

Inc.(a)

............................................

8,855

Nerdy,

Inc.(a)

..........................................................

3,711

Newell

Brands,

Inc.

.....................................................

47,654

Norwegian

Cruise

Line

Holdings

Ltd.(a)

......................................

51,670

1,158

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

.......................................

7,017

848

OneSpaWorld

Holdings

Ltd.

...............................................

11,324

OneWater

Marine,

Inc.(a)(b)

...............................................

1,322

Outdoor

Holding

Co.(a)

..................................................

9,227

Oxford

Industries,

Inc.

...................................................

1,563

Papa

John's

International,

Inc.(b)

............................................

3,695

Patrick

Industries,

Inc.

...................................................

3,656

Peloton

Interactive,

Inc.,

Class

A(a)

..........................................

43,740

Penn

Entertainment,

Inc.(a)(b)

..............................................

16,491

Penske

Automotive

Group,

Inc.

.............................................

2,113

Perdoceo

Education

Corp.

.................................................

7,196

Petco

Health

&

Wellness

Co.,

Inc.(a)

.........................................

15,207

Phinia,

Inc.

...........................................................

4,355

Planet

Fitness,

Inc.,

Class

A(a)

.............................................

9,595

870

Playa

Hotels

Resorts

NV(a)(c)

.............................................

10,786

Playboy,

Inc.(a)

........................................................

4,624

Polaris,

Inc.

...........................................................

6,021

Pool

Corp.

............................................................

4,153

1,109

Portillo's,

Inc.,

Class

A(a)

.................................................

7,737

PVH

Corp.

...........................................................

5,466

QuantumScape

Corp.(a)

..................................................

46,729

862

Ralph

Lauren

Corp.

.....................................................

4,308

1,377

RCI

Hospitality

Holdings,

Inc.

.............................................

867

Red

Rock

Resorts,

Inc.,

Class

A

.............................................

5,462

Revolve

Group,

Inc.(a)

...................................................

4,553

RH(a)

...............................................................

1,748

Rocky

Brands,

Inc.

......................................................

778

Rush

Street

Interactive,

Inc.(a)

.............................................

10,439

Sabre

Corp.(a)

.........................................................

41,202

Sally

Beauty

Holdings,

Inc.(a)

..............................................

11,193

Savers

Value

Village,

Inc.(a)(b)

.............................................

4,529

Seaport

Entertainment

Group,

Inc.(a)

.........................................

1,371

Serve

Robotics,

Inc.(a)(b)

.................................................

4,858

Service

Corp.

International

................................................

15,694

1,311

Shake

Shack,

Inc.,

Class

A(a)

..............................................

4,396

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) SharkNinja,

Inc.(a)

......................................................

8,866

$

758

Sharplink

Gaming,

Inc.(a)

.................................................

18,829

Shoe

Carnival,

Inc.

......................................................

1,898

Signet

Jewelers

Ltd.

.....................................................

4,495

Six

Flags

Entertainment

Corp.(a)

............................................

11,285

Sleep

Number

Corp.(a)(b)

.................................................

1,664

Smith

&

Wesson

Brands,

Inc.

..............................................

4,843

Smith

Douglas

Homes

Corp.(a)(b)

...........................................

856

Soho

House

&

Co.,

Inc.(a)

................................................

5,009

Solid

Power,

Inc.(a)(b)

...................................................

16,425

Somnigroup

International,

Inc.(b)

...........................................

23,187

1,840

Sonic

Automotive,

Inc.,

Class

A

............................................

1,470

Sonos,

Inc.(a)

.........................................................

13,475

Standard

Motor

Products,

Inc.

..............................................

2,361

Steven

Madden

Ltd.

.....................................................

8,126

Stitch

Fix,

Inc.,

Class

A(a)

................................................

11,982

Stoneridge,

Inc.(a)

......................................................

2,915

Strategic

Education,

Inc.

..................................................

2,638

Strattec

Security

Corp.(a)

.................................................

Stride,

Inc.(a)

..........................................................

4,863

Sturm

Ruger

&

Co.,

Inc.

..................................................

1,794

Superior

Group

of

Cos.,

Inc.

...............................................

1,082

Sweetgreen,

Inc.,

Class

A(a)

...............................................

11,620

Tapestry,

Inc.

..........................................................

23,761

2,609

Target

Hospitality

Corp.(a)

................................................

3,485

Taylor

Morrison

Home

Corp.(a)

............................................

11,045

655

Texas

Roadhouse,

Inc.

...................................................

7,584

1,241

The

Buckle,

Inc.

........................................................

3,585

The

Cheesecake

Factory,

Inc.(b)

............................................

5,254

The

Children's

Place,

Inc.(a)

...............................................

585

The

Gap,

Inc.

..........................................................

27,506

629

The

Goodyear

Tire

&

Rubber

Co.(a)

.........................................

31,256

The

Lovesac

Co.(a)

.....................................................

1,414

The

ODP

Corp.(a)

......................................................

3,127

The

ONE

Group

Hospitality,

Inc.(a)

..........................................

2,269

The

RealReal,

Inc.(a)

....................................................

10,543

The

Wendy's

Co.

.......................................................

19,745

Thor

Industries,

Inc.

.....................................................

5,819

607

ThredUp,

Inc.,

Class

A(a)

.................................................

10,786

Tile

Shop

Holdings,

Inc.(a)

................................................

3,034

Toll

Brothers,

Inc.

......................................................

10,993

1,484

TopBuild

Corp.(a)(b)

....................................................

3,206

1,354

Topgolf

Callaway

Brands

Corp.(a)

...........................................

14,772

Traeger,

Inc.(a)

........................................................

5,187

Travel

+

Leisure

Co.

.....................................................

7,119

Tri

Pointe

Homes,

Inc.(a)

.................................................

9,686

Udemy,

Inc.(a)

.........................................................

9,411

Under

Armour,

Inc.,

Class

A(a)(b)

...........................................

34,855

United

Parks

&

Resorts,

Inc.(a)

.............................................

6,174

Universal

Technical

Institute,

Inc.(a)

.........................................

5,972

Upbound

Group,

Inc.

....................................................

5,903

Urban

Outfitters,

Inc.(a)

..................................................

6,400

Vail

Resorts,

Inc.(b)

.....................................................

4,202

623

Valvoline,

Inc.(a)

.......................................................

14,546

Venu

Holding

Corp.(a)

...................................................

2,990

VF

Corp.

.............................................................

42,009

590

Victoria's

Secret

&

Co.(a)

.................................................

7,834

Viking

Holdings

Ltd.(a)

..................................................

23,785

1,447

Visteon

Corp.

..........................................................

3,075

Warby

Parker,

Inc.,

Class

A(a)

..............................................

11,269

Wayfair,

Inc.,

Class

A(a)

..................................................

10,956

1,134

Weyco

Group,

Inc.

......................................................

611

Whirlpool

Corp.(b)

......................................................

6,169

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Wingstop,

Inc.

.........................................................

3,188

$

691

Winmark

Corp.

........................................................

Winnebago

Industries,

Inc.

................................................

3,063

Wolverine

World

Wide,

Inc.

...............................................

9,120

Worthington

Enterprises,

Inc.

..............................................

3,577

Wyndham

Hotels

&

Resorts,

Inc.

............................................

8,567

629

Wynn

Resorts

Ltd.

......................................................

9,152

1,089

XPEL,

Inc.(a)

.........................................................

2,586

Xponential

Fitness,

Inc.,

Class

A(a)

..........................................

2,802

YETI

Holdings,

Inc.(a)

...................................................

9,218

Zspace,

Inc.(a)

.........................................................

537

Zumiez,

Inc.(a)

........................................................

1,494

88,125

Consumer

Staples

(3.4%):

Albertsons

Cos.,

Inc.,

Class

A

..............................................

46,195

817

Alico,

Inc.

............................................................

596

B&G

Foods,

Inc.(b)

.....................................................

8,520

BellRing

Brands,

Inc.(a)

..................................................

14,261

Beyond

Meat,

Inc.(a)(b)

..................................................

7,802

BJ's

Wholesale

Club

Holdings,

Inc.(a)

........................................

15,007

1,324

BRC,

Inc.,

Class

A(a)

....................................................

10,451

Bunge

Global

SA

.......................................................

19,014

1,799

Calavo

Growers,

Inc.

....................................................

1,854

Cal-Maine

Foods,

Inc.

...................................................

4,873

Casey's

General

Stores,

Inc.

...............................................

4,248

2,180

Celsius

Holdings,

Inc.(a)

..................................................

20,092

1,210

Central

Garden

&

Pet

Co.,

Class

A(a)

........................................

6,700

Coca-Cola

Consolidated,

Inc.

..............................................

6,666

869

Conagra

Brands,

Inc.

....................................................

54,485

937

Coty,

Inc.,

Class

A(a)

....................................................

42,017

Darling

Ingredients,

Inc.(a)

................................................

17,932

575

Edgewell

Personal

Care

Co.

...............................................

5,196

elf

Beauty,

Inc.(a)

.......................................................

6,329

773

Energizer

Holdings,

Inc.

..................................................

6,976

FitLife

Brands,

Inc.(a)

...................................................

840

Flowers

Foods,

Inc.

.....................................................

22,550

Fresh

Del

Monte

Produce,

Inc.

.............................................

4,485

Freshpet,

Inc.(a)

........................................................

5,465

Grocery

Outlet

Holding

Corp.(a)

............................................

10,649

Guardian

Pharmacy

Services,

Inc.,

Class

A(a)

...................................

2,169

Herbalife

Ltd.(a)

.......................................................

11,337

HF

Foods

Group,

Inc.(a)

..................................................

3,802

Ingles

Markets,

Inc.,

Class

A

...............................................

1,642

Ingredion,

Inc.

.........................................................

7,305

843

Interparfums,

Inc.

.......................................................

2,067

Ispire

Technology,

Inc.(a)

.................................................

1,529

J

&

J

Snack

Foods

Corp.

..................................................

1,744

John

B

Sanfilippo

&

Son,

Inc.

..............................................

797

Lamb

Weston

Holdings,

Inc.

...............................................

15,849

978

Lifevantage

Corp.(b)

....................................................

978

Lifeway

Foods,

Inc.(a)

...................................................

Limoneira

Co.

.........................................................

1,793

Mama's

Creations,

Inc.(a)

.................................................

3,997

Maplebear,

Inc.(a)

......................................................

23,570

869

Medifast,

Inc.(a)

.......................................................

1,090

MGP

Ingredients,

Inc.

....................................................

1,559

Mission

Produce,

Inc.(a)

..................................................

4,700

Molson

Coors

Beverage

Co.,

Class

B

.........................................

18,679

817

National

Beverage

Corp.(a)

................................................

2,686

Natural

Grocers

by

Vitamin

Cottage,

Inc.

......................................

1,050

Nature's

Sunshine

Products,

Inc.(a)

..........................................

1,763

Nu

Skin

Enterprises,

Inc.,

Class

A

...........................................

5,342

Oil-Dri

Corp.

of

America

.................................................

1,109

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Olaplex

Holdings,

Inc.(a)(b)

...............................................

12,696

$

Performance

Food

Group

Co.(a)

............................................

17,615

1,704

Post

Holdings,

Inc.(a)

....................................................

5,487

570

PriceSmart,

Inc.

........................................................

2,911

Reynolds

Consumer

Products,

Inc.

..........................................

6,129

Seaboard

Corp.

........................................................

Seneca

Foods

Corp.,

Class

A(a)

.............................................

575

Spectrum

Brands

Holdings,

Inc.

............................................

2,654

The

Andersons,

Inc.

.....................................................

3,681

The

Beauty

Health

Co.(a)

.................................................

7,426

The

Boston

Beer

Co.,

Inc.,

Class

A(a)

........................................

916

The

Campbell's

Company

.................................................

21,969

662

The

Chefs'

Warehouse,

Inc.(a)

..............................................

4,158

The

Hain

Celestial

Group,

Inc.(a)

...........................................

9,209

The

Honest

Co.,

Inc.(a)

...................................................

10,381

The

J.M.

Smucker

Co.

...................................................

11,968

1,239

The

Marzetti

Company

...................................................

2,371

The

Simply

Good

Foods

Co.(a)

.............................................

10,519

The

Vita

Coco

Co.,

Inc.(a)

................................................

4,998

Tootsie

Roll

Industries,

Inc.

................................................

1,875

TreeHouse

Foods,

Inc.(a)

.................................................

5,670

Turning

Point

Brands,

Inc.

................................................

1,908

United

Natural

Foods,

Inc.(a)

..............................................

6,749

Universal

Corp.

........................................................

2,721

Upexi,

Inc.(a)(b)

.......................................................

5,721

USANA

Health

Sciences,

Inc.(a)

............................................

1,189

Utz

Brands,

Inc.

........................................................

7,893

Village

Super

Market,

Inc.,

Class

A

..........................................

1,116

Vital

Farms,

Inc.(a)

.....................................................

3,903

Co.

...........................................................

1,547

Weis

Markets,

Inc.

......................................................

1,641

Westrock

Coffee

Co.(a)

...................................................

3,605

Zevia

PBC,

Class

A(a)

...................................................

5,142

25,444

Energy

(3.4%):

Aemetis,

Inc.(a)

........................................................

6,049

Amplify

Energy

Corp.(a)

.................................................

3,451

Antero

Midstream

Corp.

..................................................

38,213

659

Antero

Resources

Corp.(a)

................................................

32,966

1,019

APA

Corp.(b)

..........................................................

40,392

915

Archrock,

Inc.

.........................................................

19,624

Ardmore

Shipping

Corp.

..................................................

4,320

Atlas

Energy

Solutions,

Inc.(b)

.............................................

8,791

Berry

Corp.

...........................................................

8,231

Bristow

Group,

Inc.(a)

...................................................

3,169

Cactus,

Inc.,

Class

A

.....................................................

7,767

California

Resources

Corp.

................................................

8,401

Calumet,

Inc.(a)

........................................................

7,890

Centrus

Energy

Corp.,

Class

A(a)(b)

.........................................

1,923

707

Chord

Energy

Corp.

.....................................................

6,502

590

Civitas

Resources,

Inc.

...................................................

9,531

Clean

Energy

Fuels

Corp.(a)

...............................................

17,975

CNX

Resources

Corp.(a)

.................................................

16,314

549

Comstock

Resources,

Inc.(a)

...............................................

8,879

Comstock,

Inc.(a)

.......................................................

4,913

Core

Laboratories,

Inc.

...................................................

5,247

Core

Natural

Resources,

Inc.

...............................................

5,765

Crescent

Energy

Co.,

Class

A

..............................................

24,872

CVR

Energy,

Inc.(a)

.....................................................

3,427

Delek

US

Holdings,

Inc.

..................................................

6,659

DHT

Holdings,

Inc.

.....................................................

14,745

DMC

Global,

Inc.(a)

....................................................

1,787

Dorian

LPG

Ltd.

.......................................................

4,131

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) DT

Midstream,

Inc.

.....................................................

11,617

$

1,272

Empire

Petroleum

Corp.(a)

................................................

2,513

Energy

Services

of

America

Corp.

...........................................

1,203

Evolution

Petroleum

Corp.

................................................

3,240

Excelerate

Energy,

Inc.,

Class

A

............................................

3,524

Expro

Group

Holdings

NV(a)

..............................................

13,088

Flowco

Holdings,

Inc.

...................................................

2,165

Forum

Energy

Technologies,

Inc.(a)

.........................................

1,170

FutureFuel

Corp.

.......................................................

2,562

Gevo,

Inc.(a)(b)

........................................................

25,883

Golar

LNG

Ltd.

........................................................

10,142

Gran

Tierra

Energy,

Inc.(a)

................................................

3,292

Granite

Ridge

Resources,

Inc.

..............................................

7,023

Green

Plains,

Inc.(a)

.....................................................

7,154

Gulf

Island

Fabrication,

Inc.(a)

.............................................

1,474

Gulfport

Energy

Corp.(a)

.................................................

1,997

Hallador

Energy

Co.(a)

...................................................

3,210

Helix

Energy

Solutions

Group,

Inc.(a)

........................................

15,584

Helmerich

&

Payne,

Inc.

..................................................

10,930

HF

Sinclair

Corp.

.......................................................

19,570

1,010

Infinity

Natural

Resources,

Inc.,

Class

A(a)

....................................

1,523

Innovex

International,

Inc.(a)

..............................................

4,177

International

Seaways,

Inc.

................................................

4,565

Kinetik

Holdings,

Inc.(b)

.................................................

4,590

Kodiak

Gas

Services,

Inc.

.................................................

6,236

Kosmos

Energy

Ltd.(a)

...................................................

51,944

Liberty

Energy,

Inc.

.....................................................

17,846

Lightbridge

Corp.(a)

.....................................................

2,586

Magnolia

Oil

&

Gas

Corp.,

Class

A

..........................................

20,736

Mammoth

Energy

Services,

Inc.(a)

..........................................

4,653

Matador

Resources

Co.

...................................................

13,245

523

Murphy

Oil

Corp.(b)

....................................................

15,277

Nabors

Industries

Ltd.(a)

.................................................

1,625

NACCO

Industries,

Inc.,

Class

A

............................................

National

Energy

Services

Reunited

Corp.(a)

....................................

9,098

Natural

Gas

Services

Group,

Inc.

............................................

1,122

New

Fortress

Energy,

Inc.(a)(b)

.............................................

20,435

NextDecade

Corp.(a)(b)

..................................................

18,844

Nordic

American

Tankers

Ltd.

..............................................

23,958

Northern

Oil

&

Gas,

Inc.

..................................................

10,835

NOV,

Inc.

............................................................

42,286

617

NPK

International,

Inc.(a)

.................................................

9,057

Oceaneering

International,

Inc.(a)

...........................................

11,246

Oil

States

International,

Inc.(a)

.............................................

6,242

OPAL

Fuels,

Inc.,

Class

A(a)(b)

.............................................

1,490

Ovintiv,

Inc.

..........................................................

29,364

1,101

Par

Pacific

Holdings,

Inc.(a)

...............................................

5,516

Patterson-UTI

Energy,

Inc.

................................................

39,715

PBF

Energy,

Inc.,

Class

A

.................................................

9,427

Peabody

Energy

Corp.

...................................................

13,830

Permian

Resources

Corp.

.................................................

63,923

803

PrimeEnergy

Resources

Corp.(a)

............................................

ProPetro

Holding

Corp.(a)

................................................

8,873

Range

Resources

Corp.

...................................................

26,970

959

Ranger

Energy

Services,

Inc.

...............................................

2,179

REX

American

Resources

Corp.(a)

..........................................

3,247

Riley

Exploration

Permian,

Inc.

.............................................

1,033

Ring

Energy,

Inc.(a)

.....................................................

17,895

RPC,

Inc.

............................................................

10,906

SandRidge

Energy,

Inc.

..................................................

3,486

Scorpio

Tankers,

Inc.

....................................................

5,070

SEACOR

Marine

Holdings,

Inc.(a)

..........................................

2,281

Select

Water

Solutions,

Inc.

................................................

10,645

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) SFL

Corp.

Ltd.

.........................................................

10,768

$

SM

Energy

Co.

........................................................

12,938

Solaris

Energy

Infrastructure,

Inc.

...........................................

3,803

Summit

Midstream

Corp.(a)

...............................................

1,095

Talos

Energy,

Inc.(a)

.....................................................

14,671

Tamboran

Resources

Corp.(a)

..............................................

1,133

Teekay

Corp.

Ltd.

......................................................

5,698

Teekay

Tankers

Ltd.,

Class

A

...............................................

2,716

TETRA

Technologies,

Inc.(a)

..............................................

14,249

Tidewater,

Inc.(a)

.......................................................

5,322

Transocean

Ltd.(a)

......................................................

89,765

Uranium

Energy

Corp.(a)

.................................................

49,731

752

VAALCO

Energy,

Inc.

...................................................

11,291

Venture

Global,

Inc.,

Class

A(b)

............................................

51,688

Vital

Energy,

Inc.(a)

.....................................................

3,405

Vitesse

Energy,

Inc.(b)

...................................................

2,829

W&T

Offshore,

Inc.(b)

...................................................

10,602

Weatherford

International

PLC

.............................................

8,185

603

World

Kinect

Corp.

.....................................................

6,090

25,311

Financials

(16.1%):

1st

Source

Corp.

.......................................................

2,063

Acacia

Research

Corp.(a)

.................................................

10,489

Acadian

Asset

Management,

Inc.

............................................

4,013

ACNB

Corp.

..........................................................

1,128

ACRES

Commercial

Realty

Corp.(a)

.........................................

634

Adamas

Trust,

Inc.

......................................................

9,433

Advanced

Flower

Capital,

Inc.

.............................................

1,459

Aether

Holdings,

Inc.(a)

..................................................

Affiliated

Managers

Group,

Inc.

............................................

3,153

750

Affinity

Bancshares,

Inc.

..................................................

AG

Mortgage

Investment

Trust,

Inc.

.........................................

3,058

AGNC

Investment

Corp.(b)

...............................................

118,665

1,187

Alerus

Financial

Corp.

...................................................

2,558

Ally

Financial,

Inc.

......................................................

34,932

1,361

Amalgamated

Financial

Corp.

..............................................

2,055

A-Mark

Precious

Metals,

Inc.

..............................................

2,003

Ambac

Financial

Group,

Inc.(a)

............................................

4,637

Amerant

Bancorp,

Inc.

...................................................

4,247

American

Coastal

Insurance

Corp.

...........................................

2,718

American

Financial

Group,

Inc.

.............................................

8,188

1,078

Ameris

Bancorp

........................................................

7,442

533

AMERISAFE,

Inc.

......................................................

2,110

Ames

National

Corp.

....................................................

933

Angel

Oak

Mortgage

REIT,

Inc.

............................................

1,939

Annaly

Capital

Management,

Inc.

...........................................

73,508

1,556

Apollo

Commercial

Real

Estate

Finance,

Inc.

...................................

15,666

Arbor

Realty

Trust,

Inc.(b)

................................................

21,095

Ares

Commercial

Real

Estate

Corp.

..........................................

5,558

ARMOUR

Residential

REIT,

Inc.(b)

.........................................

12,813

Arrow

Financial

Corp.

...................................................

1,781

Artisan

Partners

Asset

Management,

Inc.,

Class

A

................................

7,894

Associated

Banc-Corp.

...................................................

18,821

Assurant,

Inc.

.........................................................

5,752

1,218

Assured

Guaranty

Ltd.

...................................................

5,128

Atlantic

Union

Bankshares

Corp.

............................................

16,200

527

Atlanticus

Holdings

Corp.(a)

...............................................

1,045

Axis

Capital

Holdings

Ltd.

................................................

8,638

809

Axos

Financial,

Inc.(a)

...................................................

6,198

Banc

of

California,

Inc.

..................................................

14,951

BancFirst

Corp.

........................................................

2,352

Bank

First

Corp.

.......................................................

1,007

Bank

of

Hawaii

Corp.

....................................................

4,453

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Bank

of

Marin

Bancorp

..................................................

1,607

$

Bank

OZK

............................................................

13,209

594

Bank7

Corp.

..........................................................

BankFinancial

Corp.

.....................................................

1,118

BankUnited,

Inc.

.......................................................

8,533

Bankwell

Financial

Group,

Inc.

.............................................

680

Banner

Corp.

..........................................................

3,851

Bar

Harbor

Bankshares,

Inc.

...............................................

1,812

BayCom

Corp.

.........................................................

1,130

BCB

Bancorp,

Inc.

......................................................

1,530

Beacon

Financial

Corp.

..................................................

9,501

BGC

Group,

Inc.,

Class

A

.................................................

39,539

Blackstone

Mortgage

Trust,

Inc.,

Class

A

......................................

18,448

Blue

Foundry

Bancorp(a)

.................................................

1,987

Blue

Owl

Capital,

Inc.

...................................................

68,525

1,081

Blue

Ridge

Bankshares,

Inc.(a)

.............................................

6,024

BOK

Financial

Corp.

....................................................

2,901

Bowhead

Specialty

Holdings,

Inc.(a)

.........................................

2,460

Bread

Financial

Holdings,

Inc.

.............................................

5,270

Bridgewater

Bancshares,

Inc.(a)

............................................

2,285

Brighthouse

Financial,

Inc.(a)

..............................................

6,472

BrightSpire

Capital,

Inc.

..................................................

14,312

Burke

&

Herbert

Financial

Services

Corp.

.....................................

1,498

Business

First

Bancshares,

Inc.

.............................................

3,132

Byline

Bancorp,

Inc.

.....................................................

3,431

C&F

Financial

Corp.

....................................................

Cadence

Bank

.........................................................

20,974

792

California

Bancorp(a)

....................................................

2,581

Camden

National

Corp.

..................................................

1,863

Cannae

Holdings,

Inc.

...................................................

5,628

Cantaloupe,

Inc.(a)

......................................................

7,684

Capital

Bancorp,

Inc.

....................................................

1,270

Capital

City

Bank

Group,

Inc.

..............................................

1,538

Capitol

Federal

Financial,

Inc.

..............................................

13,864

Carter

Bankshares,

Inc.(a)

.................................................

2,426

Cass

Information

Systems,

Inc.

.............................................

1,428

Cathay

General

Bancorp

..................................................

7,492

CB

Financial

Services,

Inc.

................................................

Central

Pacific

Financial

Corp.

.............................................

2,989

CF

Bankshares,

Inc.

.....................................................

Chemung

Financial

Corp.

.................................................

Cherry

Hill

Mortgage

Investment

Corp.

.......................................

3,501

Chicago

Atlantic

Real

Estate

Finance,

Inc.

.....................................

1,944

Chimera

Investment

Corp.

................................................

8,942

ChoiceOne

Financial

Services,

Inc.

..........................................

1,460

Citizens

&

Northern

Corp.

................................................

1,621

Citizens

Community

Bancorp,

Inc.

..........................................

942

Citizens

Financial

Services,

Inc.

............................................

Citizens,

Inc.(a)(b)

......................................................

4,864

City

Holding

Co.

.......................................................

1,616

Civista

Bancshares,

Inc.

..................................................

2,076

Claros

Mortgage

Trust,

Inc.

................................................

12,594

CNA

Financial

Corp.

....................................................

30,897

1,376

CNB

Financial

Corp.

....................................................

3,108

CNO

Financial

Group,

Inc.

................................................

10,796

Coastal

Financial

Corp.(a)

................................................

1,435

Cohen

&

Co.,

Inc.

......................................................

Cohen

&

Steers,

Inc.

....................................................

3,140

Colony

Bankcorp,

Inc.

...................................................

1,702

Columbia

Banking

System,

Inc.

............................................

33,988

911

Columbia

Financial,

Inc.(a)

................................................

2,975

Comerica,

Inc.

.........................................................

14,620

1,118

Commerce

Bancshares,

Inc.

...............................................

14,844

781

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Community

Financial

System,

Inc.

..........................................

6,005

$

Community

Trust

Bancorp,

Inc.

.............................................

1,981

Community

West

Bancshares

..............................................

1,861

Compass

Diversified

Holdings

.............................................

7,455

ConnectOne

Bancorp,

Inc.

................................................

5,267

Consumer

Portfolio

Services,

Inc.(a)

.........................................

874

Crawford

&

Co.,

Class

A

.................................................

2,413

Credit

Acceptance

Corp.(a)(b)

..............................................

727

Cullen/Frost

Bankers,

Inc.

.................................................

6,800

837

Customers

Bancorp,

Inc.(a)

................................................

3,568

CVB

Financial

Corp.

....................................................

14,802

DeFi

Development

Corp.(a)(b)

.............................................

1,308

Diamond

Hill

Investment

Group,

Inc.

........................................

Dime

Community

Bancshares,

Inc.

..........................................

4,768

Donegal

Group,

Inc.,

Class

A

..............................................

1,725

Donnelley

Financial

Solutions,

Inc.(a)

........................................

2,958

Dynex

Capital,

Inc.(b)

...................................................

14,529

Eagle

Bancorp

Montana,

Inc.

..............................................

752

Eagle

Bancorp,

Inc.

.....................................................

3,104

Eagle

Financial

Services,

Inc.

..............................................

East

West

Bancorp,

Inc.

..................................................

15,672

1,592

Eastern

Bankshares,

Inc.

..................................................

22,259

ECB

Bancorp,

Inc.(a)

....................................................

769

eHealth,

Inc.(a)

........................................................

2,892

Ellington

Financial,

Inc.

..................................................

11,099

Employers

Holdings,

Inc.

.................................................

2,619

Enact

Holdings,

Inc.

.....................................................

3,727

Encore

Capital

Group,

Inc.(a)

..............................................

2,500

Enova

International,

Inc.(a)

................................................

2,704

Enterprise

Financial

Services

Corp.

..........................................

4,145

Equitable

Holdings,

Inc.

..................................................

34,207

1,690

Equity

Bancshares,

Inc.,

Class

A

............................................

1,645

Esquire

Financial

Holdings,

Inc.

............................................

811

Essent

Group

Ltd.

......................................................

10,933

662

Euronet

Worldwide,

Inc.(a)

................................................

4,583

Evercore,

Inc.

.........................................................

4,133

1,217

EVERTEC,

Inc.

........................................................

7,207

EZCORP,

Inc.,

Class

A(a)

.................................................

6,292

F&G

Annuities

&

Life,

Inc.

................................................

15,114

Farmers

&

Merchants

Bancorp,

Inc.

..........................................

1,382

Farmers

National

Banc

Corp.

..............................................

4,039

FB

Bancorp,

Inc.(a)

.....................................................

1,938

FB

Financial

Corp.

......................................................

4,574

Federal

Agricultural

Mortgage

Corp.,

Class

C

...................................

1,127

Federated

Hermes,

Inc.

...................................................

8,487

Fidelis

Insurance

Holdings

Ltd.

.............................................

6,200

Fidelity

D&D

Bancorp,

Inc.

...............................................

507

Fidelity

National

Financial,

Inc.

............................................

29,459

1,627

Finance

of

America

Cos.,

Inc.,

Class

A(a)(b)

...................................

Financial

Institutions,

Inc.

.................................................

2,192

Finward

Bancorp

.......................................................

Finwise

Bancorp(a)

.....................................................

940

First

American

Financial

Corp.

.............................................

11,144

697

First

Bancorp

..........................................................

4,576

First

Bancorp

Puerto

Rico

.................................................

17,979

First

Bank

............................................................

2,463

First

Busey

Corp.

.......................................................

9,713

First

Business

Financial

Services,

Inc.

........................................

840

First

Capital,

Inc.

.......................................................

First

Commonwealth

Financial

Corp.

.........................................

11,676

First

Community

Bankshares,

Inc.

...........................................

1,726

First

Community

Corp.

...................................................

771

First

Financial

Bancorp

...................................................

10,814

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) First

Financial

Bankshares,

Inc.

.............................................

15,829

$

First

Financial

Corp.

.....................................................

1,271

First

Financial

Northwest,

Inc.(a)(c)

..........................................

869

—(d)

First

Foundation,

Inc.(a)

..................................................

7,957

First

Guaranty

Bancshares,

Inc.

.............................................

First

Hawaiian,

Inc.

.....................................................

14,172

First

Horizon

Corp.

.....................................................

57,549

1,229

First

Internet

Bancorp

....................................................

761

First

Interstate

BancSystem,

Inc.,

Class

A

......................................

10,282

First

Merchants

Corp.

....................................................

6,492

First

Mid

Bancshares,

Inc.

................................................

2,430

First

National

Corp.

.....................................................

813

First

Savings

Financial

Group,

Inc.

..........................................

570

First

United

Corp.

......................................................

667

First

Western

Financial,

Inc.(a)

.............................................

813

FirstCash

Holdings,

Inc.

..................................................

4,496

713

Firstsun

Capital

Bancorp(a)

................................................

1,357

Five

Star

Bancorp

......................................................

1,699

Flagstar

Bank

NA

.......................................................

34,529

Flushing

Financial

Corp.

..................................................

3,514

Flywire

Corp.(a)

.......................................................

12,948

FNB

Corp.

............................................................

40,615

638

Fold

Holdings,

Inc.(a)

....................................................

850

Forge

Global

Holdings,

Inc.(a)

.............................................

943

Franklin

BSP

Realty

Trust,

Inc.

.............................................

9,166

Franklin

Financial

Services

Corp.

...........................................

Franklin

Resources,

Inc.

..................................................

31,953

722

Freedom

Holding

Corp.(a)(b)

..............................................

2,011

FS

Bancorp,

Inc.

.......................................................

701

Fulton

Financial

Corp.

...................................................

20,617

FVCBankcorp,

Inc.

.....................................................

1,592

Galaxy

Digital,

Inc.(a)

...................................................

19,532

684

GBank

Financial

Holdings,

Inc.(a)(b)

.........................................

1,020

GCM

Grosvenor,

Inc.,

Class

A(b)

...........................................

5,794

Genworth

Financial,

Inc.(a)

................................................

46,095

German

American

Bancorp,

Inc.

............................................

4,073

Glacier

Bancorp,

Inc.

....................................................

14,508

593

Globe

Life,

Inc.

........................................................

9,236

1,215

Goosehead

Insurance,

Inc.,

Class

A

..........................................

2,719

Granite

Point

Mortgage

Trust,

Inc.

...........................................

4,572

Great

Southern

Bancorp,

Inc.

..............................................

933

Green

Dot

Corp.,

Class

A(a)

...............................................

5,459

Greene

County

Bancorp,

Inc.

..............................................

733

Greenlight

Capital

Re

Ltd.,

Class

A(a)

........................................

2,862

Guild

Holdings

Co.,

Class

A

...............................................

1,074

HA

Sustainable

Infrastructure

Capital,

Inc.

.....................................

14,021

Hamilton

Insurance

Group

Ltd.,

Class

B(a)

....................................

6,788

Hamilton

Lane,

Inc.,

Class

A

...............................................

3,359

Hancock

Whitney

Corp.

..................................................

9,600

548

Hanmi

Financial

Corp.

...................................................

3,343

Hanover

Bancorp,

Inc.(b)

.................................................

HarborOne

Bancorp,

Inc.

.................................................

4,223

Hawthorn

Bancshares,

Inc.

................................................

626

HBT

Financial,

Inc.

.....................................................

1,246

HCI

Group,

Inc.

........................................................

1,221

Heritage

Commerce

Corp.

................................................

6,635

Heritage

Financial

Corp.

..................................................

3,779

Heritage

Insurance

Holdings,

Inc.(a)

.........................................

2,712

Hilltop

Holdings,

Inc.

....................................................

4,997

Hippo

Holdings,

Inc.(a)

..................................................

1,601

Home

Bancorp,

Inc.

.....................................................

746

Home

Bancshares,

Inc.

...................................................

21,255

568

HomeTrust

Bancshares,

Inc.

...............................................

1,643

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Hope

Bancorp,

Inc.

.....................................................

13,844

$

Horace

Mann

Educators

Corp.

..............................................

4,593

Horizon

Bancorp,

Inc.

...................................................

5,556

Houlihan

Lokey,

Inc.

....................................................

6,230

1,116

I3

Verticals,

Inc.,

Class

A(a)

...............................................

2,562

Independent

Bank

Corp.

MA

...............................................

5,582

Independent

Bank

Corp.

MI

...............................................

2,228

Innventure,

Inc.(a)(b)

....................................................

2,125

International

Bancshares

Corp.

.............................................

6,439

International

Money

Express,

Inc.(a)

.........................................

3,069

Invesco

Ltd.

...........................................................

50,775

1,203

Invesco

Mortgage

Capital,

Inc.(b)

...........................................

7,401

Investar

Holding

Corp.

...................................................

923

Investors

Title

Co.

......................................................

Jack

Henry

&

Associates,

Inc.

..............................................

8,315

1,238

Jackson

Financial,

Inc.,

Class

A

.............................................

7,813

788

James

River

Group

Holdings

Ltd.

...........................................

3,850

Jefferies

Financial

Group,

Inc.

..............................................

18,829

995

John

Marshall

Bancorp,

Inc.

...............................................

1,352

Kearny

Financial

Corp.

...................................................

6,394

Kemper

Corp.

.........................................................

7,124

Kestrel

Group

Ltd.(a)(b)

..................................................

835

Kingstone

Cos.,

Inc.

.....................................................

1,125

Kingsway

Financial

Services,

Inc.(a)(b)

.......................................

2,237

Kinsale

Capital

Group,

Inc.

................................................

2,532

1,011

KKR

Real

Estate

Finance

Trust,

Inc.

.........................................

6,093

Ladder

Capital

Corp.

....................................................

12,780

Lakeland

Financial

Corp.

.................................................

2,819

Landmark

Bancorp,

Inc./Manhattan

KS

.......................................

Lazard,

Inc.

...........................................................

10,541

514

LCNB

Corp.

..........................................................

1,423

Lemonade,

Inc.(a)(b)

....................................................

6,867

LendingClub

Corp.(a)

....................................................

12,695

LendingTree,

Inc.(a)

.....................................................

1,242

Lincoln

National

Corp.

...................................................

21,528

904

LINKBANCORP,

Inc.

...................................................

2,570

Live

Oak

Bancshares,

Inc.

................................................

3,971

loanDepot,

Inc.,

Class

A(a)(b)

..............................................

8,712

Lument

Finance

Trust,

Inc.

................................................

2,966

MainStreet

Bancshares,

Inc.

...............................................

641

MarketAxess

Holdings,

Inc.

...............................................

4,198

672

Marqeta,

Inc.,

Class

A(a)

.................................................

42,069

MBIA,

Inc.(a)

.........................................................

4,848

Mechanics

Bancorp(a)

...................................................

24,195

Medallion

Financial

Corp.

................................................

1,662

Mercantile

Bank

Corp.

...................................................

1,754

Merchants

Bancorp

.....................................................

2,310

Mercury

General

Corp.

...................................................

3,039

Meridian

Corp.

........................................................

895

Metrocity

Bankshares,

Inc.

................................................

2,043

Metropolitan

Bank

Holding

Corp.

...........................................

1,013

MFA

Financial,

Inc.

.....................................................

11,553

MGIC

Investment

Corp.

..................................................

26,003

713

Mid

Penn

Bancorp,

Inc.

..................................................

1,993

Middlefield

Banc

Corp.

..................................................

788

Midland

States

Bancorp,

Inc.

..............................................

2,244

MidWestOne

Financial

Group,

Inc.

..........................................

2,165

Millrose

Properties,

Inc.(b)

................................................

13,831

Moelis

&

Co.,

Class

A

...................................................

8,424

534

Morningstar,

Inc.

.......................................................

2,868

609

MVB

Financial

Corp.

....................................................

1,272

National

Bank

Holdings

Corp.,

Class

A

.......................................

4,241

National

Bankshares,

Inc.

.................................................

657

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Navient

Corp.

.........................................................

11,016

$

NB

Bancorp,

Inc.

.......................................................

3,853

NBT

Bancorp,

Inc.

......................................................

5,858

NCR

Atleos

Corp.(a)

....................................................

8,248

Nelnet,

Inc.,

Class

A

.....................................................

1,854

NerdWallet,

Inc.,

Class

A(a)

...............................................

4,684

NewtekOne,

Inc.

.......................................................

2,709

Nexpoint

Real

Estate

Finance,

Inc.

..........................................

1,804

NI

Holdings,

Inc.(a)

.....................................................

645

Nicolet

Bankshares,

Inc.

..................................................

1,502

NMI

Holdings,

Inc.(a)

...................................................

8,710

Northeast

Bank

........................................................

883

Northeast

Community

Bancorp,

Inc.

.........................................

1,484

Northfield

Bancorp,

Inc.

..................................................

4,044

Northpointe

Bancshares,

Inc.

...............................................

2,019

Northrim

Bancorp,

Inc.

...................................................

2,410

Northwest

Bancshares,

Inc.

................................................

15,781

Norwood

Financial

Corp.(b)

...............................................

910

Oak

Valley

Bancorp

.....................................................

720

OceanFirst

Financial

Corp.

................................................

6,300

OFG

Bancorp

.........................................................

5,017

Ohio

Valley

Banc

Corp.

..................................................

Old

National

Bancorp

....................................................

38,500

787

Old

Republic

International

Corp.

............................................

26,355

1,040

Old

Second

Bancorp,

Inc.

.................................................

5,544

OneMain

Holdings,

Inc.

..................................................

13,575

804

Onity

Group,

Inc.(a)

.....................................................

714

OP

Bancorp

...........................................................

1,223

Open

Lending

Corp.(a)

...................................................

10,665

Oportun

Financial

Corp.(a)

................................................

4,039

Oppenheimer

Holdings,

Inc.,

Class

A

.........................................

639

OppFi,

Inc.

...........................................................

2,796

Orange

County

Bancorp,

Inc.

..............................................

1,101

Orchid

Island

Capital,

Inc.(b)

..............................................

18,316

Origin

Bancorp,

Inc.

.....................................................

3,207

Orrstown

Financial

Services,

Inc.

...........................................

2,076

Oscar

Health,

Inc.,

Class

A(a)

..............................................

21,720

P10,

Inc.,

Class

A

.......................................................

6,561

Palomar

Holdings,

Inc.(a)

.................................................

2,997

Park

National

Corp.

.....................................................

1,789

Parke

Bancorp,

Inc.

.....................................................

1,058

Pathward

Financial,

Inc.

..................................................

2,563

Patria

Investments

Ltd.,

Class

A(b)

..........................................

6,850

Patriot

National

Bancorp,

Inc.(a)

............................................

7,546

Paymentus

Holdings,

Inc.,

Class

A(a)

........................................

4,477

Payoneer

Global,

Inc.(a)

..................................................

31,164

Paysafe

Ltd.(a)

.........................................................

3,298

Paysign,

Inc.(a)

........................................................

4,239

PCB

Bancorp

..........................................................

1,216

Peapack-Gladstone

Financial

Corp.

..........................................

1,656

PennyMac

Financial

Services,

Inc.

..........................................

5,663

712

PennyMac

Mortgage

Investment

Trust

........................................

9,798

Peoples

Bancorp

of

North

Carolina,

Inc.

.......................................

502

Peoples

Bancorp,

Inc.

....................................................

3,915

Peoples

Financial

Services

Corp.

............................................

1,026

Perella

Weinberg

Partners

.................................................

6,708

Pinnacle

Financial

Partners,

Inc.

............................................

8,746

745

Pioneer

Bancorp,

Inc.(a)

..................................................

1,149

Piper

Sandler

Cos.

......................................................

1,967

628

PJT

Partners,

Inc.,

Class

A

................................................

2,577

Plumas

Bancorp

........................................................

693

Ponce

Financial

Group,

Inc.(a)

.............................................

2,136

Popular,

Inc.

..........................................................

7,581

845

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) PRA

Group,

Inc.(a)

.....................................................

4,191

$

Preferred

Bank

.........................................................

1,526

Primerica,

Inc.

.........................................................

3,697

961

Primis

Financial

Corp.

...................................................

2,076

Princeton

Bancorp,

Inc.

..................................................

554

Priority

Technology

Holdings,

Inc.(a)

........................................

2,709

ProAssurance

Corp.(a)

...................................................

5,760

PROG

Holdings,

Inc.

....................................................

4,369

Prosperity

Bancshares,

Inc.

................................................

10,440

687

Provident

Bancorp,

Inc.(a)

................................................

1,719

Provident

Financial

Services,

Inc.

...........................................

14,040

QCR

Holdings,

Inc.

.....................................................

1,858

Radian

Group,

Inc.

......................................................

15,316

520

RBB

Bancorp

.........................................................

1,790

Ready

Capital

Corp.(b)

...................................................

16,917

Red

River

Bancshares,

Inc.

................................................

Redwood

Trust,

Inc.

.....................................................

14,409

Regional

Management

Corp.

...............................................

990

Reinsurance

Group

of

America,

Inc.

.........................................

7,560

1,379

Remitly

Global,

Inc.(a)

...................................................

18,962

RenaissanceRe

Holdings

Ltd.

..............................................

5,154

1,310

Renasant

Corp.

........................................................

10,675

Repay

Holdings

Corp.(a)

.................................................

7,264

Republic

Bancorp,

Inc.,

Class

A

............................................

908

Rhinebeck

Bancorp,

Inc.(a)

................................................

Richmond

Mutual

Bancorp,

Inc.

............................................

842

Rithm

Capital

Corp.

.....................................................

60,547

664

Rithm

Property

Trust,

Inc.

.................................................

4,533

Riverview

Bancorp,

Inc.

..................................................

2,035

RLI

Corp.

............................................................

9,307

549

Rocket

Cos.,

Inc.,

Class

A

.................................................

107,452

1,790

Root,

Inc.,

Class

A(a)

....................................................

1,223

Runway

Growth

Finance

Corp.(b)

...........................................

3,976

Ryan

Specialty

Holdings,

Inc.

..............................................

12,392

679

S&T

Bancorp,

Inc.

......................................................

4,303

Safety

Insurance

Group,

Inc.

...............................................

1,653

SB

Financial

Group,

Inc.

.................................................

581

Seacoast

Banking

Corp.

of

Florida

...........................................

9,863

Security

National

Financial

Corp.,

Class

A(a)

...................................

1,590

SEI

Investments

Co.

.....................................................

11,721

945

Selective

Insurance

Group,

Inc.

.............................................

6,921

521

Selectquote,

Inc.(a)

.....................................................

14,711

ServisFirst

Bancshares,

Inc.

...............................................

5,845

Seven

Hills

Realty

Trust(b)

................................................

1,531

Sezzle,

Inc.(a)

.........................................................

1,900

Shift4

Payments,

Inc.,

Class

A(a)(b)

.........................................

7,500

518

Shore

Bancshares,

Inc.

...................................................

3,364

Siebert

Financial

Corp.(a)

.................................................

1,083

Sierra

Bancorp

.........................................................

1,347

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

...............................

828

Simmons

First

National

Corp.,

Class

A

.......................................

16,297

SiriusPoint

Ltd.(a)

......................................................

12,234

Skyward

Specialty

Insurance

Group,

Inc.(a)

....................................

4,047

SLM

Corp.

...........................................................

23,622

634

SmartFinancial,

Inc.

.....................................................

1,591

Sound

Financial

Bancorp,

Inc.

..............................................

South

Plains

Financial,

Inc.

................................................

1,371

Southern

First

Bancshares,

Inc.(a)

...........................................

814

Southern

Missouri

Bancorp,

Inc.

............................................

1,082

Southside

Bancshares,

Inc.

................................................

3,210

SouthState

Bank

Corp.

...................................................

11,484

1,018

SR

Bancorp,

Inc.

.......................................................

770

Starwood

Property

Trust,

Inc.

..............................................

39,567

719

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Stellar

Bancorp,

Inc.

.....................................................

5,300

$

StepStone

Group,

Inc.,

Class

A

.............................................

7,951

Sterling

Bancorp,

Inc.(a)(c)

................................................

2,117

—(d)

Stewart

Information

Services

Corp.

..........................................

3,138

Stifel

Financial

Corp.

....................................................

11,356

1,345

Stock

Yards

Bancorp,

Inc.

.................................................

3,085

StoneX

Group,

Inc.(a)

...................................................

4,918

Strive,

Inc.,

Class

A(a)

...................................................

—(d)

Sunrise

Realty

Trust,

Inc.

.................................................

960

SWK

Holdings

Corp.

....................................................

1,228

Synovus

Financial

Corp.

..................................................

15,818

706

Texas

Capital

Bancshares,

Inc.(a)

...........................................

5,114

TFS

Financial

Corp.

.....................................................

32,010

The

Baldwin

Insurance

Group,

Inc.(a)

........................................

8,089

The

Bancorp,

Inc.(a)

.....................................................

4,950

The

Bank

of

NT

Butterfield

&

Son

Ltd.

.......................................

5,306

The

First

Bancorp,

Inc.

...................................................

1,067

The

Hanover

Insurance

Group,

Inc.

..........................................

4,065

695

The

Hingham

Institution

for

Savings(b)

.......................................

The

Western

Union

Co.

...................................................

36,690

Third

Coast

Bancshares,

Inc.(a)

.............................................

1,213

Timberland

Bancorp,

Inc.

.................................................

810

Tiptree,

Inc.

...........................................................

2,406

Tompkins

Financial

Corp.

.................................................

1,487

Towne

Bank

..........................................................

9,283

TPG

RE

Finance

Trust,

Inc.

...............................................

7,764

TPG,

Inc.

............................................................

15,007

826

TriCo

Bancshares

.......................................................

3,410

Triumph

Financial,

Inc.(a)

.................................................

2,492

Trupanion,

Inc.(a)(b)

....................................................

3,459

TrustCo

Bank

Corp.

.....................................................

2,059

Trustmark

Corp.

........................................................

6,364

TWFG,

Inc.(a)

.........................................................

1,494

Two

Harbors

Investment

Corp.

.............................................

11,705

UMB

Financial

Corp.

....................................................

8,351

893

Union

Bankshares,

Inc.

...................................................

United

Bankshares,

Inc.

..................................................

15,869

568

United

Community

Banks,

Inc.

.............................................

13,823

United

Fire

Group,

Inc.

...................................................

2,416

United

Security

Bancshares

................................................

1,354

Unity

Bancorp,

Inc.

.....................................................

734

Universal

Insurance

Holdings,

Inc.

..........................................

2,863

Univest

Financial

Corp.

..................................................

3,220

Unum

Group

..........................................................

19,360

1,421

Upstart

Holdings,

Inc.(a)(b)

...............................................

9,568

USCB

Financial

Holdings,

Inc.

.............................................

1,147

UWM

Holdings

Corp.

...................................................

21,677

Valley

National

Bancorp

..................................................

54,864

596

Velocity

Financial,

Inc.(a)

.................................................

2,637

Victory

Capital

Holdings,

Inc.,

Class

A(e)

.....................................

5,941

Virtu

Financial,

Inc.,

Class

A

...............................................

9,141

Virtus

Investment

Partners,

Inc.

.............................................

716

Voya

Financial,

Inc.

.....................................................

11,027

821

WaFd,

Inc.

............................................................

8,883

Walker

&

Dunlop,

Inc.

...................................................

3,681

Washington

Trust

Bancorp,

Inc.

.............................................

2,112

Waterstone

Financial,

Inc.

.................................................

1,677

Webster

Financial

Corp.

..................................................

18,923

1,079

WesBanco,

Inc.

........................................................

10,772

West

Bancorp,

Inc.

......................................................

1,637

Westamerica

Bancorp

....................................................

2,763

Western

Alliance

Bancorp

.................................................

12,021

930

Western

New

England

Bancorp,

Inc.

.........................................

1,924

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Westwood

Holdings

Group,

Inc.

............................................

724

$

WEX,

Inc.(a)

..........................................................

3,890

567

White

Mountains

Insurance

Group

Ltd.

.......................................

545

Wintrust

Financial

Corp.

..................................................

7,566

984

WisdomTree,

Inc.

.......................................................

14,626

World

Acceptance

Corp.(a)

................................................

508

WSFS

Financial

Corp.

...................................................

6,336

Zions

Bancorp

NA

......................................................

16,680

869

120,480

Health

Care

(13.6%):

10X

Genomics,

Inc.,

Class

A(a)

.............................................

12,598

4D

Molecular

Therapeutics,

Inc.(a)

..........................................

4,773

Aardvark

Therapeutics,

Inc.(a)(b)

...........................................

1,290

Abeona

Therapeutics,

Inc.(a)

...............................................

4,982

Absci

Corp.(a)(b)

.......................................................

14,699

Acadia

Healthcare

Co.,

Inc.(a)

..............................................

10,371

ACADIA

Pharmaceuticals,

Inc.(a)

...........................................

19,191

Accuray,

Inc.(a)

........................................................

11,515

Achieve

Life

Sciences,

Inc.(a)(b)

............................................

4,680

Aclaris

Therapeutics,

Inc.(a)

...............................................

9,960

Actuate

Therapeutics,

Inc.(a)

...............................................

581

AdaptHealth

Corp.(a)

....................................................

10,248

Adaptive

Biotechnologies

Corp.(a)

..........................................

16,628

Addus

HomeCare

Corp.(a)

................................................

2,052

ADMA

Biologics,

Inc.(a)

.................................................

26,420

Agenus,

Inc.(a)

........................................................

3,051

agilon

health,

Inc.(a)

.....................................................

33,498

Agios

Pharmaceuticals,

Inc.(a)

.............................................

6,223

AirSculpt

Technologies,

Inc.(a)(b)

...........................................

1,650

Akebia

Therapeutics,

Inc.(a)

...............................................

28,418

Akero

Therapeutics,

Inc.(a)

................................................

8,107

Aldeyra

Therapeutics,

Inc.(a)

..............................................

6,412

Alector,

Inc.(a)

.........................................................

7,687

Alignment

Healthcare,

Inc.(a)

..............................................

15,578

Alkermes

PLC(a)

.......................................................

18,444

566

Allogene

Therapeutics,

Inc.(a)(b)

...........................................

16,412

Alpha

Teknova,

Inc.(a)(b)

.................................................

959

Alphatec

Holdings,

Inc.(a)

................................................

12,827

ALT5

Sigma

Corp.(a)(b)

..................................................

11,831

Altimmune,

Inc.(a)(b)

....................................................

9,690

Alumis,

Inc.(a)(b)

......................................................

7,411

American

Well

Corp.,

Class

A(a)

............................................

1,112

Amicus

Therapeutics,

Inc.(a)

...............................................

34,428

AMN

Healthcare

Services,

Inc.(a)

...........................................

4,304

Amneal

Pharmaceuticals,

Inc.(a)

............................................

16,540

Amphastar

Pharmaceuticals,

Inc.(a)

..........................................

3,878

Amylyx

Pharmaceuticals,

Inc.(a)

............................................

7,551

AnaptysBio,

Inc.(a)

.....................................................

2,902

Anavex

Life

Sciences

Corp.(a)(b)

...........................................

9,385

AngioDynamics,

Inc.(a)

..................................................

4,303

ANI

Pharmaceuticals,

Inc.(a)

..............................................

2,125

Anika

Therapeutics,

Inc.(a)

................................................

1,430

Annexon,

Inc.(a)

.......................................................

10,553

Anteris

Technologies

Global

Corp.(a)(b)

......................................

3,851

Apellis

Pharmaceuticals,

Inc.(a)

............................................

11,955

Apogee

Therapeutics,

Inc.(a)

...............................................

4,209

Aquestive

Therapeutics,

Inc.(a)(b)

...........................................

12,587

Arcellx,

Inc.(a)

........................................................

4,745

Arcturus

Therapeutics

Holdings,

Inc.(a)

.......................................

2,726

Arcus

Biosciences,

Inc.(a)

.................................................

7,441

Arcutis

Biotherapeutics,

Inc.(a)(b)

...........................................

11,969

Ardelyx,

Inc.(a)

........................................................

26,419

ArriVent

Biopharma,

Inc.(a)(b)

.............................................

3,351

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Arrowhead

Pharmaceuticals,

Inc.(a)

..........................................

14,724

$

624

ARS

Pharmaceuticals,

Inc.(a)(b)

............................................

6,563

Artivion,

Inc.(a)

........................................................

5,030

Arvinas,

Inc.(a)

........................................................

7,234

Assembly

Biosciences,

Inc.(a)

..............................................

1,149

Astrana

Health,

Inc.(a)

...................................................

4,228

Astria

Therapeutics,

Inc.(a)

................................................

5,093

Atea

Pharmaceuticals,

Inc.(a)

..............................................

6,932

Atlantic

International

Corp.(a)

..............................................

2,034

Atossa

Therapeutics,

Inc.(a)

...............................................

13,290

AtriCure,

Inc.(a)

.......................................................

5,471

aTyr

Pharma,

Inc.(a)(b)

...................................................

9,518

Aura

Biosciences,

Inc.(a)

.................................................

4,524

Avanos

Medical,

Inc.(a)

..................................................

5,023

Avantor,

Inc.(a)

........................................................

76,138

900

Aveanna

Healthcare

Holdings,

Inc.(a)

........................................

5,004

Avidity

Biosciences,

Inc.(a)

...............................................

13,313

930

Avita

Medical,

Inc.(a)(b)

..................................................

2,665

Axogen,

Inc.(a)

........................................................

4,928

Axsome

Therapeutics,

Inc.(a)

..............................................

4,723

638

Azenta,

Inc.(a)

.........................................................

5,121

Beam

Therapeutics,

Inc.(a)

................................................

10,454

Benitec

Biopharma,

Inc.(a)

................................................

2,735

Beta

Bionics,

Inc.(a)

.....................................................

3,694

Bicara

Therapeutics,

Inc.(a)

...............................................

3,474

BioAge

Labs,

Inc.(a)

....................................................

2,228

BioCryst

Pharmaceuticals,

Inc.(a)

...........................................

23,120

Biohaven

Ltd.(a)

.......................................................

10,540

BioLife

Solutions,

Inc.(a)

.................................................

5,262

BioMarin

Pharmaceutical,

Inc.(a)

...........................................

21,710

1,163

Bio-Rad

Laboratories,

Inc.,

Class

A(a)

........................................

2,103

672

Biote

Corp.,

Class

A(a)

...................................................

2,991

Bio-Techne

Corp.

.......................................................

17,650

1,104

Bioventus,

Inc.,

Class

A(a)

................................................

5,019

Black

Diamond

Therapeutics,

Inc.(a)

.........................................

4,616

Bridgebio

Pharma,

Inc.(a)(b)

...............................................

18,616

1,166

BrightSpring

Health

Services,

Inc.(a)

.........................................

11,187

Brookdale

Senior

Living,

Inc.(a)

............................................

24,448

Bruker

Corp.(b)

........................................................

11,807

Butterfly

Network,

Inc.(a)

.................................................

20,686

Cabaletta

Bio,

Inc.(a)

....................................................

8,481

Candel

Therapeutics,

Inc.(a)(b)

.............................................

4,076

Capricor

Therapeutics,

Inc.(a)(b)

............................................

4,382

Cardiff

Oncology,

Inc.(a)(b)

...............................................

6,362

CareDx,

Inc.(a)

........................................................

5,595

Caribou

Biosciences,

Inc.(a)

...............................................

8,842

Cartesian

Therapeutics,

Inc.(a)(b)

...........................................

810

Cassava

Sciences,

Inc.(a)

.................................................

4,450

Castle

Biosciences,

Inc.(a)

................................................

3,181

Catalyst

Pharmaceuticals,

Inc.(a)

............................................

12,760

Celcuity,

Inc.(a)

........................................................

3,819

Celldex

Therapeutics,

Inc.(a)(b)

............................................

7,368

Ceribell,

Inc.(a)

........................................................

2,226

Certara,

Inc.(a)

.........................................................

13,285

Cerus

Corp.(a)

.........................................................

19,658

CG

oncology,

Inc.(a)

....................................................

5,369

Charles

River

Laboratories

International,

Inc.(a)

.................................

5,586

1,006

Chemed

Corp.

.........................................................

1,641

708

Cibus,

Inc.(a)

..........................................................

2,948

Cidara

Therapeutics,

Inc.(a)

...............................................

2,213

Claritev

Corp.(a)

.......................................................

804

ClearPoint

Neuro,

Inc.(a)

.................................................

2,744

Clover

Health

Investments

Corp.(a)

..........................................

43,961

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Codexis,

Inc.(a)

........................................................

9,514

$

Cogent

Biosciences,

Inc.(a)

................................................

12,854

Collegium

Pharmaceutical,

Inc.(a)

...........................................

3,468

Community

Health

Systems,

Inc.(a)

..........................................

13,444

Compass

Therapeutics,

Inc.(a)

..............................................

12,288

Concentra

Group

Holdings

Parent,

Inc.

.......................................

13,200

CONMED

Corp.

.......................................................

3,429

Corcept

Therapeutics,

Inc.(a)

..............................................

10,704

786

CorMedix,

Inc.(a)(b)

....................................................

7,540

CorVel

Corp.(a)

........................................................

3,289

Corvus

Pharmaceuticals,

Inc.(a)(b)

..........................................

6,057

Crescent

Biopharma,

Inc.(a)(b)

.............................................

1,163

Crinetics

Pharmaceuticals,

Inc.(a)(b)

.........................................

9,986

Cross

Country

Healthcare,

Inc.(a)

...........................................

3,442

CryoPort,

Inc.(a)

.......................................................

5,361

Cullinan

Therapeutics,

Inc.(a)

..............................................

3,989

CVRx,

Inc.(a)

.........................................................

1,643

Cytek

Biosciences,

Inc.(a)

.................................................

12,948

Cytokinetics,

Inc.(a)

.....................................................

13,432

854

CytomX

Therapeutics,

Inc.(a)

..............................................

13,679

DaVita,

Inc.(a)

.........................................................

7,807

929

Day

One

Biopharmaceuticals,

Inc.(a)

.........................................

8,390

Definitive

Healthcare

Corp.(a)

..............................................

3,797

Delcath

Systems,

Inc.(a)

..................................................

3,613

Denali

Therapeutics,

Inc.(a)

...............................................

14,957

DENTSPLY

SIRONA,

Inc.

................................................

22,694

Design

Therapeutics,

Inc.(a)

...............................................

3,327

Dianthus

Therapeutics,

Inc.(a)

..............................................

2,657

Disc

Medicine,

Inc.(a)

...................................................

2,624

DocGo,

Inc.(a)

.........................................................

8,576

Doximity,

Inc.,

Class

A(a)

.................................................

15,198

1,003

Dynavax

Technologies

Corp.(a)

.............................................

13,275

Dyne

Therapeutics,

Inc.(a)

................................................

12,528

Edgewise

Therapeutics,

Inc.(a)

.............................................

8,487

Editas

Medicine,

Inc.(a)

..................................................

9,864

Elanco

Animal

Health,

Inc.(a)

..............................................

56,494

1,251

Electromed,

Inc.(a)

......................................................

700

Eledon

Pharmaceuticals,

Inc.(a)(b)

..........................................

5,996

Elicio

Therapeutics,

Inc.(a)

................................................

632

Embecta

Corp.

.........................................................

6,146

Emergent

BioSolutions,

Inc.(a)

.............................................

5,726

Enanta

Pharmaceuticals,

Inc.(a)

.............................................

2,148

Encompass

Health

Corp.

..................................................

11,389

1,297

Enhabit,

Inc.(a)

........................................................

4,876

Enliven

Therapeutics,

Inc.(a)

...............................................

4,318

Enovis

Corp.(a)

........................................................

6,367

Entrada

Therapeutics,

Inc.(a)

...............................................

2,359

Envista

Holdings

Corp.(a)

.................................................

18,637

Erasca,

Inc.(a)

.........................................................

17,867

Esperion

Therapeutics,

Inc.(a)

..............................................

22,122

Establishment

Labs

Holdings,

Inc.(a)(b)

.......................................

2,972

Eton

Pharmaceuticals,

Inc.(a)

..............................................

2,537

Evolent

Health,

Inc.,

Class

A(a)

.............................................

12,956

Evolus,

Inc.(a)

.........................................................

5,631

Exact

Sciences

Corp.(a)

..................................................

21,436

1,387

Exagen,

Inc.(a)

........................................................

1,571

Exelixis,

Inc.(a)

........................................................

29,922

1,157

eXoZymes,

Inc.(a)

......................................................

EyePoint

Pharmaceuticals,

Inc.(a)

...........................................

6,814

Fate

Therapeutics,

Inc.(a)

.................................................

11,673

Foghorn

Therapeutics,

Inc.(a)

..............................................

2,889

Fortrea

Holdings,

Inc.(a)

..................................................

10,267

Fulcrum

Therapeutics,

Inc.(a)

..............................................

5,356

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Fulgent

Genetics,

Inc.(a)

..................................................

2,208

$

GeneDx

Holdings

Corp.(a)

................................................

2,885

Geron

Corp.(a)

.........................................................

68,363

Glaukos

Corp.(a)

.......................................................

6,331

558

Globus

Medical,

Inc.(a)

..................................................

12,836

775

GlucoTrack,

Inc.(a)

.....................................................

GoodRx

Holdings,

Inc.,

Class

A(a)

..........................................

9,010

Gossamer

Bio,

Inc.(a)

....................................................

20,378

GRAIL,

Inc.(a)(b)

......................................................

3,422

Greenwich

Lifesciences,

Inc.(a)

.............................................

549

Guardant

Health,

Inc.(a)

..................................................

13,607

1,266

Haemonetics

Corp.(a)

....................................................

5,437

Halozyme

Therapeutics,

Inc.(a)

.............................................

13,279

866

Harmony

Biosciences

Holdings,

Inc.(a)

.......................................

5,675

Harrow,

Inc.(a)(b)

......................................................

3,513

Health

Catalyst,

Inc.(a)

...................................................

7,217

HealthEquity,

Inc.(a)

....................................................

9,677

915

HealthStream,

Inc.

......................................................

2,643

Henry

Schein,

Inc.(a)

....................................................

11,993

758

Heron

Therapeutics,

Inc.(a)(b)

..............................................

19,659

Hims

&

Hers

Health,

Inc.(a)(b)

.............................................

23,265

1,058

Humacyte,

Inc.(a)(b)

....................................................

14,236

ICU

Medical,

Inc.(a)

....................................................

2,738

Ideaya

Biosciences,

Inc.(a)

................................................

9,227

Immunome,

Inc.(a)

......................................................

9,037

Immunovant,

Inc.(a)

.....................................................

8,045

InfuSystem

Holdings,

Inc.(a)

...............................................

1,980

Inhibikase

Therapeutics,

Inc.(a)

.............................................

4,077

Inhibrx

Biosciences,

Inc.(a)

................................................

1,104

Inmune

Bio,

Inc.(a)(b)

...................................................

1,388

Innoviva,

Inc.(a)

.......................................................

7,085

Inogen,

Inc.(a)

.........................................................

2,517

Insight

Molecular

Diagnostics,

Inc.(a)

........................................

2,066

Insmed,

Inc.(a)

.........................................................

23,785

4,510

Inspire

Medical

Systems,

Inc.(a)

............................................

3,056

Instil

Bio,

Inc.(a)(b)

.....................................................

Integer

Holdings

Corp.(a)

.................................................

3,920

Integra

LifeSciences

Holdings

Corp.(a)

.......................................

7,480

Intellia

Therapeutics,

Inc.(a)

...............................................

11,578

Invivyd,

Inc.(a)

........................................................

18,445

Ionis

Pharmaceuticals,

Inc.(a)

..............................................

18,148

1,348

Iovance

Biotherapeutics,

Inc.(a)(b)

..........................................

33,020

iRadimed

Corp.

........................................................

1,433

iRhythm

Technologies,

Inc.(a)

..............................................

3,617

677

Ironwood

Pharmaceuticals,

Inc.(a)

...........................................

17,092

Janux

Therapeutics,

Inc.(a)

................................................

6,164

Jazz

Pharmaceuticals

PLC(a)

..............................................

6,625

912

Journey

Medical

Corp.(a)(b)

...............................................

982

KalVista

Pharmaceuticals,

Inc.(a)

...........................................

4,178

Keros

Therapeutics,

Inc.(a)

................................................

3,802

Kewaunee

Scientific

Corp.(a)

..............................................

Kindly

MD,

Inc.(a)

......................................................

38,837

Kiniksa

Pharmaceuticals

International

PLC(a)

..................................

4,746

Kodiak

Sciences,

Inc.(a)

..................................................

5,518

Korro

Bio,

Inc.(a)(b)

....................................................

568

KORU

Medical

Systems,

Inc.(a)

............................................

4,677

Krystal

Biotech,

Inc.(a)

...................................................

2,852

563

Kura

Oncology,

Inc.(a)

...................................................

9,528

Kymera

Therapeutics,

Inc.(a)

..............................................

6,775

Kyverna

Therapeutics,

Inc.(a)

..............................................

2,233

Lantheus

Holdings,

Inc.(a)

................................................

7,623

Larimar

Therapeutics,

Inc.(a)

..............................................

5,237

LeMaitre

Vascular,

Inc.

...................................................

2,375

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) LENSAR,

Inc.(a)

.......................................................

963

$

LENZ

Therapeutics,

Inc.(a)(b)

.............................................

2,719

Lexicon

Pharmaceuticals,

Inc.(a)(b)

..........................................

19,996

Lifecore

Biomedical,

Inc.(a)(b)

.............................................

3,638

LifeMD,

Inc.(a)

........................................................

4,063

LifeStance

Health

Group,

Inc.(a)

............................................

17,655

Ligand

Pharmaceuticals,

Inc.(a)

.............................................

2,188

Lineage

Cell

Therapeutics,

Inc.(a)(b)

.........................................

25,287

Liquidia

Corp.(a)

.......................................................

8,003

Lucid

Diagnostics,

Inc.(a)

.................................................

4,549

Lyell

Immunopharma,

Inc.(a)

..............................................

911

Madrigal

Pharmaceuticals,

Inc.(a)

...........................................

2,315

970

MannKind

Corp.(a)

.....................................................

34,016

Maravai

LifeSciences

Holdings,

Inc.,

Class

A(a)

.................................

11,475

Masimo

Corp.(a)

.......................................................

5,858

824

MaxCyte,

Inc.(a)

.......................................................

10,339

Maze

Therapeutics,

Inc.(a)

................................................

2,199

MBX

Biosciences,

Inc.(a)

.................................................

1,775

Medpace

Holdings,

Inc.(a)

................................................

2,605

1,524

MeiraGTx

Holdings

PLC(a)

...............................................

6,068

Merit

Medical

Systems,

Inc.(a)

.............................................

6,630

580

Merrimack

Pharmaceuticals,

Inc.(a)(c)

........................................

1,827

—(d)

Mesa

Laboratories,

Inc.

..................................................

596

Metsera,

Inc.(a)(b)

......................................................

5,330

MiMedx

Group,

Inc.(a)

...................................................

13,182

Mineralys

Therapeutics,

Inc.(a)

.............................................

5,672

Mirum

Pharmaceuticals,

Inc.(a)

.............................................

4,656

Moderna,

Inc.(a)

.......................................................

39,440

1,071

Monopar

Therapeutics,

Inc.(a)

..............................................

Monte

Rosa

Therapeutics,

Inc.(a)(b)

.........................................

5,179

MoonLake

Immunotherapeutics(a)

..........................................

6,203

Myomo,

Inc.(a)

........................................................

2,652

Myriad

Genetics,

Inc.(a)

..................................................

9,982

National

HealthCare

Corp.

................................................

1,294

National

Research

Corp.

..................................................

1,307

Nautilus

Biotechnology,

Inc.(a)

.............................................

5,763

Nektar

Therapeutics(a)

...................................................

2,115

Neogen

Corp.(a)

.......................................................

24,592

NeoGenomics,

Inc.(a)

....................................................

14,251

Neonc

Technologies

Holdings,

Inc.(a)

........................................

Neumora

Therapeutics,

Inc.(a)(b)

...........................................

5,568

Neurocrine

Biosciences,

Inc.(a)

.............................................

11,077

1,586

Neurogene,

Inc.(a)

......................................................

1,341

Neuronetics,

Inc.(a)

.....................................................

4,181

NeuroPace,

Inc.(a)

......................................................

2,576

Niagen

Bioscience,

Inc.(a)

................................................

5,724

Nkarta,

Inc.(a)

.........................................................

5,486

Novavax,

Inc.(a)(b)

.....................................................

16,853

Novocure

Ltd.(a)

.......................................................

11,327

Nurix

Therapeutics,

Inc.(a)

................................................

8,488

Nutex

Health,

Inc.(a)(b)

..................................................

Nuvalent,

Inc.,

Class

A(a)

.................................................

5,123

509

Nuvation

Bio,

Inc.(a)(b)

..................................................

26,169

Nuvectis

Pharma,

Inc.(a)(b)

...............................................

1,355

Ocugen,

Inc.(a)

........................................................

34,347

Ocular

Therapeutix,

Inc.(a)

................................................

16,646

Olema

Pharmaceuticals,

Inc.(a)

.............................................

5,900

Omeros

Corp.(a)(b)

.....................................................

7,293

OmniAb,

Inc.(a)

........................................................

9,151

Omnicell,

Inc.(a)

.......................................................

5,064

OPKO

Health,

Inc.(a)

....................................................

40,301

OptimizeRx

Corp.(a)

....................................................

1,858

Option

Care

Health,

Inc.(a)

................................................

18,403

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Oramed

Pharmaceuticals,

Inc.(a)

............................................

3,171

$

OraSure

Technologies,

Inc.(a)

..............................................

7,495

Organogenesis

Holdings,

Inc.(a)

............................................

6,471

Organon

&

Co.

........................................................

29,645

ORIC

Pharmaceuticals,

Inc.(a)

.............................................

6,319

Orthofix

Medical,

Inc.(a)

.................................................

4,363

OrthoPediatrics

Corp.(a)

..................................................

1,856

Oruka

Therapeutics,

Inc.(a)(b)

..............................................

3,478

Outset

Medical,

Inc.(a)

...................................................

1,860

Owens

&

Minor,

Inc.(a)

..................................................

8,261

Pacific

Biosciences

of

California,

Inc.(a)(b)

....................................

29,711

Pacira

BioSciences,

Inc.(a)

................................................

4,850

PACS

Group,

Inc.(a)

.....................................................

4,386

Palvella

Therapeutics,

Inc.(a)

..............................................

783

PDL

BioPharma,

Inc.(a)(b)(c)

..............................................

17,605

Pediatrix

Medical

Group,

Inc.(a)

............................................

9,758

Penumbra,

Inc.(a)

.......................................................

4,339

987

Perrigo

Co.

PLC

.......................................................

15,686

Personalis,

Inc.(a)(b)

....................................................

5,959

Perspective

Therapeutics,

Inc.(a)

............................................

6,483

Phathom

Pharmaceuticals,

Inc.(a)(b)

.........................................

4,450

Phibro

Animal

Health

Corp.,

Class

A

.........................................

2,292

Phreesia,

Inc.(a)

........................................................

6,303

Praxis

Precision

Medicines,

Inc.(a)

..........................................

2,267

Precigen,

Inc.(a)(b)

.....................................................

16,657

Premier,

Inc.,

Class

A

....................................................

9,268

Prestige

Consumer

Healthcare,

Inc.(a)

........................................

5,566

Prime

Medicine,

Inc.(a)

..................................................

9,939

Privia

Health

Group,

Inc.(a)

...............................................

12,422

PROCEPT

BioRobotics

Corp.(a)(b)

..........................................

6,038

Pro-Dex,

Inc.(a)

........................................................

Progyny,

Inc.(a)

........................................................

8,183

ProKidney

Corp.(a)(b)

...................................................

10,971

Protagonist

Therapeutics,

Inc.(a)

............................................

6,739

530

Protalix

BioTherapeutics,

Inc.(a)

............................................

8,137

Protara

Therapeutics,

Inc.(a)

...............................................

3,631

PTC

Therapeutics,

Inc.(a)

.................................................

8,727

596

Pulmonx

Corp.(a)

.......................................................

3,225

Pulse

Biosciences,

Inc.(a)(b)

...............................................

1,390

Puma

Biotechnology,

Inc.(a)

...............................................

4,063

Quanterix

Corp.(a)

......................................................

4,408

Quantum-Si,

Inc.(a)(b)

...................................................

16,849

QuidelOrtho

Corp.(a)

....................................................

7,511

RadNet,

Inc.(a)

........................................................

7,915

601

Rapid

Micro

Biosystems,

Inc.,

Class

A(a)(b)

...................................

2,061

Rapport

Therapeutics,

Inc.(a)

..............................................

1,954

RAPT

Therapeutics,

Inc.(a)

................................................

761

Recursion

Pharmaceuticals,

Inc.,

Class

A(a)(b)

..................................

38,061

REGENXBIO,

Inc.(a)

...................................................

5,155

Relay

Therapeutics,

Inc.(a)

................................................

14,768

Repligen

Corp.(a)

.......................................................

6,105

910

Replimune

Group,

Inc.(a)

.................................................

7,196

Revolution

Medicines,

Inc.(a)

..............................................

18,600

1,094

Revvity,

Inc.

..........................................................

13,270

1,242

Rezolute,

Inc.(a)

.......................................................

8,486

Rhythm

Pharmaceuticals,

Inc.(a)

............................................

7,050

802

Rigel

Pharmaceuticals,

Inc.(a)

..............................................

1,960

Rocket

Pharmaceuticals,

Inc.(a)

.............................................

10,996

Royalty

Pharma

PLC,

Class

A

..............................................

39,111

1,468

RxSight,

Inc.(a)

........................................................

4,143

Sagimet

Biosciences,

Inc.,

Class

A(a)

.........................................

2,827

Sana

Biotechnology,

Inc.(a)(b)

.............................................

16,375

Sanara

Medtech,

Inc.(a)

..................................................

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Sangamo

Therapeutics,

Inc.(a)

.............................................

31,307

$

SANUWAVE

Health,

Inc.(a)

...............................................

880

Sarepta

Therapeutics,

Inc.(a)

...............................................

10,626

Savara,

Inc.(a)

.........................................................

8,885

Scholar

Rock

Holding

Corp.(a)

.............................................

8,476

Schrodinger,

Inc.(a)

.....................................................

7,145

Seer,

Inc.(a)

...........................................................

3,184

Select

Medical

Holdings

Corp.

.............................................

12,027

SELLAS

Life

Sciences

Group,

Inc.(a)(b)

......................................

11,100

Semler

Scientific,

Inc.(a)(b)

...............................................

1,435

Senseonics

Holdings,

Inc.(a)(b)

.............................................

3,897

Septerna,

Inc.(a)(b)

.....................................................

3,011

SI-BONE,

Inc.(a)

.......................................................

4,316

SIGA

Technologies,

Inc.

..................................................

4,488

Sight

Sciences,

Inc.(a)

...................................................

2,872

Simulations

Plus,

Inc.(a)

..................................................

1,791

Sionna

Therapeutics,

Inc.(a)

...............................................

2,656

Soleno

Therapeutics,

Inc.(a)(b)

.............................................

5,273

Solid

Biosciences,

Inc.(a)

.................................................

6,449

Solventum

Corp.(a)

.....................................................

16,938

1,169

Sonida

Senior

Living,

Inc.(a)

..............................................

2,009

Sotera

Health

Co.(a)

.....................................................

17,560

Spero

Therapeutics,

Inc.(a)(b)

..............................................

3,778

Spyre

Therapeutics,

Inc.(a)(b)

..............................................

5,817

STAAR

Surgical

Co.(a)

..................................................

5,616

Standard

BioTools,

Inc.(a)

................................................

41,028

Stereotaxis,

Inc.(a)

......................................................

8,092

Stoke

Therapeutics,

Inc.(a)(b)

..............................................

5,241

Streamex

Corp.(a)(b)

....................................................

1,892

Supernus

Pharmaceuticals,

Inc.(a)

...........................................

6,062

Surgery

Partners,

Inc.(a)

..................................................

8,677

Surmodics,

Inc.(a)

......................................................

1,527

Syndax

Pharmaceuticals,

Inc.(a)

............................................

9,490

Tactile

Systems

Technology,

Inc.(a)

..........................................

2,365

Talkspace,

Inc.(a)

.......................................................

15,500

Tandem

Diabetes

Care,

Inc.(a)

..............................................

7,599

Tango

Therapeutics,

Inc.(a)

................................................

7,328

Tarsus

Pharmaceuticals,

Inc.(a)

.............................................

4,418

Taysha

Gene

Therapies,

Inc.(a)

.............................................

25,276

Tectonic

Therapeutic,

Inc.(a)(b)

.............................................

1,136

Teladoc

Health,

Inc.(a)

...................................................

19,947

Teleflex,

Inc.

..........................................................

5,039

627

Tempus

AI,

Inc.(a)(b)

....................................................

11,042

992

Tenet

Healthcare

Corp.(a)

.................................................

10,010

2,067

Terns

Pharmaceuticals,

Inc.(a)

..............................................

7,809

TG

Therapeutics,

Inc.(a)

..................................................

16,399

570

The

Ensign

Group,

Inc.

...................................................

6,391

1,151

The

Joint

Corp.(a)

......................................................

1,411

The

Oncology

Institute,

Inc.(a)

.............................................

5,006

The

Pennant

Group,

Inc.(a)

................................................

3,726

Theravance

Biopharma,

Inc.(a)

.............................................

5,225

Third

Harmonic

Bio,

Inc.(a)(c)

.............................................

2,389

—(d)

Tonix

Pharmaceuticals

Holding

Corp.(a)(b)

....................................

933

TransMedics

Group,

Inc.(a)

................................................

3,780

Travere

Therapeutics,

Inc.(a)

...............................................

9,932

Treace

Medical

Concepts,

Inc.(a)

............................................

4,995

Trevi

Therapeutics,

Inc.(a)

................................................

9,154

TruBridge,

Inc.(a)

......................................................

1,578

TuHURA

Biosciences,

Inc.(a)

..............................................

3,068

Tvardi

Therapeutics,

Inc.(a)(b)

.............................................

Twist

Bioscience

Corp.(a)

.................................................

6,586

Tyra

Biosciences,

Inc.(a)

..................................................

3,790

U.S.

Physical

Therapy,

Inc.

................................................

1,698

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) UFP

Technologies,

Inc.(a)

.................................................

845

$

Ultragenyx

Pharmaceutical,

Inc.(a)

..........................................

10,271

United

Therapeutics

Corp.(a)

..............................................

5,022

2,237

Universal

Health

Services,

Inc.,

Class

B

.......................................

6,183

1,342

Upstream

Bio,

Inc.(a)

....................................................

2,224

Utah

Medical

Products,

Inc.

...............................................

Vanda

Pharmaceuticals,

Inc.(a)

.............................................

6,069

Varex

Imaging

Corp.(a)

..................................................

4,591

Vaxcyte,

Inc.(a)

........................................................

14,400

652

Ventyx

Biosciences,

Inc.(a)

................................................

7,043

Vera

Therapeutics,

Inc.(a)

.................................................

5,534

Veracyte,

Inc.(a)

........................................................

8,805

Verastem,

Inc.(a)

.......................................................

6,382

Vericel

Corp.(a)

........................................................

5,703

Viatris,

Inc.

...........................................................

130,769

1,355

Viking

Therapeutics,

Inc.(a)

...............................................

12,510

Vir

Biotechnology,

Inc.(a)

.................................................

10,059

Viridian

Therapeutics,

Inc.(a)

..............................................

8,397

Voyager

Therapeutics,

Inc.(a)

..............................................

4,902

WaVe

Life

Sciences

Ltd.(a)

................................................

14,414

Waystar

Holding

Corp.(a)

.................................................

13,677

Xencor,

Inc.(a)

.........................................................

7,583

Xeris

Biopharma

Holdings,

Inc.(a)

..........................................

17,078

XOMA

Royalty

Corp.(a)

.................................................

1,328

Zenas

Biopharma,

Inc.(a)(b)

...............................................

1,130

Zevra

Therapeutics,

Inc.(a)

................................................

6,248

Zymeworks,

Inc.(a)

.....................................................

8,309

101,929

Industrials

(19.6%):

3D

Systems

Corp.(a)(b)

..................................................

13,697

A.O.

Smith

Corp.

.......................................................

12,903

851

AAON,

Inc.

...........................................................

7,734

761

AAR

Corp.(a)

.........................................................

4,019

ABM

Industries,

Inc.

....................................................

6,900

ACCO

Brands

Corp.

....................................................

9,585

Acme

United

Corp.

.....................................................

Acuity,

Inc.

...........................................................

3,505

1,279

ACV

Auctions,

Inc.,

Class

A(a)

.............................................

18,749

Advanced

Drainage

Systems,

Inc.

...........................................

8,185

1,146

AECOM

.............................................................

15,125

2,032

AeroVironment,

Inc.(a)

...................................................

4,303

1,592

AerSale

Corp.(a)

.......................................................

3,539

AGCO

Corp.

..........................................................

7,110

733

Air

Lease

Corp.

........................................................

11,921

761

Alamo

Group,

Inc.

......................................................

1,326

Alaska

Air

Group,

Inc.(a)

.................................................

13,160

549

Albany

International

Corp.

................................................

3,323

Alight,

Inc.,

Class

A

.....................................................

53,498

Allegiant

Travel

Co.(a)

...................................................

1,588

Allegion

PLC

.........................................................

9,818

1,628

Allient,

Inc.

...........................................................

1,609

Allison

Transmission

Holdings,

Inc.

.........................................

9,533

787

Alta

Equipment

Group,

Inc.

...............................................

2,033

Amentum

Holdings,

Inc.(a)

................................................

22,607

507

Ameresco,

Inc.,

Class

A(a)

................................................

3,615

American

Airlines

Group,

Inc.(a)

............................................

74,551

979

American

Superconductor

Corp.(a)

..........................................

4,944

American

Woodmark

Corp.(a)

..............................................

1,587

Amprius

Technologies,

Inc.(a)

..............................................

11,698

API

Group

Corp.(a)

.....................................................

40,301

1,484

Apogee

Enterprises,

Inc.

..................................................

2,379

Applied

Industrial

Technologies,

Inc.

.........................................

4,299

1,105

ArcBest

Corp.

.........................................................

2,545

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Archer

Aviation,

Inc.,

Class

A(a)(b)

..........................................

62,398

$

700

Arcosa,

Inc.

...........................................................

5,520

563

Argan,

Inc.

...........................................................

1,510

Armstrong

World

Industries,

Inc.

............................................

4,906

934

Array

Technologies,

Inc.(a)

................................................

17,117

ASGN,

Inc.(a)

.........................................................

4,785

Astec

Industries,

Inc.

....................................................

2,555

Astronics

Corp.(a)

......................................................

3,392

Asure

Software,

Inc.(a)

...................................................

2,717

Atkore,

Inc.

...........................................................

3,778

Avis

Budget

Group,

Inc.(a)(b)

..............................................

3,953

538

AZZ,

Inc.

............................................................

3,371

Barrett

Business

Services,

Inc.

.............................................

2,817

BlackSky

Technology,

Inc.(a)(b)

............................................

3,058

Bloom

Energy

Corp.,

Class

A(a)

............................................

24,469

3,234

Blue

Bird

Corp.(a)

......................................................

3,564

BlueLinx

Holdings,

Inc.(a)

................................................

858

Boise

Cascade

Co.

......................................................

4,207

Bowman

Consulting

Group

Ltd.(a)

..........................................

1,557

Brady

Corp.,

Class

A

....................................................

4,930

BrightView

Holdings,

Inc.(a)

..............................................

8,081

Builders

FirstSource,

Inc.(a)

...............................................

12,341

1,434

BWX

Technologies,

Inc.

..................................................

10,453

2,233

Byrna

Technologies,

Inc.(a)(b)

.............................................

1,959

C.H.

Robinson

Worldwide,

Inc.

.............................................

13,463

2,073

CACI

International,

Inc.,

Class

A(a)

.........................................

2,496

1,403

Cadre

Holdings,

Inc.

.....................................................

3,181

Casella

Waste

Systems,

Inc.(a)

.............................................

7,128

631

CBIZ,

Inc.(a)

..........................................................

5,552

CECO

Environmental

Corp.(a)

.............................................

3,414

Centuri

Holdings,

Inc.(a)

.................................................

6,026

ChargePoint

Holdings,

Inc.(a)(b)

............................................

2,243

Chart

Industries,

Inc.(a)(b)

................................................

5,130

1,024

Civeo

Corp.

...........................................................

1,242

Clean

Harbors,

Inc.(a)

...................................................

5,822

1,226

Columbus

McKinnon

Corp.

...............................................

3,115

Concentrix

Corp.(b)

.....................................................

5,107

Concrete

Pumping

Holdings,

Inc.

...........................................

2,329

Conduent,

Inc.(a)

.......................................................

15,578

Construction

Partners,

Inc.,

Class

A(a)

........................................

5,315

608

Core

&

Main,

Inc.,

Class

A(a)

..............................................

21,731

1,134

CoreCivic,

Inc.(a)

......................................................

11,893

Covenant

Logistics

Group,

Inc.

.............................................

1,630

CRA

International,

Inc.

...................................................

719

Crane

Co.

............................................................

6,542

1,243

CSG

Systems

International,

Inc.

............................................

3,135

CSW

Industrials,

Inc.

....................................................

1,901

Custom

Truck

One

Source,

Inc.(a)

...........................................

7,197

Dayforce,

Inc.(a)

.......................................................

17,413

1,197

Deluxe

Corp.

..........................................................

4,966

Distribution

Solutions

Group,

Inc.(a)

.........................................

1,025

DNOW,

Inc.(a)

........................................................

11,937

Donaldson

Co.,

Inc.

.....................................................

13,297

1,120

Douglas

Dynamics,

Inc.

..................................................

2,521

Driven

Brands

Holdings,

Inc.(a)

............................................

6,616

Ducommun,

Inc.(a)

.....................................................

1,573

DXP

Enterprises,

Inc.(a)

..................................................

1,464

Dycom

Industries,

Inc.(a)

.................................................

3,280

944

Energy

Recovery,

Inc.(a)

.................................................

5,818

Energy

Vault

Holdings,

Inc.(a)

.............................................

10,008

Enerpac

Tool

Group

Corp.

................................................

6,085

EnerSys

..............................................................

4,225

533

Ennis,

Inc.

............................................................

2,700

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Enovix

Corp.(a)(b)

......................................................

19,170

$

Enpro,

Inc.

...........................................................

2,396

556

Enviri

Corp.(a)

.........................................................

8,655

Eos

Energy

Enterprises,

Inc.(a)(b)

...........................................

30,832

Esab

Corp.

............................................................

6,516

761

ESCO

Technologies,

Inc.

.................................................

2,949

647

Espey

Mfg.

&

Electronics

Corp.

............................................

Everus

Construction

Group,

Inc.(a)

..........................................

5,832

530

EVI

Industries,

Inc.

.....................................................

521

ExlService

Holdings,

Inc.(a)

...............................................

17,832

697

Exponent,

Inc.

.........................................................

5,726

Federal

Signal

Corp.

.....................................................

6,801

803

First

Advantage

Corp.(a)(b)

...............................................

8,892

Flowserve

Corp.

........................................................

14,930

1,019

Fluence

Energy,

Inc.(a)(b)

.................................................

8,651

Fluor

Corp.(a)

.........................................................

18,282

892

Forrester

Research,

Inc.(a)

................................................

1,142

Fortune

Brands

Innovations,

Inc.

............................................

13,703

696

Franklin

Covey

Co.(a)

...................................................

1,144

Franklin

Electric

Co.,

Inc.

.................................................

4,370

FreightCar

America,

Inc.(a)

................................................

1,500

Frontier

Group

Holdings,

Inc.(a)(b)

..........................................

9,261

FTAI

Aviation

Ltd.

......................................................

11,582

2,003

FTAI

Infrastructure,

Inc.

..................................................

11,961

FTI

Consulting,

Inc.(a)

...................................................

3,643

601

FuelCell

Energy,

Inc.(a)(b)

................................................

3,521

Gates

Industrial

Corp.

PLC(a)

..............................................

29,021

641

GATX

Corp.

..........................................................

4,040

634

Genco

Shipping

&

Trading

Ltd.

.............................................

3,744

Gencor

Industries,

Inc.(a)

.................................................

1,071

Generac

Holdings,

Inc.(a)

.................................................

6,622

1,113

Genpact

Ltd.

..........................................................

18,372

701

Gibraltar

Industries,

Inc.(a)

................................................

3,340

Global

Industrial

Co.

....................................................

859

GrafTech

International

Ltd.(a)

..............................................

1,981

Graham

Corp.(a)

.......................................................

1,157

Granite

Construction,

Inc.(b)

...............................................

4,970

511

Great

Lakes

Dredge

&

Dock

Corp.(a)

........................................

7,456

Griffon

Corp.

..........................................................

4,446

GXO

Logistics,

Inc.(a)

...................................................

12,878

724

Hayward

Holdings,

Inc.(a)

................................................

23,712

Healthcare

Services

Group,

Inc.(a)

...........................................

8,156

Heartland

Express,

Inc.

...................................................

4,756

Heidrick

&

Struggles

International,

Inc.

.......................................

2,266

Helios

Technologies,

Inc.

.................................................

3,757

Herc

Holdings,

Inc.(b)

...................................................

3,732

530

Hertz

Global

Holdings,

Inc.(a)(b)

...........................................

34,087

Hexcel

Corp.

..........................................................

9,060

647

Hillenbrand,

Inc.

.......................................................

7,976

Hillman

Solutions

Corp.(a)

................................................

22,155

HireQuest,

Inc.

........................................................

HNI

Corp.

............................................................

5,103

Hub

Group,

Inc.,

Class

A

.................................................

6,793

Hudson

Technologies,

Inc.(a)

..............................................

4,251

Huntington

Ingalls

Industries,

Inc.

...........................................

4,466

1,438

Hurco

Cos.,

Inc.(a)

......................................................

589

Huron

Consulting

Group,

Inc.(a)

............................................

1,936

Hyliion

Holdings

Corp.(a)(b)

..............................................

13,058

Hyster-Yale,

Inc.

.......................................................

1,009

IBEX

Holdings

Ltd.(a)

...................................................

1,194

ICF

International,

Inc.

...................................................

2,069

IES

Holdings,

Inc.(a)

....................................................

2,224

872

Innodata,

Inc.(a)(b)

.....................................................

3,480

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Innovative

Solutions

and

Support,

Inc.(a)

......................................

1,619

$

Insperity,

Inc.

..........................................................

4,069

Insteel

Industries,

Inc.

....................................................

2,074

Interface,

Inc.

.........................................................

6,466

Intuitive

Machines,

Inc.(a)(b)

..............................................

12,155

ITT,

Inc.

.............................................................

8,898

1,647

Janus

International

Group,

Inc.(a)

...........................................

15,037

JBT

Marel

Corp.

.......................................................

5,870

740

JELD-WEN

Holding,

Inc.(a)

...............................................

9,282

JetBlue

Airways

Corp.(a)

.................................................

33,177

Joby

Aviation,

Inc.(a)

....................................................

54,631

947

Kadant,

Inc.

...........................................................

1,335

Karat

Packaging,

Inc.

....................................................

936

Karman

Holdings,

Inc.(a)

.................................................

11,644

981

KBR,

Inc.

............................................................

14,580

625

Kelly

Services,

Inc.,

Class

A

...............................................

3,380

Kennametal,

Inc.

.......................................................

8,513

Kforce,

Inc.

...........................................................

1,959

Kirby

Corp.(a)

.........................................................

6,354

658

Knight-Swift

Transportation

Holdings,

Inc.

....................................

18,041

814

Korn

Ferry

...........................................................

5,917

Kratos

Defense

&

Security

Solutions,

Inc.(a)

...................................

18,973

1,719

KULR

Technology

Group,

Inc.(a)(b)

.........................................

3,849

L.B.

Foster

Co.,

Class

A(a)

................................................

1,057

Landstar

System,

Inc.

....................................................

3,942

506

Legalzoom.com,

Inc.(a)

..................................................

13,663

Leonardo

DRS,

Inc.

.....................................................

8,509

Limbach

Holdings,

Inc.(a)

................................................

1,144

Lincoln

Electric

Holdings,

Inc.

.............................................

6,207

1,455

Lindsay

Corp.

.........................................................

1,224

Liquidity

Services,

Inc.(a)

.................................................

2,669

Loar

Holdings,

Inc.(a)

...................................................

8,667

686

LSI

Industries,

Inc.

......................................................

2,936

Lyft,

Inc.,

Class

A(a)

....................................................

42,300

865

ManpowerGroup,

Inc.

...................................................

5,195

Marten

Transport

Ltd.

....................................................

6,470

Masco

Corp.

..........................................................

23,946

1,551

MasTec,

Inc.(a)

........................................................

6,928

1,414

Masterbrand,

Inc.(a)

.....................................................

14,742

Matrix

Service

Co.(a)

....................................................

2,922

Matson,

Inc.

..........................................................

3,560

Matthews

International

Corp.,

Class

A

........................................

3,309

Maximus,

Inc.

.........................................................

6,382

530

Mayville

Engineering

Co.,

Inc.(a)

...........................................

1,699

McGrath

RentCorp

......................................................

2,783

MDU

Resources

Group,

Inc.

...............................................

22,624

Mercury

Systems,

Inc.(a)

.................................................

6,758

523

Microvast

Holdings,

Inc.(a)

................................................

22,457

Miller

Industries,

Inc.

....................................................

1,220

MillerKnoll,

Inc.

.......................................................

7,669

Mistras

Group,

Inc.(a)

...................................................

1,957

Montrose

Environmental

Group,

Inc.(a)

.......................................

3,721

Moog,

Inc.,

Class

A

.....................................................

3,193

654

MRC

Global,

Inc.(a)

.....................................................

9,438

MSA

Safety,

Inc.

.......................................................

4,215

662

MSC

Industrial

Direct

Co.,

Inc.

.............................................

5,200

Mueller

Industries,

Inc.

...................................................

12,392

1,312

Mueller

Water

Products,

Inc.,

Class

A

........................................

17,602

MYR

Group,

Inc.(a)

.....................................................

1,745

NANO

Nuclear

Energy,

Inc.(a)(b)

...........................................

3,078

National

Presto

Industries,

Inc.

.............................................

595

NeoVolta,

Inc.(a)(b)

.....................................................

2,986

NEXTracker,

Inc.,

Class

A(a)

..............................................

16,700

1,690

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) NN,

Inc.(a)

...........................................................

4,262

$

Nordson

Corp.

.........................................................

5,859

1,359

NuScale

Power

Corp.(a)(b)

................................................

12,264

550

nVent

Electric

PLC

......................................................

18,232

2,085

NWPX

Infrastructure,

Inc.(a)

..............................................

1,049

Omega

Flex,

Inc.

.......................................................

OPENLANE,

Inc.(a)

....................................................

11,967

Orion

Group

Holdings,

Inc.(a)

..............................................

4,061

Oshkosh

Corp.

.........................................................

7,288

899

Owens

Corning

........................................................

9,503

1,210

Palladyne

AI

Corp.(a)(b)

..................................................

2,882

PAMT

Corp.(a)

........................................................

Pangaea

Logistics

Solutions

Ltd.

............................................

3,155

Park

Aerospace

Corp.

....................................................

1,907

Park-Ohio

Holdings

Corp.

................................................

1,046

Parsons

Corp.(a)

.......................................................

12,110

1,007

Paycom

Software,

Inc.

...................................................

5,873

1,099

Paylocity

Holding

Corp.(a)

................................................

5,079

718

Perma-Fix

Environmental

Services,

Inc.(a)(b)

...................................

1,599

Perma-Pipe

International

Holdings,

Inc.(a)

.....................................

765

Pitney

Bowes,

Inc.

......................................................

19,349

Planet

Labs

PBC(a)

.....................................................

25,724

Plug

Power,

Inc.(a)(b)

....................................................

123,440

Powell

Industries,

Inc.

...................................................

1,082

Power

Solutions

International,

Inc.(a)

........................................

892

Preformed

Line

Products

Co.

..............................................

Primoris

Services

Corp.

..................................................

6,144

869

Proficient

Auto

Logistics,

Inc.(a)(b)

..........................................

2,250

Proto

Labs,

Inc.(a)

......................................................

2,682

Pursuit

Attractions

and

Hospitality,

Inc.(a)

.....................................

2,357

Quad/Graphics,

Inc.

.....................................................

2,708

Quanex

Building

Products

Corp.

............................................

5,132

Radiant

Logistics,

Inc.(a)

.................................................

3,891

RBC

Bearings,

Inc.(a)

...................................................

3,563

1,527

RCM

Technologies,

Inc.(a)

................................................

Redwire

Corp.(a)(b)

.....................................................

11,552

Regal

Rexnord

Corp.

....................................................

7,567

1,066

Resideo

Technologies,

Inc.(a)

..............................................

15,237

652

Resolute

Holdings

Management,

Inc.(a)

.......................................

Resources

Connection,

Inc.

................................................

3,365

REV

Group,

Inc.

.......................................................

5,508

Richtech

Robotics,

Inc.,

Class

B(a)(b)

........................................

11,620

Robert

Half,

Inc.

.......................................................

11,269

Rocket

Lab

Corp.(a)(b)

...................................................

51,196

3,224

Rush

Enterprises,

Inc.,

Class

A

.............................................

7,889

RXO,

Inc.(a)

..........................................................

18,396

Ryder

System,

Inc.

......................................................

4,534

767

Safe

Bulkers,

Inc.

.......................................................

6,036

Saia,

Inc.(a)

...........................................................

3,048

892

Satellogic,

Inc.,

Class

A(a)(b)

..............................................

5,333

Schneider

National,

Inc.,

Class

B

............................................

5,873

Science

Applications

International

Corp.

......................................

5,237

Sensata

Technologies

Holding

PLC

..........................................

16,502

525

SES

AI

Corp.(a)(b)

......................................................

24,998

Shoals

Technologies

Group,

Inc.,

Class

A(a)

....................................

18,771

Simpson

Manufacturing

Co.,

Inc.

...........................................

4,756

839

SiteOne

Landscape

Supply,

Inc.(a)

...........................................

5,038

654

Skillsoft

Corp.(a)

.......................................................

Sky

Harbour

Group

Corp.(a)(b)

.............................................

2,326

SkyWest,

Inc.(a)

........................................................

4,531

SKYX

Platforms

Corp.(a)

.................................................

7,119

Spire

Global,

Inc.(a)(b)

...................................................

2,597

Spirit

AeroSystems

Holdings,

Inc.,

Class

A(a)

..................................

13,375

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) SPX

Technologies,

Inc.(a)

.................................................

5,167

$

1,157

StandardAero,

Inc.(a)

....................................................

20,601

595

Standex

International

Corp.

................................................

1,359

Stanley

Black

&

Decker,

Inc.

..............................................

17,714

1,200

Steelcase,

Inc.,

Class

A

...................................................

11,590

Sterling

Infrastructure,

Inc.(a)(b)

............................................

3,373

1,275

Strata

Critical

Medical,

Inc.(a)

.............................................

6,239

Sun

Country

Airlines

Holdings,

Inc.(a)

........................................

5,197

Sunrun,

Inc.(a)

.........................................................

25,509

530

Symbotic,

Inc.(a)(b)

.....................................................

5,133

T1

Energy,

Inc.(a)(b)

....................................................

14,126

Taylor

Devices,

Inc.(a)

...................................................

Tecogen,

Inc.(a)(b)

......................................................

1,797

Tennant

Co.

...........................................................

2,074

Terex

Corp.

...........................................................

7,301

Tetra

Tech,

Inc.

........................................................

30,006

960

The

Brink's

Co.

........................................................

4,735

526

The

Eastern

Co.

........................................................

575

The

GEO

Group,

Inc.(a)

..................................................

15,361

The

Gorman-Rupp

Co.

...................................................

2,347

The

Greenbrier

Cos.,

Inc.

.................................................

3,415

The

Manitowoc

Co.,

Inc.(a)

...............................................

3,742

The

Middleby

Corp.(a)

...................................................

5,734

712

The

Timken

Co.

........................................................

7,202

565

The

Toro

Co.

..........................................................

11,185

836

Thermon

Group

Holdings,

Inc.(a)

...........................................

3,644

Titan

International,

Inc.(a)

.................................................

5,299

Titan

Machinery,

Inc.(a)

..................................................

2,296

Transcat,

Inc.(a)

........................................................

1,029

Trex

Co.,

Inc.(a)

........................................................

12,228

591

TriNet

Group,

Inc.

......................................................

5,454

Trinity

Industries,

Inc.

...................................................

9,124

TrueBlue,

Inc.(a)

.......................................................

3,034

TTEC

Holdings,

Inc.(a)

..................................................

1,859

Tutor

Perini

Corp.(a)

....................................................

5,087

Twin

Disc,

Inc.

........................................................

1,191

UFP

Industries,

Inc.

.....................................................

6,791

626

U-Haul

Holding

Co.

.....................................................

12,341

598

UL

Solutions,

Inc.,

Class

A(b)

..............................................

7,101

553

Ultralife

Corp.(a)

.......................................................

940

UniFirst

Corp.

.........................................................

1,691

Universal

Logistics

Holdings,

Inc.(b)

.........................................

687

Upwork,

Inc.(a)

........................................................

14,068

V2X,

Inc.(a)

..........................................................

2,400

Valmont

Industries,

Inc.

..................................................

2,232

923

Verra

Mobility

Corp.(a)

..................................................

18,142

Vestis

Corp.

...........................................................

14,613

Vicor

Corp.(a)

.........................................................

2,616

Virco

Mfg.

Corp.

.......................................................

1,309

Virgin

Galactic

Holdings,

Inc.(a)(b)

..........................................

6,192

VSE

Corp.

............................................................

2,182

Wabash

National

Corp.

...................................................

4,346

Watts

Water

Technologies,

Inc.,

Class

A

.......................................

3,101

845

Werner

Enterprises,

Inc.

..................................................

6,713

WESCO

International,

Inc.

................................................

5,467

1,419

Wheels

Up

Experience,

Inc.(a)(b)

...........................................

48,089

Willdan

Group,

Inc.(a)

...................................................

1,596

Willis

Lease

Finance

Corp.

................................................

WillScot

Holdings

Corp.

..................................................

20,285

Woodward,

Inc.

........................................................

6,500

1,704

Xometry,

Inc.,

Class

A(a)

.................................................

4,877

Zurn

Elkay

Water

Solutions

Corp.

...........................................

17,016

802

145,978

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Information

Technology

(14.2%):

8x8,

Inc.(a)

...........................................................

14,246

$

908

Devices,

Inc.(a)

.....................................................

2,869

A10

Networks,

Inc.

.....................................................

7,944

ACI

Worldwide,

Inc.(a)

..................................................

11,665

556

ACM

Research,

Inc.,

Class

A(a)

............................................

5,731

Adeia,

Inc.

............................................................

11,690

ADTRAN

Holdings,

Inc.(a)

...............................................

7,779

Advanced

Energy

Industries,

Inc.

...........................................

4,282

868

Aehr

Test

Systems(a)

....................................................

3,189

Aeluma,

Inc.(a)

........................................................

871

Aeva

Technologies,

Inc.(a)

................................................

3,932

Agilysys,

Inc.(a)

.......................................................

2,935

Akamai

Technologies,

Inc.(a)

..............................................

16,127

1,211

Alarm.com

Holdings,

Inc.(a)

...............................................

5,392

Alkami

Technology,

Inc.(a)(b)

..............................................

7,496

Allegro

MicroSystems,

Inc.(a)

..............................................

14,094

Alpha

&

Omega

Semiconductor

Ltd.(a)

.......................................

2,731

Ambarella,

Inc.(a)

......................................................

4,595

Amdocs

Ltd.

..........................................................

12,561

1,058

Amkor

Technology,

Inc.

..................................................

10,536

Amplitude,

Inc.,

Class

A(a)

................................................

8,218

Appfolio,

Inc.,

Class

A(a)

.................................................

2,520

641

Appian

Corp.,

Class

A(a)

.................................................

4,402

Applied

Digital

Corp.(a)(b)

................................................

23,817

825

Applied

Optoelectronics,

Inc.(a)

............................................

6,552

Arlo

Technologies,

Inc.(a)

.................................................

11,471

Arrow

Electronics,

Inc.(a)

.................................................

5,881

656

Arteris,

Inc.(a)

.........................................................

3,150

Asana,

Inc.,

Class

A(a)

...................................................

9,578

Astera

Labs,

Inc.(a)

.....................................................

14,584

2,723

Atomera,

Inc.(a)(b)

.....................................................

2,934

AudioEye,

Inc.(a)

.......................................................

789

Aurora

Innovation,

Inc.(a)(b)

..............................................

123,825

649

AvePoint,

Inc.(a)

.......................................................

14,057

Aviat

Networks,

Inc.(a)

...................................................

1,258

Avnet,

Inc.

............................................................

9,476

Axcelis

Technologies,

Inc.(a)

..............................................

3,523

Backblaze,

Inc.,

Class

A(a)

................................................

5,500

Badger

Meter,

Inc.

......................................................

3,366

607

Bel

Fuse,

Inc.,

Class

B

...................................................

1,327

Belden,

Inc.

...........................................................

4,478

546

Benchmark

Electronics,

Inc.

...............................................

3,984

BigBear.ai

Holdings,

Inc.(a)(b)

.............................................

40,998

BILL

Holdings,

Inc.(a)

...................................................

10,331

513

Bit

Digital,

Inc.(a)(b)

....................................................

35,201

Bitdeer

Technologies

Group(a)

.............................................

9,609

BK

Technologies

Corp.(a)

.................................................

Blackbaud,

Inc.(a)

......................................................

4,341

BlackLine,

Inc.(a)

......................................................

5,812

Blend

Labs,

Inc.,

Class

A(a)

...............................................

22,193

Box,

Inc.,

Class

A(a)

....................................................

15,983

513

Braze,

Inc.,

Class

A(a)

...................................................

8,775

C3.ai,

Inc.,

Class

A(a)(b)

.................................................

14,326

Calix,

Inc.(a)

..........................................................

6,781

CCC

Intelligent

Solutions

Holdings,

Inc.(a)

....................................

66,176

577

Cellebrite

DI

Ltd.(a)

.....................................................

12,451

Cerence,

Inc.(a)

........................................................

4,511

CEVA,

Inc.(a)

.........................................................

2,573

Ciena

Corp.(a)

.........................................................

15,947

3,029

Cipher

Mining,

Inc.(a)(b)

.................................................

31,351

585

Cirrus

Logic,

Inc.(a)

.....................................................

5,855

777

Cleanspark,

Inc.(a)

......................................................

31,234

556

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Clear

Secure,

Inc.,

Class

A

................................................

10,042

$

Clearfield,

Inc.(a)

.......................................................

1,279

Clearwater

Analytics

Holdings,

Inc.,

Class

A(a)

.................................

31,794

585

Climb

Global

Solutions,

Inc.

...............................................

Cognex

Corp.

.........................................................

19,220

796

Coherent

Corp.(a)

......................................................

14,377

1,897

Cohu,

Inc.(a)

..........................................................

5,161

Commerce.com,

Inc.(a)

..................................................

7,277

CommScope

Holding

Co.,

Inc.(a)

...........................................

23,135

Commvault

Systems,

Inc.(a)

...............................................

5,022

699

CompoSecure,

Inc.,

Class

A(a)

.............................................

4,974

Confluent,

Inc.,

Class

A(a)

................................................

32,880

768

Consensus

Cloud

Solutions,

Inc.(a)

..........................................

2,055

Core

Scientific,

Inc.(a)(b)

.................................................

32,712

705

Corsair

Gaming,

Inc.(a)

..................................................

5,020

CPI

Card

Group,

Inc.(a)

..................................................

576

Crane

NXT

Co.

........................................................

5,671

Credo

Technology

Group

Holding

Ltd.(a)

.....................................

17,310

3,248

Crexendo,

Inc.(a)

.......................................................

1,306

CS

Disco,

Inc.(a)

.......................................................

2,435

CSP,

Inc.

.............................................................

668

CTS

Corp.

............................................................

3,303

Daktronics,

Inc.(a)

......................................................

4,860

Dave,

Inc.(a)

..........................................................

1,169

Diebold

Nixdorf,

Inc.(a)

..................................................

4,113

Digi

International,

Inc.(a)

.................................................

4,101

Digimarc

Corp.(a)

......................................................

1,730

Digital

Turbine,

Inc.(a)

...................................................

10,550

DigitalOcean

Holdings,

Inc.(a)

.............................................

7,451

Diodes,

Inc.(a)

.........................................................

5,133

Dolby

Laboratories,

Inc.,

Class

A

...........................................

6,927

Domo,

Inc.,

Class

B(a)

...................................................

3,673

DoubleVerify

Holdings,

Inc.(a)

.............................................

15,650

Dropbox,

Inc.,

Class

A(a)

.................................................

20,040

581

D-Wave

Quantum,

Inc.(a)(b)

...............................................

37,490

1,389

DXC

Technology

Co.(a)

..................................................

19,973

Eastman

Kodak

Co.(a)(b)

.................................................

5,714

eGain

Corp.(a)

.........................................................

1,962

Elastic

NV(a)

..........................................................

10,623

948

Enphase

Energy,

Inc.(a)

..................................................

14,438

Entegris,

Inc.(b)

........................................................

17,313

1,585

EPAM

Systems,

Inc.(a)

...................................................

6,153

1,006

ePlus,

Inc.

............................................................

2,978

Everspin

Technologies,

Inc.(a)

..............................................

1,829

Evolv

Technologies

Holdings,

Inc.(a)

.........................................

15,419

Exodus

Movement,

Inc.,

Class

A(a)(b)

........................................

Expensify,

Inc.,

Class

A(a)

................................................

5,852

Extreme

Networks,

Inc.(a)

................................................

14,645

Fabrinet(a)

............................................................

4,078

1,797

Fastly,

Inc.,

Class

A(a)

...................................................

15,169

Fatpipe,

Inc.(a)

........................................................

683

Five9,

Inc.(a)

..........................................................

8,584

FormFactor,

Inc.(a)

.....................................................

8,750

Frequency

Electronics,

Inc.(a)

..............................................

946

Freshworks,

Inc.,

Class

A(a)

...............................................

21,071

Gitlab,

Inc.,

Class

A(a)

...................................................

15,919

776

Globant

SA(a)

.........................................................

4,913

Grid

Dynamics

Holdings,

Inc.(a)

............................................

8,893

Harmonic,

Inc.(a)

.......................................................

12,614

Hut

Corp.(a)

.........................................................

10,730

544

Ichor

Holdings

Ltd.(a)

...................................................

3,771

Immersion

Corp.(b)

.....................................................

2,896

Impinj,

Inc.(a)

.........................................................

3,236

654

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) indie

Semiconductor,

Inc.,

Class

A(a)(b)

......................................

21,972

$

Informatica,

Inc.,

Class

A(a)

...............................................

19,818

Information

Services

Group,

Inc.

............................................

3,553

Innoviz

Technologies

Ltd.(a)(b)

.............................................

21,914

Inseego

Corp.(a)

.......................................................

1,566

Insight

Enterprises,

Inc.(a)

................................................

3,555

Intapp,

Inc.(a)

.........................................................

8,474

Intellicheck,

Inc.(a)

.....................................................

1,836

InterDigital,

Inc.(b)

.....................................................

2,901

1,050

IonQ,

Inc.(a)

..........................................................

32,409

2,022

IPG

Photonics

Corp.(a)

...................................................

2,784

Itron,

Inc.(a)

..........................................................

5,180

520

Jamf

Holding

Corp.(a)

...................................................

8,164

Kaltura,

Inc.(a)

........................................................

8,331

Kimball

Electronics,

Inc.(a)

...............................................

2,689

Klaviyo,

Inc.,

Class

A(a)

..................................................

12,329

Knowles

Corp.(a)

.......................................................

9,544

Kopin

Corp.(a)

.........................................................

17,106

Kulicke

&

Soffa

Industries,

Inc.

.............................................

5,761

KVH

Industries,

Inc.(a)

..................................................

923

Kyndryl

Holdings,

Inc.(a)

.................................................

26,002

752

Lattice

Semiconductor

Corp.(a)

.............................................

15,447

1,127

Life360,

Inc.(a)(b)

......................................................

7,833

773

LightPath

Technologies,

Inc.,

Class

A(a)

......................................

4,325

Lightwave

Logic,

Inc.(a)

..................................................

14,382

Littelfuse,

Inc.

.........................................................

2,807

683

LiveRamp

Holdings,

Inc.(a)

...............................................

7,234

Lumentum

Holdings,

Inc.(a)

...............................................

7,781

1,568

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

7,367

1,091

Magnachip

Semiconductor

Corp.(a)

..........................................

3,026

Manhattan

Associates,

Inc.(a)

..............................................

6,846

1,246

MARA

Holdings,

Inc.(a)(b)

...............................................

41,634

761

MaxLinear,

Inc.(a)

......................................................

9,218

Methode

Electronics,

Inc.

.................................................

3,675

MicroVision,

Inc.(a)(b)

...................................................

32,858

Mirion

Technologies,

Inc.(a)

...............................................

25,065

736

Mitek

Systems,

Inc.(a)

...................................................

4,931

MKS,

Inc.

............................................................

7,659

1,101

M-Tron

Industries,

Inc.(a)

.................................................

N-able,

Inc.(a)

.........................................................

7,453

Napco

Security

Technologies,

Inc.

...........................................

3,890

Navitas

Semiconductor

Corp.(a)(b)

..........................................

18,347

nCino,

Inc.(a)

.........................................................

12,235

NCR

Voyix

Corp.(a)

.....................................................

15,234

Neonode,

Inc.(a)

.......................................................

1,053

NETGEAR,

Inc.(a)

.....................................................

2,971

NetScout

Systems,

Inc.(a)

.................................................

7,894

NextNav,

Inc.(a)

........................................................

8,925

nLight,

Inc.(a)

.........................................................

5,228

Novanta,

Inc.(a)

........................................................

4,086

519

NVE

Corp.

...........................................................

530

ON24,

Inc.(a)

.........................................................

3,810

Ondas

Holdings,

Inc.(a)(b)

................................................

32,370

OneSpan,

Inc.

.........................................................

4,011

Onestream,

Inc.(a)

......................................................

9,429

Onto

Innovation,

Inc.(a)

..................................................

5,581

753

OSI

Systems,

Inc.(a)

.....................................................

1,804

502

Ouster,

Inc.(a)

.........................................................

5,927

PagerDuty,

Inc.(a)

......................................................

9,916

PAR

Technology

Corp.(a)

.................................................

4,534

PC

Connection,

Inc.

.....................................................

1,105

PDF

Solutions,

Inc.(a)

...................................................

3,576

Pegasystems,

Inc.

.......................................................

10,557

672

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Penguin

Solutions,

Inc.(a)

.................................................

5,764

$

Photronics,

Inc.(a)

......................................................

6,435

Plexus

Corp.(a)

........................................................

3,047

Porch

Group,

Inc.(a)

.....................................................

7,061

Power

Integrations,

Inc.

..................................................

6,280

Powerfleet,

Inc.(a)

......................................................

14,127

Prairie

Operating

Co.(a)(b)

................................................

2,216

Procore

Technologies,

Inc.(a)

..............................................

13,190

974

Progress

Software

Corp.(a)

................................................

4,834

PROS

Holdings,

Inc.(a)

..................................................

4,955

Q2

Holdings,

Inc.(a)

.....................................................

6,854

Qorvo,

Inc.(a)

.........................................................

10,544

1,001

Qualys,

Inc.(a)

.........................................................

4,096

505

Quantum

Computing,

Inc.(a)(b)

.............................................

14,791

QXO,

Inc.(a)(b)

........................................................

71,721

1,267

Rackspace

Technology,

Inc.(a)(b)

...........................................

7,341

Rambus,

Inc.(a)

........................................................

12,259

1,261

Rapid7,

Inc.(a)

.........................................................

7,087

Red

Cat

Holdings,

Inc.(a)(b)

...............................................

9,385

Red

Violet,

Inc.

........................................................

1,258

Rekor

Systems,

Inc.(a)(b)

.................................................

13,282

ReposiTrak,

Inc.(b)

.....................................................

1,284

Ribbon

Communications,

Inc.(a)

............................................

16,190

Richardson

Electronics

Ltd.

...............................................

1,242

Rigetti

Computing,

Inc.(a)

................................................

36,358

1,610

Rimini

Street,

Inc.(a)

....................................................

5,154

RingCentral,

Inc.,

Class

A(a)

...............................................

9,021

Riot

Platforms,

Inc.(a)

...................................................

39,255

776

Rogers

Corp.(a)

........................................................

2,046

Rubrik,

Inc.,

Class

A(a)

..................................................

14,464

1,089

Samsara,

Inc.,

Class

A(a)

.................................................

32,398

1,301

Sandisk

Corp.(a)

.......................................................

15,783

3,146

Sanmina

Corp.(a)

.......................................................

5,906

809

ScanSource,

Inc.(a)

.....................................................

2,422

SEMrush

Holdings,

Inc.,

Class

A(a)

..........................................

4,387

Semtech

Corp.(a)

.......................................................

9,893

671

SentinelOne,

Inc.,

Class

A(a)

...............................................

34,687

619

ServiceTitan,

Inc.(a)(b)

...................................................

5,240

Silicon

Laboratories,

Inc.(a)

...............................................

3,677

Silvaco

Group,

Inc.(a)

...................................................

600

Sirius

XM

Holdings,

Inc.(b)

...............................................

37,885

822

SiTime

Corp.(a)

........................................................

2,354

682

SkyWater

Technology,

Inc.(a)

..............................................

3,193

Skyworks

Solutions,

Inc.

.................................................

16,967

1,319

SmartRent,

Inc.(a)

......................................................

17,516

SolarEdge

Technologies,

Inc.(a)(b)

..........................................

6,644

SoundHound

AI,

Inc.,

Class

A(a)(b)

..........................................

41,831

737

SoundThinking,

Inc.(a)

...................................................

953

Sprinklr,

Inc.,

Class

A(a)

..................................................

12,452

Sprout

Social,

Inc.,

Class

A(a)

..............................................

5,716

SPS

Commerce,

Inc.(a)

...................................................

4,289

Stratasys

Ltd.(a)(b)

......................................................

6,018

Synaptics,

Inc.(a)

.......................................................

4,288

TD

SYNNEX

Corp.

.....................................................

8,860

1,387

Telos

Corp.(a)

.........................................................

5,661

Tenable

Holdings,

Inc.(a)

.................................................

13,615

Teradata

Corp.(a)

.......................................................

10,550

Terawulf,

Inc.(a)(b)

.....................................................

27,612

The

Hackett

Group,

Inc.

..................................................

2,760

TSS,

Inc.(a)(b)

.........................................................

1,621

TTM

Technologies,

Inc.(a)

................................................

11,564

777

Tucows,

Inc.,

Class

A(a)

..................................................

937

Turtle

Beach

Corp.(a)

....................................................

1,344

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) UiPath,

Inc.,

Class

A(a)

..................................................

46,650

$

740

Ultra

Clean

Holdings,

Inc.(a)

..............................................

5,027

Unisys

Corp.(a)

........................................................

7,182

Unity

Software,

Inc.(a)

...................................................

38,155

1,446

Universal

Display

Corp.

..................................................

5,008

738

Unusual

Machines,

Inc.(a)(b)

..............................................

2,634

Varonis

Systems,

Inc.(a)

..................................................

12,253

Veeco

Instruments,

Inc.(a)

.................................................

6,695

Verint

Systems,

Inc.(a)

...................................................

6,741

Vertex,

Inc.,

Class

A(a)

...................................................

8,294

Viant

Technology,

Inc.,

Class

A(a)

...........................................

1,551

Viasat,

Inc.(a)

.........................................................

14,328

571

Viavi

Solutions,

Inc.(a)

...................................................

25,136

Vishay

Intertechnology,

Inc.

...............................................

13,986

Vishay

Precision

Group,

Inc.(a)

.............................................

1,317

Vontier

Corp.

..........................................................

16,742

645

Vuzix

Corp.(a)(b)

.......................................................

6,954

Weave

Communications,

Inc.(a)

............................................

7,381

WM

Technology,

Inc.(a)

..................................................

8,279

Workiva,

Inc.(a)

........................................................

5,692

Xerox

Holdings

Corp.

...................................................

12,958

Xperi,

Inc.(a)

..........................................................

4,762

Yext,

Inc.(a)

...........................................................

11,291

Zeta

Global

Holdings

Corp.,

Class

A(a)

.......................................

21,759

105,997

Materials

(4.3%):

AdvanSix,

Inc.

.........................................................

2,897

Albemarle

Corp.(b)

.....................................................

13,388

1,315

Alcoa

Corp.

...........................................................

29,597

1,089

Algoma

Steel

Group,

Inc.(b)

...............................................

10,509

Alpha

Metallurgical

Resources,

Inc.(a)

........................................

1,247

American

Battery

Technology

Co.(a)(b)

.......................................

9,995

American

Infrastructure

Corp.(a)(b)(c)

........................................

—(d)

American

Vanguard

Corp.(a)

...............................................

2,757

AptarGroup,

Inc.

.......................................................

7,489

869

Ardagh

Metal

Packaging

SA

...............................................

15,485

Arq,

Inc.(a)

...........................................................

3,720

Arras

Minerals

Corp.(a)

..................................................

4,451

Ascent

Industries

Co.(a)

..................................................

780

Ashland,

Inc.

..........................................................

5,168

ASP

Isotopes,

Inc.(a)(b)

..................................................

8,343

Aspen

Aerogels,

Inc.(a)

..................................................

9,131

ATI,

Inc.(a)

...........................................................

15,645

1,548

Avient

Corp.

..........................................................

10,399

Axalta

Coating

Systems

Ltd.(a)

.............................................

24,736

704

Balchem

Corp.

.........................................................

3,709

569

Cabot

Corp.

...........................................................

6,015

Carpenter

Technology

Corp.

...............................................

5,492

1,735

Celanese

Corp.

.........................................................

12,504

Century

Aluminum

Co.(a)

.................................................

5,887

Clearwater

Paper

Corp.(a)

.................................................

1,689

Cleveland-Cliffs,

Inc.(a)

..................................................

55,739

693

Coeur

Mining,

Inc.(a)

....................................................

72,471

1,244

Commercial

Metals

Co.

..................................................

12,725

755

Compass

Minerals

International,

Inc.(a)

.......................................

3,718

Contango

ORE,

Inc.(a)

...................................................

905

Core

Molding

Technologies,

Inc.(a)

..........................................

818

Crown

Holdings,

Inc.

....................................................

13,239

1,287

Dakota

Gold

Corp.(a)

....................................................

8,387

Eagle

Materials,

Inc.

.....................................................

3,684

782

Eastman

Chemical

Co.

...................................................

13,081

779

Ecovyst,

Inc.(a)

........................................................

12,683

Element

Solutions,

Inc.

...................................................

25,892

692

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Flotek

Industries,

Inc.(a)(b)

................................................

1,492

$

FMC

Corp.

...........................................................

14,205

Friedman

Industries,

Inc.

.................................................

694

Ginkgo

Bioworks

Holdings,

Inc.(a)

..........................................

4,551

Graphic

Packaging

Holding

Co.

............................................

33,499

536

Greif,

Inc.,

Class

A

......................................................

2,910

H.B.

Fuller

Co.

........................................................

6,157

Hawkins,

Inc.

.........................................................

2,192

Hecla

Mining

Co.

.......................................................

71,207

916

Huntsman

Corp.

........................................................

18,671

Idaho

Strategic

Resources,

Inc.(a)(b)

.........................................

1,501

Ingevity

Corp.(a)

.......................................................

4,105

Innospec,

Inc.

.........................................................

2,797

Intrepid

Potash,

Inc.(a)

...................................................

1,180

Kaiser

Aluminum

Corp.

..................................................

1,804

Knife

River

Corp.(a)

....................................................

6,461

Koppers

Holdings,

Inc.

...................................................

2,100

Louisiana-Pacific

Corp.

..................................................

7,855

684

LSB

Industries,

Inc.(a)

...................................................

5,452

Magnera

Corp.(a)

.......................................................

3,812

Materion

Corp.

........................................................

2,331

Mativ

Holdings,

Inc.

.....................................................

5,992

McEwen,

Inc.(a)

.......................................................

5,133

Mercer

International,

Inc.

.................................................

3,965

Metallus,

Inc.(a)

........................................................

4,017

Minerals

Technologies,

Inc.

................................................

3,538

MP

Materials

Corp.(a)(b)

.................................................

14,901

940

Myers

Industries,

Inc.

....................................................

4,128

NewMarket

Corp.

......................................................

897

689

Novusterra,

Inc.(a)(c)

....................................................

579

—

O-I

Glass,

Inc.(a)

.......................................................

17,178

Olin

Corp.

............................................................

13,067

Olympic

Steel,

Inc.

......................................................

1,080

Orion

SA

.............................................................

5,995

Perimeter

Solutions,

Inc.(a)

................................................

15,792

Perpetua

Resources

Corp.(a)

...............................................

12,242

PureCycle

Technologies,

Inc.(a)(b)

..........................................

20,047

Quaker

Chemical

Corp.

..................................................

1,552

Ramaco

Resources,

Inc.,

Class

A(a)

..........................................

5,103

Ranpak

Holdings

Corp.(a)

................................................

8,587

Rayonier

Advanced

Materials,

Inc.(a)

........................................

7,131

Royal

Gold,

Inc.

........................................................

7,529

1,316

Ryerson

Holding

Corp.

...................................................

3,022

Sealed

Air

Corp.

.......................................................

16,653

558

Sensient

Technologies

Corp.

...............................................

4,798

Silgan

Holdings,

Inc.

....................................................

10,138

Smith-Midland

Corp.(a)

..................................................

Solesence,

Inc.(a)(b)

.....................................................

1,660

Sonoco

Products

Co.

....................................................

11,184

Stepan

Co.

............................................................

2,448

SunCoke

Energy,

Inc.

....................................................

9,466

Sylvamo

Corp.

.........................................................

3,812

The

Chemours

Co.

......................................................

16,992

The

Mosaic

Co.

........................................................

36,285

996

The

Scotts

Miracle-Gro

Co.

...............................................

5,026

TMC

the

metals

Co.,

Inc.(a)(b)

.............................................

20,667

Tredegar

Corp.(a)

.......................................................

3,274

TriMas

Corp.

..........................................................

3,586

Trinseo

PLC

..........................................................

2,863

Tronox

Holdings

PLC

...................................................

13,040

U.S.

Gold

Corp.(a)(b)

....................................................

1,254

United

States

Antimony

Corp.(a)

............................................

11,963

United

States

Lime

&

Minerals,

Inc.

.........................................

1,217

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Vista

Gold

Corp.(a)

.....................................................

13,170

$

Warrior

Met

Coal,

Inc.

...................................................

5,900

Westlake

Corp.

........................................................

3,774

Worthington

Steel,

Inc.

...................................................

3,696

32,040

Real

Estate

(6.7%):

Acadia

Realty

Trust

.....................................................

14,914

Agree

Realty

Corp.

.....................................................

12,474

911

Alexander

&

Baldwin,

Inc.

................................................

8,173

Alexander's,

Inc.

.......................................................

Alpine

Income

Property

Trust,

Inc.

..........................................

1,369

American

Assets

Trust,

Inc.

................................................

5,237

American

Healthcare

REIT,

Inc.

............................................

19,163

868

American

Homes

Rent,

Class

A

...........................................

39,157

1,237

Americold

Realty

Trust,

Inc.

...............................................

32,580

AMREP

Corp.(a)

.......................................................

Anywhere

Real

Estate,

Inc.(a)

..............................................

11,798

Apartment

Investment

and

Management

Co.

....................................

14,654

Apple

Hospitality

REIT,

Inc.

...............................................

25,222

Armada

Hoffler

Properties,

Inc.

.............................................

8,853

Belpointe

Prep

LLC(a)

...................................................

Braemar

Hotels

&

Resorts,

Inc.

.............................................

6,229

Brandywine

Realty

Trust

.................................................

18,890

Brixmor

Property

Group,

Inc.

..............................................

34,871

912

Broadstone

Net

Lease,

Inc.

................................................

21,446

BRT

Apartments

Corp.

...................................................

1,100

BXP,

Inc.

.............................................................

18,107

1,289

Camden

Property

Trust

...................................................

12,044

1,198

CareTrust

REIT,

Inc.

....................................................

25,491

883

CBL

&

Associates

Properties,

Inc.

...........................................

3,052

Centerspace

...........................................................

1,892

Chatham

Lodging

Trust

..................................................

5,257

City

Office

REIT,

Inc.

....................................................

4,233

Community

Healthcare

Trust,

Inc.

...........................................

2,967

Compass,

Inc.,

Class

A(a)

.................................................

50,889

COPT

Defense

Properties

.................................................

12,894

Cousins

Properties,

Inc.

..................................................

19,104

CTO

Realty

Growth,

Inc.

.................................................

3,533

CubeSmart

...........................................................

25,943

977

Curbline

Properties

Corp.

.................................................

10,958

Cushman

&

Wakefield

PLC(a)

.............................................

26,419

DiamondRock

Hospitality

Co.

..............................................

23,073

DigitalBridge

Group,

Inc.

.................................................

20,571

Diversified

Healthcare

Trust

...............................................

24,613

Douglas

Elliman,

Inc.(a)

..................................................

7,555

Douglas

Emmett,

Inc.

....................................................

18,395

Easterly

Government

Properties,

Inc.

.........................................

4,835

EastGroup

Properties,

Inc.

................................................

6,063

1,058

Elme

Communities

......................................................

9,916

Empire

State

Realty

Trust,

Inc.

.............................................

15,704

EPR

Properties

........................................................

8,542

Equity

LifeStyle

Properties,

Inc.

............................................

21,691

1,324

Essential

Properties

Realty

Trust,

Inc.

........................................

22,617

676

eXp

World

Holdings,

Inc.(b)

...............................................

10,093

Farmland

Partners,

Inc.(b)

.................................................

4,397

Federal

Realty

Investment

Trust

............................................

9,815

944

First

Industrial

Realty

Trust,

Inc.

............................................

15,072

833

Five

Point

Holdings

LLC,

Class

A(a)

.........................................

5,505

Forestar

Group,

Inc.(a)

...................................................

2,085

Four

Corners

Property

Trust,

Inc.

............................................

11,795

Franklin

Street

Properties

Corp.

.............................................

7,750

FrontView

REIT,

Inc.

....................................................

2,057

FRP

Holdings,

Inc.(a)

....................................................

1,631

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Getty

Realty

Corp.

......................................................

6,016

$

Gladstone

Commercial

Corp.

..............................................

5,871

Gladstone

Land

Corp.

....................................................

3,711

Global

Medical

REIT,

Inc.

................................................

1,398

Global

Net

Lease,

Inc.

...................................................

22,642

Healthcare

Realty

Trust,

Inc.

...............................................

39,956

708

Healthpeak

Properties,

Inc.

................................................

79,522

1,427

Highwoods

Properties,

Inc.

................................................

12,148

Host

Hotels

&

Resorts,

Inc.

................................................

77,868

1,247

Howard

Hughes

Holdings,

Inc.(a)

...........................................

6,748

535

Hudson

Pacific

Properties,

Inc.(a)

...........................................

42,419

Independence

Realty

Trust,

Inc.

.............................................

26,583

Industrial

Logistics

Properties

Trust

..........................................

5,774

Innovative

Industrial

Properties,

Inc.

.........................................

3,145

InvenTrust

Properties

Corp.

...............................................

8,818

JBG

SMITH

Properties

...................................................

7,020

Jones

Lang

LaSalle,

Inc.(a)

................................................

5,387

1,644

Kennedy-Wilson

Holdings,

Inc.

.............................................

13,393

Kilroy

Realty

Corp.

.....................................................

13,448

568

Kimco

Realty

Corp.

.....................................................

76,068

1,572

Kite

Realty

Group

Trust

..................................................

24,968

553

Lamar

Advertising

Co.,

Class

A

.............................................

9,882

1,172

Landbridge

Co.

LLC(b)

..................................................

2,838

Lineage,

Inc.

..........................................................

7,965

LTC

Properties,

Inc.

.....................................................

5,144

LXP

Industrial

Trust

.....................................................

32,871

Marcus

&

Millichap,

Inc.

.................................................

2,648

Maui

Land

&

Pineapple

Co.,

Inc.(a)

..........................................

671

Medical

Properties

Trust,

Inc.(b)

............................................

56,759

Modiv

Industrial,

Inc.(b)

..................................................

958

National

Health

Investors,

Inc.

.............................................

5,184

National

Storage

Affiliates

Trust

............................................

8,027

NET

Lease

Office

Properties

...............................................

1,643

NETSTREIT

Corp.(b)

...................................................

10,794

Newmark

Group,

Inc.,

Class

A

.............................................

17,356

NexPoint

Diversified

Real

Estate

Trust

........................................

4,014

NexPoint

Residential

Trust,

Inc.

............................................

2,411

NNN

REIT,

Inc.

........................................................

21,471

869

Omega

Healthcare

Investors,

Inc.

...........................................

33,790

1,420

One

Liberty

Properties,

Inc.

...............................................

1,698

Opendoor

Technologies,

Inc.(a)(b)

...........................................

72,969

567

Orion

Properties,

Inc.

....................................................

5,697

Outfront

Media,

Inc.

.....................................................

15,644

Paramount

Group,

Inc.(a)

.................................................

21,065

Park

Hotels

&

Resorts,

Inc.

................................................

22,168

Pebblebrook

Hotel

Trust

..................................................

13,183

Phillips

Edison

&

Co.,

Inc.

................................................

14,324

Piedmont

Realty

Trust,

Inc.,

Class

A

.........................................

13,960

Plymouth

Industrial

REIT,

Inc.

.............................................

4,406

Postal

Realty

Trust,

Inc.,

Class

A

............................................

2,563

PotlatchDeltic

Corp.

.....................................................

8,719

Rayonier,

Inc.

.........................................................

17,504

RE/MAX

Holdings,

Inc.(a)

................................................

1,746

Regency

Centers

Corp.

...................................................

20,689

1,427

Rexford

Industrial

Realty,

Inc.

..............................................

27,115

1,120

RLJ

Lodging

Trust

......................................................

15,368

Ryman

Hospitality

Properties,

Inc.

...........................................

7,013

610

Sabra

Health

Care

REIT,

Inc.

..............................................

27,001

Safehold,

Inc.

.........................................................

5,563

Saul

Centers,

Inc.

.......................................................

1,440

Seritage

Growth

Properties,

Class

A(a)

........................................

3,977

Service

Properties

Trust

..................................................

17,059

Sila

Realty

Trust,

Inc.

....................................................

6,221

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) SITE

Centers

Corp.

.....................................................

5,539

$

SL

Green

Realty

Corp.

...................................................

8,138

Smartstop

Self

Storage

REIT,

Inc.

...........................................

3,509

STAG

Industrial,

Inc.

....................................................

21,301

815

Stratus

Properties,

Inc.(a)

.................................................

684

Strawberry

Fields

REIT,

Inc.

...............................................

640

Summit

Hotel

Properties,

Inc.

..............................................

11,557

Sunstone

Hotel

Investors,

Inc.

..............................................

21,423

Tanger,

Inc.

...........................................................

12,657

Tejon

Ranch

Co.(a)

.....................................................

2,738

Terreno

Realty

Corp.

....................................................

11,592

662

The

Macerich

Co.

......................................................

28,789

The

RMR

Group,

Inc.,

Class

A

.............................................

1,545

The

St.

Joe

Co.

........................................................

6,395

UMH

Properties,

Inc.

....................................................

9,032

Universal

Health

Realty

Income

Trust

........................................

1,425

Urban

Edge

Properties

...................................................

14,389

Veris

Residential,

Inc.

....................................................

10,331

Vornado

Realty

Trust

....................................................

20,454

776

Whitestone

REIT

.......................................................

4,960

WP

Carey,

Inc.

.........................................................

24,821

1,638

Xenia

Hotels

&

Resorts,

Inc.

...............................................

10,800

49,828

Utilities

(2.7%):

ALLETE,

Inc.

.........................................................

6,621

American

States

Water

Co.

................................................

4,367

Artesian

Resources

Corp.,

Class

A

...........................................

999

Avista

Corp.

..........................................................

9,200

Black

Hills

Corp.

.......................................................

8,314

527

Cadiz,

Inc.(a)

..........................................................

5,667

California

Water

Service

Group

.............................................

6,775

Chesapeake

Utilities

Corp.

................................................

2,651

Clearway

Energy,

Inc.,

Class

C

.............................................

13,150

Consolidated

Water

Co.

Ltd.,

Class

OR

.......................................

1,677

Essential

Utilities,

Inc.

...................................................

32,119

1,254

Genie

Energy

Ltd.,

Class

B

................................................

1,337

Global

Water

Resources,

Inc.

..............................................

1,165

H2O

America

.........................................................

3,688

Hawaiian

Electric

Industries,

Inc.(a)

.........................................

19,692

IDACORP,

Inc.

........................................................

6,175

797

MGE

Energy,

Inc.

......................................................

4,177

Middlesex

Water

Co.

....................................................

1,957

Montauk

Renewables,

Inc.(a)

..............................................

4,680

National

Fuel

Gas

Co.

...................................................

10,223

807

New

Jersey

Resources

Corp.

...............................................

11,464

508

Northwest

Natural

Holding

Co.

.............................................

4,629

Northwestern

Energy

Group,

Inc.

...........................................

6,980

OGE

Energy

Corp.

......................................................

23,004

1,015

Oklo,

Inc.(a)

..........................................................

12,141

1,612

ONE

Gas,

Inc.

.........................................................

6,797

545

Ormat

Technologies,

Inc.

.................................................

6,952

739

Otter

Tail

Corp.

........................................................

4,371

Pinnacle

West

Capital

Corp.

...............................................

13,670

1,210

Portland

General

Electric

Co.

..............................................

12,509

571

Pure

Cycle

Corp.(a)

.....................................................

2,531

ReNew

Energy

Global

PLC(a)

.............................................

17,066

RGC

Resources,

Inc.

....................................................

880

Southwest

Gas

Holdings,

Inc.

..............................................

7,342

584

Spire,

Inc.

............................................................

6,608

571

Talen

Energy

Corp.(a)

...................................................

5,151

2,059

The

AES

Corp.

........................................................

81,335

1,128

The

York

Water

Co.

.....................................................

1,595

TXNM

Energy,

Inc.

.....................................................

11,964

680

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) UGI

Corp.

............................................................

24,647

$

824

Unitil

Corp.

...........................................................

1,964

19,900

Total

Common

Stocks

(Cost

$420,934)

a

a

a

743,170

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%)(f)

Communication

Services

(0.0%):(f)

Communications

Systems,

Inc.,

CVR,

expiring

1/1/29(a)(c)

.........................

—(d)

Consumer

Staples

(0.0%):

Spectrum

Pharmaceuticals,

Inc.,

CVR,

expiring

1/1/26(a)(c)

........................

20,024

—

Financials

(0.0%):(f)

Sycamore

Partners

LLC,

CVR,

expiring

8/29/29(a)(c)

.............................

83,950

Health

Care

(0.0%):(f)

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.,

RTS,

expiring

1/9/26(a)(c)

...........................

14,929

Checkpoint

Therapeuti,

CVR,

expiring

6/4/29(a)(c)

..............................

3,863

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

Concentra

Biosciences,

CVR,

expiring

8/20/29(a)(c)

..............................

3,564

—(d)

Concentra

Biosciences,

CVR,

expiring

9/2/29(a)(c)

...............................

4,102

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

Magenta

Therapeutics,

Inc.,

RTS,

expiring

1/9/26(a)(c)

............................

4,843

—(d)

MannKind

Corp.,

CVR,

expiring

10/8/29(a)(c)

..................................

4,175

MediPacific,

Inc.,

CVR,

expiring

1/1/26(a)(c)

...................................

5,536

—(d)

Miragen

Therapeutics,

Inc.,

CVR,

expiring

12/31/99(a)(c)

..........................

7,890

—(d)

Novartis

AG,

CVR,

expiring

12/31/26(a)(c)

....................................

6,837

Ocuphire

Pharma,

Inc.,

CVR,

expiring

12/31/99(a)(c)

.............................

—(d)

OmniAb

Operations,

Inc.,

12.50 Earnout

Shares,

expiring

11/1/27(a)(c)(g)(h)

............

698

—

OmniAb

Operations,

Inc.,

15.00 Earnout

Shares,

expiring

11/1/27(a)(c)(g)(h)

............

698

—

Opiant

Pharma,

Inc.,

CVR,

expiring

1/1/26(a)(c)

.................................

533

—(d)

Paratek

Pharmaceuticals,

Inc.,

CVR,

expiring

1/1/26(a)(b)(c)

........................

5,165

Prevail

Therapeutics,

Inc.,

CVR,

expiring

12/4/28(a)(c)

............................

4,938

Supernus

Pharmaceuticals,

CVR,

expiring

12/31/26(a)(c)

..........................

6,407

Tetraphase

Pharmaceuticals,

Inc.,

CVR,

expiring

1/1/26(a)(c)

.......................

1,178

—

Verve

Therapeutics,

Inc.,

RTS,

expiring

12/31/26(a)(c)

............................

7,841

Vigil

Neuroscience,

Inc.,

CVR,

expiring

12/31/26(a)(c)

............................

3,386

—(d)

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

Zynerba

Pharmaceuticals,

Inc.,

CVR,

expiring

1/1/26(a)(b)(c)

.......................

5,691

Total

Rights

(Cost

$7)

a

a

a

Warrants

(0.0%)(f)

Consumer

Discretionary

(0.0%):(f)

Bed

Bath

&

Beyond,

Inc.,

expiring

10/7/26(a)(b)

................................

648

Victory

Portfolios

III

#### Victory

#### Extended

#### Market

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

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

Shares

a

Value

(000) GameStop

Corp.,

expiring

10/30/26(a)

........................................

4,694

$

Financials

(0.0%):

DeFi

Development

Corp.,

expiring

1/21/28(a)(b)

................................

—

Health

Care

(0.0%):(f)

Galectin

Therapeutics,

Inc.,

expiring

5/23/26(a)

.................................

7,552

—(d)

Total

Warrants

(Cost

$—)

a

a

a

Collateral

for

Securities

Loaned

(5.0%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.01%(i)

........

9,390,969

9,391

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.98%(i)

............

9,390,969

9,391

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.00%(i)

................

9,390,969

9,391

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.00%(i)

.

9,390,969

9,391

Total

Collateral

for

Securities

Loaned

(Cost

$37,564)

a

a

a

37,564

Total

Investments

(Cost

$458,505)

—

104.6%

780,844

Liabilities

in

excess

of

other

assets

— (4.6)%

(34,295)

NET

ASSETS

-

100.00%

$

746,549

^

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

October

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(d) Rounds

to

less

than

$1

thousand.

(e) Affiliated

security.

(See

Note

in

the

Notes

to

Financial

Statements)

(f) Amount

represents

less

than

0.05%

of

net

assets.

(g) Restricted

security

that

is

not

registered

under

the

Securities

Act

of

1933. (h) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

at

October

31,

2025. (amounts

in

thousands):

(i) Rate

disclosed

is

the

daily

yield

on

October

31,

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

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) E-Mini

Russell

2000

Index

Futures

......

12/19/25

$

3,342

$

3,361

$

Total

unrealized

appreciation

$

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Nasdaq-100

#### Index

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.9%)

Communication

Services

(14.7%):

Alphabet,

Inc.

,

Class

A

...................................................

1,025,245

$

288,289

Alphabet,

Inc.

,

Class

C

...................................................

956,936

269,684

Charter

Communications,

Inc.

,

Class

A

(a) (b) ...................................

57,872

13,533

Comcast

Corp.

,

Class

A

..................................................

1,586,366

44,156

Electronic

Arts,

Inc.

.....................................................

106,643

21,335

Meta

Platforms,

Inc.

,

Class

A

..............................................

382,320

247,877

Netflix,

Inc.

(a) .........................................................

184,209

206,104

Take-Two

Interactive

Software,

Inc.

(a) ........................................

78,559

20,140

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

186,119

9,358

T-Mobile

US,

Inc.

......................................................

486,992

102,293

Warner

Bros

Discovery,

Inc.

(a) .............................................

1,053,683

23,655

1,246,424

Communications

Equipment

(1.5%):

Cisco

Systems,

Inc.

.....................................................

1,713,973

125,308

Consumer

Discretionary

(13.2%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

182,956

23,151

Amazon.com,

Inc.

(a) ....................................................

1,880,862

459,344

Booking

Holdings,

Inc.

...................................................

13,998

71,078

DoorDash,

Inc.

,

Class

A

(a) ................................................

173,292

44,080

Lululemon

Athletica,

Inc.

(a) ...............................................

47,481

8,097

Marriott

International,

Inc.

,

Class

A

..........................................

116,399

30,331

MercadoLibre,

Inc.

(a) ....................................................

21,830

50,804

O'Reilly

Automotive,

Inc.

(a) ...............................................

364,502

34,424

PDD

Holdings,

Inc.

,

ADR

(a) ...............................................

287,052

38,715

Ross

Stores,

Inc.

.......................................................

139,355

22,146

Starbucks

Corp.

........................................................

488,717

39,523

Tesla,

Inc.

(a) ..........................................................

642,502

293,341

1,115,034

Consumer

Staples

(4.3%):

Coca-Cola

Europacific

Partners

PLC

.........................................

194,342

17,263

Costco

Wholesale

Corp.

..................................................

192,161

175,145

Keurig

Dr.

Pepper,

Inc.

...................................................

573,808

15,585

Mondelez

International,

Inc.

,

Class

A

.........................................

555,438

31,915

Monster

Beverage

Corp.

(a) ................................................

418,063

27,939

PepsiCo,

Inc.

..........................................................

591,715

86,444

The

Kraft

Heinz

Co.

.....................................................

497,841

12,312

366,603

Electronic

Equipment,

Instruments

&

Components

(0.1%):

CDW

Corp.

...........................................................

54,327

8,658

Energy

(0.5%):

Baker

Hughes

Co.

......................................................

419,837

20,324

Diamondback

Energy,

Inc.

................................................

122,966

17,608

37,932

Financials

(0.3%):

PayPal

Holdings,

Inc.

(a) ..................................................

409,497

28,366

Health

Care

(4.4%):

Amgen,

Inc.

...........................................................

232,426

69,363

AstraZeneca

PLC

,

ADR

..................................................

250,394

20,633

Biogen,

Inc.

(a) .........................................................

61,018

9,413

Dexcom,

Inc.

(a) ........................................................

164,228

9,561

GE

HealthCare

Technologies,

Inc.

...........................................

192,891

14,457

Gilead

Sciences,

Inc.

....................................................

535,323

64,126

IDEXX

Laboratories,

Inc.

(a) ...............................................

34,100

21,466

Intuitive

Surgical,

Inc.

(a) .................................................

154,770

82,691

Regeneron

Pharmaceuticals,

Inc.

............................................

44,543

29,033

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

110,360

46,966

367,709

Victory

Portfolios

III

#### Victory

#### Nasdaq-100

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Industrials

(3.8%):

Automatic

Data

Processing,

Inc.

............................................

174,521

$

45,428

Axon

Enterprise,

Inc.

(a) ..................................................

33,534

24,555

Cintas

Corp.

..........................................................

172,961

31,699

Copart,

Inc.

(a) .........................................................

410,784

17,668

CSX

Corp.

............................................................

798,511

28,762

Fastenal

Co.

...........................................................

489,916

20,160

Honeywell

International,

Inc.

..............................................

273,797

55,123

Old

Dominion

Freight

Line,

Inc.

............................................

88,420

12,416

PACCAR,

Inc.

.........................................................

223,868

22,029

Paychex,

Inc.

..........................................................

152,938

17,898

Thomson

Reuters

Corp.

(b) ................................................

193,067

29,551

Verisk

Analytics,

Inc.

....................................................

59,012

12,909

318,198

IT

Services

(1.3%):

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

206,133

15,023

Shopify,

Inc.

,

Class

A

(a) ..................................................

527,595

91,728

106,751

Materials

(1.0%):

Linde

PLC

............................................................

202,783

84,824

Solstice

Advanced

Materials,

Inc.

(a) .........................................

68,449

3,085

87,909

Real

Estate

(0.1%):

CoStar

Group,

Inc.

(a) ....................................................

178,964

12,314

Semiconductors

&

Semiconductor

Equipment

(27.3%):

Advanced

Micro

Devices,

Inc.

(a) ............................................

702,923

180,033

Analog

Devices,

Inc.

....................................................

211,972

49,629

Applied

Materials,

Inc.

...................................................

344,141

80,219

ARM

Holdings

PLC

,

ADR

(a) ..............................................

56,755

9,638

ASML

Holding

NV

,

Registered

Shares

,

NYS

...................................

36,404

38,560

Broadcom,

Inc.

........................................................

1,372,042

507,148

GLOBALFOUNDRIES,

Inc.

(a) ............................................

229,620

8,175

Intel

Corp.

(a) ..........................................................

1,890,207

75,589

KLA

Corp.

...........................................................

56,948

68,835

Lam

Research

Corp.

.....................................................

546,876

86,111

Marvell

Technology,

Inc.

.................................................

369,839

34,669

Microchip

Technology,

Inc.

................................................

228,281

14,249

Micron

Technology,

Inc.

..................................................

483,905

108,284

NVIDIA

Corp.

.........................................................

4,287,548

868,186

NXP

Semiconductors

NV

.................................................

107,710

22,524

ON

Semiconductor

Corp.

(a) ...............................................

169,447

8,486

QUALCOMM,

Inc.

.....................................................

466,222

84,340

Texas

Instruments,

Inc.

...................................................

392,595

63,388

2,308,063

Software

(17.6%):

Adobe,

Inc.

(a) .........................................................

183,068

62,300

AppLovin

Corp.

,

Class

A

(a) ...............................................

132,972

84,747

Atlassian

Corp.

,

Class

A

(a) ................................................

69,471

11,770

Autodesk,

Inc.

(a) .......................................................

91,652

27,619

Cadence

Design

Systems,

Inc.

(a) ............................................

117,185

39,689

Crowdstrike

Holdings,

Inc.

,

Class

A

(a) .......................................

108,164

58,734

Datadog,

Inc.

,

Class

A

(a) .................................................

137,801

22,435

Fortinet,

Inc.

(a) ........................................................

328,071

28,355

Intuit,

Inc.

............................................................

120,535

80,463

Microsoft

Corp.

........................................................

1,311,416

679,064

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

985,543

197,572

Palo

Alto

Networks,

Inc.

(a) ................................................

288,597

63,561

Roper

Technologies,

Inc.

..................................................

45,933

20,493

Strategy,

Inc.

(a) ........................................................

113,436

30,572

Synopsys,

Inc.

(a) .......................................................

79,516

36,086

Workday,

Inc.

,

Class

A

(a) .................................................

92,496

22,192

Victory

Portfolios

III

#### Victory

#### Nasdaq-100

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Zscaler,

Inc.

(a) .........................................................

66,265

$

21,943

1,487,595

Technology

Hardware,

Storage

&

Peripherals

(8.4%):

Apple,

Inc.

...........................................................

2,618,208

707,885

Utilities

(1.4%):

American

Electric

Power

Co.,

Inc.

...........................................

228,806

27,516

Constellation

Energy

Corp.

................................................

134,570

50,733

Exelon

Corp.

..........................................................

429,897

19,827

Xcel

Energy,

Inc.

.......................................................

251,880

20,445

118,521

Total

Common

Stocks

(Cost

$2,357,181)

a

a

a

8,443,270

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(c) ........

2,945,179

2,946

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(c) ............

2,945,179

2,945

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(c) ...............

2,945,179

2,945

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(c) .

2,945,179

2,945

Total

Collateral

for

Securities

Loaned

(Cost

$11,781)

a

a

a

11,781

Total

Investments

(Cost

$2,368,962)

—

100.0%

8,455,051

Liabilities

in

excess

of

other

assets

— (0.0)%(d)

(1,967)

NET

ASSETS

-

100.00%

$

8,453,084

^

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

October

31,

2025. (d) Amount

represents

less

than

0.05%

of

net

assets.

ADR

—

American

Depositary

Receipt

NYS

—

New

York

Registered

Shares

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) NASDAQ

E-Mini

Futures

.........

12/19/25

$

13,151

$

14,042

$

891

Total

unrealized

appreciation

$

891

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

891

Statements

of

Assets

and

Liabilities

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

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

$2,989,900,

$458,330

and

$2,368,962)

14,553,918(a)

780,474(b)

8,455,051(c)

Cash

16,987

2,047

10,472

Deposit

with

broker

for

futures

contracts

6,173

1,265

3,379

Receivables:

Dividends,

interest,

and

securities

lending

income

6,618

1,051

Capital

shares

issued

2,481

3,534

From

Adviser

521

—

Variation

margin

on

open

futures

contracts

Prepaid

expenses

Total

Assets

14,586,904

784,533

8,473,704

Liabilities:

Payables:

Collateral

received

on

loaned

securities

844

37,564

11,781

Capital

shares

redeemed

5,668

5,786

Accrued

expenses

and

other

payables:

Investment

advisory

fees

1,218

1,393

Administration

fees

731

950

Custodian

fees

Transfer

agent

fees

Compliance

fees

—(d)

Trustees'

fees

—

—

12b-1

fees

—

—

Other

accrued

expenses

Total

Liabilities

8,966

37,984

20,620

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

2,572,382

394,965

2,175,539

Total

accumulated

earnings

(loss)

12,005,556

351,584

6,277,545

Net

Assets

$

14,577,938

$

746,549

$

8,453,084

Net

Assets:

Fund

Shares

$

—

$

746,549

$

6,735,110

Institutional

Shares

—

—

934,783

Member

Shares

4,786,406

—

—

Reward

Shares

9,791,532

—

—

Class

A

—

—

82,477

Class

C

—

—

18,556

Class

R6

—

—

682,158

Total

$

14,577,938

$

746,549

$

8,453,084

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

—

33,501

105,584

Institutional

Shares

—

—

14,637

Member

Shares

55,976

—

—

Reward

Shares

114,410

—

—

Class

A

—

—

1,301

Class

C

—

—

Class

R6

—

—

10,679

Total

170,386

33,501

132,503

Net

asset

value,

offering

and

redemption

price

per

share:(e)

Fund

Shares

$

—

$

22.28 $

63.79 Institutional

Shares

—

—

63.86 Member

Shares

85.51 —

—

Reward

Shares

85.58 —

—

Class

A

—

—

63.37 Class

C(f)

—

—

61.39 Class

R6

—

—

63.88 Maximum

Sales

Charge

—

Class

A

—%

—%

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

—

$

—

$

64.83 (a) Includes

$827

thousand

of

securities

on

loan.

(b) Includes

$48,504

thousand

of

securities

on

loan.

(c) Includes

$11,466

thousand

of

securities

on

loan.

Statements

of

Assets

and

Liabilities

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

(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

Six

Months

Ended

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

500

Index

Fund

Victory

Extended

Market

Index

Fund

Victory

Index

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

—

$

$

—

Dividends

from

unaffiliated

investments

82,577

5,721

26,442

Interest

from

unaffiliated

investments

583

Securities

lending

(net

of

fees)

1,467

Foreign

tax

withholding

(1)

(4)

(61)

Total

Income

84,526

6,163

26,970

Expenses:

Investment

advisory

fees

6,822

7,685

Administration

fees

—

547

—

Administration

fees

—

Fund

Shares

—

—

4,576

Administration

fees

—

Institutional

Shares

—

—

Administration

fees

—

Member

Shares

1,386

—

—

Administration

fees

—

Reward

Shares

2,707

—

—

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

—

—

Transfer

agent

fees

—

Fund

Shares

—

—

1,268

Transfer

agent

fees

—

Institutional

Shares

—

—

Transfer

agent

fees

—

Member

Shares

1,161

—

—

Transfer

agent

fees

—

Reward

Shares

613

—

—

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

Other

expenses

530

Total

Expenses

13,384

1,266

15,766

Expenses

waived/reimbursed

by

Adviser

(1,482)

—

(31)

Net

Expenses

11,902

1,266

15,735

Net

Investment

Income

(Loss)

72,624

4,897

11,235

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

—

—

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

184,587

19,872

22,180

Net

realized

gains

(losses)

from

futures

contracts

7,059

658

8,084

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

—

—

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

2,575,525

107,586

2,060,047

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(2,381)

(77)

(92)

Net

realized/unrealized

gains

(losses)

on

investments

2,764,790

128,070

2,090,219

Change

in

net

assets

resulting

from

operations

$

2,837,414

$

132,967

$

2,101,454

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

72,624

$

142,188

$

4,897

$

8,746

$

11,235

$

26,224

Net

realized

gains

(losses)

191,646

423,843

20,532

31,200

30,264

212,615

Net

change

in

unrealized

appreciation/depreciation

2,573,144

848,510

107,538

(15,283)

2,059,955

538,238

Change

in

net

assets

resulting

from

operations

2,837,414

1,414,541

132,967

24,663

2,101,454

777,077

Distributions

to

Shareholders:

Fund

Shares

—

—

—

(100,095)

—

(122,525)

Institutional

Shares

—

—

—

—

—

(17,707)

Member

Shares

(22,769)

(158,719)

—

—

—

—

Reward

Shares

(47,540)

(303,632)

—

—

—

—

Class

A

—

—

—

—

—

(1,447)

Class

C

—

—

—

—

—

(287)

Class

R6

—

—

—

—

—

(11,008)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(70,309)

(462,351)

—

(100,095)

—

(152,974)

Change

in

net

assets

resulting

from

capital

transactions

(229,121)

(300,770)

(47,669)

6,328

(184,659)

(150,458)

Change

in

net

assets

2,537,984

651,420

85,298

(69,104)

1,916,795

473,645

Net

Assets:

Beginning

of

period

12,039,954

11,388,534

661,251

730,355

6,536,289

6,062,644

End

of

period

$

14,577,938

$

12,039,954

$

746,549

$

661,251

$

8,453,084

$

6,536,289

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

—

$

—

$

13,445

$

28,910

$

335,544

$

698,875

Distributions

reinvested

—

—

—

97,174

—

120,605

Cost

of

shares

redeemed

—

—

(61,114)

(119,756)

(433,694)

(978,347)

Total

Fund

Shares

$

—

$

—

$

(47,669)

$

6,328

$

(98,150)

$

(158,867)

Institutional

Shares

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

12,652

$

113,859

Distributions

reinvested

—

—

—

—

—

17,668

Cost

of

shares

redeemed

—

—

—

—

(129,928)

(209,276)

Total

Institutional

Shares

$

—

$

—

$

—

$

—

$

(117,276)

$

(77,749)

Member

Shares

Proceeds

from

shares

issued

$

197,294

$

425,354

$

—

$

—

$

—

$

—

Distributions

reinvested

22,607

157,715

—

—

—

—

Cost

of

shares

redeemed

(523,761)

(952,361)

—

—

—

—

Total

Member

Shares

$

(303,860)

$

(369,292)

$

—

$

—

$

—

$

—

Reward

Shares

Proceeds

from

shares

issued

$

436,080

$

701,607

$

—

$

—

$

—

$

—

Distributions

reinvested

44,919

289,591

—

—

—

—

Cost

of

shares

redeemed

(406,260)

(922,676)

—

—

—

—

Total

Reward

Shares

$

74,739

$

68,522

$

—

$

—

$

—

$

—

Class

A

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

8,986

$

22,624

Distributions

reinvested

—

—

—

—

—

1,447

Cost

of

shares

redeemed

—

—

—

—

(12,133)

(25,635)

Total

Class

A

$

—

$

—

$

—

$

—

$

(3,147)

$

(1,564)

Class

C

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

1,084

$

3,607

Distributions

reinvested

—

—

—

—

—

Cost

of

shares

redeemed

—

—

—

—

(1,524)

(2,806)

Total

Class

C

$

—

$

—

$

—

$

—

$

(440)

$

1,088

Class

R6

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

92,755

$

182,108

Distributions

reinvested

—

—

—

—

—

10,983

Cost

of

shares

redeemed

—

—

—

—

(58,401)

(106,457)

Total

Class

R6

$

—

$

—

$

—

$

—

$

34,354

$

86,634

Change

in

net

assets

resulting

from

capital

transactions

$

(229,121)

$

(300,770)

$

(47,669)

$

6,328

$

(184,659)

$

(150,458)

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Share

Transactions:

Fund

Shares

Issued

—

—

640

1,367

5,954

14,066

Reinvested

—

—

—

4,489

—

2,255

Redeemed

—

—

(2,922)

(5,658)

(7,615)

(19,762)

Total

Fund

Shares

—

—

(2,282)

(1,661)

(3,441)

Institutional

Shares

Issued

—

—

—

—

2,348

Reinvested

—

—

—

—

—

Redeemed

—

—

—

—

(2,254)

(4,157)

Total

Institutional

Shares

—

—

—

—

(2,031)

(1,479)

Member

Shares

Issued

2,513

5,953

—

—

—

—

Reinvested

2,121

—

—

—

—

Redeemed

(6,563)

(13,276)

—

—

—

—

Total

Member

Shares

(3,764)

(5,202)

—

—

—

—

Reward

Shares

Issued

5,428

9,781

—

—

—

—

Reinvested

568

3,893

—

—

—

—

Redeemed

(5,138)

(12,832)

—

—

—

—

Total

Reward

Shares

858

842

—

—

—

—

Class

A

Issued

—

—

—

—

Reinvested

—

—

—

—

—

Redeemed

—

—

—

—

(219)

(516)

Total

Class

A

—

—

—

—

(63)

(29)

Class

C

Issued

—

—

—

—

Reinvested

—

—

—

—

—

Redeemed

—

—

—

—

(28)

(59)

Total

Class

C

—

—

—

—

(7)

Class

R6

Issued

—

—

—

—

1,622

3,685

Reinvested

—

—

—

—

—

Redeemed

—

—

—

—

(1,026)

(2,116)

Total

Class

R6

—

—

—

—

596

1,774

Change

in

Shares

(2,906)

(4,360)

(2,282)

(3,166)

(3,154)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

500

Index

Fund

Member

Shares

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$69.44

$64.07

$53.18

$48.85

$62.23

$51.33

$43.93

Investment

Activities:

Net

investment

income

(loss)(b)

0.40 0.78 0.75 0.23 0.69 0.63 0.65 Net

realized

and

unrealized

gains

(losses)

16.06 7.23 11.44 4.25 (12.70)

13.37 8.48 Total

from

Investment

Activities

16.46 8.01 12.19 4.48 (12.01)

14.00 9.13 Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(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

(0.39)

(2.64)

(1.30)

(0.15)

(1.37)

(3.10)

(1.73)

Net

Asset

Value,

End

of

Period

$85.51

$69.44

$64.07

$53.18

$48.85

$62.23

$51.33

Total

Return(c)(d)

23.75%

12.25%

23.12%

9.19%

(19.38)%

27.50%

21.22%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.22%

0.23%

0.24%

0.25%

0.24%

0.24%

0.25%

Net

Investment

Income

(Loss)(e)

1.02%

1.08%

1.27%

1.35%

1.30%

1.09%

1.47%

Gross

Expenses(e)(f)

0.22%

0.23%

0.24%

0.25%

0.24%

0.24%

0.25%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,786,406

$4,148,240

$4,161,093

$3,706,618

$3,423,615

$4,410,258

$3,997,663

Portfolio

Turnover(c)(g)

1%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$69.50

$64.12

$53.22

$48.88

$62.27

$51.36

$43.95

Investment

Activities:

Net

investment

income

(loss)(b)

0.43 0.83 0.80 0.24 0.74 0.68 0.70 Net

realized

and

unrealized

gains

(losses)

16.07 7.24 11.45 4.26 (12.71)

13.38 8.49 Total

from

Investment

Activities

16.50 8.07 12.25 4.50 (11.97)

14.06 9.19 Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(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

(0.42)

(2.69)

(1.35)

(0.16)

(1.42)

(3.15)

(1.78)

Net

Asset

Value,

End

of

Period

$85.58

$69.50

$64.12

$53.22

$48.88

$62.27

$51.36

Total

Return(c)(d)

23.79%

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%

0.15%

Net

Investment

Income

(Loss)(e)

1.09%

1.16%

1.36%

1.44%

1.40%

1.17%

1.58%

Gross

Expenses(e)(f)

0.18%

0.19%

0.19%

0.20%

0.19%

0.18%

0.18%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$9,791,532

$7,891,714

$7,227,441

$6,029,184

$5,480,518

$6,638,059

$5,010,367

Portfolio

Turnover(c)(g)

1%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$18.48

$20.52

$17.95

$17.33

$24.75

$25.40

$20.01

Investment

Activities:

Net

investment

income

(loss)(b)

0.14 0.25 0.21 0.07 0.24 0.22 0.18 Net

realized

and

unrealized

gains

(losses)

3.66 0.66 3.28 0.55 (6.14)

3.58 6.05 Total

from

Investment

Activities

3.80 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

$22.28

$18.48

$20.52

$17.95

$17.33

$24.75

$25.40

Total

Return(c)(d)

20.56%

2.51%

19.51%

3.58%

(24.03)%

15.61%

31.20%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.35%

0.35%

0.36%

0.38%

0.36%

0.34%

0.38%

Net

Investment

Income

(Loss)(e)

1.34%

1.16%

1.09%

1.21%

1.20%

0.77%

0.91%

Gross

Expenses(e)(f)

0.35%

0.35%

0.36%

0.38%

0.36%

0.34%

0.38%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$746,549

$661,251

$730,355

$676,173

$671,926

$969,905

$906,111

Portfolio

Turnover(c)

6%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$48.17

$43.67

$33.90

$27.97

$43.16

$35.56

$24.35

Investment

Activities:

Net

investment

income

(loss)(b)

0.08 0.19 0.21 0.04 0.16 0.11 0.13 Net

realized

and

unrealized

gains

(losses)

15.54 5.44 10.65 5.89 (14.19)

9.43 11.62 Total

from

Investment

Activities

15.62 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

$63.79

$48.17

$43.67

$33.90

$27.97

$43.16

$35.56

Total

Return(c)(d)

32.43%

12.64%

32.21%

21.20%

(32.69)%

26.96%

48.30%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.41%

0.42%

0.42%

0.45%

0.44%

0.42%

0.44%

Net

Investment

Income

(Loss)(e)

0.29%

0.38%

0.53%

0.39%

0.48%

0.27%

0.46%

Gross

Expenses(e)(f)

0.41%

0.42%

0.42%

0.45%

0.44%

0.42%

0.44%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$6,735,110

$5,166,420

$4,833,426

$3,520,754

$2,904,735

$4,436,357

$3,583,838

Portfolio

Turnover(c)(g)

2%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$48.23

$43.72

$33.94

$27.99

$43.26

$35.64

$27.86

Investment

Activities:

Net

investment

income

(loss)(c)

0.08 0.19 0.21 0.04 0.16 0.10 0.07 Net

realized

and

unrealized

gains

(losses)

15.55 5.44 10.66 5.91 (14.23)

9.45 8.17 Total

from

Investment

Activities

15.63 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

$63.86

$48.23

$43.72

$33.94

$27.99

$43.26

$35.64

Total

Return(d)(e)

32.41%

12.63%

32.19%

21.26%

(32.70)%

26.93%

29.60%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.42%

0.43%

0.42%

0.43%

0.43%

0.44%

0.44%

Net

Investment

Income

(Loss)(f)

0.28%

0.38%

0.53%

0.41%

0.52%

0.25%

0.42%

Gross

Expenses(f)(g)

0.42%

0.43%

0.42%

0.43%

0.43%

0.44%

0.47%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$934,783

$803,954

$793,303

$663,439

$579,072

$82,846

$57,240

Portfolio

Turnover(d)(h)

2%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$47.93

$43.47

$33.81

$27.91

$43.11

$35.64

$27.86

Investment

Activities:

Net

investment

income

(loss)(c)

—(d)

0.05 0.10 0.01 0.08 (0.01)

0.02 Net

realized

and

unrealized

gains

(losses)

15.44 5.42 10.60 5.89 (14.18)

9.44 8.18 Total

from

Investment

Activities

15.44 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

$63.37

$47.93

$43.47

$33.81

$27.91

$43.11

$35.64

Total

Return(e)(f)

32.21%

12.36%

31.80%

21.14%

(32.87)%

26.60%

29.46%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

0.70%

0.70%

0.70%

0.70%

0.70%

0.70%

0.70%

Net

Investment

Income

(Loss)(g)

0.00%(i)

0.11%

0.25%

0.13%

0.23%

(0.02)%

0.11%

Gross

Expenses(g)(h)

0.76%

0.76%

0.78%

0.82%

0.82%

1.03%

46.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$82,477

$65,376

$60,568

$23,980

$17,660

$14,070

$167

Portfolio

Turnover(e)(j)

2%

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) Amount

is

less

than

$0.005

per

share.

(e) Not

annualized

for

periods

less

than

one

year.

(f) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Amount

is

less

than

0.005%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Index

Fund

Class

C

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$46.62

$42.54

$33.19

$27.47

$42.74

$35.51

$27.86

Investment

Activities:

Net

investment

income

(loss)(c)

(0.21)(d)

(0.31)

(0.20)

(0.07)

(0.17)

(0.33)

(0.10)

Net

realized

and

unrealized

gains

(losses)

14.98 5.31 10.40 5.79 (14.02)

9.39 8.16 Total

from

Investment

Activities

14.77 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

$61.39

$46.62

$42.54

$33.19

$27.47

$42.74

$35.51

Total

Return(f)(g)

31.68%

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%

1.45%

Net

Investment

Income

(Loss)(h)

(0.75)%

(0.64)%

(0.51)%

(0.64)%

(0.53)%

(0.79)%

(0.61)%

Gross

Expenses(h)(i)

1.57%

1.59%

1.61%

1.83%

1.86%

2.29%

19.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$18,556

$14,405

$12,244

$5,385

$3,134

$3,205

$194

Portfolio

Turnover(f)(j)

2%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$48.21

$43.70

$33.92

$27.97

$43.19

$35.57

$24.35

Investment

Activities:

Net

investment

income

(loss)(b)

0.12 0.25 0.27 0.06 0.20 0.15 0.17 Net

realized

and

unrealized

gains

(losses)

15.55 5.45 10.65 5.89 (14.21)

9.45 11.63 Total

from

Investment

Activities

15.67 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

$63.88

$48.21

$43.70

$33.92

$27.97

$43.19

$35.57

Total

Return(c)(d)

32.50%

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%

0.29%

0.30%

0.32%

0.30%

0.31%

Net

Investment

Income

(Loss)(e)

0.41%

0.51%

0.67%

0.53%

0.61%

0.38%

0.59%

Gross

Expenses(e)(f)

0.29%

0.29%

0.29%

0.30%

0.32%

0.30%

0.31%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$682,158

$486,134

$363,103

$159,367

$71,232

$42,391

$35,511

Portfolio

Turnover(c)(g)

2%

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following three funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act,

with

the

exception

of

the

Index

Fund

which

is

classified

as

non-diversified.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

(ASC) 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

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

October

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of October

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

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

...............................................

$

14,553,074

$

—

$

—

$

14,553,074

Collateral

for

Securities

Loaned

...................................

844

—

—

844

Total

.......................................................

$

14,553,918

$

—

$

—

$

14,553,918

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

717

—

—

717

Total

.......................................................

$

717

$

—

$

—

$

717

Extended

Market

Index

Fund

Common

Stocks

...............................................

743,154

—

743,170

Preferred

Stocks

...............................................

—

—

—(a)

—(a)

Rights

......................................................

—

—

Warrants

....................................................

—(b)

—

Collateral

for

Securities

Loaned

...................................

37,564

—

—

37,564

Total

.......................................................

$

780,733

$

—(b)

$

$

780,844

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

—

—

Total

.......................................................

$

$

—

$

—

$

Index

Fund

Common

Stocks

...............................................

8,443,270

—

—

8,443,270

Collateral

for

Securities

Loaned

...................................

11,781

—

—

11,781

Total

.......................................................

$

8,455,051

$

—

$

—

$

8,455,051

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

891

—

—

891

Total

.......................................................

$

891

$

—

$

—

$

891

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Zero

market

value

securities.

(b) Rounds

to

less

than

$1

thousand.

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Derivative

Instruments:

Futures

Contracts:

The

Funds

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Funds

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Funds

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs and

a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian,

which is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Funds

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Funds

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Funds

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Funds'

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Funds'

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Funds

are

not

subject

to

master

netting

agreements

for

futures

contracts. During

the

six

months

ended October

31,

2025,

the Funds entered

into

futures

contracts

primarily

for

the

strategy

of

hedging

or

other

purposes,

including

but

not

limited

to,

providing

liquidity

and

equitizing

cash.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

October

31,

2025

(amounts

in

thousands):

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

October

31,

2025

(amounts

in

thousands):

All

open

derivative

positions

at

period

end

are

reflected

on

each

respective

Fund's

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund's

net

assets

at

period end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

Assets

Receivables:

Variation

margin

on

open

futures

contracts\*

Equity

Risk

Exposure:

1,627,000

500

Index

Fund

.....................................................................................

$

717

Extended

Market

Index

Fund

...........................................................................

Index

Fund

...............................................................................

891

\*

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:

15,801,000

(2,550,000)

500

Index

Fund

...................................................................

$

7,059

$

(2,381)

Extended

Market

Index

Fund

.........................................................

658

(77) Nasdaq-100

Index

Fund

.............................................................

8,084

(92) Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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

October

31,

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

six

months

ended

October

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

500

Index

Fund

..................................................

$

827

$

—

$

844

Extended

Market

Index

Fund

........................................

48,504

11,974

37,564

Index

Fund

............................................

11,466

—

11,781

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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

six

months

ended

October

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Affiliated

#### Fund

#### Ownership:
The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund's

net

assets.

The

affiliated

fund-of-funds'

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

October

31,

2025,

certain

affiliated fund-of-funds

owned

total

outstanding

shares

of

the

Funds

as

follows:

\*

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

a

base

fee.

Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

500

Index

Fund

...........................................................................

$

149,746

$

357,309

Extended

Market

Index

Fund

.................................................................

45,249

87,486

Index

Fund

.....................................................................

151,703

295,191

500

Index

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1 Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4 Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.7 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1 Nasdaq-100

Index

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0\*

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3 Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.8 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.7 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1 Flat

Rate

500

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10%

Extended

Market

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10%

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.20%

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

six

months

ended

October

31,

2025,

the

Funds

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate,

which

is

based

on

the

Funds' average

daily

net

assets as

follows:

Amounts

incurred

for

the

six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser,

provides

transfer

agent

services

to

the

Funds.

VCTA

provides

transfer

agent

services

to

the

Funds based

on

an

annual

charge

per

shareholder

account

plus

out-of-pocket

expenses.

VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

Annual

charges

for

the

six

months

ended

October

31,

2025

per

shareholder

account

were

as

follows:

For

the

classes

below,

transfer

agent

fees

are

paid

monthly

based

on

a

fee

accrued

daily

at

an

annualized

rate

of

average

daily

net

assets,

plus

out-of-pocket

expenses

as

follows:

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Funds

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

October

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

The

Distributor

receives

no

fee

or

other

compensation

for

the

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

effect

until

August

31,

2026

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%

Class

A

Class

C

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

October

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. 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

October

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

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 October

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

\*&nbsp;&nbsp;&nbsp;&nbsp;

The

Funds'

fiscal

year-end

changed

from

December

to

April

effective

April

30,

2023. The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

and

expenses

or

make

other

payments to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

October

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

6. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Amount

Index

Fund

................................................................................

$

In

effect

until

August

31,

2026

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%

December

31,

2025\*

April

30,

2026

April

30,

2027

April

30,

2028

April

30,

2029

Total

500

Index

Fund

...........................

$

$

931

$

2,572

$

2,850

$

1,482

$

8,222

Index

Fund

.....................

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

![](epub582466284814336.jpg)

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

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

Fund(s)

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

Fund(s)

invest

in

large-capitalization

companies.

Such

investments

may

go

in

and

out

of

favor

based

on

market

and

economic

conditions

and

may

underperform

other

market

segments.

Some

large-capitalization

companies

may

be

unable

to

respond

quickly

to

new

competitive

challenges

and

attain

the

high

growth

rate

of

successful

smaller

companies,

especially

during

extended

periods

of

economic

expansion.

As

such,

returns

on

investments

in

stocks

of

large-capitalization

companies

could

trail

the

returns

on

investments

in

stocks

of

small-

and

mid-capitalization

companies.

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.

7. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

October

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

October

31,

2025. Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

Funds

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

October

31,

2025. 8. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax

year

ended

April

30,

2025,

the

Funds

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

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

six

months

ended

October

31,

2025,

were

as

follows

(amounts

in

thousands,

except

shares):

10. #### Segment

#### Reporting:
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.

11. #### New

#### Regulatory

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

Declared

Paid

Victory

500

Index

Fund

Quarterly

Quarterly

Victory

Extended

Market

Index

Fund

Annually

Annually

Victory

Index

Fund

Annually

Annually

Fair

Value

4/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

10/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Extended

Market

Index

Fund

Victory

Capital

Holdings,

Inc.,

Class

A

..............

$

$

$

(22) $

$

$

5,941

$

$

—

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds'

financial

statements.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-Index-1225

October

31,

2025

Semi-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

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

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

Core

Plus

Intermediate

Bond

Fund

#### 2
Victory

High

Income

Fund

#### 31
Victory

Income

Fund

#### 44
Victory

Short-Term

Bond

Fund

#### 64
Victory

Ultra

Short-Term

Bond

Fund

#### 88

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 100
Statements

of

Operations

#### 102
Statements

of

Changes

in

Net

Assets

#### 104
Financial

Highlights

#### 108

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 128
Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(18.8%)

ABS

Auto

(8.9%):

Alloya

Auto

Receivables

Trust

.............................................

Series

2025-1A

,

Class

B

,

.99

%

,

3/25/30

,

Callable

6/25/28

@

(a) ..............

$

961

$

975

Series

2025-1A

,

Class

C

,

.19

%

,

7/25/30

,

Callable

6/25/28

@

(a) ..............

1,081

1,094

Series

2025-1A

,

Class

D

,

.68

%

,

3/25/33

,

Callable

6/25/28

@

(a) ..............

749

758

Ally

Bank

Auto

Credit-Linked

Notes

.........................................

Series

2024-B

,

Class

D

,

.41

%

,

9/15/32

,

Callable

1/15/28

@

(a) ...............

1,930

1,940

Series

2025-A

,

Class

C

,

.84

%

,

6/15/33

,

Callable

7/15/28

@

(a) ...............

2,687

2,694

Series

2025-A

,

Class

D

,

.99

%

,

6/15/33

,

Callable

7/15/28

@

(a) ...............

2,740

2,744

Series

2025-B

,

Class

C

,

.70

%

,

9/15/33

,

Callable

6/15/29

@

(a) ...............

4,164

4,164

American

Heritage

Auto

Receivables

Trust

.....................................

Series

2024-1A

,

Class

B

,

.32

%

,

9/16/30

,

Callable

9/15/28

@

(a) ..............

1,105

1,134

Series

2024-1A

,

Class

C

,

.63

%

,

12/16/30

,

Callable

9/15/28

@

(a) .............

1,351

1,383

Series

2024-1A

,

Class

D

,

.34

%

,

1/18/33

,

Callable

9/15/28

@

(a) ..............

1,155

1,188

ARI

Fleet

Lease

Trust

....................................................

Series

2024-A

,

Class

C

,

.38

%

,

11/15/32

,

Callable

9/15/27

@

(a) ..............

751

763

Series

2024-B

,

Class

A3

,

.26

%

,

4/15/33

,

Callable

11/15/27

@

(a) .............

Series

2024-B

,

Class

B

,

.39

%

,

4/15/33

,

Callable

11/15/27

@

(a) ..............

748

766

Series

2024-B

,

Class

C

,

.55

%

,

4/15/33

,

Callable

11/15/27

@

(a) ..............

1,246

1,273

AutoNation

Finance

Trust

.................................................

Series

2025-1A

,

Class

C

,

.19

%

,

12/10/30

,

Callable

5/10/28

@

(a) .............

1,524

1,550

Series

2025-1A

,

Class

D

,

.63

%

,

9/10/32

,

Callable

5/10/28

@

(a) ..............

2,613

2,654

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2022-5A

,

Class

B

,

.09

%

,

4/20/27

(a) ................................

3,250

3,272

Series

2023-3A

,

Class

C

,

.05

%

,

2/22/28

(a) ................................

8,750

8,946

Series

2023-5A

,

Class

C

,

.85

%

,

4/20/28

(a) ................................

10,272

10,510

Series

2023-6A

,

Class

B

,

.40

%

,

12/20/29

(a) ...............................

2,811

2,949

Series

2023-6A

,

Class

C

,

.03

%

,

12/20/29

(a) ...............................

3,749

3,951

BofA

Auto

Trust

,

Series

2024-1A

,

Class

A3

,

.35

%

,

11/15/28

,

Callable

4/15/27

@

(a) ...

CarMax

Auto

Owner

Trust

................................................

Series

2021-4

,

Class

D

,

.48

%

,

3/15/28

,

Callable

1/15/26

@

.................

2,831

2,819

Series

2022-3

,

Class

D

,

.20

%

,

1/16/29

,

Callable

9/15/26

@

.................

2,716

2,748

Series

2023-2

,

Class

B

,

.18

%

,

11/15/28

,

Callable

4/15/27

@

................

3,250

3,287

Series

2024-3

,

Class

D

,

.67

%

,

1/15/31

,

Callable

4/15/28

@

.................

1,822

1,851

Carvana

Auto

Receivables

Trust

............................................

Series

2020-P1

,

Class

C

,

.32

%

,

11/9/26

,

Callable

12/8/25

@

................

Series

2021-N1

,

Class

D

,

.50

%

,

1/10/28

,

Callable

7/10/26

@

................

Series

2021-N2

,

Class

D

,

.27

%

,

3/10/28

,

Callable

3/10/27

@

................

Series

2021-N4

,

Class

D

,

.30

%

,

9/11/28

,

Callable

11/10/27

@

...............

Series

2021-P2

,

Class

C

,

.60

%

,

6/10/27

,

Callable

1/10/27

@

................

10,000

9,786

Chase

Auto

Owner

Trust

..................................................

Series

2024-1A

,

Class

D

,

.87

%

,

6/25/31

,

Callable

12/25/27

@

(a) .............

2,742

2,806

Series

2024-2A

,

Class

D

,

.15

%

,

8/25/31

,

Callable

12/25/27

@

(a) .............

2,175

2,244

Series

2024-3A

,

Class

B

,

.28

%

,

1/25/30

,

Callable

12/25/27

@

(a) .............

2,776

2,842

Series

2024-3A

,

Class

C

,

.41

%

,

2/28/30

,

Callable

12/25/27

@

(a) .............

3,671

3,764

Series

2024-4A

,

Class

C

,

.46

%

,

7/25/30

,

Callable

2/25/28

@

(a) ..............

2,716

2,788

Series

2024-4A

,

Class

D

,

.79

%

,

11/25/31

,

Callable

2/25/28

@

(a) .............

2,535

2,590

Series

2024-5A

,

Class

C

,

.62

%

,

8/26/30

,

Callable

4/25/28

@

(a) ..............

3,616

3,635

Series

2024-5A

,

Class

D

,

.97

%

,

1/26/32

,

Callable

4/25/28

@

(a) ..............

1,610

1,607

Series

2025-1A

,

Class

D

,

.24

%

,

11/26/32

,

Callable

1/25/29

@

(a) .............

3,170

3,180

Series

2025-2A

,

Class

C

,

.53

%

,

4/25/31

,

Callable

5/25/29

@

(a) ..............

1,865

1,858

Chesapeake

Funding

II

LLC

...............................................

Series

2023-1A

,

Class

B

,

.59

%

,

5/15/35

,

Callable

5/15/26

@

(a) ..............

826

830

Series

2023-1A

,

Class

C

,

.07

%

,

5/15/35

,

Callable

5/15/26

@

(a) ..............

936

942

Series

2023-1A

,

Class

D

,

.69

%

,

5/15/35

,

Callable

5/15/26

@

(a) ..............

1,404

1,415

Series

2023-2A

,

Class

B

,

.97

%

,

10/15/35

,

Callable

10/15/26

@

(a) ............

1,858

1,905

Series

2023-2A

,

Class

C

,

.15

%

,

10/15/35

,

Callable

10/15/26

@

(a) ............

2,874

2,952

Series

2024-1A

,

Class

B

,

.44

%

,

5/15/36

,

Callable

7/15/27

@

(a) ..............

2,545

2,598

Series

2024-1A

,

Class

C

,

.60

%

,

5/15/36

,

Callable

7/15/27

@

(a) ..............

2,200

2,245

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2022-3A

,

Class

C

,

.45

%

,

2/15/33

,

Callable

7/15/26

@

(a) ..............

Series

2023-1A

,

Class

C

,

.71

%

,

7/15/33

,

Callable

10/15/26

@

(a) .............

1,602

1,617

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-2A

,

Class

C

,

.15

%

,

9/15/33

,

Callable

11/15/26

@

(a) .............

$

3,840

$

3,859

Series

2023-3A

,

Class

A

,

.39

%

,

8/15/33

,

Callable

3/15/27

@

(a) ..............

2,263

2,274

Series

2023-3A

,

Class

B

,

.09

%

,

10/17/33

,

Callable

3/15/27

@

(a) .............

2,724

2,760

Series

2023-3A

,

Class

C

,

.62

%

,

12/15/33

,

Callable

3/15/27

@

(a) .............

4,691

4,749

Series

2023-5A

,

Class

A

,

.13

%

,

12/15/33

,

Callable

6/15/27

@

(a) .............

4,598

4,639

Series

2023-5A

,

Class

C

,

.30

%

,

4/17/34

,

Callable

6/15/27

@

(a) ..............

5,730

5,789

Series

2024-1A

,

Class

C

,

.71

%

,

7/17/34

,

Callable

6/15/27

@

(a) ..............

3,207

3,213

Ent

Auto

Receivables

Trust

................................................

Series

2023-1A

,

Class

A4

,

.26

%

,

11/15/29

,

Callable

4/15/28

@

(a) ............

1,436

1,469

Series

2023-1A

,

Class

C

,

.77

%

,

4/15/30

,

Callable

4/15/28

@

(a) ..............

770

802

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-3

,

Class

A3

,

.29

%

,

7/20/29

,

Callable

4/20/26

@

(a) ..............

1,125

1,125

Series

2022-4

,

Class

A3

,

.65

%

,

10/22/29

,

Callable

4/20/26

@

(a) .............

2,750

2,779

Series

2023-2

,

Class

A2

,

.56

%

,

4/22/30

,

Callable

2/20/27

@

(a) ..............

Series

2023-3

,

Class

A3

,

.41

%

,

6/20/30

,

Callable

7/20/27

@

(a) ..............

2,349

2,440

Series

2024-1

,

Class

A2

,

.23

%

,

3/20/30

,

Callable

8/20/27

@

(a) ..............

Series

2024-2

,

Class

A4

,

.69

%

,

12/20/30

,

Callable

1/20/28

@

(a) .............

3,291

3,395

FCCU

Auto

Receivables

Trust

..............................................

Series

2024-1A

,

Class

C

,

.00

%

,

10/15/30

,

Callable

1/15/28

@

(a) .............

597

614

Series

2025-1A

,

Class

B

,

.36

%

,

9/15/31

,

Callable

2/15/29

@

(a) ..............

1,374

1,418

Series

2025-1A

,

Class

C

,

.61

%

,

12/15/31

,

Callable

2/15/29

@

(a) .............

1,212

1,245

Flagship

Credit

Auto

Trust

,

Series

2019-4

,

Class

E

,

.11

%

,

3/15/27

,

Callable

11/15/25

@

(a) ...........................................................

2,089

2,067

Ford

Credit

Auto

Lease

Trust

,

Series

2023-B

,

Class

C

,

.43

%

,

4/15/27

,

Callable

3/15/26

@

2,584

2,602

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2021-1

,

Class

C

,

.91

%

,

10/17/33

,

Callable

4/15/26

@

(a) ..............

1,921

1,897

Series

2021-1

,

Class

D

,

.31

%

,

10/17/33

,

Callable

4/15/26

@

(a) ..............

1,650

1,629

Series

2021-2

,

Class

C

,

.11

%

,

5/15/34

,

Callable

11/15/26

@

(a) ..............

2,250

2,192

Series

2021-2

,

Class

D

,

.60

%

,

5/15/34

,

Callable

11/15/26

@

(a) ..............

500

Series

2022-1

,

Class

C

,

.67

%

,

11/15/34

,

Callable

5/15/27

@

(a) ..............

2,000

2,001

Series

2022-1

,

Class

D

,

.16

%

,

11/15/34

,

Callable

5/15/27

@

(a) ..............

2,457

2,457

Series

2023-1

,

Class

B

,

.29

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...............

4,111

4,184

Series

2023-1

,

Class

C

,

.58

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...............

10,250

10,451

Series

2023-1

,

Class

D

,

.26

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...............

10,940

11,153

Series

2023-2

,

Class

B

,

.92

%

,

2/15/36

,

Callable

8/15/28

@

(a) ...............

4,925

5,111

Series

2023-2

,

Class

C

,

.16

%

,

2/15/36

,

Callable

8/15/28

@

(a) ...............

3,710

3,853

Series

2023-2

,

Class

D

,

.60

%

,

2/15/36

,

Callable

8/15/28

@

(a) ...............

1,881

1,934

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2023-1

,

Class

B

,

.35

%

,

3/15/28

,

Callable

11/15/26

@

(a) ...........................................

3,106

3,107

GECU

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

C

,

.33

%

,

4/15/30

,

Callable

2/15/28

@

(a) ...........................................................

1,185

1,230

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2021-2A

,

Class

E

,

.87

%

,

5/15/28

,

Callable

1/15/26

@

(a) ..............

2,500

2,450

Series

2023-1A

,

Class

D

,

.01

%

,

1/16/29

,

Callable

11/15/27

@

(a) .............

4,738

4,824

GLS

Auto

Select

Receivables

Trust

..........................................

Series

2024-1A

,

Class

C

,

.69

%

,

3/15/30

,

Callable

11/15/28

@

(a) .............

1,381

1,405

Series

2024-4A

,

Class

C

,

.75

%

,

11/15/30

,

Callable

9/15/28

@

(a) .............

2,266

2,262

GM

Financial

Revolving

Receivables

Trust

,

Series

2021-1

,

Class

C

,

.67

%

,

6/12/34

,

Callable

9/11/26

@

(a) ...................................................

1,388

1,353

GMF

Floorplan

Owner

Revolving

Trust

.......................................

Series

2023-1

,

Class

B

,

.73

%

,

6/15/28

(a) .................................

3,050

3,074

Series

2024-2A

,

Class

B

,

.35

%

,

3/15/31

(a) ................................

2,259

2,321

GreenState

Auto

Receivables

Trust

..........................................

Series

2024-1A

,

Class

C

,

.77

%

,

2/15/30

,

Callable

3/15/28

@

(a) ..............

982

1,005

Series

2024-1A

,

Class

D

,

.50

%

,

6/15/32

,

Callable

3/15/28

@

(a) ..............

940

969

GTE

Auto

Receivables

Trust

...............................................

Series

2023-1

,

Class

B

,

.39

%

,

8/15/29

,

Callable

3/15/27

@

(a) ...............

3,276

3,315

Series

2023-1

,

Class

C

,

.88

%

,

11/15/29

,

Callable

3/15/27

@

(a) ..............

2,457

2,496

Hertz

Vehicle

Financing

III

LLC

............................................

Series

2023-1A

,

Class

C

,

.91

%

,

6/25/27

(a) ................................

3,739

3,760

Series

2023-2A

,

Class

B

,

.49

%

,

9/25/29

(a) ................................

3,038

3,162

Series

2023-2A

,

Class

C

,

.13

%

,

9/25/29

(a) ................................

1,075

1,105

Series

2023-3A

,

Class

A

,

.94

%

,

2/25/28

(a) ................................

2,875

2,918

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-3A

,

Class

B

,

.53

%

,

2/25/28

(a) ................................

$

1,112

$

1,132

Hertz

Vehicle

Financing

III

LP

,

Series

2021-2A

,

Class

C

,

.52

%

,

12/27/27

(a) ............

1,833

1,777

Hertz

Vehicle

Financing

LLC

..............................................

Series

2022-2A

,

Class

A

,

.33

%

,

6/26/28

,

Callable

6/25/27

@

(a) ..............

3,750

3,645

Series

2022-2A

,

Class

B

,

.65

%

,

6/26/28

,

Callable

6/25/27

@

(a) ..............

2,480

2,404

Series

2022-2A

,

Class

C

,

.95

%

,

6/26/28

,

Callable

6/25/27

@

(a) ..............

3,500

3,357

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2024-1

,

Class

B1

,

.15

%

,

5/20/32

,

Callable

10/20/27

@

(a) .............

1,315

1,334

Series

2024-2

,

Class

B1

,

.44

%

,

10/20/32

,

Callable

6/20/28

@

(a) .............

4,341

4,383

Series

2025-2

,

Class

B2

,

.38

%

(SOFR30A

+

bps)

,

9/20/33

,

Callable

12/20/29

@

(a) (b) .........................................................

1,553

1,554

Hyundai

Auto

Receivables

Trust

,

Series

2024-C

,

Class

B

,

.67

%

,

1/15/31

,

Callable

10/15/28

@

.............................................................

1,265

1,276

LAD

Auto

Receivables

Trust

...............................................

Series

2023-1A

,

Class

B

,

.59

%

,

8/16/27

,

Callable

4/15/27

@

(a) ..............

2,214

2,215

Series

2023-1A

,

Class

C

,

.18

%

,

12/15/27

,

Callable

4/15/27

@

(a) .............

4,600

4,623

Series

2023-1A

,

Class

D

,

.30

%

,

6/17/30

,

Callable

4/15/27

@

(a) ..............

2,037

2,075

Series

2023-2A

,

Class

B

,

.45

%

,

4/15/28

,

Callable

5/15/27

@

(a) ..............

4,531

4,544

Series

2023-2A

,

Class

C

,

.58

%

,

9/15/28

,

Callable

5/15/27

@

(a) ..............

7,300

7,346

Series

2023-2A

,

Class

D

,

.30

%

,

2/15/31

,

Callable

5/15/27

@

(a) ..............

1,698

1,728

Series

2023-3A

,

Class

B

,

.09

%

,

6/15/28

,

Callable

7/15/27

@

(a) ..............

4,094

4,130

Series

2023-3A

,

Class

D

,

.92

%

,

12/16/30

,

Callable

7/15/27

@

(a) .............

3,794

3,900

Series

2023-4A

,

Class

B

,

.39

%

,

10/16/28

,

Callable

10/15/27

@

(a) ............

2,818

2,865

Series

2023-4A

,

Class

C

,

.76

%

,

3/15/29

,

Callable

10/15/27

@

(a) .............

3,288

3,376

Series

2023-4A

,

Class

D

,

.37

%

,

4/15/31

,

Callable

10/15/27

@

(a) .............

4,696

4,891

Series

2024-1A

,

Class

C

,

.64

%

,

6/15/29

,

Callable

9/15/27

@

(a) ..............

2,888

2,926

Series

2024-2A

,

Class

B

,

.50

%

,

7/16/29

,

Callable

12/15/27

@

(a) .............

2,716

2,758

Series

2024-2A

,

Class

C

,

.66

%

,

10/15/29

,

Callable

12/15/27

@

(a) ............

2,716

2,761

Series

2024-2A

,

Class

D

,

.37

%

,

10/15/31

,

Callable

12/15/27

@

(a) ............

2,218

2,286

Series

2024-3A

,

Class

D

,

.18

%

,

2/17/32

,

Callable

6/15/28

@

(a) ..............

2,556

2,554

Series

2025-2A

,

Class

C

,

.70

%

,

8/16/32

,

Callable

2/15/29

@

(a) ..............

2,406

2,374

Merchants

Fleet

Funding

LLC

..............................................

Series

2024-1A

,

Class

A

,

.82

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

2,895

2,914

Series

2024-1A

,

Class

B

,

.95

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

5,014

5,080

Series

2024-1A

,

Class

C

,

.18

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

7,372

7,515

Series

2024-1A

,

Class

D

,

.85

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

1,358

1,395

Navistar

Financial

Dealer

Note

Master

Owner

Trust

..............................

Series

2024-1

,

Class

B

,

.79

%

,

4/25/29

(a) .................................

708

712

Series

2024-1

,

Class

C

,

.13

%

,

4/25/29

(a) .................................

1,149

1,156

OCCU

Auto

Receivables

Trust

.............................................

Series

2023-1A

,

Class

A4

,

.29

%

,

9/17/29

,

Callable

1/15/28

@

(a) .............

3,145

3,217

Series

2023-1A

,

Class

D

,

.88

%

,

12/15/31

,

Callable

1/15/28

@

(a) .............

5,171

5,462

Series

2025-1A

,

Class

B

,

.94

%

,

4/15/31

,

Callable

5/15/29

@

(a) ..............

2,907

2,954

Series

2025-1A

,

Class

C

,

.20

%

,

10/15/31

,

Callable

5/15/29

@

(a) .............

2,969

3,006

Oscar

US

Funding

XII

LLC

,

Series

2021-1A

,

Class

A4

,

.00

%

,

4/10/28

,

Callable

11/10/25

@

(a) ...........................................................

Oscar

US

Funding

XIV

LLC

,

Series

2022-1A

,

Class

A4

,

.82

%

,

4/10/29

,

Callable

3/10/26

@

(a) ...........................................................

1,202

1,191

Oscar

US

Funding

XVII

LLC

,

Series

2024-2A

,

Class

A3

,

.47

%

,

3/12/29

,

Callable

11/10/28

@

(a) ...........................................................

3,162

3,171

PenFed

Auto

Receivables

Owner

Trust

........................................

Series

2022-A

,

Class

A4

,

.18

%

,

12/15/28

,

Callable

3/15/26

@

(a) .............

Series

2022-A

,

Class

D

,

.85

%

,

6/17/30

,

Callable

3/15/26

@

(a) ...............

1,382

1,388

Prestige

Auto

Receivables

Trust

,

Series

2021-1A

,

Class

C

,

.53

%

,

2/15/28

,

Callable

8/15/26

@

(a) ...........................................................

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2023-A

,

Class

C

,

.74

%

,

6/15/33

,

Callable

6/15/27

@

(a) ...............

Series

2023-A

,

Class

D

,

.08

%

,

6/15/33

,

Callable

6/15/27

@

(a) ...............

Series

2023-B

,

Class

B

,

.64

%

,

12/15/33

,

Callable

12/15/27

@

(a) .............

1,626

1,643

Series

2023-B

,

Class

C

,

.93

%

,

12/15/33

,

Callable

12/15/27

@

(a) .............

687

694

Series

2023-B

,

Class

D

,

.66

%

,

12/15/33

,

Callable

12/15/27

@

(a) .............

3,197

3,243

Series

2024-B

,

Class

B

,

.97

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

4,133

4,158

Series

2024-B

,

Class

C

,

.14

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

4,263

4,285

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-B

,

Class

D

,

.48

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

$

4,915

$

4,945

Series

2024-B

,

Class

E

,

.80

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

2,937

2,946

Santander

Consumer

Auto

Receivables

Trust

,

Series

2021-AA

,

Class

E

,

.28

%

,

3/15/27

,

Callable

11/15/25

@

(a) ...........................................

940

939

SBNA

Auto

Lease

Trust

,

Series

2024-B

,

Class

A4

,

.55

%

,

12/20/28

,

Callable

5/20/27

@

(a) 76

SBNA

Auto

Receivables

Trust

..............................................

Series

2024-A

,

Class

B

,

.29

%

,

9/17/29

,

Callable

5/15/28

@

(a) ...............

2,749

2,777

Series

2025-SF1

,

Class

D

,

.34

%

,

9/15/31

,

Callable

3/15/29

@

(a) .............

1,718

1,734

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A

,

Class

B

,

.08

%

,

11/15/29

,

Callable

8/15/27

@

(a) .............

1,199

1,237

Series

2023-1A

,

Class

C

,

.61

%

,

3/15/30

,

Callable

8/15/27

@

(a) ..............

6,570

6,815

Series

2023-1A

,

Class

D

,

.34

%

,

11/17/31

,

Callable

8/15/27

@

(a) .............

3,459

3,614

Series

2024-1A

,

Class

C

,

.62

%

,

12/16/30

,

Callable

4/15/28

@

(a) .............

2,716

2,775

Series

2025-1A

,

Class

C

,

.08

%

,

2/17/32

,

Callable

6/15/29

@

(a) ..............

2,681

2,704

Securitized

Term

Auto

Receivables

Trust

......................................

Series

2025-A

,

Class

B

,

.04

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...............

965

972

Series

2025-A

,

Class

C

,

.19

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...............

1,141

1,150

Series

2025-B

,

Class

D

,

.46

%

,

12/29/32

,

Callable

7/25/28

@

(a) ..............

1,756

1,777

SFS

Auto

Receivables

Securitization

Trust

.....................................

Series

2023-1A

,

Class

C

,

.97

%

,

2/20/31

,

Callable

8/20/27

@

(a) ..............

2,541

2,602

Series

2024-1A

,

Class

C

,

.51

%

,

1/20/32

,

Callable

1/20/28

@

(a) ..............

1,841

1,877

Tesla

Auto

Lease

Trust

...................................................

Series

2023-A

,

Class

B

,

.41

%

,

7/20/27

,

Callable

11/20/25

@

(a) ..............

2,637

2,637

Series

2023-B

,

Class

A4

,

.22

%

,

3/22/27

,

Callable

11/20/25

@

(a) .............

1,362

1,363

Tesla

Electric

Vehicle

Trust

,

Series

2023-1

,

Class

B

,

.82

%

,

5/20/31

,

Callable

4/20/27

@

(a) ...........................................................

2,900

2,962

Tesla

Lease

Electric

Vehicle

Securitization

LLC

,

Series

2025-A

,

Class

C

,

.09

%

,

6/20/29

,

Callable

1/20/28

@

(a) ............................................

854

855

Truist

Bank

Auto

Credit-Linked

Notes

,

Series

2025-1

,

Class

B

,

.73

%

,

9/26/33

,

Callable

11/25/28

@

(a) ..................................................

3,167

3,170

U.S.

Bank

NA

,

Series

2023-1

,

Class

B

,

.79

%

,

8/25/32

,

Callable

10/25/26

@

(a) .......

1,454

1,470

United

Auto

Credit

Securitization

Trust

,

Series

2024-1

,

Class

B

,

.57

%

,

6/10/27

(a) ........

USB

Auto

Owner

Trust

...................................................

Series

2025-1A

,

Class

C

,

.96

%

,

3/17/31

,

Callable

11/15/27

@

(a) .............

1,857

1,876

Series

2025-1A

,

Class

D

,

.40

%

,

12/15/32

,

Callable

11/15/27

@

(a) ............

729

735

Veridian

Auto

Receivables

Trust

............................................

Series

2023-1A

,

Class

B

,

.86

%

,

4/16/29

,

Callable

8/15/27

@

(a) ..............

2,509

2,566

Series

2023-1A

,

Class

C

,

.37

%

,

7/16/29

,

Callable

8/15/27

@

(a) ..............

3,280

3,380

Western

Funding

Auto

Loan

Trust

,

Series

2025-1

,

Class

C

,

.34

%

,

11/15/35

(a) ...........

2,391

2,305

Westlake

Automobile

Receivables

Trust

,

Series

2023-P1

,

Class

C

,

.44

%

,

6/15/27

,

Callable

8/15/26

@

(a) ...................................................

1,200

1,208

Wheels

Fleet

Lease

Funding

LLC

..........................................

Series

2023-1A

,

Class

A

,

.80

%

,

4/18/38

(a) ................................

926

932

Series

2023-2A

,

Class

B

,

.75

%

,

8/18/38

(a) ................................

2,819

2,895

Series

2023-2A

,

Class

C

,

.94

%

,

8/18/38

(a) ................................

3,036

3,124

Series

2023-2A

,

Class

D

,

.38

%

,

8/18/38

(a) ................................

3,425

3,539

Series

2024-1A

,

Class

C

,

.69

%

,

2/18/39

(a) ................................

4,009

4,079

Series

2024-2A

,

Class

A1

,

.87

%

,

6/21/39

(a) ...............................

3,747

3,775

Series

2024-2A

,

Class

C

,

.89

%

,

6/21/39

(a) ................................

4,524

4,556

Series

2024-3A

,

Class

B

,

.07

%

,

9/19/39

(a) ................................

3,366

3,408

Series

2024-3A

,

Class

C

,

.21

%

,

9/19/39

(a) ................................

3,655

3,693

Series

2025-2A

,

Class

C

,

.86

%

,

5/18/40

(a) ................................

2,370

2,369

481,597

ABS

Card

(1.3%):

American

Express

Credit

Account

Master

Trust

,

Series

2024-2

,

Class

A

,

.24

%

,

4/15/31

....

BA

Credit

Card

Trust

,

Series

2024-A1

,

Class

A

,

.93

%

,

5/15/29

......................

CARDS

II

Trust

........................................................

Series

2024-1A

,

Class

C

,

.84

%

,

7/15/29

(a) ................................

2,282

2,295

Series

2025-1A

,

Class

C

,

.42

%

,

3/15/31

(a) ................................

3,650

3,695

Evergreen

Credit

Card

Trust

...............................................

Series

2024-CRT4

,

Class

B

,

.25

%

,

10/15/28

(a) .............................

5,295

5,337

Series

2024-CRT4

,

Class

C

,

.64

%

,

10/15/28

(a) .............................

3,029

3,048

Series

2025-1A

,

Class

C

,

.54

%

,

10/15/29

,

Callable

10/15/27

@

(a) ............

2,295

2,292

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-CRT5

,

Class

B

,

.24

%

,

5/15/29

(a) ..............................

$

6,394

$

6,467

Series

2025-CRT5

,

Class

C

,

.53

%

,

5/15/29

(a) ..............................

1,992

2,010

Golden

Credit

Card

Trust

.................................................

Series

2021-1A

,

Class

B

,

.44

%

,

8/15/28

(a) ................................

4,500

4,399

Series

2021-1A

,

Class

C

,

.74

%

,

8/15/28

(a) ................................

2,233

2,178

Master

Credit

Card

Trust

,

Series

2022-2A

,

Class

C

,

.73

%

,

7/21/28

(a) .................

1,719

1,674

Master

Credit

Card

Trust

II

................................................

Series

2023-1A

,

Class

C

,

.87

%

,

6/21/27

(a) ................................

2,575

2,578

Series

2023-4A

,

Class

B

,

.56

%

,

10/21/32

(a) ...............................

1,646

1,731

Series

2023-4A

,

Class

C

,

.53

%

,

10/21/32

(a) ...............................

4,190

4,404

Series

2024-1A

,

Class

B

,

.53

%

,

1/21/28

(a) ................................

2,838

2,844

Series

2024-1A

,

Class

C

,

.02

%

,

1/21/28

(a) ................................

2,515

2,520

Synchrony

Card

Issuance

Trust

,

Series

2025-A1

,

Class

A

,

.78

%

,

2/15/31

..............

Trillium

Credit

Card

Trust

II

...............................................

Series

2021-1A

,

Class

C

,

.42

%

,

10/26/29

(a) ...............................

10,200

9,953

Series

2023-1A

,

Class

C

,

.06

%

,

3/26/31

(a) ................................

1,053

1,081

Series

2023-2A

,

Class

B

,

.35

%

,

3/26/33

(a) ................................

2,900

2,973

Series

2023-2A

,

Class

C

,

.32

%

,

3/26/33

(a) ................................

2,702

2,847

Series

2024-1A

,

Class

B

,

.50

%

,

12/26/28

(a) ...............................

2,995

2,999

Series

2024-1A

,

Class

C

,

.99

%

,

12/26/28

(a) ...............................

1,677

1,679

Series

2025-1A

,

Class

C

,

.70

%

,

9/26/30

(a) ................................

2,264

2,262

71,424

ABS

Other

(8.5%):

Aligned

Data

Centers

Issuer

LLC

...........................................

Series

2021-1A

,

Class

A2

,

.94

%

,

8/15/46

,

Callable

11/15/25

@

(a) ............

3,000

2,930

Series

2021-1A

,

Class

B

,

.48

%

,

8/15/46

,

Callable

11/15/25

@

(a) .............

1,500

1,464

AMSR

Trust

..........................................................

Series

2021-SFR1

,

Class

C

,

.35

%

,

6/17/38

(a) (c) ............................

1,800

1,693

Series

2021-SFR1

,

Class

D

,

.60

%

,

6/17/38

(a) (c) ............................

1,500

1,404

Amur

Equipment

Finance

Receivables

X

LLC

,

Series

2022-1A

,

Class

B

,

.20

%

,

1/20/28

,

Callable

11/20/25

@

(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

C

,

.36

%

,

12/20/29

,

Callable

6/20/27

@

(a) .............

1,998

2,049

Series

2023-1A

,

Class

D

,

.48

%

,

7/22/30

,

Callable

6/20/27

@

(a) ..............

563

586

Amur

Equipment

Finance

Receivables

XIII

LLC

................................

Series

2024-1A

,

Class

B

,

.37

%

,

1/21/31

,

Callable

1/20/28

@

(a) ..............

1,638

1,660

Series

2024-1A

,

Class

C

,

.55

%

,

1/21/31

,

Callable

1/20/28

@

(a) ..............

2,616

2,662

Amur

Equipment

Finance

Receivables

XIV

LLC

,

Series

2024-2A

,

Class

C

,

.38

%

,

7/21/31

,

Callable

8/20/28

@

(a) ............................................

4,527

4,607

Amur

Equipment

Finance

Receivables

XV

LLC

,

Series

2025-1A

,

Class

C

,

.39

%

,

1/20/32

,

Callable

5/20/29

@

(a) ............................................

2,636

2,686

Auxilior

Term

Funding

LLC

...............................................

Series

2023-1A

,

Class

B

,

.05

%

,

6/17/30

,

Callable

1/15/28

@

(a) ..............

1,890

1,932

Series

2023-1A

,

Class

C

,

.50

%

,

11/15/30

,

Callable

1/15/28

@

(a) .............

1,337

1,384

Series

2023-1A

,

Class

D

,

.27

%

,

12/16/30

,

Callable

1/15/28

@

(a) .............

1,018

1,066

Series

2024-1A

,

Class

B

,

.69

%

,

7/15/31

,

Callable

3/15/29

@

(a) ..............

1,666

1,715

Barings

Equipment

Finance

LLC

............................................

Series

2025-A

,

Class

A4

,

.02

%

,

6/13/50

,

Callable

3/13/31

@

(a) ..............

3,969

4,104

Series

2025-B

,

Class

A4

,

.29

%

,

9/13/50

,

Callable

9/13/30

@

(a) ..............

2,286

2,277

Blue

Owl

Asset

Leasing

Trust

..............................................

Series

2024-1A

,

Class

B

,

.41

%

,

3/15/30

,

Callable

7/15/27

@

(a) ..............

1,615

1,619

Series

2024-1A

,

Class

C

,

.38

%

,

1/15/31

,

Callable

7/15/27

@

(a) ..............

836

848

Capital

Automotive

REIT

,

Series

2024-3A

,

Class

A1

,

.40

%

,

10/15/54

,

Callable

10/15/27

@

(a) ...........................................................

3,241

3,166

CARS-DB5

LP

,

Series

2021-1A

,

Class

A2

,

.28

%

,

8/15/51

,

Callable

8/15/28

@

(a) .....

2,076

1,786

CARS-DB7

LP

,

Series

2023-1A

,

Class

A1

,

.75

%

,

9/15/53

,

Callable

9/15/26

@

(a) .....

3,082

3,103

CCG

Receivables

Trust

...................................................

Series

2023-1

,

Class

C

,

.28

%

,

9/16/30

,

Callable

8/14/26

@

(a) ...............

2,493

2,528

Series

2023-2

,

Class

D

,

.18

%

,

4/14/32

,

Callable

5/14/27

@

(a) ...............

1,424

1,481

Series

2025-1

,

Class

C

,

.89

%

,

10/14/32

,

Callable

10/14/28

@

(a) .............

1,212

1,220

Series

2025-1

,

Class

D

,

.28

%

,

10/14/32

,

Callable

10/14/28

@

(a) .............

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-2

,

Class

D

,

.08

%

,

8/15/34

,

Callable

5/14/29

@

(a) ...............

$

2,172

$

2,172

CF

Hippolyta

Issuer

LLC

.................................................

Series

2020-1

,

Class

A1

,

.69

%

,

7/15/60

(a) ................................

611

522

Series

2021-1A

,

Class

B1

,

.98

%

,

3/15/61

,

Callable

11/15/25

@

(a) ............

1,885

1,454

Clarus

Capital

Funding

LLC

,

Series

2024-1A

,

Class

C

,

.01

%

,

8/20/32

,

Callable

2/20/28

@

(a) ...........................................................

925

922

Cloud

Capital

Holdco

LP

,

Series

2024-1A

,

Class

A2

,

.78

%

,

11/22/49

,

Callable

11/22/27

@

(a) ...........................................................

6,182

6,250

Consolidated

Communications

LLC/Fidium

Fiber

Finance

Holdco

LLC

,

Series

2025-1A

,

Class

A2

,

.00

%

,

5/20/55

,

Callable

5/20/28

@

(a) .............................

935

955

CP

EF

Asset

Securitization

II

LLC

,

Series

2023-1A

,

Class

A

,

.48

%

,

3/15/32

,

Callable

6/15/27

@

(a) .........................................................

Crossroads

Asset

Trust

,

Series

2025-A

,

Class

B

,

.20

%

,

2/20/32

,

Callable

1/20/29

@

(a) .

613

622

CyrusOne

Data

Centers

Issuer

I

LLC

.........................................

Series

2024-2A

,

Class

A2

,

.50

%

,

5/20/49

,

Callable

5/20/27

@

(a) .............

4,218

4,155

Series

2025-1A

,

Class

A2

,

.91

%

,

2/20/50

,

Callable

2/20/28

@

(a) .............

3,893

4,010

DB

Master

Finance

LLC

,

Series

2021-1A

,

Class

A2II

,

.49

%

,

11/20/51

,

Callable

11/20/25

@

(a) ...........................................................

7,490

7,041

Dell

Equipment

Finance

Trust

..............................................

Series

2023-1

,

Class

D

,

.80

%

,

3/22/29

,

Callable

11/22/25

@

(a) ..............

2,125

2,127

Series

2023-2

,

Class

C

,

.06

%

,

1/22/29

,

Callable

3/22/26

@

(a) ...............

1,975

1,983

Series

2023-2

,

Class

D

,

.74

%

,

7/23/29

,

Callable

3/22/26

@

(a) ...............

3,569

3,590

Series

2023-3

,

Class

D

,

.75

%

,

10/22/29

,

Callable

5/22/26

@

(a) ..............

1,164

1,177

Series

2024-1

,

Class

C

,

.73

%

,

3/22/30

,

Callable

12/22/26

@

(a) ..............

1,237

1,252

Series

2024-1

,

Class

D

,

.12

%

,

9/23/30

,

Callable

12/22/26

@

(a) ..............

1,250

1,270

Series

2025-1

,

Class

D

,

.64

%

,

8/22/31

,

Callable

12/22/27

@

(a) ..............

925

942

Series

2025-2

,

Class

D

,

.83

%

,

3/22/32

,

Callable

6/22/28

@

(a) ...............

3,873

3,870

Dext

ABS

LLC

........................................................

Series

2023-1

,

Class

B

,

.55

%

,

3/15/32

,

Callable

4/15/27

@

(a) ...............

8,330

8,473

Series

2023-2

,

Class

C

,

.93

%

,

5/15/34

,

Callable

1/15/28

@

(a) ...............

3,476

3,574

Series

2023-2

,

Class

D

,

.30

%

,

5/15/34

,

Callable

1/15/28

@

(a) ...............

1,566

1,663

Diamond

Infrastructure

Funding

LLC

........................................

Series

2021-1A

,

Class

B

,

.36

%

,

4/15/49

,

Callable

11/20/25

@

(a) .............

6,000

5,806

Series

2021-1A

,

Class

C

,

.48

%

,

4/15/49

,

Callable

11/20/25

@

(a) .............

3,000

2,891

Diamond

Issuer

LLC

,

Series

2021-1A

,

Class

B

,

.70

%

,

11/20/51

,

Callable

11/20/25

@

(a) 4,418

4,176

DLLAA

LLC

,

Series

2025-1A

,

Class

A4

,

.08

%

,

4/20/33

,

Callable

6/20/29

@

(a) ......

DLLAD

LLC

,

Series

2024-1A

,

Class

A4

,

.38

%

,

9/22/31

,

Callable

3/20/29

@

(a) ......

DLLMT

LLC

,

Series

2024-1A

,

Class

A3

,

.84

%

,

8/21/28

,

Callable

5/20/28

@

(a) ......

FirstKey

Homes

Trust

....................................................

Series

2021-SFR2

,

Class

C

,

.71

%

,

9/17/38

(a) (c) ............................

6,512

6,329

Series

2021-SFR2

,

Class

D

,

.06

%

,

9/17/38

(a) (c) ............................

4,500

4,370

Series

2021-SFR3

,

Class

A

,

.14

%

,

12/17/38

(a) (c) ...........................

2,368

2,311

Ford

Credit

Floorplan

Master

Owner

Trust

A

...................................

Series

2023-1

,

Class

B

,

.31

%

,

5/15/28

(a) .................................

3,430

3,446

Series

2023-1

,

Class

C

,

.75

%

,

5/15/28

(a) .................................

3,886

3,908

Series

2024-2

,

Class

B

,

.56

%

,

4/15/31

(a) .................................

3,174

3,288

Series

2024-4

,

Class

B

,

.61

%

,

9/15/31

(a) .................................

6,005

6,095

Frontier

Issuer

LLC

.....................................................

Series

2023-1

,

Class

A2

,

.60

%

,

8/20/53

,

Callable

7/20/26

@

(a) ..............

9,439

9,544

Series

2023-1

,

Class

B

,

.30

%

,

8/20/53

,

Callable

7/20/26

@

(a) ...............

6,585

6,711

Series

2023-1

,

Class

C

,

.50

%

,

8/20/53

,

Callable

7/20/26

@

(a) ..............

22,560

23,415

Series

2024-1

,

Class

A2

,

.19

%

,

6/20/54

,

Callable

5/20/28

@

(a) ..............

2,716

2,794

Series

2024-1

,

Class

C

,

.16

%

,

6/20/54

,

Callable

5/20/28

@

(a) ..............

16,618

18,267

FRTKL

,

Series

2021-SFR1

,

Class

D

,

.17

%

,

9/17/38

(a) (c) .........................

1,500

1,459

Granite

Park

Equipment

Leasing

LLC

........................................

Series

2023-1A

,

Class

B

,

.62

%

,

4/20/33

,

Callable

2/20/30

@

(a) ..............

1,538

1,597

Series

2023-1A

,

Class

C

,

.97

%

,

8/22/33

,

Callable

2/20/30

@

(a) ..............

1,411

1,478

Series

2023-1A

,

Class

E

,

.00

%

,

6/20/35

,

Callable

2/20/30

@

(a) ..............

1,176

1,160

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2024-1

,

Class

C

,

.43

%

,

12/15/31

,

Callable

2/15/28

@

(a) ..............

910

927

Series

2025-1

,

Class

C

,

.01

%

,

1/18/33

,

Callable

5/15/29

@

(a) ...............

3,430

3,464

HPEFS

Equipment

Trust

..................................................

Series

2022-3A

,

Class

C

,

.13

%

,

8/20/29

,

Callable

4/20/26

@

(a) ..............

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-2A

,

Class

D

,

.97

%

,

7/21/31

,

Callable

12/20/26

@

(a) .............

$

2,350

$

2,380

Series

2024-1A

,

Class

D

,

.82

%

,

11/20/31

,

Callable

8/20/27

@

(a) .............

2,259

2,284

Series

2024-2A

,

Class

B

,

.35

%

,

10/20/31

,

Callable

11/20/27

@

(a) ............

3,621

3,658

Series

2024-2A

,

Class

D

,

.82

%

,

4/20/32

,

Callable

11/20/27

@

(a) .............

1,940

1,977

Series

2025-1A

,

Class

C

,

.79

%

,

9/20/32

,

Callable

4/20/29

@

(a) ..............

1,978

1,990

Series

2025-1A

,

Class

D

,

.99

%

,

3/21/33

,

Callable

4/20/29

@

(a) ..............

4,770

4,812

Series

2025-2A

,

Class

D

,

.77

%

,

5/20/33

,

Callable

6/20/29

@

(a) ..............

2,430

2,424

Kubota

Credit

Owner

Trust

................................................

Series

2022-1A

,

Class

A3

,

.67

%

,

10/15/26

,

Callable

1/15/26

@

(a) ............

Series

2024-2A

,

Class

A4

,

.19

%

,

5/15/30

,

Callable

4/15/28

@

(a) .............

Series

2025-1A

,

Class

A4

,

.87

%

,

7/15/30

,

Callable

2/15/29

@

(a) .............

Lyra

Music

Assets

Delaware

LP

,

Series

2025-1A

,

Class

A2

,

.60

%

,

9/20/65

,

Callable

12/20/27

@

(a) .........................................................

5,000

5,034

M&T

Equipment

LEAF1

Notes

.............................................

Series

2023-1A

,

Class

A3

,

.74

%

,

7/15/30

,

Callable

7/15/27

@

(a) .............

1,230

1,236

Series

2025-1A

,

Class

A4

,

.91

%

,

3/16/32

,

Callable

4/16/29

@

(a) .............

1,804

1,831

MMAF

Equipment

Finance

LLC

............................................

Series

2021-A

,

Class

A4

,

.04

%

,

11/13/30

(a) ...............................

3,682

3,642

Series

2023-A

,

Class

A4

,

.50

%

,

12/13/38

(a) ...............................

Series

2024-A

,

Class

A4

,

.10

%

,

7/13/49

,

Callable

12/13/29

@

(a) .............

MMP

Capital

LLC

,

Series

2025-A

,

Class

A

,

.36

%

,

12/15/31

,

Callable

3/15/29

@

(a) ...

2,300

2,316

MVW

LLC

,

Series

2021-1WA

,

Class

B

,

.44

%

,

1/22/41

,

Callable

11/20/26

@

(a) ......

Navistar

Financial

Dealer

Note

Master

Owner

Trust

,

Series

2025-1

,

Class

C

,

.72

%

,

9/25/30

(a) 1,147

1,138

New

Economy

Assets

-

Phase

Sponsor

LLC

...................................

Series

2021-1

,

Class

A1

,

.91

%

,

10/20/61

,

Callable

11/20/25

@

(a) ............

6,097

5,144

Series

2021-1

,

Class

B1

,

.41

%

,

10/20/61

,

Callable

11/20/25

@

(a) ............

1,832

1,174

NMEF

Funding

LLC

....................................................

Series

2023-A

,

Class

B

,

.83

%

,

6/17/30

,

Callable

7/15/27

@

(a) ...............

1,043

1,058

Series

2023-A

,

Class

C

,

.04

%

,

6/17/30

,

Callable

7/15/27

@

(a) ...............

3,049

3,165

Series

2024-A

,

Class

A2

,

.15

%

,

12/15/31

,

Callable

1/15/28

@

(a) .............

2,763

2,777

Series

2024-A

,

Class

B

,

.32

%

,

12/15/31

,

Callable

1/15/28

@

(a) ..............

3,217

3,225

Series

2025-A

,

Class

B

,

.18

%

,

7/15/32

,

Callable

9/15/28

@

(a) ...............

2,860

2,899

Series

2025-A

,

Class

C

,

.79

%

,

7/15/32

,

Callable

9/15/28

@

(a) ...............

4,003

4,047

NP

SPE

II

LLC

,

Series

2017-1A

,

Class

A2

,

.22

%

,

10/21/47

(a) ......................

5,875

5,451

NP

SPE

X

LP

..........................................................

Series

2019-2A

,

Class

A2

,

.10

%

,

11/19/49

(a) ..............................

1,730

1,633

Series

2019-2A

,

Class

C1

,

.44

%

,

11/19/49

(a) ..............................

2,035

1,966

OneMain

Financial

Issuance

Trust

,

Series

2022-3A

,

Class

B

,

.45

%

,

5/15/34

,

Callable

11/14/25

@

(a) .........................................................

3,596

3,652

PEAC

Solutions

Receivables

LLC

...........................................

Series

2025-1A

,

Class

A3

,

.04

%

,

7/20/32

,

Callable

8/20/28

@

(a) .............

3,629

3,685

Series

2025-1A

,

Class

B

,

.20

%

,

7/20/32

,

Callable

8/20/28

@

(a) ..............

3,315

3,363

Series

2025-1A

,

Class

C

,

.49

%

,

7/20/32

,

Callable

8/20/28

@

(a) ..............

2,601

2,656

Post

Road

Equipment

Finance

LLC

..........................................

Series

2024-1A

,

Class

C

,

.81

%

,

10/15/30

,

Callable

4/15/27

@

(a) .............

1,139

1,154

Series

2024-1A

,

Class

D

,

.77

%

,

10/15/30

,

Callable

4/15/27

@

(a) .............

Series

2025-1A

,

Class

B

,

.04

%

,

5/15/31

,

Callable

8/15/28

@

(a) ..............

948

956

Series

2025-1A

,

Class

C

,

.13

%

,

5/15/31

,

Callable

8/15/28

@

(a) ..............

2,254

2,277

Progress

Residential

Trust

.................................................

Series

2021-SFR3

,

Class

D

,

.29

%

,

5/17/26

(a) (c) ............................

2,000

1,980

Series

2021-SFR5

,

Class

D

,

.11

%

,

7/17/38

(a) (c) ............................

2,000

1,967

Series

2021-SFR6

,

Class

D

,

.23

%

,

7/17/38

,

Callable

7/17/26

@

(a) (c) ..........

3,000

2,953

Series

2021-SFR7

,

Class

B

,

.94

%

,

8/17/40

(a) (c) ............................

3,250

3,028

Retained

Vantage

Data

Centers

Issuer

LLC

.....................................

Series

2024-1A

,

Class

A2

,

.99

%

,

9/15/49

,

Callable

9/15/27

@

(a) .............

5,195

5,191

Series

2024-1A

,

Class

B

,

.78

%

,

9/15/49

,

Callable

9/15/27

@

(a) ..............

1,400

1,411

SCF

Equipment

Leasing

LLC

..............................................

Series

2022-2A

,

Class

D

,

.50

%

,

10/20/32

,

Callable

7/20/26

@

(a) .............

712

714

Series

2023-1A

,

Class

A3

,

.17

%

,

5/20/32

,

Callable

2/20/30

@

(a) .............

1,385

1,395

SCF

Equipment

Trust

LLC

................................................

Series

2025-1A

,

Class

B

,

.23

%

,

9/20/34

,

Callable

9/20/31

@

(a) ..............

5,955

6,037

Series

2025-1A

,

Class

C

,

.37

%

,

9/20/34

,

Callable

9/20/31

@

(a) ..............

4,440

4,545

Series

2025-1A

,

Class

D

,

.88

%

,

11/20/35

,

Callable

9/20/31

@

(a) .............

3,001

3,074

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Sotheby's

Artfi

Master

Trust

...............................................

Series

2024-1A

,

Class

A1

,

.43

%

,

12/22/31

,

Callable

12/20/25

@

(a) ...........

$

4,847

$

4,873

Series

2024-1A

,

Class

D

,

.91

%

,

12/22/31

,

Callable

12/20/25

@

(a) ............

1,706

1,711

Stack

Infrastructure

Issuer

LLC

,

Series

2023-1A

,

Class

A2

,

.90

%

,

3/25/48

,

Callable

3/25/26

@

(a) .........................................................

764

771

Subway

Funding

LLC

,

Series

2024-1A

,

Class

A2II

,

.27

%

,

7/30/54

,

Callable

7/30/28

@

(a) 11,928

12,179

Switch

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

.04

%

,

3/25/55

,

Callable

3/25/28

@

(a) ...........................................................

4,281

4,251

Tricon

Residential

Trust

..................................................

Series

2022-SFR2

,

Class

B

,

.24

%

,

7/17/40

,

Callable

7/17/28

@

(a) (c) ..........

1,800

1,811

Series

2024-SFR4

,

Class

A

,

.30

%

,

11/17/41

,

Callable

11/17/29

@

(a) (c) ........

2,296

2,274

Trinity

Rail

Leasing

LLC

.................................................

Series

2019-1A

,

Class

A

,

.82

%

,

4/17/49

(a) ................................

2,879

2,863

Series

2021-1A

,

Class

A

,

.26

%

,

7/19/51

,

Callable

11/19/25

@

(a) .............

826

774

Series

2022-1A

,

Class

A

,

.55

%

,

5/19/52

,

Callable

11/21/25

@

(a) .............

2,226

2,195

Uniti

Fiber

ABS

Issuer

LLC

...............................................

Series

2025-1A

,

Class

A2

,

.88

%

,

4/20/55

,

Callable

10/20/28

@

(a) ............

4,134

4,216

Series

2025-1A

,

Class

B

,

.37

%

,

4/20/55

,

Callable

10/20/28

@

(a) .............

1,642

1,686

Vantage

Data

Centers

LLC

................................................

Series

2020-2A

,

Class

A2

,

.99

%

,

9/15/45

,

Callable

11/15/25

@

(a) ............

9,000

8,543

Series

2025-1A

,

Class

A2

,

.13

%

,

8/15/55

,

Callable

8/15/28

@

(a) .............

2,389

2,397

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A

,

Class

C2II

,

.71

%

,

2/15/57

,

Callable

2/15/30

@

(a) ............

4,500

4,150

Series

2022-1A

,

Class

D

,

.29

%

,

2/15/52

,

Callable

2/15/26

@

(a) ..............

3,263

3,211

Series

2022-1A

,

Class

F

,

.27

%

,

2/15/52

,

Callable

2/15/26

@

(a) ..............

7,500

7,295

Series

2024-1A

,

Class

C2

,

.59

%

,

5/15/54

,

Callable

5/15/27

@

(a) .............

3,151

3,165

Series

2024-1A

,

Class

D

,

.64

%

,

5/15/54

,

Callable

5/15/27

@

(a) ..............

1,511

1,536

Series

2024-1A

,

Class

F

,

.87

%

,

5/15/54

,

Callable

5/15/27

@

(a) ..............

Verdant

Receivables

LLC

.................................................

Series

2023-1A

,

Class

A2

,

.24

%

,

1/13/31

,

Callable

8/12/27

@

(a) .............

689

699

Series

2023-1A

,

Class

C

,

.73

%

,

1/13/31

,

Callable

8/12/27

@

(a) ..............

1,077

1,105

Series

2024-1A

,

Class

A2

,

.68

%

,

12/12/31

,

Callable

8/12/28

@

(a) ............

1,897

1,928

Series

2024-1A

,

Class

B

,

.72

%

,

12/12/31

,

Callable

8/12/28

@

(a) .............

793

816

Series

2024-1A

,

Class

C

,

.25

%

,

12/12/31

,

Callable

8/12/28

@

(a) .............

661

679

Series

2024-1A

,

Class

D

,

.23

%

,

12/12/31

,

Callable

8/12/28

@

(a) .............

819

856

Series

2025-1A

,

Class

A3

,

.96

%

,

5/12/33

,

Callable

8/12/29

@

(a) .............

1,052

1,068

Series

2025-1A

,

Class

C

,

.57

%

,

5/12/33

,

Callable

8/12/29

@

(a) ..............

2,290

2,310

Series

2025-1A

,

Class

D

,

.49

%

,

5/12/33

,

Callable

8/12/29

@

(a) ..............

504

Verizon

Master

Trust

....................................................

Series

2024-2

,

Class

B

,

.08

%

,

12/22/31

,

Callable

12/20/28

@

(a) .............

3,866

3,947

Series

2024-3

,

Class

C

,

.73

%

,

4/22/30

,

Callable

4/20/27

@

.................

1,145

1,165

Series

2024-4

,

Class

C

,

.60

%

,

6/20/29

,

Callable

6/20/26

@

.................

814

819

Series

2024-7

,

Class

C

,

.84

%

,

8/20/32

,

Callable

8/20/29

@

(a) ...............

6,425

6,488

Series

2024-8

,

Class

C

,

.99

%

,

11/20/30

,

Callable

11/20/27

@

...............

3,113

3,144

Series

2025-2

,

Class

C

,

.34

%

,

1/20/33

,

Callable

1/20/30

@

(a) ...............

7,427

7,657

Wingspire

Equipment

Finance

LLC

..........................................

Series

2024-1A

,

Class

D

,

.31

%

,

9/20/32

,

Callable

10/20/27

@

(a) .............

1,447

1,469

Series

2025-1A

,

Class

C

,

.76

%

,

9/20/33

,

Callable

2/20/29

@

(a) ..............

1,189

1,176

Series

2025-1A

,

Class

D

,

.45

%

,

9/20/33

,

Callable

2/20/29

@

(a) ..............

3,813

3,812

Zayo

Issuer

LLC

.......................................................

Series

2025-1A

,

Class

A2

,

.65

%

,

3/20/55

,

Callable

9/20/28

@

(a) .............

3,481

3,534

Series

2025-1A

,

Class

B

,

.09

%

,

3/20/55

,

Callable

9/20/28

@

(a) ..............

2,593

2,641

Series

2025-2A

,

Class

A2

,

.95

%

,

6/20/55

,

Callable

12/20/28

@

(a) ............

2,560

2,624

Series

2025-2A

,

Class

B

,

.59

%

,

6/20/55

,

Callable

12/20/28

@

(a) .............

1,522

1,568

461,324

Agency

ABS

Other

(0.1%):

SLM

Student

Loan

Trust

..................................................

Series

2003-14

,

Class

B

,

.12

%

(SOFR90A

+

bps)

,

10/25/65

,

Callable

1/25/26

@

(b) 271

Series

2012-6

,

Class

B

,

.30

%

(SOFR30A

+

bps)

,

4/27/43

,

Callable

3/25/30

@

(b) 2,500

2,350

2,611

Total

Asset-Backed

Securities

(Cost

$1,010,717)

a

a

a

1,016,956

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Collateralized

Loan

Obligations

(1.8%)

Cash

Flow

CLO

(1.8%):

720

East

CLO

I

Ltd.

.....................................................

Series

2022-1A

,

Class

A2R

,

.48

%

(TSFR3M

+

bps)

,

1/20/38

,

Callable

1/20/27

@

(a) (b) .........................................................

$

4,197

$

4,202

Series

2022-1A

,

Class

BR

,

.58

%

(TSFR3M

+

bps)

,

1/20/38

,

Callable

1/20/27

@

(a) (b) .........................................................

3,997

4,005

720

East

CLO

IV

Ltd.

,

Series

2024-1A

,

Class

A2

,

.70

%

(TSFR3M

+

bps)

,

4/15/37

,

Callable

4/15/26

@

(a) (b) .................................................

2,767

2,770

720

East

CLO

Ltd.

,

Series

2023-2A

,

Class

A2R

,

.62

%

(TSFR3M

+

bps)

,

10/15/38

(a) (b) ..

2,531

2,534

720

East

CLO

VII

Ltd.

,

Series

2025-7A

,

Class

A2

,

.28

%

(TSFR3M

+

bps)

,

4/20/37

,

Callable

4/20/26

@

(a) (b) ..........................................

2,587

2,590

AIMCO

CLO

Ltd.

,

Series

2022-17A

,

Class

XR

,

.01

%

(TSFR3M

+

bps)

,

7/20/37

,

Callable

7/22/26

@

(a) (b) .................................................

2,698

2,698

Ballyrock

CLO

Ltd.

,

Series

2025-30A

,

Class

A1B

,

.49

%

(TSFR3M

+

bps)

,

10/25/38

,

Callable

10/25/27

@

(a) (b) .........................................

1,900

1,902

Barings

CLO

Ltd.

......................................................

Series

2025-5A

,

Class

A1

,

.24

%

(TSFR3M

+

bps)

,

10/15/38

,

Callable

10/15/27

@

(a) (b) .........................................................

3,960

3,966

Series

2025-5A

,

Class

A2

,

.47

%

(TSFR3M

+

bps)

,

10/15/38

,

Callable

10/15/27

@

(a) (b) .........................................................

1,636

1,637

Columbia

Cent

CLO

Ltd.

,

Series

2022-32A

,

Class

BF

,

.20

%

,

7/24/34

,

Callable

1/24/26

@

(a) ...........................................................

3,750

3,743

Dryden

CLO

Ltd.

.......................................................

Series

2021-93A

,

Class

A2R

,

.50

%

(TSFR3M

+

bps)

,

1/15/38

,

Callable

1/15/27

@

(a) (b) .........................................................

2,169

2,172

Series

2021-93A

,

Class

XR

,

.05

%

(TSFR3M

+

bps)

,

1/15/38

,

Callable

1/15/27

@

(a) (b) .........................................................

3,008

3,004

Series

2022-113A

,

Class

BR3

,

.35

%

(TSFR3M

+

bps)

,

10/15/37

,

Callable

10/15/26

@

(a) (b) .........................................................

3,202

3,206

Series

2022-97A

,

Class

A2R

,

.35

%

(TSFR3M

+

bps)

,

10/20/38

,

Callable

10/20/27

@

(a) (b) .........................................................

4,321

4,329

Series

2024-121A

,

Class

B

,

.60

%

(TSFR3M

+

bps)

,

1/15/37

,

Callable

1/15/27

@

(a) (b) .........................................................

4,420

4,429

Magnetite

XXXV

Ltd.

,

Series

2022-35A

,

Class

AR

,

.51

%

(TSFR3M

+

bps)

,

10/25/36

,

Callable

1/25/26

@

(a) (b) ..........................................

4,705

4,709

Mountain

View

CLO

Ltd.

,

Series

2013-1A

,

Class

CRR

,

.37

%

(TSFR3M

+

bps)

,

10/12/30

,

Callable

1/12/26

@

(a) (b) ..........................................

4,000

4,003

NGC

Ltd.

,

Series

2024-1A

,

Class

X

,

.03

%

(TSFR3M

+

bps)

,

7/20/37

,

Callable

7/20/26

@

(a) (b) .........................................................

2,862

2,863

OCP

CLO

Ltd.

,

Series

2020-8RA

,

Class

B2R2

,

.10

%

,

10/17/38

,

Callable

10/17/27

@

(a) 3,325

3,280

Palmer

Square

Loan

Funding

Ltd.

...........................................

Series

2022-2A

,

Class

A2

,

.80

%

(TSFR3M

+

bps)

,

10/15/30

,

Callable

1/15/26

@

(a) (b) .........................................................

3,000

3,005

Series

2024-3A

,

Class

A2

,

.88

%

(TSFR3M

+

bps)

,

8/8/32

,

Callable

11/8/25

@

(a) (b) .........................................................

3,625

3,622

Trestles

CLO

IV

Ltd.

,

Series

2021-4A

,

Class

B2

,

.72

%

,

7/21/34

,

Callable

1/21/26

@

(a) .

1,000

916

Trimaran

Cavu

Ltd.

,

Series

2021-3A

,

Class

C1

,

.62

%

(TSFR3M

+

bps)

,

1/18/35

,

Callable

1/18/26

@

(a) (b) .................................................

5,000

4,998

Venture

CLO

Ltd.

......................................................

Series

2022-45A

,

Class

A2FR

,

.94

%

,

7/20/35

,

Callable

1/20/27

@

(a) ..........

3,450

3,441

Series

2022-45A

,

Class

A2NR

,

.43

%

(TSFR3M

+

bps)

,

7/20/35

,

Callable

1/20/27

@

(a) (b) .........................................................

6,378

6,351

Series

2023-47A

,

Class

AJR

,

.63

%

(TSFR3M

+

bps)

,

4/20/36

,

Callable

7/20/26

@

(a) (b) .........................................................

2,349

2,351

Series

2023-48A

,

Class

B1

,

.63

%

(TSFR3M

+

bps)

,

10/20/36

,

Callable

1/20/26

@

(a) (b) .........................................................

3,053

3,063

Series

2024-49A

,

Class

X

,

.23

%

(TSFR3M

+

bps)

,

4/20/37

,

Callable

4/20/26

@

(a) (b) .........................................................

1,503

1,504

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-50A

,

Class

X

,

.13

%

(TSFR3M

+

bps)

,

10/20/37

,

Callable

10/20/26

@

(a) (b) .........................................................

$

2,898

$

2,898

94,191

Total

Collateralized

Loan

Obligations

(Cost

$94,260)

a

a

a

94,191

Collateralized

Mortgage

Obligations

(9.5%)

Agency

CMO

Floating

(0.2%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5522

,

Class

BF

,

.23

%

(SOFR30A

+

bps)

,

3/25/55

(b) ..................

9,169

9,173

Series

5525

,

Class

FA

,

.38

%

(SOFR30A

+

bps)

,

4/25/55

(b) ..................

1,555

1,557

Series

5527

,

Class

FC

,

.38

%

(SOFR30A

+

bps)

,

9/25/54

(b) ..................

1,836

1,838

12,568

Agency

CMO

Other

(1.3%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5270

,

Class

AB

,

.50

%

,

1/25/49

...................................

3,056

3,101

Series

5450

,

Class

KA

,

.50

%

,

6/25/51

...................................

6,001

5,976

Series

5478

,

Class

J

,

.50

%

,

3/25/51

.....................................

13,882

14,002

Series

5547

,

Class

V

,

.00

%

,

4/25/39

.....................................

4,165

4,209

Federal

National

Mortgage

Association

.......................................

Series

2022-88

,

Class

BA

,

.50

%

,

7/25/47

.................................

1,720

1,738

Series

2024-33

,

Class

PB

,

.00

%

,

3/25/48

.................................

1,016

1,021

Series

2025-33

,

Class

P

,

.00

%

,

5/25/54

...................................

9,665

9,704

Government

National

Mortgage

Association

....................................

Series

2020-162

,

Class

AB

,

.00

%

,

10/20/50

...............................

7,882

6,180

Series

2022-207

,

Class

NA

,

.00

%

,

1/20/52

................................

2,305

2,066

Series

2023-107

,

Class

PA

,

.50

%

,

1/20/46

................................

3,852

3,888

Series

2023-131

,

Class

P

,

.50

%

,

6/20/48

..................................

2,279

2,287

Series

2024-19

,

Class

AD

,

.00

%

,

6/20/53

.................................

2,790

2,804

Series

2024-95

,

Class

AB

,

.50

%

,

6/20/45

.................................

4,549

4,204

Series

2025-139

,

Class

DT

,

.00

%

,

3/20/65

................................

1,386

1,389

Series

2025-98

,

Class

ET

,

.50

%

,

6/20/65

.................................

4,982

4,971

67,540

Agency

Commercial

MBS

(1.4%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

K143

,

Class

A2

,

.35

%

,

3/25/32

,

Callable

3/25/32

@

.................

5,065

4,555

Series

K144

,

Class

A2

,

.45

%

,

4/25/32

,

Callable

4/25/32

@

.................

Series

K145

,

Class

A2

,

.58

%

,

5/25/32

,

Callable

5/25/32

@

.................

20,137

18,294

Series

K146

,

Class

A2

,

.92

%

,

6/25/32

,

Callable

6/25/32

@

.................

7,631

7,072

Series

K147

,

Class

A2

,

.00

%

,

6/25/32

,

Callable

6/25/32

@

(d) ...............

10,994

10,232

Series

K149

,

Class

A2

,

.53

%

,

8/25/32

,

Callable

8/25/32

@

.................

13,418

12,873

Series

,

Class

A2

,

.50

%

,

7/25/33

,

Callable

7/25/33

@

(d) ...............

17,895

18,132

Series

K536

,

Class

AS

,

.81

%

(SOFR30A

+

bps)

,

11/25/29

(b) ..................

3,434

3,432

Federal

National

Mortgage

Association

,

Series

2017-M7

,

Class

A2

,

.96

%

,

2/25/27

(d) .....

1,916

1,892

76,630

Commercial

MBS

(6.6%):

1301

Trust

............................................................

Series

2025-1301

,

Class

A

,

.06

%

,

8/11/42

(a) (c) (d) ..........................

3,768

3,819

Series

2025-1301

,

Class

B

,

.30

%

,

8/11/42

(a) (c) (d) ..........................

2,394

2,431

Series

2025-1301

,

Class

C

,

.64

%

,

8/11/42

(a) (c) (d) ..........................

4,787

4,864

1345T

,

Series

2025-AOA

,

Class

A

,

.63

%

(TSFR1M

+

bps)

,

6/15/42

(a) (b) (c) ..........

1,547

1,551

ALA

Trust

............................................................

Series

2025-OANA

,

Class

A

,

.78

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ..........

3,515

3,531

Series

2025-OANA

,

Class

C

,

.13

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ..........

715

719

Series

2025-OANA

,

Class

D

,

.12

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ..........

1,005

1,011

Arbor

Multifamily

Mortgage

Securities

Trust

...................................

Series

2020-MF1

,

Class

C

,

.60

%

,

5/15/53

,

Callable

5/15/30

@

(a) (d) ..........

1,500

1,396

Series

2021-MF2

,

Class

B

,

.56

%

,

6/15/54

,

Callable

7/15/31

@

(a) (d) ..........

5,150

4,507

Atrium

Hotel

Portfolio

Trust

...............................................

Series

2025-ATRM

,

Class

B

,

.13

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ..........

2,037

2,036

Series

2025-ATRM

,

Class

D

,

.33

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ..........

3,489

3,481

Series

2025-ATRM

,

Class

F

,

.53

%

(TSFR1M

+

550

bps)

,

8/15/42

(a) (b) (c) ...........

2,000

1,999

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Aventura

Mall

Trust

.....................................................

Series

2018-AVM

,

Class

A

,

.11

%

,

7/5/40

(a) (c) (d) ...........................

$

1,450

$

1,433

Series

2018-AVM

,

Class

C

,

.11

%

,

7/5/40

(a) (c) (d) ...........................

1,310

1,274

Series

2018-AVM

,

Class

D

,

.11

%

,

7/5/40

(a) (c) (d) ...........................

12,860

12,419

BANK

,

Series

2017-BNK4

,

Class

AS

,

.78

%

,

5/15/50

,

Callable

4/15/27

@

..........

5,000

4,918

BBCCRE

Trust

,

Series

2015-GTP

,

Class

A

,

.97

%

,

8/10/33

,

Callable

11/10/25

@

(a) (c) ..

5,935

5,458

Benchmark

Mortgage

Trust

................................................

Series

2021-B25

,

Class

300D

,

.99

%

,

4/15/54

,

Callable

4/15/31

@

(a) (d) ........

2,417

1,345

Series

2022-B36

,

Class

XA

,

.64

%

,

7/15/55

,

Callable

6/15/32

@

(c) (d) .........

40,608

1,623

BLP

Commercial

Mortgage

Trust

,

Series

2025-IND

,

Class

A

,

.23

%

(TSFR1M

+

bps)

,

3/15/42

(a) (b) (c) ....................................................

2,570

2,560

BPR

Trust

............................................................

Series

2021-TY

,

Class

B

,

.30

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

750

748

Series

2021-TY

,

Class

C

,

.85

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

1,388

1,385

Series

2021-TY

,

Class

D

,

.50

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

2,752

2,745

BSTN

Commercial

Mortgage

Trust

,

Series

2025-1C

,

Class

A

,

.37

%

,

6/15/44

(a) (c) (d) .....

1,345

1,384

BX

Commercial

Mortgage

Trust

............................................

Series

2021-VOLT

,

Class

A

,

.85

%

(TSFR1M

+

bps)

,

9/15/36

(a) (b) (c) ............

Series

2021-VOLT

,

Class

B

,

.10

%

(TSFR1M

+

bps)

,

9/15/36

(a) (b) (c) ...........

Series

2021-VOLT

,

Class

C

,

.25

%

(TSFR1M

+

bps)

,

9/15/36

(a) (b) (c) ...........

3,636

3,633

Series

2022-CSMO

,

Class

A

,

.15

%

(TSFR1M

+

bps)

,

6/15/27

(a) (b) (c) ..........

4,013

4,032

Series

2022-CSMO

,

Class

C

,

.92

%

(TSFR1M

+

bps)

,

6/15/27

(a) (b) (c) ..........

7,500

7,535

Series

2022-CSMO

,

Class

D

,

.37

%

(TSFR1M

+

bps)

,

6/15/27

(a) (b) (c) ..........

2,400

2,417

Series

2023-XL3

,

Class

A

,

.79

%

(TSFR1M

+

bps)

,

12/9/40

(a) (b) (c) ............

Series

2025-COPT

,

Class

B

,

.23

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ...........

836

836

BX

Mortgage

Trust

,

Series

2021-PAC

,

Class

B

,

.05

%

(TSFR1M

+

bps)

,

10/15/36

(a) (b) (c) 3,250

3,240

BX

Trust

.............................................................

Series

2022-CLS

,

Class

A

,

.76

%

,

10/13/27

(a) (c) ............................

2,111

2,126

Series

2022-CLS

,

Class

B

,

.30

%

,

10/13/27

(a) (c) ............................

3,000

2,988

Series

2022-CLS

,

Class

C

,

.79

%

,

10/13/27

(a) (c) ............................

2,500

2,411

Series

2025-GW

,

Class

A

,

.63

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) ............

3,299

3,304

Series

2025-GW

,

Class

B

,

.88

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) ............

4,124

4,131

Series

2025-GW

,

Class

C

,

.13

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) ............

2,474

2,478

Series

2025-GW

,

Class

D

,

.78

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) ............

2,049

2,054

Series

2025-ROIC

,

Class

A

,

.18

%

(TSFR1M

+

bps)

,

3/15/30

(a) (b) (c) ...........

2,664

2,657

Series

2025-ROIC

,

Class

B

,

.43

%

(TSFR1M

+

bps)

,

3/15/30

(a) (b) (c) ...........

3,042

3,029

BXP

Trust

............................................................

Series

2021-601L

,

Class

A

,

.62

%

,

1/15/44

(a) (c) ............................

2,824

2,450

Series

2021-601L

,

Class

B

,

.78

%

,

1/15/44

(a) (c) (d) ..........................

5,545

4,782

Series

2021-601L

,

Class

C

,

.78

%

,

1/15/44

(a) (c) (d) ..........................

3,750

3,146

Series

2021-601L

,

Class

D

,

.78

%

,

1/15/44

(a) (c) (d) ..........................

5,750

4,639

CAMB

Commercial

Mortgage

Trust

,

Series

2021-CX2

,

Class

A

,

.70

%

,

11/10/46

,

Callable

11/10/31

@

(a) (c) ................................................

2,000

1,769

COMM

Mortgage

Trust

..................................................

Series

2020-CX

,

Class

A

,

.17

%

,

11/10/46

,

Callable

11/10/30

@

(a) (c) ..........

1,075

924

Series

2024-277P

,

Class

A

,

.34

%

,

8/10/44

(a) (c) .............................

3,622

3,813

Series

2024-277P

,

Class

B

,

.00

%

,

8/10/44

(a) (c) (d) ..........................

CSMC

Trust

..........................................................

Series

2019-UVIL

,

Class

A

,

.16

%

,

12/15/41

(a) (c) ...........................

1,950

1,830

Series

2019-UVIL

,

Class

C

,

.28

%

,

12/15/41

(a) (c) (d) .........................

5,000

4,576

Series

2020-WEST

,

Class

A

,

.04

%

,

2/15/35

,

Callable

2/15/30

@

(a) (c) .........

2,500

2,106

DBJPM

Mortgage

Trust

..................................................

Series

2016-C1

,

Class

A4

,

.28

%

,

5/10/49

,

Callable

4/10/26

@

...............

580

577

Series

2016-SFC

,

Class

B

,

.24

%

,

8/10/36

,

Callable

8/10/26

@

(a) (c) ...........

2,500

—

(e) DBWF

Mortgage

Trust

,

Series

2024-LCRS

,

Class

A

,

.77

%

(TSFR1M

+

bps)

,

4/15/37

(a) (b) (c) .............................................................

2,750

2,747

GFH

Mortgage

Trust

,

Series

2025-IND

,

Class

B

,

.55

%

,

6/15/33

(a) (c) .................

1,850

1,867

GS

Mortgage

Securities

Corp.

Trust

,

Series

2023-SHIP

,

Class

C

,

.51

%

,

9/10/38

(a) (c) (d) ...

1,882

1,884

GS

Mortgage

Securities

Trust

..............................................

Series

2019-GSA1

,

Class

A4

,

.05

%

,

11/10/52

,

Callable

11/10/29

@

...........

4,000

3,790

Series

2019-GSA1

,

Class

AS

,

.34

%

,

11/10/52

,

Callable

11/10/29

@

...........

5,000

4,633

Hilton

USA

Trust

.......................................................

Series

2016-HHV

,

Class

A

,

.72

%

,

11/5/38

(a) (c) ............................

2,286

2,263

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2016-HHV

,

Class

B

,

.19

%

,

11/5/38

(a) (c) (d) ..........................

$

4,650

$

4,621

Series

2016-HHV

,

Class

C

,

.19

%

,

11/5/38

(a) (c) (d) ..........................

1,873

1,856

Series

2016-HHV

,

Class

D

,

.19

%

,

11/5/38

(a) (c) (d) ..........................

1,866

1,843

Houston

Galleria

Mall

Trust

,

Series

2025-HGLR

,

Class

A

,

.46

%

,

2/5/45

(a) (c) (d) .........

1,593

1,649

Hudson

Yards

Mortgage

Trust

..............................................

Series

2016-10HY

,

Class

A

,

.84

%

,

8/10/38

,

Callable

8/10/26

@

(a) (c) ..........

12,372

12,180

Series

2019-30HY

,

Class

A

,

.23

%

,

7/10/39

(a) (c) ............................

1,906

1,814

Series

2019-30HY

,

Class

D

,

.44

%

,

7/10/39

(a) (c) (d) ..........................

4,947

4,555

Series

2019-55HY

,

Class

A

,

.94

%

,

12/10/41

(a) (c) (d) .........................

7,369

6,921

Series

2025-SPRL

,

Class

A

,

.47

%

,

1/13/40

(a) (c) (d) ..........................

7,119

7,370

Series

2025-SPRL

,

Class

B

,

.76

%

,

1/13/40

(a) (c) (d) ..........................

2,624

2,713

HYT

Commercial

Mortgage

Trust

,

Series

2024-RGCY

,

Class

A

,

.87

%

(TSFR1M

+

bps)

,

9/15/41

(a) (b) (c) ....................................................

8,466

8,483

ILPT

Commercial

Mortgage

Trust

,

Series

2022-LPFX

,

Class

C

,

.82

%

,

3/15/32

(a) (c) (d) ....

2,500

2,242

IRV

Trust

,

Series

2025-200P

,

Class

A

,

.29

%

,

3/14/47

,

Callable

2/14/35

@

(a) (c) (d) ....

4,904

5,021

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

..........................

Series

2013-C10

,

Class

C

,

.10

%

,

12/15/47

,

Callable

12/15/26

@

(d) ...........

534

520

Series

2019-OSB

,

Class

A

,

.40

%

,

6/5/39

,

Callable

6/5/29

@

(a) (c) ............

5,000

4,716

Series

2019-OSB

,

Class

C

,

.75

%

,

6/5/39

,

Callable

6/5/29

@

(a) (c) (d) ..........

2,436

2,247

Series

2019-OSB

,

Class

D

,

.78

%

,

6/5/39

,

Callable

6/5/29

@

(a) (c) (d) ..........

2,000

1,830

Series

2021-2NU

,

Class

D

,

.08

%

,

1/5/40

(a) (c) .............................

2,700

2,048

Series

2021-2NU

,

Class

XA

,

.09

%

,

1/5/40

(a) (c) (d) ..........................

226,300

Jackson

Park

Trust

......................................................

Series

2019-LIC

,

Class

A

,

.77

%

,

10/14/39

(a) (c) ............................

5,000

4,603

Series

2019-LIC

,

Class

C

,

.13

%

,

10/14/39

(a) (c) (d) ..........................

5,000

4,500

JW

Commercial

Mortgage

Trust

,

Series

2024-MRCO

,

Class

A

,

.65

%

(TSFR1M

+

bps)

,

6/15/39

(a) (b) (c) ....................................................

2,716

2,718

LBA

Trust

,

Series

2024-7IND

,

Class

B

,

.77

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ......

1,873

1,874

LEX

Mortgage

Trust

,

Series

2024-BBG

,

Class

A

,

.87

%

,

10/13/33

,

Callable

10/13/28

@

(a) (c) (d) .......................................................

4,351

4,369

MAD

Commercial

Mortgage

Trust

,

Series

2025-11MD

,

Class

A

,

.75

%

,

10/15/42

(a) (c) (d) ..

2,803

2,797

Manhattan

West

Mortgage

Trust

............................................

Series

2020-1MW

,

Class

A

,

.13

%

,

9/10/39

(a) (c) ............................

10,147

9,686

Series

2020-1MW

,

Class

B

,

.33

%

,

9/10/39

(a) (c) (d) ..........................

8,081

7,724

Series

2020-1MW

,

Class

C

,

.33

%

,

9/10/39

(a) (c) (d) ..........................

5,000

4,758

Series

2020-1MW

,

Class

D

,

.33

%

,

9/10/39

(a) (c) (d) ..........................

6,475

6,099

MHC

Commercial

Mortgage

Trust

..........................................

Series

2021-MHC

,

Class

B

,

.25

%

(TSFR1M

+

bps)

,

4/15/38

(a) (b) (c) ...........

Series

2021-MHC

,

Class

D

,

.75

%

(TSFR1M

+

bps)

,

4/15/38

(a) (b) (c) ...........

1,600

1,598

MHC

Trust

,

Series

2021-MHC2

,

Class

D

,

.65

%

(TSFR1M

+

bps)

,

5/15/38

(a) (b) (c) .....

1,520

1,520

MHP

,

Series

2022-MHIL

,

Class

D

,

.65

%

(TSFR1M

+

bps)

,

1/15/39

(a) (b) (c) ..........

2,000

1,996

MILE

Trust

,

Series

2025-STNE

,

Class

C

,

.13

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) .....

1,841

1,843

Morgan

Stanley

Capital

I

Trust

,

Series

2021-PLZA

,

Class

C

,

.81

%

,

11/9/43

(a) (c) ........

2,750

2,278

NYC

Commercial

Mortgage

Trust

,

Series

2025-300P

,

Class

B

,

.18

%

,

7/13/42

(a) (c) (d) .....

2,022

2,031

One

Bryant

Park

Trust

,

Series

2019-OBP

,

Class

A

,

.52

%

,

9/15/54

(a) (c) ................

13,034

12,015

ONE

Mortgage

Trust

,

Series

2021-PARK

,

Class

D

,

.65

%

(TSFR1M

+

bps)

,

3/15/36

(a) (b) (c) .............................................................

5,000

4,808

SCG

Commercial

Mortgage

Trust

,

Series

2025-FLWR

,

Class

B

,

.58

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ....................................................

3,000

3,000

SCOTT

Trust

,

Series

2023-SFS

,

Class

AS

,

.20

%

,

3/10/40

(a) (c) .....................

2,357

2,405

SHR

Trust

............................................................

Series

2024-LXRY

,

Class

B

,

.48

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ..........

4,487

4,494

Series

2024-LXRY

,

Class

C

,

.98

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ..........

2,022

2,023

Series

2024-LXRY

,

Class

D

,

.63

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ..........

1,122

1,122

SLG

Office

Trust

.......................................................

Series

2021-OVA

,

Class

B

,

.71

%

,

7/15/41

(a) (c) ............................

4,000

3,540

Series

2021-OVA

,

Class

C

,

.85

%

,

7/15/41

(a) (c) ............................

4,000

3,543

SREIT

Trust

,

Series

2021-MFP2

,

Class

D

,

.72

%

(TSFR1M

+

bps)

,

11/15/36

(a) (b) (c) ....

1,000

998

SWCH

Commercial

Mortgage

Trust

,

Series

2025-DATA

,

Class

A

,

.48

%

(TSFR1M

+

bps)

,

2/15/42

(a) (b) (c) ....................................................

6,432

6,390

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2015-NXS4

,

Class

AS

,

.97

%

,

12/15/48

,

Callable

11/15/25

@

...........

1,894

1,889

Series

2015-NXS4

,

Class

B

,

.22

%

,

12/15/48

,

Callable

11/15/25

@

(d) ..........

5,000

4,982

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2018-AUS

,

Class

A

,

.06

%

,

8/17/36

(a) (c) (d) ..........................

$

4,200

$

4,117

Series

2020-C56

,

Class

AS

,

.11

%

,

6/15/53

,

Callable

4/15/30

@

..............

2,000

1,830

Series

2021-SAVE

,

Class

D

,

.75

%

(TSFR1M

+

bps)

,

2/15/40

(a) (b) (c) ...........

1,200

1,195

Series

2025-HI

,

Class

A

,

.73

%

(TSFR1M

+

bps)

,

10/15/42

(a) (b) (c) .............

520

521

357,240

Private

CMO

Floating

(0.0%):(f)

Structured

Asset

Mortgage

Investments

II

Trust

,

Series

2005-AR5

,

Class

B1

,

.90

%

(TSFR1M

+

bps)

,

7/19/35

,

Callable

11/19/25

@

(b) .......................

Total

Collateralized

Mortgage

Obligations

(Cost

$523,907)

a

a

a

514,152

Shares

Preferred

Stocks

(0.3%)

Consumer

Staples

(0.2%):

CHS,

Inc.

,

Series

,

.10

%

(g) ..............................................

400,000

10,064

Financials

(0.1%):

Citigroup

Capital

XIII

,

.47

%

(TSFR3M

+

663

bps)

,

10/30/40

(b) .....................

87,500

2,628

U.S.

Bancorp

,

Series

A

,

.19

%

(TSFR3M

+

bps)

(b) (g) ..........................

5,000

3,950

6,578

Total

Preferred

Stocks

(Cost

$15,932)

a

a

a

16,642

Principal

Amount

(000) Senior

Secured

Loans

(1.7%)

Communication

Services

(0.1%):

Altafiber,

Term

Loan

B,

First

Lien

,

.41

%

(SOFR01M

+

bps)

,

11/24/28

(b) ............

Frontier

Communications

Holdings

LLC,

Initial

Term

Loans,

First

Lien

,

.53

%

(SOFR01M

+

bps)

,

7/1/31

(b) .........................................

Lumen

Technologies,

Inc.,

Term

Loan

A,

First

Lien

,

.16

%

(SOFR01M

+

600

bps)

,

6/1/28

(b) .

6,388

6,468

7,196

Consumer

Discretionary

(0.6%):

Academy,

Ltd.,

Refinancing

Term

Loans,

First

Lien

,

.88

%

(SOFR01M

+

bps)

,

11/8/27

(b) .

Alterra

Mountain

Co.,

Series

Term

Loan,

First

Lien

,

.66

%

(SOFR01M

+

bps)

,

8/17/28

(b) ........................................................

AMC

Entertainment

Holdings,

Inc.,

Initial

Exchange

Term

Loan,

First

Lien

,

.03

%

(SOFR01M

+

700

bps)

,

1/4/29

(b) .........................................

2,494

2,496

Aramark

Services,

Inc.,

Term

Loan

B8,

First

Lien

,

.20

%

(SOFR03M

+

bps)

,

6/24/30

(b) ..

820

821

Aramark

Services,

Inc.,

Term

Loan

B8,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

6/24/30

(b) ..

2,125

2,127

BJ's

Wholesale

Club,

Inc.,

Tranch

B

Term,

First

Lien

,

.88

%

(SOFR06M

+

bps)

,

2/5/29

(b) 825

829

Burlington

Coat

Factory

Warehouse

Corp.,

Term

Loan

B7,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

9/19/31

(b) ........................................

4,777

4,769

Charter

Communications

Operating

LLC,

Term

Loan

B-5,

First

Lien

,

.24

%

(SOFR03M

+

bps)

,

12/15/31

(b) .......................................

4,640

4,630

DK

Crown

Holdings,

Inc.,

Term

B

Loans,

First

Lien

,

.86

%

(SOFR01M

+

bps)

,

3/4/32

(b) .

995

990

Flutter

Financing

B.V.,

2024

Refinancing

Term

B

Loan,

First

Lien

,

.75

%

(SOFR03M

+

bps)

,

11/29/30

(b) .......................................

1,872

1,861

Four

Seasons

Hotels

Ltd.,

2025

Refinancing

Term

Loan,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

9/22/32

(b) ........................................

3,308

3,308

Great

Outdoors

Group

LLC,

Term

Loan

B,

First

Lien

,

.41

%

(SOFR01M

+

bps)

,

1/23/32

(b) 896

895

Light

&

Wonder

International,

Inc.,

Term

Loans,

First

Lien

,

.29

%

(SOFR01M

+

bps)

,

4/16/29

(b) ........................................................

968

969

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien

,

.25

%

(SOFR03M

+

bps)

,

3/6/28

(b) .........................................

750

738

PetSmart,

Inc.,

Initial

Term

Loan,

First

Lien

,

.03

%

(SOFR01M

+

bps)

,

8/18/32

(b) ......

3,057

3,011

The

E.W.

Scripps

Co.,

Tranche

Term

Loan,

First

Lien

,

.78

%

(SOFR01M

+

575

bps)

,

6/30/28

(b) ........................................................

1,940

1,961

Topgolf

Callaway

Brands

Corp.,

Initial

Term

Loans,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

3/18/30

(b) ........................................................

1,870

1,854

31,710

Consumer

Staples

(0.1%):

Reynolds

Consumer

Products

LLC,

Initial

Term

Loan,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

3/4/32

(b) .........................................................

1,640

1,642

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) US

Foods,

Inc.,

Replacement

B

2024

Term

Loan,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

10/3/31

(b) ........................................................

$

2,432

$

2,449

4,091

Energy

(0.1%):

Hilcorp

Energy

I

LP,

Initial

Loan,

First

Lien

,

.03

%

(SOFR01M

+

bps)

,

2/11/30

(b) ......

2,388

2,390

Murphy

USA,

Inc.,

Tranche

B

Term

Loan,

First

Lien

,

.88

%

(SOFR01M

+

bps)

,

4/7/32

(b) .

750

755

3,145

Financials

(0.6%):

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien

,

.75

%

(SOFR03M

+

bps)

,

2/18/31

(b) ........................................

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien

,

.95

%

(SOFR06M

+

bps)

,

2/18/31

(b) ........................................

1,555

1,550

AS

Mileage

Plan

IP

Ltd.,

Initial

Term

Loan,

First

Lien

,

.63

%

(SOFR03M

+

bps)

,

10/15/31

(b) .......................................................

4,153

4,163

Asplundh

Tree

Expert

LLC,

Term

Loan

B,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

5/23/31

(b) 585

585

Boost

Newco

Borrower

LLC,

Term

Loan

B-2,

First

Lien

,

.00

%

(SOFR03M

+

bps)

,

1/31/31

(b) ........................................................

3,275

3,283

Broadstreet

Partners,

Inc.,

2024

Term

B

Loans,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

6/16/31

(b) ........................................................

988

990

Chicago

US

Midco

III

LP,

Delayed

Draw

Term

Loan,

First

Lien

,

10/9/32

(h) (i) ...........

Chicago

US

Midco

III

LP,

Term

Loan,

First

Lien

,

10/1/32

(h) ........................

1,328

1,327

CNT

Holdings

I

Corp.,

2025

Replacement

Term

Loans,

First

Lien

,

.56

%

(SOFR03M

+

bps)

,

11/8/32

(b) ........................................

2,689

2,693

Colossus

Acquireco

LLC,

Initial

Term

Loan,

First

Lien

,

.87

%

(SOFRDAILY

+

bps)

,

7/30/32

(b) ........................................................

1,500

1,493

Delta

(LUX)

SARL,

Term

Loan

B,

First

Lien

,

.00

%

(SOFR03M

+

bps)

,

9/19/31

(b) ....

1,100

1,100

Directv

Financing

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien

,

.56

%

(SOFR03M

+

525

bps)

,

8/2/29

(b) .........................................

2,373

2,376

EP

Wealth

Advisors,

Inc.,

Closing

Date

Term

Loans,

First

Lien

,

.89

%

(SOFR03M

+

bps)

,

10/18/32

(b) .......................................................

500

501

Fertitta

Entertainment

LLC,

Initial

B

Term

Loan,

First

Lien

,

.41

%

(SOFR01M

+

bps)

,

1/29/29

(b) ........................................................

Focus

Financial

Partners

LLC,

Tranche

B

Incremental

Term

Loan,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

9/15/31

(b) ........................................

OEG

Borrower

LLC,

Amendment

No.1

Term

Loan,

First

Lien

,

.53

%

(SOFR01M

+

bps)

,

6/30/31

(b) ........................................................

891

893

OneDigital

Borrower

LLC,

2025

Refinancing

Term

Loans,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

7/2/31

(b) .........................................

1,802

1,801

Ryan

Specialty

Group

LLC,

Term

Loan

B1,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

9/15/31

(b) 496

Truist

Insurance

Holdings

LLC,

Term

Loan

B,

First

Lien

,

.75

%

(SOFR03M

+

bps)

,

5/6/31

(b) .........................................................

563

562

Voyager

Parent

LLC,

Term

B

Loans,

First

Lien

,

.75

%

(SOFR03M

+

bps)

,

7/1/32

(b) .....

7,875

7,866

32,530

Industrials

(0.0%):(f)

Arcosa,

Inc.,

2025

Refinancing

Term

Loan,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

6/17/32

(b) 1,416

1,417

Janus

International

Group

LLC,

Term

Loan

B,

First

Lien

,

.70

%

(SOFR03M

+

bps)

,

8/5/30

(b) .........................................................

Knife

River

Corp.,

Initial

Tranche

B

Term

Loans,

First

Lien

,

.12

%

(SOFR03M

+

bps)

,

3/8/32

(b) .........................................................

1,716

1,721

3,315

Information

Technology

(0.2%):

Open

Text

Corp.,

Term

Loan

B,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

1/31/30

(b) .......

4,550

4,545

Proofpoint,

Inc.,

Term

Loan,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

8/31/28

(b) ..........

Sandisk

Corp.,

Term

B

Loan,

First

Lien

,

.86

%

(SOFR03M

+

bps)

,

2/23/32

(b) .........

3,710

3,712

8,725

Utilities

(0.0%):(f)

NRG

Energy,

Inc.,

2024

New

Term

Loans,

First

Lien

,

.59

%

(SOFR03M

+

bps)

,

4/16/31

(b) 1,590

1,593

NRG

Energy,

Inc.,

2024

New

Term

Loans,

First

Lien

,

.73

%

(SOFR01M

+

bps)

,

4/16/31

(b) 4

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) SGH2

LLC,

Initial

Term

Loan,

First

Lien

,

.51

%

(SOFR06M

+

bps)

,

8/18/32

(b) ........

$

1,199

$

1,198

2,795

Total

Senior

Secured

Loans

(Cost

$93,087)

a

a

a

93,507

Corporate

Bonds

(20.1%)

Communication

Services

(2.0%):

AMC

Networks,

Inc.

,

.50

%

,

7/15/32

,

Callable

7/15/28

@

105.25 (a) .................

825

868

AT&T,

Inc.

,

.50

%

,

5/15/35

,

Callable

11/15/34

@

............................

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

.85

%

,

12/1/35

,

Callable

9/1/35

@

...................................

1,556

1,550

.80

%

,

3/1/50

,

Callable

9/1/49

@

....................................

Directv

Financing

LLC/Directv

Financing

Co-Obligor,

Inc.

,

.00

%

,

2/15/31

,

Callable

2/15/27

@

(a) .........................................................

2,703

2,703

DISH

Network

Corp.

,

.75

%

,

11/15/27

,

Callable

11/15/25

@

102.94 (a) ...............

9,724

10,232

EchoStar

Corp.

.75

%

,

11/30/29

,

Callable

11/30/26

@

105.38 ..............................

18,407

20,268

.75

%

,

11/30/30

,

Callable

11/30/26

@

(j) ...............................

21,849

22,555

Frontier

Communications

Holdings

LLC

,

.75

%

,

5/1/29

,

Callable

12/5/25

@

101.69 (a) .....

12,285

12,408

Lamar

Media

Corp.

,

.38

%

,

11/1/33

,

Callable

11/1/28

@

102.69 (a) ...................

Meta

Platforms,

Inc.

,

.63

%

,

11/15/55

,

Callable

5/15/55

@

......................

5,302

5,262

Paramount

Global

,

.38

%

,

3/15/43

..........................................

7,134

5,398

ROBLOX

Corp.

,

.88

%

,

5/1/30

,

Callable

12/5/25

@

100.97 (a) ......................

1,778

1,702

Sprint

Spectrum

Co.

LLC/Sprint

Spectrum

Co.

II

LLC/Sprint

Spectrum

Co.

III

LLC

,

.15

%

,

3/20/28

,

Callable

3/20/27

@

(a) ......................................

T-Mobile

USA,

Inc.

.95

%

,

11/15/35

,

Callable

8/15/35

@

..................................

3,809

3,782

.70

%

,

1/15/56

,

Callable

7/15/55

@

..................................

2,285

2,259

Warnermedia

Holdings,

Inc.

,

.05

%

,

3/15/42

,

Callable

9/15/41

@

.................

6,324

5,076

WMG

Acquisition

Corp.

,

.88

%

,

7/15/30

,

Callable

12/5/25

@

101.94 (a) ...............

14,766

14,075

109,091

Consumer

Discretionary

(0.8%):

AutoNation,

Inc.

,

.89

%

,

3/15/35

,

Callable

12/15/34

@

........................

1,324

1,367

Boyne

USA,

Inc.

,

.75

%

,

5/15/29

,

Callable

12/5/25

@

101.19 (a) .....................

858

840

Choice

Hotels

International,

Inc.

,

.85

%

,

8/1/34

,

Callable

5/1/34

@

................

1,562

1,588

Daimler

Truck

Finance

North

America

LLC

,

.38

%

,

6/25/34

,

Callable

3/25/34

@

(a) ....

2,668

2,717

DR

Horton,

Inc.

,

.50

%

,

10/15/35

,

Callable

7/15/35

@

.........................

2,591

2,692

ERAC

USA

Finance

LLC

,

.90

%

,

5/1/33

,

Callable

2/1/33

@

(a) ...................

1,663

1,687

Genuine

Parts

Co.

,

.75

%

,

2/1/32

,

Callable

11/1/31

@

.........................

Hyatt

Hotels

Corp.

.75

%

,

3/30/32

,

Callable

1/30/32

@

..................................

508

.50

%

,

6/30/34

,

Callable

3/30/34

@

..................................

LKQ

Corp.

,

.25

%

,

6/15/33

,

Callable

3/15/33

@

.............................

870

927

Lowe's

Cos.,

Inc.

,

.85

%

,

10/15/35

,

Callable

7/15/35

@

........................

11,433

11,289

Marriott

International,

Inc.

.25

%

,

10/15/35

,

Callable

7/15/35

@

.................................

.50

%

,

4/15/37

,

Callable

1/15/37

@

..................................

1,833

1,880

Meritage

Homes

Corp.

,

.65

%

,

3/15/35

,

Callable

12/15/34

@

....................

2,078

2,106

O'Reilly

Automotive,

Inc.

,

.00

%

,

8/19/34

,

Callable

5/19/34

@

...................

570

574

PetSmart

LLC/PetSmart

Finance

Corp.

,

.50

%

,

9/15/32

,

Callable

9/15/28

@

103.75 (a) .....

2,489

2,488

PulteGroup,

Inc.

,

.00

%

,

2/15/35

............................................

939

1,011

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

,

.63

%

,

4/6/31

,

Callable

1/6/31

@

(a) .

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo,

Inc.

,

.63

%

,

3/1/30

,

Callable

12/5/25

@

103.31 (a) ................................................

843

769

Six

Flags

Entertainment

Corp./Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Co.

,

.63

%

,

5/1/32

,

Callable

5/1/27

@

103.31 (a) .....................................

2,564

2,600

Toll

Brothers

Finance

Corp.

,

.60

%

,

6/15/35

,

Callable

3/15/35

@

(k) ...............

1,141

1,171

Tractor

Supply

Co.

,

.75

%

,

11/1/30

,

Callable

8/1/30

@

.........................

531

Vanderbilt

University

Medical

Center

,

.17

%

,

7/1/37

,

Callable

1/1/37

@

............

1,445

1,302

Volkswagen

Group

of

America

Finance

LLC

,

.60

%

,

3/22/34

,

Callable

12/22/33

@

(a) ..

2,208

2,265

41,588

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Consumer

Staples

(1.1%):

7-Eleven,

Inc.

.80

%

,

2/10/31

,

Callable

11/10/30

@

(a) ................................

$

4,827

$

4,200

.80

%

,

2/10/51

,

Callable

8/2/50

@

(a) .................................

1,102

683

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

.50

%

,

2/15/28

,

Callable

12/5/25

@

103.25 (a) ..............................

1,937

1,973

.25

%

,

3/15/33

,

Callable

3/15/28

@

103.13 (a) ..............................

3,274

3,368

Bimbo

Bakeries

USA,

Inc.

,

.38

%

,

1/9/36

,

Callable

10/9/35

@

(a) .................

3,399

3,460

Coca-Cola

Consolidated,

Inc.

,

.45

%

,

6/1/34

,

Callable

3/1/34

@

..................

Constellation

Brands,

Inc.

,

.95

%

,

11/1/35

,

Callable

8/1/35

@

....................

3,812

3,753

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

.60

%

,

1/15/31

,

Callable

12/15/30

@

(a) ...........................................

3,386

3,400

Dollar

Tree,

Inc.

,

.65

%

,

12/1/31

,

Callable

9/1/31

@

...........................

524

JBS

USA

Holding

LUX

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

.50

%

,

1/15/36

,

Callable

10/15/35

@

(a) ...............................

2,093

2,121

.25

%

,

3/1/56

,

Callable

9/1/55

@

(a) ..................................

897

903

Kellanova

,

.50

%

,

4/1/46

.................................................

Keurig

Dr

Pepper,

Inc.

,

.15

%

,

5/15/35

,

Callable

2/15/35

@

.....................

7,391

7,381

Kraft

Heinz

Foods

Co.

,

.88

%

,

1/26/39

.......................................

9,322

10,375

Mars,

Inc.

,

.20

%

,

3/1/35

,

Callable

12/1/34

@

(a) .............................

3,598

3,694

PepsiCo,

Inc.

,

.00

%

,

7/23/35

,

Callable

4/23/35

@

............................

4,027

4,126

Post

Holdings,

Inc.

,

.38

%

,

3/1/33

,

Callable

9/1/27

@

103.19 (a) .....................

Smithfield

Foods,

Inc.

,

.63

%

,

9/13/31

,

Callable

6/13/31

@

(a) ....................

2,135

1,884

Sodexo,

Inc.

,

.80

%

,

8/15/35

,

Callable

5/15/35

@

(a) ..........................

1,666

1,741

Sysco

Corp.

,

.40

%

,

3/23/35

,

Callable

12/23/34

@

............................

1,293

1,337

The

Hershey

Co.

,

.10

%

,

2/24/35

,

Callable

11/24/34

@

........................

720

742

The

J.M.

Smucker

Co.

,

.50

%

,

11/15/53

,

Callable

5/15/53

@

(k) ..................

688

763

The

Kroger

Co.

,

.50

%

,

9/15/54

,

Callable

3/15/54

@

..........................

57,531

Energy

(1.1%):

Cameron

LNG

LLC

,

.30

%

,

1/15/35

,

Callable

9/15/34

@

(a) .....................

2,227

1,953

Cheniere

Energy

Partners

LP

,

.55

%

,

10/30/35

,

Callable

4/30/35

@

(a) ..............

1,810

1,853

Cheniere

Energy,

Inc.

,

.63

%

,

10/15/28

,

Callable

11/15/25

@

....................

500

CITGO

Petroleum

Corp.

,

.38

%

,

1/15/29

,

Callable

12/5/25

@

104.19 (a) ...............

7,682

7,995

Coterra

Energy,

Inc.

,

.40

%

,

2/15/35

,

Callable

11/15/34

@

......................

3,695

3,722

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC

,

.50

%

,

6/15/31

,

Callable

6/15/26

@

102.75 (a) 1,000

990

Diamondback

Energy,

Inc.

.40

%

,

4/18/34

,

Callable

1/18/34

@

..................................

1,843

1,881

.75

%

,

4/18/54

,

Callable

10/18/53

@

.................................

626

602

DT

Midstream,

Inc.

,

.80

%

,

12/15/34

,

Callable

9/15/34

@

(a) ....................

1,808

1,869

Eastern

Energy

Gas

Holdings

LLC

,

.80

%

,

1/15/35

,

Callable

10/15/34

@

...........

4,319

4,553

Enterprise

Products

Operating

LLC

,

.20

%

,

1/15/36

,

Callable

10/15/35

@

...........

3,760

3,831

Evergy

Missouri

West

Storm

Funding

I

LLC

,

.10

%

,

12/1/38

.......................

3,040

3,129

Florida

Gas

Transmission

Co.

LLC

,

.75

%

,

7/15/35

,

Callable

4/15/35

@

(a) ..........

2,769

2,879

Helmerich

&

Payne,

Inc.

,

.50

%

,

12/1/34

,

Callable

9/1/34

@

(k) ..................

1,342

1,321

Occidental

Petroleum

Corp.

,

.45

%

,

9/15/36

...................................

1,333

1,415

ONEOK,

Inc.

.40

%

,

10/15/35

,

Callable

7/15/35

@

.................................

3,514

3,528

.15

%

,

10/15/43

,

Callable

4/15/43

@

.................................

702

643

Permian

Resources

Operating

LLC

,

.25

%

,

2/1/33

,

Callable

8/1/27

@

103.13 (a) ..........

823

838

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

,

.70

%

,

9/15/34

,

Callable

6/15/34

@

1,733

1,782

Viper

Energy

Partners

LLC

,

.70

%

,

8/1/35

,

Callable

5/1/35

@

....................

2,712

2,762

Vnom

Sub,

Inc.

,

.38

%

,

11/1/27

(a) ..........................................

13,400

13,400

61,445

Financials

(6.1%):

Acrisure

LLC/Acrisure

Finance,

Inc.

,

.75

%

,

7/1/32

,

Callable

7/1/28

@

103.38 (a) .........

1,650

1,693

American

Express

Co.

.28

%

(SOFR

+

bps)

,

7/26/35

,

Callable

7/26/34

@

(b) ....................

675

696

.80

%

(SOFR

+

bps)

,

10/24/36

,

Callable

10/24/35

@

(b) ..................

2,658

2,628

American

National

Global

Funding

,

.55

%

,

1/28/30

(a) ............................

2,538

2,615

Amrize

Finance

US

LLC

,

.40

%

,

4/7/35

,

Callable

1/7/35

@

(a) ...................

2,222

2,293

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Arthur

J. Gallagher

&

Co.

.45

%

,

7/15/34

,

Callable

4/15/34

@

..................................

$

671

$

697

.55

%

,

2/15/55

,

Callable

8/15/54

@

..................................

1,658

1,614

Athene

Global

Funding

,

.67

%

,

6/7/31

(a) ......................................

3,000

2,672

Bank

of

America

Corp.

.30

%

(SOFR

+

bps)

,

7/21/32

,

Callable

7/21/31

@

(b) ....................

2,000

1,779

.48

%

(H15T5Y

+

bps)

,

9/21/36

,

Callable

9/21/31

@

(b) ..................

2,050

1,786

Blackstone

REG

Finance

Co.

LLC

,

.95

%

,

2/15/36

,

Callable

11/15/35

@

............

3,788

3,759

Block,

Inc.

,

.00

%

,

8/15/33

,

Callable

8/15/28

@

(a) ............................

3,499

3,577

Blue

Owl

Finance

LLC

,

.25

%

,

4/18/34

,

Callable

1/18/34

@

.....................

2,282

2,368

BMW

US

Capital

LLC

,

.20

%

,

8/11/35

,

Callable

5/11/35

@

(a) ...................

2,353

2,378

Boost

Newco

Borrower

LLC

,

.50

%

,

1/15/31

,

Callable

1/15/27

@

103.75 (a) ............

36,196

38,369

Brown

&

Brown,

Inc.

.65

%

,

6/11/34

,

Callable

3/11/34

@

..................................

930

962

.55

%

,

6/23/35

,

Callable

3/23/35

@

..................................

2,084

2,145

.25

%

,

6/23/55

,

Callable

12/12/54

@

.................................

872

917

Capital

One

Financial

Corp.

,

.36

%

(SOFR

+

bps)

,

7/29/32

,

Callable

7/29/31

@

(b) ...

3,500

3,038

Citigroup,

Inc.

.88

%

(H15T5Y

+

bps)

,

Callable

2/18/26

@

(b) (g) ......................

2,288

2,273

.00

%

(H15T5Y

+

bps)

,

Callable

12/10/25

@

(b) (g) .....................

2,435

2,430

Clearinghouse

Community

Development

Financial

Institution

,

.00

%

,

10/15/30

,

Callable

9/15/30

@

(a) ...................................................

2,650

2,793

Compeer

Financial

FLCA/Compeer

Financial

PCA

,

.38

%

(SOFR

+

bps)

,

6/1/36

,

Callable

6/1/31

@

(a) (b) ..................................................

978

619

Cullen/Frost

Bankers,

Inc.

,

.50

%

,

3/17/27

,

Callable

2/17/27

@

...................

1,000

995

First

Horizon

Bank

,

.75

%

,

5/1/30

,

Callable

2/1/30

@

.........................

2,500

2,580

Fiserv,

Inc.

.25

%

,

8/11/35

,

Callable

5/11/35

@

..................................

10,360

10,324

.40

%

,

7/1/49

,

Callable

1/1/49

@

....................................

3,661

2,937

Focus

Financial

Partners

LLC

,

.75

%

,

9/15/31

,

Callable

9/15/27

@

103.38 (a) ............

Ford

Motor

Credit

Co.

LLC

.11

%

,

5/3/29

,

Callable

2/3/29

@

....................................

3,496

3,482

.13

%

,

3/8/34

,

Callable

12/8/33

@

...................................

3,162

3,195

.50

%

,

2/7/35

,

Callable

11/7/34

@

...................................

3,799

3,931

.87

%

,

10/31/35

,

Callable

7/31/35

@

.................................

7,577

7,486

Global

Atlantic

Fin

Co.

,

.95

%

,

6/15/33

,

Callable

3/15/33

@

(a) ...................

1,675

1,917

Global

Payments,

Inc.

.15

%

,

8/15/49

,

Callable

2/15/49

@

..................................

2,388

1,800

.95

%

,

8/15/52

,

Callable

2/15/52

@

(k) ................................

1,416

1,373

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

,

.00

%

,

6/15/27

,

Callable

3/15/27

@

(a) ....

2,382

2,475

Huntington

Bancshares,

Inc.

,

.49

%

(H15T5Y

+

bps)

,

8/15/36

,

Callable

8/15/31

@

(b) .

3,398

2,913

Jane

Street

Group/JSG

Finance,

Inc.

,

.75

%

,

5/1/33

,

Callable

5/1/28

@

103.38 (a) .........

8,385

8,743

Janus

Henderson

US

Holdings,

Inc.

,

.45

%

,

9/10/34

,

Callable

6/10/34

@

............

2,027

2,046

Jefferies

Finance

LLC/JFIN

Co-Issuer

Corp.

,

.63

%

,

10/15/31

,

Callable

10/15/27

@

103.31 (a) 1,771

1,746

JPMorgan

Chase

&

Co.

.77

%

(SOFR

+

bps)

,

4/22/35

,

Callable

4/22/34

@

(b) ....................

1,914

2,042

.58

%

(SOFR

+

bps)

,

7/23/36

,

Callable

7/23/35

@

(b) ....................

3,628

3,760

.81

%

(SOFR

+

bps)

,

10/22/36

,

Callable

10/22/35

@

(b) ..................

5,336

5,318

KeyCorp

.79

%

(SOFRINDX

+

bps)

,

6/1/33

,

Callable

6/1/32

@

,

MTN

(b) ............

1,557

1,549

.40

%

(SOFRINDX

+

bps)

,

3/6/35

,

Callable

3/6/34

@

(b) .................

3,445

3,728

KeyCorp

Capital

II

,

.88

%

,

3/17/29

..........................................

750

773

KKR

&

Co.,

Inc.

,

.10

%

,

8/7/35

,

Callable

5/7/35

@

...........................

4,276

4,263

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

,

.00

%

,

7/15/31

,

Callable

7/15/27

@

103.5 (a) ...........................................

3,127

3,281

LPL

Holdings,

Inc.

,

.65

%

,

3/15/35

,

Callable

12/15/34

@

.......................

1,568

1,598

M&T

Bank

Corp.

,

.40

%

(H15T5Y

+

bps)

,

7/30/35

,

Callable

7/30/30

@

(b) ........

3,252

3,274

Marsh

&

McLennan

Cos.,

Inc.

,

.40

%

,

3/15/55

,

Callable

9/15/54

@

...............

513

505

MassMutual

Global

Funding

II

,

.05

%

,

8/26/35

(a) ...............................

12,871

12,970

MetLife,

Inc.

,

.25

%

,

4/8/38

,

Callable

4/8/33

@

(a) ............................

3,431

4,137

Mobius

Merger

Sub,

Inc.

,

.00

%

,

6/1/30

,

Callable

6/1/26

@

104.5 (a) ..................

5,647

4,668

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Morgan

Stanley

.32

%

(SOFR

+

bps)

,

7/19/35

,

Callable

7/19/34

@

(b) ....................

$

1,533

$

1,581

.48

%

(SOFR

+

bps)

,

9/16/36

,

Callable

9/16/31

@

(b) ....................

1,677

1,461

.89

%

(SOFR

+

bps)

,

10/22/36

,

Callable

10/22/35

@

(b) ..................

5,316

5,286

Morgan

Stanley

Private

Bank

NA

,

.73

%

(SOFR

+

bps)

,

7/18/31

,

Callable

7/18/30

@

(b) 3,596

3,652

MSCI,

Inc.

,

.25

%

,

9/1/35

,

Callable

6/1/35

@

...............................

2,332

2,339

New

York

Life

Global

Funding

,

.35

%

,

1/23/35

(a) ...............................

5,230

5,443

Northern

Trust

Corp.

,

.13

%

,

11/2/32

,

Callable

8/2/32

@

.......................

912

996

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

,

.20

%

,

6/15/30

,

Callable

4/15/30

@

(a) 293

PPL

Capital

Funding,

Inc.

,

.25

%

,

9/1/34

,

Callable

6/1/34

@

.....................

690

707

Raymond

James

Financial,

Inc.

,

.90

%

,

9/11/35

,

Callable

6/11/35

@

...............

5,050

5,002

Rocket

Cos.,

Inc.

,

.38

%

,

8/1/33

,

Callable

8/1/28

@

103.19 (a) .......................

Ryan

Specialty

LLC

,

.88

%

,

8/1/32

,

Callable

8/1/27

@

102.94 (a) ....................

3,760

3,824

Santander

Holdings

USA,

Inc.

,

.34

%

(SOFR

+

bps)

,

5/31/35

,

Callable

5/31/34

@

(b) (k) 2,344

2,489

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.

,

.75

%

,

8/15/32

,

Callable

8/15/27

@

103.38 (a) .........................................................

State

Street

Corp.

,

.12

%

(SOFR

+

bps)

,

11/21/34

,

Callable

11/21/33

@

(b) .........

3,588

3,889

Stonepeak

Nile

Parent

LLC

,

.25

%

,

3/15/32

,

Callable

3/15/28

@

103.63 (a) .............

2,242

2,373

Swepco

Storm

Recovery

Funding

LLC

,

.88

%

,

9/1/39

............................

4,751

4,822

Synovus

Financial

Corp.

,

.54

%

(USISOA05

+

bps)

,

2/7/29

(b) ....................

4,787

4,966

The

Bank

of

New

York

Mellon

Corp.

.19

%

(SOFR

+

bps)

,

3/14/35

,

Callable

3/14/34

@

(b) ....................

1,177

1,212

.61

%

(SOFR

+

bps)

,

7/21/39

,

Callable

7/21/34

@

(b) ....................

2,668

2,791

The

Carlyle

Group,

Inc.

,

.05

%

,

9/19/35

,

Callable

6/19/35

@

....................

5,355

5,301

The

Charles

Schwab

Corp.

.00

%

(H15T5Y

+

bps)

,

Callable

6/1/26

@

(b) (g) .......................

2,292

2,268

.85

%

(SOFR

+

bps)

,

5/19/34

,

Callable

5/19/33

@

(b) ....................

559

598

The

Goldman

Sachs

Group,

Inc.

,

.85

%

(SOFR

+

bps)

,

4/25/35

,

Callable

4/25/34

@

(b) 2,231

2,376

The

Northwestern

Mutual

Life

Insurance

Co.

,

.17

%

,

5/29/55

,

Callable

11/29/54

@

(a) ..

3,315

3,562

The

PNC

Financial

Services

Group,

Inc.

.68

%

(SOFR

+

bps)

,

1/22/35

,

Callable

1/22/34

@

(b) ....................

650

686

.58

%

(SOFR

+

bps)

,

1/29/36

,

Callable

1/29/35

@

(b) (k) ..................

3,565

3,722

.37

%

(SOFR

+

bps)

,

7/21/36

,

Callable

7/21/35

@

(b) ....................

4,031

4,141

Toyota

Motor

Credit

Corp.

,

.35

%

,

1/9/35

.....................................

4,285

4,500

TPG

Operating

Group

II

LP

,

.38

%

,

1/15/36

,

Callable

10/15/35

@

.................

4,277

4,276

Truist

Financial

Corp.

.95

%

(H15T5Y

+

bps)

,

Callable

11/13/25

@

(b) (g) .....................

12,301

12,286

.10

%

(H15T10Y

+

bps)

,

Callable

3/1/30

@

(b) (g) (k) ....................

1,886

1,893

.96

%

(SOFR

+

bps)

,

10/23/36

,

Callable

10/23/35

@

,

MTN

(b) .............

2,658

2,618

U.S.

Bancorp

.97

%

(SOFR

+

bps)

,

7/22/33

,

Callable

7/22/32

@

(b) ....................

2,465

2,472

.84

%

(SOFR

+

bps)

,

2/1/34

,

Callable

2/1/33

@

(b) ......................

2,000

2,011

Veritex

Holdings,

Inc.

,

.88

%

(TSFR3M

+

bps)

,

10/15/30

,

Callable

1/15/26

@

(b) ....

2,430

2,421

Voyager

Parent

LLC

,

.25

%

,

7/1/32

,

Callable

7/1/28

@

104.63 (a) ....................

7,200

7,553

Wells

Fargo

&

Co.

,

.90

%

(H15T5Y

+

bps)

,

Callable

3/15/26

@

(b) (g) ............

18,527

18,404

Willis

North

America,

Inc.

.35

%

,

5/15/33

,

Callable

2/15/33

@

..................................

.90

%

,

3/5/54

,

Callable

9/5/53

@

....................................

1,062

1,075

330,319

Health

Care

(1.5%):

Medical,

Inc.

,

.30

%

,

10/8/35

,

Callable

7/8/35

@

(a) ........................

880

871

Agilent

Technologies,

Inc.

,

.75

%

,

9/9/34

,

Callable

6/9/34

@

....................

Alcon

Finance

Corp.

,

.75

%

,

12/6/52

,

Callable

6/6/52

@

(a) .....................

Bayer

US

Finance

II

LLC

,

.63

%

,

6/25/38

,

Callable

12/25/37

@

(a) ................

2,000

1,810

Bon

Secours

Charity

Health

System,

Inc.

,

.25

%

,

11/1/25

..........................

5,000

5,000

Boston

Medical

Center

Corp.

,

.91

%

,

7/1/28

...................................

3,000

2,945

Centene

Corp.

.63

%

,

12/15/29

,

Callable

12/5/25

@

102.31 ...............................

11,727

11,377

.50

%

,

3/1/31

,

Callable

12/1/30

@

...................................

3,659

3,151

CHS/Community

Health

Systems,

Inc.

,

.75

%

,

2/15/31

,

Callable

2/15/26

@

102.38 (a) .....

500

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

.63

%

,

7/15/30

,

Callable

7/16/26

@

103.31 (a) (k) ........................................

9,117

9,358

CVS

Health

Corp.

,

.75

%

(H15T5Y

+

bps)

,

12/10/54

,

Callable

9/10/34

@

(b) .......

918

955

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) DENTSPLY

SIRONA,

Inc.

.25

%

,

6/1/30

,

Callable

3/1/30

@

....................................

$

9,147

$

8,488

.38

%

(H15T5Y

+

bps)

,

9/12/55

,

Callable

6/12/30

@

(b) ..................

6,599

6,800

Eastern

Maine

Healthcare

Systems

,

.71

%

,

7/1/26

...............................

3,115

3,130

HCA,

Inc.

.60

%

,

4/1/34

,

Callable

1/1/34

@

....................................

.75

%

,

3/1/35

,

Callable

12/1/34

@

...................................

2,174

2,280

.70

%

,

11/15/55

,

Callable

5/15/55

@

..................................

5,306

5,175

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

.88

%

,

6/15/54

,

Callable

12/15/53

@

(a) ...........................................................

927

914

Orlando

Health

Obligated

Group

,

.48

%

,

10/1/35

,

Callable

4/1/35

@

...............

Solventum

Corp.

,

.60

%

,

3/23/34

,

Callable

12/23/33

@

........................

779

810

Takeda

US

Financing,

Inc.

,

.20

%

,

7/7/35

,

Callable

4/7/35

@

....................

3,225

3,282

The

Cigna

Group

,

.25

%

,

1/15/36

,

Callable

10/15/35

@

........................

3,884

3,944

Thermo

Fisher

Scientific,

Inc.

,

.89

%

,

10/7/37

,

Callable

7/7/37

@

.................

3,813

3,785

UnitedHealth

Group,

Inc.

,

.63

%

,

7/15/54

,

Callable

1/15/54

@

...................

1,060

1,056

Universal

Health

Services,

Inc.

,

.05

%

,

10/15/34

,

Callable

7/15/34

@

..............

2,742

2,685

Zimmer

Biomet

Holdings,

Inc.

,

.20

%

,

9/15/34

,

Callable

6/15/34

@

...............

1,337

1,369

Zoetis,

Inc.

,

.00

%

,

8/17/35

,

Callable

5/17/35

@

.............................

3,714

3,749

83,968

Industrials

(3.2%):

Acuity

Brands

Lighting,

Inc.

,

.15

%

,

12/15/30

,

Callable

9/15/30

@

................

1,177

1,057

Air

Lease

Corp.

,

.65

%

(H15T5Y

+

bps)

,

Callable

6/15/26

@

(b) (g) ..............

Alaska

Airlines

Pass

Through

Trust

,

.80

%

,

8/15/27

(a) ............................

3,648

3,658

American

Airlines

Pass

Through

Trust

.60

%

,

10/15/29

....................................................

1,188

1,125

.65

%

,

11/11/34

....................................................

1,624

1,642

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

.00

%

,

1/15/28

,

Callable

12/5/25

@

(a) 3,492

3,440

Aon

North

America,

Inc.

,

.75

%

,

3/1/54

,

Callable

9/1/53

@

.....................

840

848

Ashtead

Capital,

Inc.

,

.50

%

,

8/11/32

,

Callable

5/11/32

@

(a) ....................

1,250

1,289

BlueLinx

Holdings,

Inc.

,

.00

%

,

11/15/29

,

Callable

12/5/25

@

101.5 (a) ................

2,030

1,994

British

Airways

Pass

Through

Trust

,

.35

%

,

6/15/29

(a) ............................

1,050

1,013

Carlisle

Cos.,

Inc.

,

.55

%

,

9/15/40

,

Callable

6/15/40

@

.........................

2,112

2,142

CRH

America

Finance,

Inc.

.50

%

,

1/9/35

,

Callable

10/9/34

@

...................................

3,263

3,404

.00

%

,

2/9/36

,

Callable

11/9/35

@

...................................

5,332

5,342

.88

%

,

1/9/55

,

Callable

7/9/54

@

....................................

631

660

Delta

Air

Lines

Pass

Through

Trust

,

.50

%

,

6/10/28

..............................

3,015

2,897

Delta

Air

Lines,

Inc.

.75

%

,

10/28/29

,

Callable

7/28/29

@

.................................

1,681

1,636

.25

%

,

7/10/30

,

Callable

6/10/30

@

..................................

Esab

Corp.

,

.25

%

,

4/15/29

,

Callable

4/15/26

@

103.13 (a) .........................

Extra

Space

Storage

LP

,

.35

%

,

1/15/35

,

Callable

10/15/34

@

....................

1,989

2,034

GATX

Corp.

,

.50

%

,

6/15/35

,

Callable

3/15/35

@

............................

2,653

2,720

Hawaiian

Airlines

Pass

Through

Certificates

,

.90

%

,

1/15/26

........................

3,885

3,861

HEICO

Corp.

,

.35

%

,

8/1/33

,

Callable

5/1/33

@

.............................

694

722

Hubbell,

Inc.

,

.80

%

,

11/15/35

,

Callable

8/15/35

@

...........................

1,136

1,131

JetBlue

Pass

Through

Trust

.75

%

,

11/15/28

....................................................

2,652

2,664

.75

%

,

5/15/32

....................................................

1,267

1,120

JH

North

America

Holdings,

Inc.

,

.13

%

,

7/31/32

,

Callable

7/31/28

@

103.06 (a) .........

8,060

8,272

Kennametal,

Inc.

,

.63

%

,

6/15/28

,

Callable

3/15/28

@

.........................

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

.71

%

,

12/1/35

,

Callable

9/1/35

@

.......

1,475

1,321

Lockheed

Martin

Corp.

,

.00

%

,

8/15/35

,

Callable

5/15/35

@

.....................

3,259

3,327

MasTec,

Inc.

,

.90

%

,

6/15/29

,

Callable

5/15/29

@

............................

1,054

1,102

Northwestern

Mutual

Global

Funding

,

.96

%

,

1/13/30

(a) ..........................

1,897

1,947

Otis

Worldwide

Corp.

,

.13

%

,

9/4/35

,

Callable

6/4/35

@

.......................

2,071

2,102

Paychex,

Inc.

,

.60

%

,

4/15/35

,

Callable

1/15/35

@

............................

2,136

2,230

Regal

Rexnord

Corp.

,

.40

%

,

4/15/33

,

Callable

1/15/33

@

......................

Resideo

Funding,

Inc.

,

.50

%

,

7/15/32

,

Callable

7/15/27

@

103.25 (a) .................

1,523

1,558

Roller

Bearing

Co.

of

America,

Inc.

,

.38

%

,

10/15/29

,

Callable

12/5/25

@

101.09 (a) .......

RXO,

Inc.

,

.50

%

,

11/15/27

,

Callable

12/5/25

@

101.88 (a) .........................

9,910

10,125

Southwest

Airlines

Co.

,

.25

%

,

11/15/35

,

Callable

8/15/35

@

....................

12,505

12,218

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Spirit

AeroSystems,

Inc.

.38

%

,

11/30/29

,

Callable

12/5/25

@

104.69 (a) .............................

$

5,467

$

5,744

.75

%

,

11/15/30

,

Callable

11/15/26

@

104.88 (a) ............................

20,517

22,541

Textron,

Inc.

,

.95

%

,

3/15/36

,

Callable

12/15/35

@

...........................

2,652

2,625

The

Boeing

Co.

.88

%

,

3/15/39

....................................................

17,585

20,017

.81

%

,

5/1/50

,

Callable

11/1/49

@

...................................

7,314

7,276

.86

%

,

5/1/54

,

Callable

11/1/53

@

...................................

1,940

2,211

The

Timken

Co.

,

.13

%

,

4/1/32

,

Callable

1/1/32

@

............................

1,194

1,147

United

Airlines

Pass

Through

Trust

.00

%

,

4/11/26

.....................................................

5,619

5,606

.50

%

,

5/1/28

.....................................................

2,071

2,004

.88

%

,

2/15/37

....................................................

1,749

1,785

United

Airlines,

Inc.

,

.63

%

,

4/15/29

,

Callable

10/15/28

@

(a) ....................

1,021

1,011

Weir

Group,

Inc.

,

.35

%

,

5/6/30

,

Callable

4/6/30

@

(a) .........................

3,204

3,289

XPO,

Inc.

,

.25

%

,

6/1/28

,

Callable

11/15/25

@

103.13 (a) ..........................

2,687

2,743

170,763

Information

Technology

(1.0%):

Atlassian

Corp.

,

.50

%

,

5/15/34

,

Callable

2/15/34

@

..........................

2,441

2,511

Cadence

Design

Systems,

Inc.

,

.70

%

,

9/10/34

,

Callable

6/10/34

@

................

542

543

Dell

International

LLC/EMC

Corp.

,

.10

%

,

2/15/36

,

Callable

11/15/35

@

...........

3,977

3,936

Fair

Isaac

Corp.

,

.00

%

,

5/15/33

,

Callable

5/15/28

@

(a) ........................

762

778

Foundry

JV

Holdco

LLC

.40

%

,

1/25/38

,

Callable

10/25/37

@

(a) ...............................

5,814

6,267

.30

%

,

1/25/39

,

Callable

10/25/38

@

(a) ...............................

3,006

3,200

Keysight

Technologies,

Inc.

,

.95

%

,

10/15/34

,

Callable

7/15/34

@

................

1,864

1,877

Micron

Technology,

Inc.

,

.05

%

,

11/1/35

,

Callable

8/2/35

@

.....................

2,563

2,745

Oracle

Corp.

.20

%

,

9/26/35

,

Callable

6/26/35

@

..................................

5,337

5,252

.85

%

,

7/15/36

,

Callable

1/15/36

@

..................................

2,403

2,095

.95

%

,

9/26/55

,

Callable

3/26/55

@

..................................

10,283

9,748

Qnity

Electronics,

Inc.

,

.75

%

,

8/15/32

,

Callable

8/15/28

@

102.88 (a) .................

6,879

6,997

Roper

Technologies,

Inc.

,

.10

%

,

9/15/35

,

Callable

6/15/35

@

...................

4,667

4,697

South

Bow

USA

Infrastructure

Holdings

LLC

,

.58

%

,

10/1/34

,

Callable

7/1/34

@

.....

1,887

1,894

Synopsys,

Inc.

,

.15

%

,

4/1/35

,

Callable

1/1/35

@

.............................

1,409

1,431

TD

SYNNEX

Corp.

,

.30

%

,

10/10/35

,

Callable

7/10/35

@

......................

2,667

2,662

Trimble,

Inc.

,

.10

%

,

3/15/33

,

Callable

12/15/32

@

...........................

56,634

Materials

(1.1%):

Amcor

Flexibles

North

America,

Inc.

,

.50

%

,

3/17/35

,

Callable

12/17/34

@

..........

3,291

3,403

AptarGroup,

Inc.

,

.60

%

,

3/15/32

,

Callable

12/15/31

@

........................

1,736

1,619

Ecolab,

Inc.

,

.00

%

,

9/1/35

,

Callable

6/1/35

@

...............................

1,363

1,390

Huntsman

International

LLC

.50

%

,

5/1/29

,

Callable

2/1/29

@

....................................

4,950

4,576

.95

%

,

6/15/31

,

Callable

3/15/31

@

..................................

4,449

3,581

LYB

International

Finance

III

LLC

,

.38

%

,

10/1/40

,

Callable

4/1/40

@

.............

14,786

10,941

Martin

Marietta

Materials,

Inc.

.15

%

,

12/1/34

,

Callable

9/1/34

@

...................................

851

870

.50

%

,

12/1/54

,

Callable

6/1/54

@

...................................

1,519

1,517

Olin

Corp.

.00

%

,

2/1/30

,

Callable

12/5/25

@

101.25 .................................

1,725

1,675

.63

%

,

4/1/33

,

Callable

4/1/28

@

103.31 (a) ................................

7,182

7,119

Packaging

Corp.

of

America

,

.20

%

,

8/15/35

,

Callable

5/15/35

@

.................

2,107

2,143

Panther

Escrow

Issuer

LLC

,

.13

%

,

6/1/31

,

Callable

6/1/27

@

103.56 (a) ...............

1,363

1,409

Reliance,

Inc.

,

.85

%

,

11/15/36

.............................................

1,862

2,102

Sonoco

Products

Co.

,

.00

%

,

9/1/34

,

Callable

6/1/34

@

(k) ......................

2,123

2,094

Syensqo

Finance

America

LLC

,

.85

%

,

6/4/34

,

Callable

3/4/34

@

(a) ...............

2,219

2,320

The

Dow

Chemical

Co.

.65

%

,

3/15/36

,

Callable

12/15/35

@

(k) ...............................

5,048

5,052

.90

%

,

5/15/53

,

Callable

11/15/52

@

..................................

The

Sherwin-Williams

Co.

,

.15

%

,

8/15/35

,

Callable

5/15/35

@

..................

3,621

3,685

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Vulcan

Materials

Co.

.35

%

,

12/1/34

,

Callable

9/1/34

@

...................................

$

1,873

$

1,935

.70

%

,

12/1/54

,

Callable

6/1/54

@

...................................

57,903

Real

Estate

(0.9%):

Alexandria

Real

Estate

Equities,

Inc.

,

.50

%

,

10/1/35

,

Callable

7/1/35

@

............

1,608

1,638

American

Assets

Trust

LP

,

.15

%

,

10/1/34

,

Callable

7/1/34

@

....................

1,935

1,967

American

Tower

Trust

#1

,

.49

%

,

3/15/28

,

Callable

3/15/27

@

(a) .................

3,740

3,806

Boston

Properties

LP

,

.45

%

,

10/1/33

,

Callable

7/1/33

@

.......................

1,048

861

CBRE

Services,

Inc.

,

.50

%

,

6/15/35

,

Callable

3/15/35

@

.......................

3,222

3,324

CoStar

Group,

Inc.

,

.80

%

,

7/15/30

,

Callable

4/15/30

@

(a) ......................

2,446

2,236

EPR

Properties

,

.60

%

,

11/15/31

,

Callable

8/15/31

@

..........................

740

684

Healthpeak

OP

LLC

,

.38

%

,

2/15/35

,

Callable

11/15/34

@

......................

1,376

1,407

Keenan

Development

Associates

of

Tennessee

LLC

(INS

-

XL

Capital

Assurance)

,

.02

%

,

7/15/28

(a) ........................................................

Kilroy

Realty

LP

,

.25

%

,

1/15/36

,

Callable

10/15/35

@

........................

1,754

1,809

Public

Storage

Operating

Co.

,

.00

%

,

7/1/35

,

Callable

4/1/35

@

..................

3,461

3,506

Regency

Centers

LP

,

.10

%

,

1/15/35

,

Callable

10/15/34

@

......................

1,703

1,725

SBA

Tower

Trust

.33

%

,

1/15/28

,

Callable

7/15/26

@

(a) ................................

3,000

2,856

.60

%

,

1/15/28

,

Callable

1/15/27

@

(a) ................................

2,947

3,018

.83

%

,

10/15/29

,

Callable

10/15/27

@

(a) ...............................

9,035

9,059

.59

%

,

10/15/31

(a) ..................................................

5,000

4,418

The

Howard

Hughes

Corp.

,

.38

%

,

2/1/31

,

Callable

2/1/26

@

102.19 (a) ................

The

NHP

Foundation

,

.00

%

,

12/1/33

,

Callable

6/1/33

@

.......................

2,821

3,044

VICI

Properties

LP

,

.63

%

,

4/1/35

,

Callable

1/1/35

@

..........................

2,359

2,402

47,947

Utilities

(1.3%):

Black

Hills

Corp.

,

.00

%

,

1/15/35

,

Callable

10/15/34

@

........................

511

544

Calpine

Corp.

.13

%

,

3/15/28

,

Callable

12/5/25

@

100.85 (a) ..............................

4,280

4,280

.00

%

,

2/1/31

,

Callable

2/1/26

@

102.5 (a) .................................

31,225

31,261

CenterPoint

Energy

Houston

Electric

LLC

,

.05

%

,

3/1/35

,

Callable

12/1/34

@

........

2,777

2,811

CMS

Energy

Corp.

,

.75

%

(H15T5Y

+

bps)

,

6/1/50

,

Callable

3/1/30

@

(b) .........

959

944

DTE

Energy

Co.

,

.85

%

,

6/1/34

,

Callable

3/1/34

@

...........................

708

754

Duke

Energy

Corp.

.45

%

,

6/15/34

,

Callable

3/15/34

@

..................................

1,703

1,774

.95

%

,

9/15/35

,

Callable

6/15/35

@

..................................

4,661

4,635

Duke

Energy

Progress

SC

Storm

Funding

LLC

,

.40

%

,

3/1/44

.......................

2,263

2,347

Duquesne

Light

Holdings,

Inc.

,

.78

%

,

1/7/32

,

Callable

10/7/31

@

(a) ..............

733

652

Entergy

Louisiana

LLC

,

.15

%

,

9/15/34

,

Callable

6/15/34

@

....................

1,048

1,074

Essex

Portfolio

LP

,

.50

%

,

4/1/34

,

Callable

1/1/34

@

..........................

1,753

1,824

Gulfstream

Natural

Gas

System

LLC

,

.60

%

,

7/23/35

,

Callable

4/23/35

@

(a) .........

3,822

3,917

Interstate

Power

and

Light

Co.

,

.60

%

,

6/29/35

,

Callable

3/29/35

@

...............

4,255

4,439

Oncor

Electric

Delivery

Co.

LLC

,

.35

%

,

4/1/35

,

Callable

1/1/35

@

(a) .............

2,354

2,442

Public

Service

Co.

of

Oklahoma

,

.45

%

,

1/15/36

,

Callable

10/15/35

@

.............

2,701

2,769

The

Southern

Co.

,

.00

%

(H15T5Y

+

bps)

,

1/15/51

,

Callable

11/17/25

@

(b) ........

1,749

1,744

68,211

Total

Corporate

Bonds

(Cost

$1,068,732)

a

a

a

1,085,400

Yankee

Dollars

(3.6%)

Communication

Services

(0.1%):

Flutter

Treasury

DAC

,

.88

%

,

6/4/31

,

Callable

4/15/27

@

102.94 (a) ..................

5,586

5,663

Rogers

Communications,

Inc.

,

.80

%

,

3/15/32

,

Callable

12/15/31

@

...............

722

681

Zegona

Finance

PLC

,

.63

%

,

7/15/29

,

Callable

7/15/26

@

104.31 (a) ..................

1,181

1,256

7,600

Consumer

Discretionary

(0.8%):

Brightstar

Lottery

PLC

.25

%

,

1/15/27

,

Callable

7/15/26

@

(a) ................................

1,402

1,416

.25

%

,

1/15/29

,

Callable

12/5/25

@

101.31 (a) ..............................

9,932

9,897

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Carnival

Corp.

.00

%

,

8/15/29

,

Callable

8/15/26

@

103.5 (a) ...............................

$

5,852

$

6,152

.13

%

,

2/15/33

,

Callable

2/15/28

@

103.06 (a) ..............................

2,388

2,463

Flutter

Treasury

DAC

,

.38

%

,

4/29/29

,

Callable

4/15/26

@

103.19 (a) .................

4,820

4,993

Gildan

Activewear,

Inc.

,

.40

%

,

10/7/35

,

Callable

7/7/35

@

(a) ...................

2,101

2,092

NCL

Corp.

Ltd.

,

.75

%

,

2/1/32

,

Callable

2/1/28

@

103.38 (a) ........................

2,977

3,060

Royal

Caribbean

Cruises

Ltd.

.63

%

,

9/30/31

,

Callable

9/30/27

@

102.81 (a) ..............................

2,637

2,685

.25

%

,

3/15/32

,

Callable

3/15/27

@

103.13 (a) ..............................

7,602

7,842

.00

%

,

2/1/33

,

Callable

8/1/27

@

(a) ..................................

1,809

1,857

42,457

Consumer

Staples

(0.3%):

Alimentation

Couche-Tard,

Inc.

,

.08

%

,

9/29/35

,

Callable

6/29/35

@

(a) .............

5,337

5,351

Bacardi

Ltd./Bacardi-Martini

B.V.

,

.40

%

,

6/15/33

,

Callable

3/15/33

@

(a) ...........

Bacardi-Martini

B.V.

,

.00

%

,

2/1/35

,

Callable

11/1/34

@

(a) .....................

3,619

3,768

Becle

SAB

de

CV

,

.50

%

,

10/14/31

,

Callable

7/14/31

@

(a) ......................

6,306

5,445

14,687

Energy

(0.1%):

Aker

BP

ASA

,

.13

%

,

10/1/34

,

Callable

7/1/34

@

(a) ..........................

Enbridge,

Inc.

.63

%

,

4/5/34

,

Callable

1/5/34

@

....................................

.75

%

(H15T5Y

+

531

bps)

,

7/15/80

,

Callable

4/15/30

@

(b) ..................

Harbour

Energy

PLC

,

.33

%

,

4/1/35

,

Callable

1/1/35

@

(a) ......................

591

605

Var

Energi

ASA

,

.50

%

,

5/22/35

,

Callable

2/22/35

@

(a) ........................

3,686

3,918

5,153

Financials

(1.7%):

Allianz

SE

,

.35

%

(H15T5Y

+

bps)

,

9/6/53

,

Callable

3/6/33

@

(a) (b) .............

1,200

1,293

AS

Mileage

Plan

IP

Ltd.

,

.31

%

,

10/20/31

,

Callable

8/20/31

@

(a) .................

8,209

8,184

Ascot

Group

Ltd.

,

.35

%

(H15T5Y

+

bps)

,

6/15/35

,

Callable

3/15/30

@

(a) (b) .......

3,383

3,517

Aspen

Insurance

Holdings

Ltd.

,

.75

%

,

7/1/30

,

Callable

6/1/30

@

.................

1,202

1,256

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

.62

%

,

12/10/29

,

Callable

11/10/29

@

(a) ....................................

544

565

Banco

Santander

SA

,

.92

%

,

8/8/33

.........................................

2,800

3,107

Bank

of

Montreal

,

.09

%

(H15T5Y

+

bps)

,

1/10/37

,

Callable

1/10/32

@

(b) ........

2,149

1,920

Barclays

PLC

,

.56

%

(H15T5Y

+

bps)

,

9/23/35

,

Callable

9/23/30

@

(b) ...........

2,700

2,531

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

.63

%

(H15T5Y

+

bps)

,

2/11/35

,

Callable

2/11/30

@

(a) (b) ................

2,602

2,742

.45

%

(H15T5Y

+

bps)

,

6/29/38

,

Callable

6/29/33

@

(a) (b) ................

1,759

1,946

.13

%

(H15T5Y

+

bps)

,

1/8/39

,

Callable

1/8/34

@

(a) (b) ..................

1,196

1,302

BNP

Paribas

SA

.87

%

(TSFR3M

+

bps)

,

4/19/32

,

Callable

4/19/31

@

(a) (b) ................

500

.74

%

(SOFR

+

bps)

,

2/20/35

,

Callable

2/20/34

@

(a) (b) (k) ................

510

535

BP

Capital

Markets

PLC

,

.88

%

(H15T5Y

+

bps)

,

Callable

3/22/30

@

(b) (g) ........

BPCE

SA

,

.29

%

(SOFR

+

bps)

,

1/14/36

,

Callable

1/14/35

@

(a) (b) ..............

3,123

3,350

Brookfield

Asset

Management

Ltd.

,

.08

%

,

9/15/55

,

Callable

3/15/55

@

............

3,698

3,813

Brookfield

Finance,

Inc.

,

.68

%

,

1/15/35

,

Callable

10/15/34

@

...................

1,849

1,920

Credit

Agricole

SA

,

.25

%

(SOFR

+

bps)

,

1/10/35

,

Callable

1/10/34

@

(a) (b) .......

1,977

2,086

Deutsche

Bank

AG

,

.40

%

(SOFR

+

bps)

,

9/11/35

,

Callable

9/11/34

@

(b) .........

2,367

2,407

Fidelis

Insurance

Holdings

Ltd.

,

.75

%

(H15T5Y

+

bps)

,

6/15/55

,

Callable

12/15/34

@

(b) ...........................................................

4,126

4,450

HSBC

Holdings

PLC

.11

%

(SOFR

+

bps)

,

11/3/33

,

Callable

11/3/32

@

(b) ....................

1,200

1,408

.80

%

,

6/1/38

.....................................................

1,000

1,115

Imperial

Brands

Finance

PLC

,

.63

%

,

7/1/35

,

Callable

4/1/35

@

(a) ................

2,149

2,193

ING

Groep

NV

,

.11

%

(SOFR

+

bps)

,

9/11/34

,

Callable

9/11/33

@

(b) ............

2,818

3,048

JAB

Holdings

BV

,

.75

%

,

5/28/51

,

Callable

11/28/50

@

(a) ......................

Lloyds

Banking

Group

PLC

,

.95

%

(H15T1Y

+

bps)

,

11/15/33

,

Callable

8/15/32

@

(b) 1,095

1,275

Macquarie

Airfinance

Holdings

Ltd.

,

.50

%

,

3/26/31

,

Callable

1/26/31

@

(a) .........

Mitsubishi

UFJ

Financial

Group,

Inc.

,

.62

%

(H15T1Y

+

bps)

,

4/24/36

,

Callable

4/24/35

@

(b) ...........................................................

3,041

3,199

Mizuho

Financial

Group,

Inc.

,

.58

%

(H15T1Y

+

bps)

,

5/26/35

,

Callable

5/26/34

@

(b) 3,252

3,408

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Nationwide

Building

Society

.00

%

,

9/14/26

(a) ..................................................

$

1,618

$

1,614

.54

%

(SOFR

+

bps)

,

7/14/36

,

Callable

7/14/35

@

(a) (b) ..................

1,556

1,603

Pershing

Square

Holdings

Ltd.

,

.50

%

,

10/28/32

,

Callable

8/28/32

@

..............

1,801

1,800

Royal

Bank

of

Canada

,

.15

%

,

2/1/34

(k) ......................................

3,274

3,419

Societe

Generale

SA

.22

%

(H15T1Y

+

bps)

,

6/15/33

,

Callable

6/15/32

@

(a) (b) (k) ..............

.44

%

(SOFR

+

bps)

,

10/3/36

,

Callable

10/3/35

@

(a) (b) ..................

2,669

2,674

.03

%

(H15T1Y

+

bps)

,

1/21/43

,

Callable

1/21/42

@

(a) (b) ................

1,250

972

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

.05

%

,

3/13/35

(a) .............................

2,383

2,425

Sumitomo

Mitsui

Trust

Group,

Inc.

,

.42

%

(SOFR

+

bps)

,

9/11/36

,

Callable

9/11/35

@

(a) (b) .........................................................

2,240

2,274

The

Toronto-Dominion

Bank

,

.15

%

(H15T5Y

+

bps)

,

9/10/34

,

Callable

9/10/29

@

(b) 2,787

2,827

UBS

Group

AG

,

.01

%

(SOFR

+

bps)

,

3/23/37

,

Callable

3/23/36

@

(a) (b) ..........

4,356

4,335

Westpac

Banking

Corp.

,

.11

%

(H15T5Y

+

bps)

,

7/24/34

,

Callable

7/24/29

@

(b) ....

1,000

981

88,778

Industrials

(0.3%):

Air

Canada

Pass

Through

Trust

,

.75

%

,

12/15/27

(a) ..............................

3,396

3,305

Aircastle

Ltd.

,

.25

%

(H15T5Y

+

bps)

,

Callable

6/15/26

@

(a) (b) (g) ..............

1,868

1,860

Avianca

Midco

PLC

,

.63

%

,

2/14/30

,

Callable

2/14/27

@

104.81 (a) .................

5,051

5,008

Grupo

Aeromexico

SAB

de

CV

,

.63

%

,

11/15/31

,

Callable

11/15/27

@

104.31 (a) .........

684

689

Latam

Airlines

Group

SA

.88

%

,

4/15/30

,

Callable

10/15/26

@

103.94 (a) .............................

.63

%

,

1/7/31

,

Callable

7/7/27

@

103.81 (a) ................................

1,602

1,653

LG

Energy

Solution

Ltd.

,

.50

%

,

7/2/34

(a) .....................................

2,362

2,410

nVent

Finance

SARL

,

.65

%

,

5/15/33

,

Callable

2/15/33

@

......................

1,319

1,380

16,804

Information

Technology

(0.2%):

Kioxia

Holdings

Corp.

,

.63

%

,

7/24/33

,

Callable

7/24/28

@

103.31 (a) .................

1,700

1,775

Open

Text

Corp.

,

.90

%

,

12/1/27

,

Callable

11/1/27

@

(a) ........................

9,082

9,454

11,229

Materials

(0.1%):

Minera

Mexico

SA

de

CV

,

.63

%

,

2/12/32

,

Callable

12/12/31

@

(a) ................

5,204

5,390

Real

Estate

(0.0%):(f)

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

.50

%

,

10/15/31

,

Callable

7/15/31

@

(a) ...........................................................

880

787

Utilities

(0.0%):(f)

GENM

Capital

Labuan

Ltd.

,

.88

%

,

4/19/31

,

Callable

1/19/31

@

(a) ...............

650

589

Total

Yankee

Dollars

(Cost

$187,017)

a

a

a

193,474

Municipal

Bonds

(4.6%)

Arizona

(0.0%):(f)

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

,

.84

%

,

7/1/31

,

Continuously

Callable

@100

...........................................................

1,000

887

California

(0.0%):(f)

California

Infrastructure

&

Economic

Development

Bank

Revenue

,

Series

B

,

.03

%

,

7/1/38

.

1,500

1,538

Colorado

(0.3%):

Colorado

Housing

and

Finance

Authority

Revenue

Series

C1

,

.66

%

,

11/1/39

,

Continuously

Callable

@100

.......................

9,065

9,232

Series

,

.84

%

,

5/1/44

,

Continuously

Callable

@100

.......................

1,300

1,320

Series

,

.28

%

,

11/1/39

,

Continuously

Callable

@102

......................

1,585

1,572

Series

,

.86

%

,

11/1/43

,

Continuously

Callable

@100

......................

1,255

1,284

13,408

Connecticut

(0.1%):

Connecticut

Housing

Finance

Authority

Revenue

,

Series

,

.81

%

,

11/15/39

,

Continuously

Callable

@100

.....................................................

4,535

4,668

District

of

Columbia

(0.0%):(f)

District

of

Columbia

Revenue

,

.68

%

,

4/1/31

...................................

1,500

1,300

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Florida

(0.7%):

County

of

Miami-Dade

Aviation

Revenue

Series

B

,

.61

%

,

10/1/32

,

Continuously

Callable

@100

........................

$

1,000

$

896

Series

C

,

.55

%

,

10/1/43

,

Continuously

Callable

@100

........................

980

1,006

Florida

Housing

Finance

Corp.

Revenue

Series

,

.67

%

,

7/1/39

,

Continuously

Callable

@100

.........................

4,065

4,184

Series

,

.88

%

,

7/1/44

,

Continuously

Callable

@100

.........................

2,700

2,809

Series

,

.07

%

,

7/1/39

,

Continuously

Callable

@100

.........................

635

623

State

Board

of

Administration

Finance

Corp.

Revenue

,

Series

A

,

.53

%

,

7/1/34

,

Continuously

Callable

@100

.....................................................

26,804

28,346

37,864

Hawaii

(0.1%):

State

of

Hawaii,

GO

Series

GN

,

.64

%

,

10/1/34

............................................

3,360

3,422

Series

GN

,

.11

%

,

10/1/43

,

Continuously

Callable

@100

......................

3,075

3,080

6,502

Idaho

(0.2%):

Idaho

Housing

&

Finance

Association

Revenue

Series

A

,

.67

%

,

1/1/45

,

Continuously

Callable

@100

.........................

4,240

4,273

Series

C

,

.43

%

,

7/1/39

,

Continuously

Callable

@100

.........................

1,605

1,590

Series

D

,

.76

%

,

7/1/40

,

Continuously

Callable

@100

........................

695

709

Series

E

,

.44

%

,

7/1/40

,

Continuously

Callable

@100

.........................

1,530

1,523

8,095

Illinois

(0.2%):

City

of

Chicago,

GO

,

Series

D

,

.90

%

,

1/1/32

..................................

1,875

1,915

City

of

Kankakee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.28

%

,

12/1/36

,

Continuously

Callable

@100

...........................................

905

936

Illinois

Finance

Authority

Revenue

,

.45

%

,

8/1/38

...............................

1,500

1,504

Illinois

Housing

Development

Authority

Revenue

Series

B

,

.63

%

,

10/1/41

,

Continuously

Callable

@100

........................

2,165

2,185

Series

F

,

.44

%

,

10/1/39

,

Continuously

Callable

@100

........................

3,395

3,406

Sales

Tax

Securitization

Corp.

Revenue

,

Series

B

,

.23

%

,

1/1/39

,

Continuously

Callable

@100

1,760

1,784

11,730

Indiana

(0.1%):

Indiana

Finance

Authority

Revenue

,

Series

B

,

.08

%

,

9/15/27

.......................

1,130

1,081

Indiana

Housing

&

Community

Development

Authority

Revenue

Series

,

.83

%

,

7/1/45

,

Continuously

Callable

@100

.......................

1,170

1,181

Series

C2

,

.56

%

,

7/1/40

,

Continuously

Callable

@100

........................

945

949

3,211

Iowa

(0.0%):(f)

Iowa

Finance

Authority

Revenue

,

Series

H

,

.38

%

,

7/1/39

,

Continuously

Callable

@100

....

1,180

1,178

Louisiana

(0.2%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A

,

.48

%

,

8/1/39

..............................................

12,562

12,237

Series

A1-A3

,

.08

%

,

6/1/31

...........................................

602

613

12,850

Maryland

(0.1%):

Maryland

Economic

Development

Corp.

Revenue

.07

%

,

11/30/34

....................................................

905

926

Series

B

,

.25

%

,

6/1/29

..............................................

2,490

2,422

Series

B

,

.35

%

,

6/1/30

..............................................

1,330

1,285

Series

B

,

.40

%

,

6/1/31

..............................................

1,385

1,326

5,959

Massachusetts

(0.2%):

Massachusetts

Educational

Financing

Authority

Revenue

,

Series

A

,

.17

%

,

7/1/50

,

Continuously

Callable

@100

...........................................

8,365

8,596

Massachusetts

Housing

Finance

Agency

Revenue

,

Series

,

.94

%

,

12/1/39

,

Continuously

Callable

@100

.....................................................

1,985

1,879

Massachusetts

State

College

Building

Authority

Revenue

,

Series

A

,

.80

%

,

5/1/29

,

ETM

....

10,480

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Michigan

(0.1%):

Michigan

State

Housing

Development

Authority

Revenue

,

Series

E

,

.10

%

,

12/1/39

,

Continuously

Callable

@100

...........................................

$

4,485

$

4,353

Minnesota

(0.4%):

Minnesota

Housing

Finance

Agency

Revenue

Series

D

,

.58

%

,

8/1/39

,

Continuously

Callable

@100

........................

1,240

1,264

Series

J

,

.62

%

,

7/1/39

,

Continuously

Callable

@100

.........................

2,535

2,676

Series

M

,

.73

%

,

7/1/39

,

Continuously

Callable

@100

........................

3,615

3,763

Series

M

,

.92

%

,

7/1/44

,

Continuously

Callable

@100

........................

4,605

4,775

Series

P

,

.39

%

,

7/1/39

,

Continuously

Callable

@100

.........................

6,335

6,336

Series

V

,

.88

%

,

7/1/44

,

Continuously

Callable

@100

.........................

4,420

4,481

23,295

Nebraska

(0.0%):(f)

Nebraska

Investment

Finance

Authority

Revenue

,

Series

H

,

.77

%

,

3/1/43

,

Continuously

Callable

@100

.....................................................

1,980

1,998

Nevada

(0.1%):

Nevada

Housing

Division

Revenue

Series

B

,

.68

%

,

10/1/45

,

Continuously

Callable

@100

........................

3,480

3,424

Series

D

,

.79

%

,

10/1/35

,

Continuously

Callable

@100

........................

500

520

Series

F

,

.13

%

,

10/1/39

,

Continuously

Callable

@100

........................

2,260

2,174

6,118

New

Hampshire

(0.1%):

New

Hampshire

Business

Finance

Authority

Revenue

,

Series

B

,

.35

%

,

11/1/39

,

Continuously

Callable

@100

.....................................................

3,580

3,661

New

Jersey

(0.0%):(f)

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Series

L

,

.64

%

,

10/1/34

,

Continuously

Callable

@100

........................

Series

L

,

.69

%

,

4/1/35

,

Continuously

Callable

@100

.........................

Series

L

,

.71

%

,

10/1/35

,

Continuously

Callable

@100

........................

Series

N

,

.85

%

,

10/1/40

,

Continuously

Callable

@100

........................

South

Jersey

Transportation

Authority

Revenue

,

Series

B

,

.12

%

,

11/1/26

...............

2,202

New

York

(0.3%):

Metropolitan

Transportation

Authority

Revenue

,

Series

E

,

.73

%

,

11/15/30

.............

1,090

1,177

New

York

City

Housing

Development

Corp.

Revenue

Series

C

,

.71

%

,

11/1/39

,

Continuously

Callable

@100

........................

3,620

3,710

Series

C

,

.90

%

,

11/1/44

,

Continuously

Callable

@100

........................

3,070

3,134

New

York

City

IDA

Revenue

.34

%

,

1/1/35

.....................................................

1,000

804

.44

%

,

1/1/36

.....................................................

1,250

987

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

,

Series

,

.11

%

,

5/1/36

,

Continuously

Callable

@100

................................

3,175

3,265

New

York

State

Dormitory

Authority

Revenue

,

Series

B

,

.23

%

,

7/1/35

(k) ..............

1,490

1,555

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

,

Series

,

.57

%

,

10/1/40

,

Continuously

Callable

@100

....................................

1,130

1,136

15,768

North

Carolina

(0.2%):

City

of

Charlotte

Certificate

of

Participation

,

.46

%

,

6/1/40

,

Continuously

Callable

@100

...

890

919

North

Carolina

Housing

Finance

Agency

Revenue

Series

54-B

,

.60

%

,

7/1/39

,

Continuously

Callable

@100

......................

1,810

1,838

Series

54-B

,

.81

%

,

7/1/44

,

Continuously

Callable

@100

......................

4,530

4,576

Series

57-B

,

.80

%

,

7/1/50

,

Continuously

Callable

@100

......................

1,100

1,101

Series

58-B

,

.98

%

,

7/1/40

,

Continuously

Callable

@100

......................

3,440

3,574

12,008

Ohio

(0.0%):(f)

University

of

Cincinnati

Revenue

,

Series

B

,

.53

%

,

6/1/40

,

Continuously

Callable

@100

...

905

923

Oregon

(0.1%):

State

of

Oregon,

GO

,

Series

B

,

.36

%

,

5/1/39

,

Continuously

Callable

@100

.............

2,720

2,828

Pennsylvania

(0.2%):

Allegheny

County

Airport

Authority

Revenue

Series

B

,

.50

%

,

1/1/36

,

Continuously

Callable

@100

.........................

895

946

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

B

,

.62

%

,

1/1/37

,

Continuously

Callable

@100

.........................

$

780

$

825

Pennsylvania

Housing

Finance

Agency

Revenue

Series

145B

,

.71

%

,

10/1/39

,

Continuously

Callable

@100

.....................

2,720

2,759

Series

146B

,

.56

%

,

10/1/39

,

Continuously

Callable

@100

.....................

905

909

Series

147B

,

.89

%

,

10/1/44

,

Continuously

Callable

@100

.....................

1,610

1,622

Series

149B

,

.97

%

,

10/1/40

,

Continuously

Callable

@100

.....................

1,000

1,028

8,089

Rhode

Island

(0.2%):

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Series

83-T

,

.71

%

,

10/1/39

,

Continuously

Callable

@100

.....................

2,715

2,816

Series

83-T

,

.89

%

,

10/1/44

,

Continuously

Callable

@100

.....................

4,530

4,672

Series

84-T

,

.93

%

,

10/1/39

,

Continuously

Callable

@100

.....................

3,615

3,546

11,034

South

Carolina

(0.0%):(f)

Greenville-Spartanburg

Airport

District

Revenue

Series

B

,

.06

%

,

7/1/34

..............................................

Series

B

,

.11

%

,

7/1/35

,

Continuously

Callable

@100

.........................

South

Dakota

(0.0%):(f)

South

Dakota

Housing

Development

Authority

Revenue

,

Series

D

,

.88

%

,

11/1/40

,

Continuously

Callable

@100

...........................................

525

542

Tennessee

(0.1%):

Metropolitan

Government

Nashville

&

Davidson

County

Sports

Authority

Revenue

Series

C

,

.45

%

,

8/1/32

,

Continuously

Callable

@100

.........................

1,500

1,339

Series

D

,

.27

%

,

7/1/35

..............................................

1,175

1,248

Tennessee

Housing

Development

Agency

Revenue

Series

1B

,

.64

%

,

7/1/40

,

Continuously

Callable

@100

........................

Series

2B

,

.65

%

,

7/1/39

,

Continuously

Callable

@100

........................

2,720

2,757

5,687

Texas

(0.2%):

County

of

Harris

Hotel

Occupancy

Tax

Revenue

,

.26

%

,

8/15/44

,

Continuously

Callable

@100

1,615

1,591

State

of

Texas,

GO

,

.36

%

,

10/1/41

,

Continuously

Callable

@100

....................

2,000

2,060

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

.41

%

,

9/1/31

,

Continuously

Callable

@100

...........................................

1,000

900

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Series

D

,

.55

%

,

1/1/39

,

Continuously

Callable

@100

........................

905

960

Series

D

,

.73

%

,

1/1/44

,

Continuously

Callable

@100

........................

905

943

Texas

Water

Development

Board

Revenue

,

Series

B

,

.31

%

,

10/15/34

.................

1,795

1,788

University

of

Houston

Revenue

,

Series

B

,

.86

%

,

2/15/37

,

Continuously

Callable

@100

....

Uptown

Development

Authority

Tax

Allocation

,

Series

B

,

.68

%

,

9/1/32

,

Continuously

Callable

@100

.....................................................

8,965

Utah

(0.0%):(f)

Utah

Housing

Corp.

Revenue

Series

F

,

.61

%

,

7/1/36

,

Continuously

Callable

@100

.........................

505

507

Series

F

,

.69

%

,

7/1/39

,

Continuously

Callable

@100

.........................

1,480

1,487

1,994

Virginia

(0.2%):

Virginia

Housing

Development

Authority

Revenue

Series

B

,

.66

%

,

10/1/39

,

Continuously

Callable

@100

........................

4,535

4,594

Series

B

,

.87

%

,

7/1/40

,

Continuously

Callable

@100

.........................

910

929

Series

C

,

.31

%

,

10/1/39

,

Continuously

Callable

@100

........................

4,070

4,011

Series

E

,

.51

%

,

7/1/39

,

Continuously

Callable

@100

.........................

1,590

1,598

11,132

West

Virginia

(0.1%):

West

Virginia

Housing

Development

Fund

Revenue

Series

C

,

.83

%

,

11/1/39

,

Continuously

Callable

@100

........................

1,585

1,621

Series

C

,

.02

%

,

11/1/44

,

Continuously

Callable

@100

........................

1,810

1,846

3,467

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Wisconsin

(0.1%):

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue

,

Series

B

,

.87

%

,

9/1/40

,

Continuously

Callable

@100

...............................

$

4,125

$

4,231

Total

Municipal

Bonds

(Cost

$245,328)

a

a

a

248,458

U.S.

Government

Agency

Mortgages

(19.1%)

Federal

Farm

Credit

Banks

Funding

Corporation

.55

%

,

12/21/34

....................................................

4,613

3,925

.20

%

,

9/2/36

.....................................................

11,023

8,643

.60

%

,

8/5/39

.....................................................

4,527

4,485

17,053

Federal

Home

Loan

Banks

.25

%

,

9/25/34

....................................................

7,490

7,465

Federal

Home

Loan

Mortgage

Corporation

.50

%

,

4/1/36

-

1/1/55

...............................................

124,127

126,114

.50

%

,

4/1/37

.....................................................

6,100

5,468

.00

%

,

2/1/40

-

8/1/55

...............................................

76,520

76,655

.00

%

,

4/1/40

-

5/1/52

...............................................

13,870

12,418

.10

%

,

7/1/40

.....................................................

1,675

1,714

.50

%

,

5/1/42

.....................................................

12,178

10,895

.50

%

,

11/1/42

-

10/1/52

..............................................

10,781

10,605

.00

%

,

1/1/43

-

12/1/54

..............................................

25,618

24,526

.50

%

,

5/1/52

-

12/1/52

..............................................

13,925

12,876

.00

%

,

8/1/53

-

3/1/55

...............................................

48,537

49,798

331,069

Federal

National

Mortgage

Association

.50

%

,

7/1/27

-

7/1/52

...............................................

16,561

14,470

.13

%

,

1/1/34

.....................................................

4,279

3,680

.50

%

,

3/1/37

.....................................................

3,831

3,446

.00

%

,

12/1/37

-

11/1/55

..............................................

69,629

69,674

.00

%

,

4/1/38

-

7/1/53

...............................................

39,021

37,416

.50

%

,

11/1/40

-

7/1/55

..............................................

57,725

56,687

.50

%

,

12/1/42

-

12/1/53

.............................................

56,540

52,644

.50

%

,

12/1/44

-

7/1/55

..............................................

141,511

143,736

.00

%

,

12/1/51

....................................................

3,474

3,079

.00

%

,

7/1/52

-

11/1/54

..............................................

14,247

14,671

399,503

Government

National

Mortgage

Association

.00

%

,

8/20/38

-

11/20/54

.............................................

54,277

54,357

.50

%

,

1/20/51

-

9/20/53

.............................................

25,872

22,197

.50

%

,

2/20/52

-

11/20/52

.............................................

25,891

23,835

.00

%

,

3/20/52

-

12/20/53

.............................................

62,523

56,169

.00

%

,

6/20/52

-

5/20/53

.............................................

23,332

22,273

.50

%

,

8/20/52

-

11/20/53

.............................................

43,649

42,793

.50

%

,

4/20/53

-

2/20/54

.............................................

34,484

35,016

.00

%

,

9/20/53

-

10/20/53

.............................................

11,952

12,269

.50

%

,

1/20/54

....................................................

3,794

3,842

.50

%

,

10/20/54

....................................................

5,384

5,444

278,195

Total

U.S.

Government

Agency

Mortgages

(Cost

$1,018,836)

a

a

a

1,033,285

U.S.

Treasury

Obligations

(19.5%)

U.S.

Treasury

Bonds

.50

%

,

2/15/36

....................................................

89,239

92,501

.00

%

,

5/15/37

....................................................

138,305

148,959

.38

%

,

11/15/39

....................................................

40,729

40,621

.13

%

,

5/15/40

....................................................

35,000

22,515

.75

%

,

2/15/41

....................................................

38,000

39,188

.38

%

,

2/15/42

....................................................

52,266

39,069

.25

%

,

5/15/42

....................................................

28,000

23,730

.88

%

,

5/15/43

....................................................

13,204

12,063

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4

.38

%

,

8/15/43

....................................................

$

9,163

$

8,914

.75

%

,

11/15/43

....................................................

48,139

49,049

.63

%

,

11/15/44

....................................................

12,864

12,848

.50

%

,

2/15/45

....................................................

23,500

17,016

.75

%

,

2/15/45

....................................................

36,795

37,312

.25

%

,

5/15/50

....................................................

4,535

2,253

.88

%

,

5/15/52

....................................................

30,000

21,638

.63

%

,

2/15/53

....................................................

12,487

10,425

.63

%

,

5/15/53

....................................................

8,454

7,051

.13

%

,

8/15/53

....................................................

63,303

57,764

.75

%

,

11/15/53

....................................................

50,499

51,083

.25

%

,

8/15/54

....................................................

29,375

27,392

.63

%

,

2/15/55

....................................................

36,184

35,918

U.S.

Treasury

Notes

.63

%

,

5/31/31

....................................................

544

567

.13

%

,

11/15/32

....................................................

31,180

31,633

.38

%

,

5/15/33

....................................................

27,615

26,627

.88

%

,

8/15/33

....................................................

.50

%

,

11/15/33

....................................................

208,050

215,689

.63

%

,

2/15/35

....................................................

21,697

22,636

Total

U.S.

Treasury

Obligations

(Cost

$1,061,817)

a

a

a

1,054,667

Commercial

Paper

(0.1%)

Materials

(0.1%):

FMC

Corp.

,

.72

%

,

11/3/25

(a) (l) ............................................

4,300

4,298

Total

Commercial

Paper

(Cost

$4,299)

a

a

a

4,298

Shares

Collateral

for

Securities

Loaned

(0.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(m) .......

4,614,246

4,615

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(m) ...........

4,614,246

4,614

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(m) ...............

4,614,246

4,614

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(m) 4,614,246

4,614

Total

Collateral

for

Securities

Loaned

(Cost

$18,457)

a

a

a

18,457

Total

Investments

(Cost

$5,342,389)

—

99.4%

5,373,487

Other

assets

in

excess

of

liabilities

— 0.6%

31,672

NET

ASSETS

-

100.00%

$

5,405,159

At

October

31,

2025,

the

Fund's

investments

in

foreign

securities

were

6.8%

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

October

31,

2025,

the

fair

value

of

these

securities

was

$1,977,371

(thousands)

and

amounted

to

36.6%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

October

31,

2025. (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

October

31,

2025. (e) Rounds

to

less

than

$1

thousand.

(f) Amount

represents

less

than

0.05%

of

net

assets.

(g) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(h) 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.

(i) 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

October

31,

2025,

the

Fund

held

unfunded

or

partially

unfunded

loan

commitments

of

$197

(thousands),

which

included

less

than

$1

(thousand)

unrealized

loss.

(j) Up

to

6.75%

of

the

coupon

may

be

PIK.

(k) All

or

a

portion

of

this

security

is

on

loan.

(l) Rate

represents

the

effective

yield

at

October

31,

2025. (m) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ABS

—

Asset-Backed

Securities

Victory

Portfolios

III

#### Victory

#### Core

#### Plus

#### Intermediate

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

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.

ETM

—

Escrowed

to

Maturity

GO

—

General

Obligation

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

2025. H15T10Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

2025. ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

IDA

—

Industrial

Development

Authority

LLC

—

Limited

Liability

Company

LLLP

—

Limited

Liability

Limited

Partnership

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

October

31,

2025. SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

October

31,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

October

31,

2025. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

October

31,

2025. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

October

31,

2025. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

October

31,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

October

31,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

October

31,

2025. USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

October

31,

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

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 10-Year

U.S.

Treasury

Note

Futures

......

1,050

12/19/25

$

117,102

$

118,305

$

1,203

30-Year

U.S.

Treasury

Bond

Futures

.....

1,285

12/19/25

145,667

150,747

5,080

5-Year

U.S.

Treasury

Note

Futures

.......

12/31/25

41,339

41,500

$

6,444

Total

unrealized

appreciation

$

6,444

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

6,444

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(6.0%)

ABS

Auto

(1.9%):

Ally

Bank

Auto

Credit-Linked

Notes

,

Series

2025-B

,

Class

E

,

.16

%

,

9/15/33

,

Callable

6/15/29

@

(a) .........................................................

$

1,034

$

1,034

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2023-5A

,

Class

C

,

.85

%

,

4/20/28

(a) ..

2,000

2,046

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

1,177

Flagship

Credit

Auto

Trust

,

Series

2019-3

,

Class

E

,

.84

%

,

12/15/26

,

Callable

11/15/25

@

(a) ...........................................................

Ford

Credit

Auto

Owner

Trust

,

Series

2023-1

,

Class

D

,

.26

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...........................................................

1,966

2,004

Hertz

Vehicle

Financing

III

LLC

,

Series

2023-3A

,

Class

D

,

.43

%

,

2/25/28

(a) ...........

3,000

3,081

LAD

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

D

,

.30

%

,

6/17/30

,

Callable

4/15/27

@

(a) ...........................................................

2,263

2,305

Merchants

Fleet

Funding

LLC

,

Series

2024-1A

,

Class

D

,

.85

%

,

4/20/37

,

Callable

3/20/27

@

(a) ...........................................................

1,673

1,718

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

2/15/29

@

(a) ...............

963

966

SBNA

Auto

Receivables

Trust

,

Series

2025-SF1

,

Class

E

,

.74

%

,

10/15/31

,

Callable

3/15/29

@

(a) ...........................................................

1,000

995

Securitized

Term

Auto

Receivables

Trust

,

Series

2025-A

,

Class

D

,

.75

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...................................................

1,581

1,611

Truist

Bank

Auto

Credit-Linked

Notes

,

Series

2025-1

,

Class

C

,

.81

%

,

9/26/33

,

Callable

11/25/28

@

(a) ..................................................

828

826

18,456

ABS

Other

(4.1%):

Dext

ABS

LLC

,

Series

2023-2

,

Class

D

,

.30

%

,

5/15/34

,

Callable

1/15/28

@

(a) .......

667

708

Frontier

Issuer

LLC

.....................................................

Series

2023-1

,

Class

C

,

.50

%

,

8/20/53

,

Callable

7/20/26

@

(a) ..............

18,414

19,112

Series

2024-1

,

Class

C

,

.16

%

,

6/20/54

,

Callable

5/20/28

@

(a) ..............

5,551

6,102

NP

SPE

X

LP

,

Series

2019-2A

,

Class

C1

,

.44

%

,

11/19/49

(a) .......................

1,568

1,515

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

715

SCF

Equipment

Leasing

LLC

,

Series

2022-2A

,

Class

D

,

.50

%

,

10/20/32

,

Callable

7/20/26

@

(a) ...........................................................

Sotheby's

Artfi

Master

Trust

,

Series

2024-1A

,

Class

D

,

.91

%

,

12/22/31

,

Callable

12/20/25

@

(a) ...........................................................

2,950

2,959

Uniti

Fiber

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

C

,

.02

%

,

4/20/55

,

Callable

10/20/28

@

(a) ...........................................................

2,000

2,090

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A

,

Class

F

,

.27

%

,

2/15/52

,

Callable

2/15/26

@

(a) ..............

3,000

2,918

Series

2024-1A

,

Class

F

,

.87

%

,

5/15/54

,

Callable

5/15/27

@

(a) ..............

875

908

Zayo

Issuer

LLC

,

Series

2025-1A

,

Class

C

,

.66

%

,

3/20/55

,

Callable

9/20/28

@

(a) .....

2,500

2,583

40,281

Total

Asset-Backed

Securities

(Cost

$57,545)

a

a

a

58,737

Collateralized

Mortgage

Obligations

(1.5%)

Commercial

MBS

(1.5%):

Atrium

Hotel

Portfolio

Trust

...............................................

Series

2025-ATRM

,

Class

D

,

.33

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ..........

1,000

997

Series

2025-ATRM

,

Class

F

,

.53

%

(TSFR1M

+

550

bps)

,

8/15/42

(a) (b) (c) ...........

750

750

Aventura

Mall

Trust

,

Series

2018-AVM

,

Class

C

,

.11

%

,

7/5/40

(a) (c) (d) ................

3,000

2,919

BAHA

Trust

,

Series

2024

,

Class

C

,

.52

%

,

12/10/41

(a) (c) (d) ........................

893

931

BX

Trust

,

Series

2025-GW

,

Class

D

,

.78

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) .........

1,526

1,530

BXP

Trust

,

Series

2021-601L

,

Class

D

,

.78

%

,

1/15/44

(a) (c) (d) ......................

2,000

1,613

COMM

Mortgage

Trust

,

Series

2024-277P

,

Class

B

,

.00

%

,

8/10/44

(a) (c) (d) ............

1,500

1,594

Hudson

Yards

Mortgage

Trust

,

Series

2025-SPRL

,

Class

D

,

.34

%

,

1/13/40

(a) (c) (d) .......

Manhattan

West

Mortgage

Trust

,

Series

2020-1MW

,

Class

D

,

.33

%

,

9/10/39

(a) (c) (d) ......

1,155

1,088

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) ONE

Mortgage

Trust

,

Series

2021-PARK

,

Class

D

,

.65

%

(TSFR1M

+

bps)

,

3/15/36

(a) (b) (c) .............................................................

$

1,775

$

1,707

SHR

Trust

,

Series

2024-LXRY

,

Class

D

,

.63

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) .....

1,250

1,250

14,482

Private

CMO

Floating

(0.0%):(e)

CHL

Mortgage

Pass-Through

Trust

,

Series

2004-25

,

Class

1A6

,

.07

%

(TSFR1M

+

bps)

,

2/25/35

,

Callable

11/25/25

@

(b) .....................................

Total

Collateralized

Mortgage

Obligations

(Cost

$14,074)

a

a

a

14,519

Shares

Common

Stocks

(0.3%)

Communication

Services

(0.2%):

Altice

France

SA

(f) .....................................................

123,404

2,043

Altice

Luxembourg

(f) ....................................................

9,159

2,182

Consumer

Discretionary

(0.0%):(e)

WW

International,

Inc.

(f) (g) ...............................................

8,436

Energy

(0.1%):

GenOn

Energy,

Inc.

(f) (h) .................................................

16,168

566

Sabine

Oil

&

Gas

Holdings,

Inc.

(f) (h) ........................................

2,824

—

(i) 566

Real

Estate

(0.0%):(e)

Crown

Castle,

Inc.

......................................................

6,253

564

Total

Common

Stocks

(Cost

$5,714)

a

a

a

3,606

Preferred

Stocks

(0.4%)

Consumer

Staples

(0.4%):

CHS,

Inc.

Series

,

.10

%

(j) ..................................................

76,204

1,917

Series

,

.88

%

(j) ..................................................

87,180

2,302

4,219

Real

Estate

(0.0%):(e)

Prologis,

Inc.

,

Series

Q

,

.54

%

(j) ............................................

5,310

Total

Preferred

Stocks

(Cost

$4,430)

a

a

a

4,504

Principal

Amount

(000) Senior

Secured

Loans

(7.4%)

Communication

Services

(0.7%):

Altice

France

SA,

USD

Term

Loan

B-14,

First

Lien

,

5/15/31

(k) ......................

2,685

2,677

Versant

Media

Group,

Inc,

Term

Loan

B,

First

Lien

,

10/23/30

(k) .....................

500

Zayo

Group

Holdings,

Inc.,

Initial

Dollar

Term

Loan,

First

Lien

,

.66

%

(SOFR01M

+

bps)

,

3/11/30

(b) ........................................................

2,858

2,729

5,904

Consumer

Discretionary

(2.5%):

Alterra

Mountain

Company,

Series

Term

Loan,

First

Lien

,

.66

%

(SOFR01M

+

bps)

,

5/31/30

(b) ........................................................

AMC

Entertainment

Holdings,

Inc.,

Initial

Exchange

Term

Loan,

First

Lien

,

.03

%

(SOFR01M

+

700

bps)

,

1/4/29

(b) .........................................

4,316

4,320

Fertitta

Entertainment

LLC,

Initial

B

Term

Loan,

First

Lien

,

.41

%

(SOFR01M

+

bps)

,

1/29/29

(b) ........................................................

Great

Outdoors

Group

LLC,

Term

Loan

B,

First

Lien

,

.41

%

(SOFR01M

+

bps)

,

1/23/32

(b) 966

965

Metropolis

Technologies,

Inc.,

Term

Loan

B,

First

Lien

,

10/20/32

(k) ..................

2,240

2,218

Ontario

Gaming

GTA

LP,

Term

B

Loans,

First

Lien

,

.24

%

(SOFR03M

+

bps)

,

8/1/30

(b) ..

1,857

1,738

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien

,

.25

%

(SOFR03M

+

bps)

,

3/6/28

(b) .........................................

12,169

11,977

PetSmart,

Inc.,

Initial

Term

Loan,

First

Lien

,

.03

%

(SOFR01M

+

bps)

,

8/18/32

(b) ......

2,000

1,970

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

E.W.

Scripps

Co.,

Tranche

Term

Loan,

First

Lien

,

.78

%

(SOFR01M

+

575

bps)

,

6/30/28

(b) ........................................................

$

1,697

$

1,716

25,599

Consumer

Staples

(0.4%):

Alliance

Laundry

Systems

LLC,

Initial

Term

B

Loans,

First

Lien

,

.25

%

(SOFR01M

+

bps)

,

8/19/31

(b) ........................................................

723

724

Alliance

Laundry

Systems

LLC,

Initial

Term

B

Loans,

First

Lien

,

.11

%

(SOFR03M

+

bps)

,

8/19/31

(b) ........................................................

1,323

1,324

TKC

Holdings,

Inc.,

Closing

Date

Initial

Term

Loan,

First

Lien

,

.98

%

(SOFR01M

+

500

bps)

,

5/15/28

(b) ........................................................

1,944

1,945

3,993

Financials

(2.4%):

1261229

BC

Ltd.,

Initial

Term

Loans,

First

Lien

,

.41

%

(SOFR01M

+

625

bps)

,

10/8/30

(b) ..

873

866

Acrisure

LLC,

Term

Loan

B-

6,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

11/6/30

(b) .......

990

988

Amynta

Agency

Borrower,

Inc.,

2025

Refinancing

Term

Loans,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

12/29/31

(b) .......................................

975

976

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien

,

.75

%

(SOFR03M

+

bps)

,

2/18/31

(b) ........................................

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien

,

.95

%

(SOFR06M

+

bps)

,

2/18/31

(b) ........................................

BCPE

Pequod

Buyer,

Inc.,

Initial

Term

Loans,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

11/25/31

(b) .......................................................

500

C&S

Wholesale

Grocers,

Inc.,

Initial

Term

Loan,

First

Lien

,

.00

%

(SOFR03M

+

500

bps)

,

8/6/30

(b) .........................................................

3,250

3,193

CP

Atlas

Buyer,

Inc.,

2025

Term

B

Loan,

First

Lien

,

.41

%

(SOFR01M

+

525

bps)

,

7/8/30

(b) ..

3,529

3,474

Directv

Financing

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien

,

.56

%

(SOFR03M

+

525

bps)

,

8/2/29

(b) .........................................

700

701

Hyperion

Refinance

SARL,

Term

Loan

B,

First

Lien

,

.66

%

(SOFR01M

+

bps)

,

4/18/30

(b) 1,767

1,774

LC

Ahab

US

Bidco

LLC,

Initial

Term

Loan,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

5/1/31

(b) 495

Lealand

Finance

Co.

B.V.,

Make

Whole

Term

Loan,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

6/30/27

(b) ........................................................

Moneygram

International,

Inc.,

2024

Repricing

Term

Loans,

First

Lien

,

.81

%

(SOFR03M

+

bps)

,

6/3/30

(b) .........................................

980

868

Neptune

BidCo

US,

Inc.,

Dollar

Term

A

Loan,

First

Lien

,

.66

%

(SOFR03M

+

bps)

,

10/11/28

(b) .......................................................

Neptune

BidCo

US,

Inc.,

Dollar

Term

B

Loan,

First

Lien

,

.91

%

(SOFR03M

+

500

bps)

,

4/11/29

(b) ........................................................

OneDigital

Borrower

LLC,

Initial

Loan,

Second

Lien

,

.41

%

(SOFR01M

+

525

bps)

,

7/2/32

(b) 3,000

3,021

Osaic

Holdings,

Inc.,

Initial

Term

Loan,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

8/2/32

(b) ..

Roper

Industrial

Products

Investment

Co.

LLC,

Tranche

D

Dollar

Term

Loan,

First

Lien

,

.75

%

(SOFR03M

+

bps)

,

11/23/29

(b) ..................................

StubHub

Holdco

Sub

LLC,

Term

B,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

3/15/30

(b) ....

591

590

Trucordia

Insurance

Holdings

LLC,

Initial

Term

Loans,

First

Lien

,

.41

%

(SOFR01M

+

bps)

,

6/17/32

(b) ........................................

883

885

Voyager

Parent

LLC,

Term

B

Loans,

First

Lien

,

.75

%

(SOFR03M

+

bps)

,

7/1/32

(b) .....

2,000

1,998

WestJet

Loyalty

LP,

Initial

Term

Loan,

First

Lien

,

.25

%

(SOFR03M

+

bps)

,

2/14/31

(b) ..

985

988

23,081

Health

Care

(0.2%):

Bausch

+

Lomb

Corp.,

New

Term

Loans,

First

Lien

,

.16

%

(SOFR01M

+

bps)

,

9/29/28

(b) 1,470

1,473

Bausch

+

Lomb

Corp.,

Third

Amendment

Term

Loan,

First

Lien

,

.41

%

(SOFR01M

+

bps)

,

1/15/31

(b) ........................................................

798

802

2,275

Industrials

(0.2%):

Twitter,

Inc.,

Tranche

Loan,

First

Lien

,

.81

%

(SOFR03M

+

650

bps)

,

10/29/29

(b) .....

992

967

Windstream

Services

LLC,

2024

Term

Loans,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

10/1/31

(b) ........................................................

1,000

993

1,960

Information

Technology

(0.7%):

Central

Parent

LLC,

2024

Refinancing

Term

Loan,

First

Lien

,

.25

%

(SOFR03M

+

bps)

,

7/6/29

(b) .........................................................

4,710

3,866

Rocket

Software,

Inc.,

Term

Loan,

First

Lien

,

.91

%

(SOFR01M

+

bps)

,

11/28/28

(b) ....

2,955

2,941

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Sandisk

Corp.,

Term

B

Loan,

First

Lien

,

.86

%

(SOFR03M

+

bps)

,

2/23/32

(b) .........

$

$

UKG,

Inc.,

Initial

Term

Loans,

First

Lien

,

.34

%

(SOFR03M

+

bps)

,

2/10/31

(b) ........

7,013

Materials

(0.2%):

Consolidated

Energy

Finance

S.A.,

2024

Incremental

Term

Loan,

First

Lien

,

.66

%

(SOFR01M

+

bps)

,

11/18/30

(b) .......................................

1,795

1,501

Utilities

(0.1%):

SGH2

LLC,

Initial

Term

Loan,

First

Lien

,

.51

%

(SOFR06M

+

bps)

,

8/18/32

(b) ........

1,322

1,321

Total

Senior

Secured

Loans

(Cost

$72,909)

a

a

a

72,647

Corporate

Bonds

(59.1%)

Communication

Services

(11.1%):

AMC

Networks,

Inc.

.25

%

,

1/15/29

,

Callable

1/15/26

@

105.13 (a) .............................

1,200

1,260

.25

%

,

2/15/29

,

Callable

11/15/25

@

101.06 ...............................

.50

%

,

7/15/32

,

Callable

7/15/28

@

105.25 (a) .............................

2,984

3,140

Cablevision

Lightpath

LLC

,

.63

%

,

9/15/28

,

Callable

11/15/25

@

(a) ...............

1,997

1,969

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

.75

%

,

3/1/30

,

Callable

12/5/25

@

101.58 (a) ...............................

500

.50

%

,

8/15/30

,

Callable

12/5/25

@

102.25 (a) ..............................

500

.50

%

,

6/1/33

,

Callable

6/1/27

@

102.25 (a) ................................

6,900

5,990

.25

%

,

1/15/34

,

Callable

1/15/28

@

102.13 (a) ..............................

4,715

3,961

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corp.

,

.50

%

,

10/15/29

,

Callable

10/15/26

@

104.75 (a) (g) ......................................................

1,500

1,054

Clear

Channel

Outdoor

Holdings,

Inc.

.50

%

,

6/1/29

,

Callable

12/5/25

@

101.88 (a) ...............................

858

842

.88

%

,

4/1/30

,

Callable

10/1/26

@

103.94 (a) ...............................

.50

%

,

3/15/33

,

Callable

9/15/28

@

103.75 (a) ..............................

3,187

3,335

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.

,

.50

%

,

7/1/32

,

Callable

7/1/28

@

103.25 (a) (g) ......................................................

2,149

2,054

CSC

Holdings

LLC

.25

%

,

5/15/28

,

Callable

11/15/25

@

105.63 (a) ............................

4,500

3,942

.75

%

,

1/31/29

,

Callable

1/31/26

@

105.88 (a) .............................

3,000

2,365

.00

%

,

11/15/31

,

Callable

11/15/26

@

102.5 (a) (g) ...........................

1,500

525

Cumulus

Media

New

Holdings,

Inc.

,

.00

%

,

7/1/29

,

Callable

12/5/25

@

(a) ..........

7,151

2,008

Directv

Financing

LLC/Directv

Financing

Co-Obligor,

Inc.

.88

%

,

8/15/27

,

Callable

12/5/25

@

101.47 (a) ..............................

.00

%

,

2/15/31

,

Callable

2/15/27

@

(a) ...............................

3,548

3,548

DISH

DBS

Corp.

.75

%

,

7/1/26

.....................................................

2,105

2,083

.25

%

,

12/1/26

,

Callable

6/1/26

@

(a) .................................

1,500

1,476

DISH

Network

Corp.

,

.75

%

,

11/15/27

,

Callable

11/15/25

@

102.94 (a) ...............

12,249

12,889

EchoStar

Corp.

.75

%

,

11/30/29

,

Callable

11/30/26

@

105.38 ..............................

7,309

8,048

.75

%

,

11/30/30

,

Callable

11/30/26

@

(l) ...............................

4,246

4,383

Frontier

Communications

Holdings

LLC

,

.75

%

,

5/1/29

,

Callable

12/5/25

@

101.69 (a) .....

12,321

12,444

Gray

Media,

Inc.

.50

%

,

7/15/29

,

Callable

7/15/26

@

105.25 (a) .............................

1,440

1,551

.75

%

,

10/15/30

,

Callable

11/15/25

@

102.38 (a) ............................

.63

%

,

7/15/32

,

Callable

7/15/28

@

104.81 (a) ..............................

iHeartCommunications,

Inc.

,

.13

%

,

5/1/29

,

Callable

12/20/26

@

(a) ...............

1,800

1,660

Lamar

Media

Corp.

.63

%

,

1/15/31

,

Callable

1/15/26

@

101.81 ................................

947

886

.38

%

,

11/1/33

,

Callable

11/1/28

@

102.69 (a) ..............................

Match

Group

Holdings

II

LLC

,

.63

%

,

6/1/28

,

Callable

11/15/25

@

(a) .............

2,000

1,971

Nexstar

Media,

Inc.

,

.63

%

,

7/15/27

,

Callable

11/15/25

@

(a) ....................

1,500

1,499

Scripps

Escrow

II,

Inc.

.88

%

,

1/15/29

,

Callable

12/5/25

@

100.97 (a) (g) ............................

631

570

.38

%

,

1/15/31

,

Callable

1/15/26

@

102.69 (a) ..............................

1,180

821

Sinclair

Television

Group,

Inc.

,

.13

%

,

2/15/33

,

Callable

2/15/28

@

104.06 (a) ...........

2,181

2,225

The

E.W.

Scripps

Co.

,

.88

%

,

8/15/30

,

Callable

8/15/27

@

104.94 (a) ..................

864

820

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Uniti

Group

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital

LLC

,

.63

%

,

6/15/32

,

Callable

6/15/28

@

104.31 (a) (g) ..............................................

$

883

$

826

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC

,

.50

%

,

2/15/29

,

Callable

11/15/25

@

101.63 (a) ................................................

500

Univision

Communications,

Inc.

.38

%

,

6/30/30

,

Callable

12/5/25

@

103.69 (a) ..............................

2,000

2,009

.38

%

,

8/1/32

,

Callable

8/1/28

@

104.69 (a) ................................

1,765

1,863

Urban

One,

Inc.

,

.38

%

,

2/1/28

,

Callable

12/5/25

@

101.84 (a) .......................

3,616

1,841

Versant

Media

Group,

Inc.

,

.25

%

,

1/30/31

,

Callable

1/30/28

@

103.63 (a) ..............

991

1,010

Warnermedia

Holdings,

Inc.

,

.05

%

,

3/15/42

,

Callable

9/15/41

@

.................

4,127

3,313

Windstream

Services

LLC

,

.50

%

,

10/15/33

,

Callable

10/15/28

@

103.75 (a) ............

1,785

1,782

Windstream

Services

LLC/Windstream

Escrow

Finance

Corp.

,

.25

%

,

10/1/31

,

Callable

10/1/27

@

104.13 (a) ................................................

1,000

1,021

Zayo

Group

Holdings,

Inc.

,

.25

%

,

3/9/30

,

Callable

11/15/25

@

(a) ................

4,217

4,010

109,494

Consumer

Discretionary

(8.0%):

Advance

Auto

Parts,

Inc.

,

.38

%

,

8/1/33

,

Callable

8/1/28

@

103.69 (a) .................

3,550

3,594

Albertsons

Cos,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

,

.75

%

,

3/31/34

,

Callable

11/15/28

@

102.88 (a) .........................................

895

899

Amsted

Industries,

Inc.

,

.38

%

,

3/15/33

,

Callable

3/15/28

@

103.19 (a) ................

3,719

3,847

Asbury

Automotive

Group,

Inc.

,

.00

%

,

2/15/32

,

Callable

11/15/26

@

102.5 (a) ..........

1,850

1,780

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.

.63

%

,

4/1/30

,

Callable

12/5/25

@

102.31 (a) ...............................

4,211

3,965

.88

%

,

8/1/33

,

Callable

8/1/28

@

103.44 (a) ................................

2,272

2,278

Beazer

Homes

USA,

Inc.

,

.25

%

,

10/15/29

,

Callable

11/20/25

@

102.42 ...............

1,250

1,267

Boyd

Gaming

Corp.

,

.75

%

,

6/15/31

,

Callable

6/15/26

@

102.38 (a) ...................

1,100

1,059

Boyne

USA,

Inc.

,

.75

%

,

5/15/29

,

Callable

12/5/25

@

101.19 (a) .....................

2,615

2,561

Caesars

Entertainment,

Inc.

.00

%

,

2/15/30

,

Callable

2/15/26

@

103.5 (a) ...............................

500

515

.50

%

,

2/15/32

,

Callable

2/15/27

@

103.25 (a) ..............................

2,845

2,869

.00

%

,

10/15/32

,

Callable

10/15/27

@

(a) (g) ............................

1,336

1,275

Century

Communities,

Inc.

,

.88

%

,

8/15/29

,

Callable

2/15/29

@

(a) ................

2,650

2,486

Choice

Hotels

International,

Inc.

,

.85

%

,

8/1/34

,

Callable

5/1/34

@

................

Churchill

Downs,

Inc.

.75

%

,

4/1/30

,

Callable

11/15/25

@

102.88 (a) ..............................

1,000

1,002

.75

%

,

5/1/31

,

Callable

5/1/26

@

103.38 (a) ................................

1,355

1,388

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

,

.75

%

,

1/15/30

,

Callable

12/5/25

@

103.38 (a) (g) ..............................................

1,627

1,508

Ford

Motor

Co.

,

.75

%

,

1/15/43

............................................

2,000

1,611

Garrett

Motion

Holdings,

Inc./Garrett

LX

I

SARL

,

.75

%

,

5/31/32

,

Callable

5/31/27

@

103.88 (a) .........................................................

1,000

1,053

Group

Automotive,

Inc.

,

.38

%

,

1/15/30

,

Callable

7/15/26

@

103.19 (a) ...............

1,100

1,124

Hanesbrands,

Inc.

,

.00

%

,

2/15/31

,

Callable

2/15/26

@

104.5 (a) (g) ...................

1,500

1,584

Hilton

Domestic

Operating

Co.,

Inc.

,

.00

%

,

5/1/31

,

Callable

5/1/26

@

(a) ...........

2,100

1,995

LCM

Investments

Holdings

II

LLC

,

.25

%

,

8/1/31

,

Callable

8/1/26

@

104.13 (a) .........

1,000

1,052

Light

&

Wonder

International,

Inc.

,

.25

%

,

11/15/29

,

Callable

11/20/25

@

102.42 (a) (g) ....

500

513

Lithia

Motors,

Inc.

.88

%

,

6/1/29

,

Callable

12/5/25

@

100.97 (a) ...............................

4,739

4,527

.38

%

,

1/15/31

,

Callable

12/5/25

@

102.19 (a) ..............................

1,950

1,859

M/I

Homes,

Inc.

,

.95

%

,

2/1/28

,

Callable

11/20/25

@

101.24 .......................

3,000

2,990

MGM

Resorts

International

,

.13

%

,

9/15/29

,

Callable

9/15/26

@

103.06 ...............

1,350

1,374

Newell

Brands,

Inc.

,

.38

%

,

4/1/36

,

Callable

10/1/35

@

........................

500

Nordstrom,

Inc.

,

.38

%

,

4/1/30

,

Callable

1/1/30

@

............................

898

851

PetSmart

LLC/PetSmart

Finance

Corp.

.50

%

,

9/15/32

,

Callable

9/15/28

@

103.75 (a) ..............................

3,250

3,249

.00

%

,

9/15/33

,

Callable

9/15/28

@

(a) ...............................

500

503

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

,

.63

%

,

4/6/31

,

Callable

1/6/31

@

(a) .

1,100

938

Saks

Global

Enterprises

LLC

.00

%

,

12/15/29

,

Callable

12/15/26

@

105.5 (a) (g) ..........................

567

.00

%

,

12/15/29

,

Callable

12/15/26

@

105.5 (a) ............................

1,559

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo,

Inc.

,

.63

%

,

3/1/30

,

Callable

12/5/25

@

103.31 (a) ................................................

1,342

1,225

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Six

Flags

Entertainment

Corp./Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Co.

,

.63

%

,

5/1/32

,

Callable

5/1/27

@

103.31 (a) .....................................

$

1,467

$

1,488

Sotheby's

,

.38

%

,

10/15/27

,

Callable

11/15/25

@

(a) ...........................

3,818

3,818

Staples,

Inc.

,

.75

%

,

9/1/29

,

Callable

9/1/26

@

105.38 (a) .........................

2,500

2,439

Taylor

Morrison

Communities,

Inc.

.75

%

,

1/15/28

,

Callable

10/15/27

@

(a) ...............................

1,000

1,012

.13

%

,

8/1/30

,

Callable

2/1/30

@

(a) ..................................

1,311

1,308

The

Michaels

Cos.,

Inc.

,

.25

%

,

5/1/28

,

Callable

11/15/25

@

(a) ..................

1,342

1,253

Vail

Resorts,

Inc.

,

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.25 (a) .....................

2,565

2,662

VT

Topco,

Inc.

,

.50

%

,

8/15/30

,

Callable

8/15/26

@

104.25 (a) ......................

500

520

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

12/5/25

@

100.81 (a) 2,085

2,037

ZF

North

America

Capital,

Inc.

,

.88

%

,

4/23/32

,

Callable

2/23/32

@

(a) .............

2,000

1,823

78,694

Consumer

Staples

(5.0%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

.50

%

,

2/15/28

,

Callable

12/5/25

@

103.25 (a) ..............................

2,441

2,487

.88

%

,

2/15/30

,

Callable

12/5/25

@

103.66 (a) ..............................

6,750

6,665

.25

%

,

3/15/33

,

Callable

3/15/28

@

103.13 (a) ..............................

6,823

7,019

C&S

Group

Enterprises

LLC

,

.00

%

,

12/15/28

,

Callable

12/5/25

@

101.25 (a) ...........

2,693

2,458

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

.60

%

,

1/15/31

,

Callable

12/15/30

@

(a) ...........................................

Edgewell

Personal

Care

Co.

,

.13

%

,

4/1/29

,

Callable

11/15/25

@

101.03 (a) .............

3,804

3,615

Goat

Holdco

LLC

,

.75

%

,

2/1/32

,

Callable

2/1/28

@

103.38 (a) ......................

1,940

1,990

Performance

Food

Group,

Inc.

.25

%

,

8/1/29

,

Callable

12/5/25

@

101.06 (a) ...............................

3,600

3,513

.13

%

,

9/15/32

,

Callable

9/15/27

@

103.06 (a) ..............................

1,100

1,129

Post

Holdings,

Inc.

.63

%

,

4/15/30

,

Callable

11/20/25

@

102.31 (a) .............................

1,000

970

.25

%

,

2/15/32

,

Callable

2/15/27

@

103.13 (a) ..............................

5,078

5,221

.38

%

,

3/1/33

,

Callable

9/1/27

@

103.19 (a) ................................

3,490

3,544

Quikrete

Holdings,

Inc.

,

.38

%

,

3/1/32

,

Callable

3/1/28

@

103.19 (a) ..................

4,464

4,634

U.S.

Foods,

Inc.

.75

%

,

2/15/29

,

Callable

12/5/25

@

101.19 (a) ..............................

3,000

2,969

.75

%

,

4/15/33

,

Callable

10/15/27

@

102.88 (a) .............................

2,418

2,450

49,108

Energy

(3.8%):

CITGO

Petroleum

Corp.

,

.38

%

,

1/15/29

,

Callable

12/5/25

@

104.19 (a) ...............

4,562

4,748

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC

,

.50

%

,

6/15/31

,

Callable

6/15/26

@

102.75 (a) 2,500

2,476

Energy

Transfer

LP

,

.13

%

(H15T5Y

+

531

bps)

,

Callable

5/15/30

@

(b) (j) ............

Harvest

Midstream

I

LP

,

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.75 (a) ................

4,100

4,247

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

.75

%

,

2/1/29

,

Callable

12/5/25

@

101.92 (a) ...............................

1,339

1,312

.25

%

,

2/15/35

,

Callable

2/15/30

@

103.63 (a) ..............................

685

659

Hunt

Cos.,

Inc.

,

.25

%

,

4/15/29

,

Callable

12/5/25

@

101.31 (a) ......................

2,178

2,119

Moss

Creek

Resources

Holdings,

Inc.

,

.25

%

,

9/1/31

,

Callable

9/1/27

@

104.13 (a) ........

2,661

2,574

Murphy

Oil

USA,

Inc.

,

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88 (a) .................

2,323

2,161

Permian

Resources

Operating

LLC

,

.25

%

,

2/1/33

,

Callable

8/1/27

@

103.13 (a) ..........

3,646

3,713

Prairie

Acquiror

LP

,

.00

%

,

8/1/29

,

Callable

2/1/26

@

104.5 (a) ......................

500

515

Sunoco

LP

.88

%

(H15T5Y

+

bps)

,

Callable

9/18/30

@

(a) (b) (j) .....................

894

909

.25

%

,

5/1/32

,

Callable

5/1/27

@

103.63 (a) ................................

2,261

2,383

.25

%

,

7/1/33

,

Callable

7/1/28

@

103.13 (a) ................................

1,550

1,583

.88

%

,

3/15/34

,

Callable

9/15/28

@

102.94 (a) ..............................

1,341

1,341

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.

,

.38

%

,

2/15/29

,

Callable

2/15/26

@

103.69 (a) ......................................................

1,000

1,031

Venture

Global

LNG,

Inc.

.38

%

,

6/1/31

,

Callable

6/1/26

@

104.19 (a) ................................

2,000

2,053

.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

2,426

Vital

Energy,

Inc.

,

.88

%

,

4/15/32

,

Callable

4/15/27

@

103.94 (a) (g) ...................

37,179

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Financials

(6.4%):

Acrisure

LLC/Acrisure

Finance,

Inc.

.25

%

,

2/1/29

,

Callable

2/1/26

@

104.13 (a) ................................

$

750

$

782

.50

%

,

11/6/30

,

Callable

5/15/26

@

103.75 (a) ..............................

1,205

1,248

.75

%

,

7/1/32

,

Callable

7/1/28

@

103.38 (a) ................................

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer

,

.50

%

,

10/1/31

,

Callable

10/1/27

@

103.69 (a) ................................................

1,000

1,027

Amynta

Agency

Borrower,

Inc.

and

Amynta

Warranty

Borrower,

Inc.

,

.50

%

,

7/15/33

,

Callable

7/15/28

@

103.75 (a) ................................................

983

1,013

Baldwin

Insurance

Group

Holdings

LLC/Baldwin

Insurance

Group

Holdings

Finance

,

.13

%

,

5/15/31

,

Callable

5/15/27

@

103.56 (a) ....................................

1,100

1,129

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.

,

.50

%

,

7/1/32

,

Callable

7/1/28

@

104.75 (a) .................................................

872

880

Beach

Acquisition

Bidco

LLC

,

.00

%

,

7/15/33

,

Callable

7/15/28

@

(a) (m) ..........

1,573

1,692

Block,

Inc.

,

.00

%

,

8/15/33

,

Callable

8/15/28

@

(a) ............................

1,251

1,279

Boost

Newco

Borrower

LLC

,

.50

%

,

1/15/31

,

Callable

1/15/27

@

103.75 (a) ............

5,962

6,320

Burford

Capital

Global

Finance

LLC

,

.50

%

,

7/15/33

,

Callable

7/15/28

@

103.75 (a) .......

5,207

5,144

Credit

Acceptance

Corp.

,

.63

%

,

3/15/30

,

Callable

3/15/27

@

103.31 (a) ................

1,767

1,764

EMRLD

Borrower

LP/Emerald

Co-Issuer,

Inc.

,

.63

%

,

12/15/30

,

Callable

6/15/26

@

103.31 (a) .........................................................

3,000

3,083

EZCORP,

Inc.

,

.38

%

,

4/1/32

,

Callable

4/1/28

@

103.69 (a) .........................

1,023

1,082

Focus

Financial

Partners

LLC

,

.75

%

,

9/15/31

,

Callable

9/15/27

@

103.38 (a) ............

1,625

1,676

Ford

Motor

Credit

Co.

LLC

.00

%

,

11/13/30

,

Callable

8/13/30

@

..................................

2,500

2,346

.13

%

,

3/8/34

,

Callable

12/8/33

@

...................................

853

862

Getty

Images,

Inc.

,

.50

%

,

11/15/30

,

Callable

11/15/27

@

105.25 (a) .................

1,890

1,906

Hightower

Holding

LLC

,

.13

%

,

1/31/30

,

Callable

7/31/26

@

104.56 (a) ...............

750

804

Jane

Street

Group/JSG

Finance,

Inc.

,

.75

%

,

5/1/33

,

Callable

5/1/28

@

103.38 (a) .........

4,456

4,646

Lehman

Brothers

Holdings,

Inc.

,

.75

%

,

4/25/11

,

MTN

(n) .........................

1,000

Level

Financing,

Inc.

.75

%

,

7/15/29

,

Callable

12/5/25

@

100.94 (a) (g) ............................

2,649

2,352

.88

%

,

10/15/30

,

Callable

11/15/25

@

101.81 (a) ............................

2,617

2,354

.88

%

,

6/30/33

,

Callable

6/30/28

@

103.44 (a) ..............................

883

905

.00

%

,

3/31/34

,

Callable

8/31/28

@

103.5 (a) ...............................

1,777

1,826

MetLife,

Inc.

,

.75

%

,

8/1/39

,

Callable

8/1/34

@

.............................

1,000

1,338

Mobius

Merger

Sub,

Inc.

,

.00

%

,

6/1/30

,

Callable

6/1/26

@

104.5 (a) ..................

2,453

2,028

NCR

Atleos

Corp.

,

.50

%

,

4/1/29

,

Callable

10/1/26

@

104.75 (a) .....................

500

540

Osaic

Holdings,

Inc.

.75

%

,

8/1/32

,

Callable

8/1/28

@

103.38 (a) ................................

1,327

1,370

.00

%

,

8/1/33

,

Callable

8/1/28

@

(a) ..................................

1,203

1,235

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co-Issuer

,

.88

%

,

5/15/29

,

Callable

12/5/25

@

101.22 (a) ....................................

500

PRA

Group,

Inc.

,

.88

%

,

1/31/30

,

Callable

6/1/26

@

104.44 (a) ......................

1,700

1,727

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.

,

.75

%

,

8/15/32

,

Callable

8/15/27

@

103.38 (a) .........................................................

2,300

2,376

Starwood

Property

Trust,

Inc.

.38

%

,

1/15/27

,

Callable

7/15/26

@

(a) ................................

500

.25

%

,

4/1/29

,

Callable

10/1/28

@

(a) .................................

500

527

UWM

Holdings

LLC

,

.25

%

,

3/15/31

,

Callable

3/15/28

@

103.13 (a) ..................

893

891

Voyager

Parent

LLC

,

.25

%

,

7/1/32

,

Callable

7/1/28

@

104.63 (a) ....................

2,730

2,864

Watco

Cos.

LLC/Watco

Finance

Corp.

,

.13

%

,

8/1/32

,

Callable

8/1/27

@

103.56 (a) .......

1,000

1,036

63,138

Health

Care

(4.5%):

Acadia

Healthcare

Co.,

Inc.

,

.38

%

,

3/15/33

,

Callable

3/15/28

@

103.69 (a) (g) ...........

828

857

Centene

Corp.

,

.63

%

,

12/15/29

,

Callable

12/5/25

@

102.31 ........................

3,111

3,018

CHS/Community

Health

Systems,

Inc.

.75

%

,

2/15/31

,

Callable

2/15/26

@

102.38 (a) ..............................

1,500

1,339

.88

%

,

1/15/32

,

Callable

2/15/27

@

105.44 (a) .............................

1,083

1,167

.75

%

,

1/15/34

,

Callable

8/15/28

@

104.88 (a) ..............................

1,280

1,355

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

.63

%

,

7/15/30

,

Callable

7/16/26

@

103.31 (a) ..........................................

1,257

1,290

CVS

Health

Corp.

,

.00

%

(H15T5Y

+

bps)

,

3/10/55

,

Callable

12/10/29

@

(b) .......

DENTSPLY

SIRONA,

Inc.

,

.38

%

(H15T5Y

+

bps)

,

9/12/55

,

Callable

6/12/30

@

(b) .

2,284

2,354

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Eastern

Maine

Healthcare

Systems

,

.02

%

,

7/1/36

...............................

$

3,000

$

2,526

Encompass

Health

Corp.

,

.63

%

,

4/1/31

,

Callable

4/1/26

@

102.31 ...................

500

Medline

Borrower

LP

,

.88

%

,

4/1/29

,

Callable

12/5/25

@

100.97 (a) ..................

4,842

4,704

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.

,

.25

%

,

4/1/29

,

Callable

4/1/26

@

103.13 (a) ..

1,100

1,132

Paradigm

Parent

LLC

and

Paradigm

Parent

Co-Issuer,

Inc.

,

.75

%

,

4/17/32

,

Callable

4/17/28

@

104.38 (a) ......................................................

886

835

Pediatrix

Medical

Group,

Inc.

,

.38

%

,

2/15/30

,

Callable

12/5/25

@

102.69 (a) ............

3,500

3,479

Prestige

Brands,

Inc.

,

.75

%

,

4/1/31

,

Callable

4/1/26

@

101.88 (a) ....................

5,400

5,014

Prime

Healthcare

Services,

Inc.

,

.38

%

,

9/1/29

,

Callable

9/1/26

@

104.69 (a) ............

4,439

4,671

Tenet

Healthcare

Corp.

.13

%

,

11/1/27

,

Callable

11/20/25

@

..................................

4,466

4,465

.13

%

,

10/1/28

,

Callable

12/5/25

@

..................................

2,683

2,686

U.S.

Acute

Care

Solutions

LLC

,

.75

%

,

5/15/29

,

Callable

5/15/26

@

104.88 (a) ..........

2,861

2,909

44,384

Industrials

(10.4%):

Alta

Equipment

Group,

Inc.

,

.00

%

,

6/1/29

,

Callable

6/1/26

@

104.5 (a) ................

American

Airlines,

Inc.

.25

%

,

2/15/28

,

Callable

12/5/25

@

103.63 (a) (g) ............................

500

512

.50

%

,

5/15/29

,

Callable

11/15/25

@

104.25 (a) .............................

1,000

1,043

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

,

.75

%

,

4/20/29

(a) ................

725

730

Arcosa,

Inc.

,

.88

%

,

8/15/32

,

Callable

8/15/27

@

103.44 (a) .........................

1,600

1,671

Axon

Enterprise,

Inc.

,

.25

%

,

3/15/33

,

Callable

3/15/28

@

103.13 (a) ..................

1,385

1,436

Beacon

Mobility

Corp.

,

.25

%

,

8/1/30

,

Callable

8/1/27

@

103.63 (a) ..................

1,107

1,153

BlueLinx

Holdings,

Inc.

,

.00

%

,

11/15/29

,

Callable

12/5/25

@

101.5 (a) ................

550

540

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

,

.50

%

,

2/1/32

,

Callable

2/1/28

@

103.75 (a) 2,188

2,209

Builders

FirstSource,

Inc.

,

.38

%

,

3/1/34

,

Callable

3/1/29

@

103.19 (a) .................

2,242

2,322

BWX

Technologies,

Inc.

,

.13

%

,

4/15/29

,

Callable

11/20/25

@

101.03 (a) ...............

1,000

975

Cornerstone

Building

Brands,

Inc.

,

.50

%

,

8/15/29

,

Callable

8/15/26

@

104.75 (a) .........

6,272

5,789

Cougar

JV

Subsidiary

LLC

,

.00

%

,

5/15/32

,

Callable

5/15/27

@

(a) ................

1,000

1,067

CP

Atlas

Buyer,

Inc.

,

.75

%

,

7/15/30

,

Callable

7/15/27

@

104.88 (a) ...................

2,659

2,776

EMRLD

Borrower

LP/Emerald

Co-Issuer,

Inc.

,

.75

%

,

7/15/31

,

Callable

7/15/27

@

103.38 (a) 1,275

1,322

Enpro,

Inc.

,

.13

%

,

6/1/33

,

Callable

6/1/28

@

103.06 (a) ...........................

850

872

Esab

Corp.

,

.25

%

,

4/15/29

,

Callable

4/15/26

@

103.13 (a) .........................

500

512

Gates

Corp.

,

.88

%

,

7/1/29

,

Callable

7/1/26

@

103.44 (a) ..........................

1,000

1,038

Genesee

&

Wyoming,

Inc.

,

.25

%

,

4/15/32

,

Callable

4/15/27

@

103.13 (a) ..............

2,348

2,394

Griffon

Corp.

,

.75

%

,

3/1/28

,

Callable

12/5/25

@

100.96 ..........................

1,500

1,499

GXO

Logistics,

Inc.

,

.50

%

,

5/6/34

,

Callable

2/6/34

@

.........................

809

869

Herc

Holdings,

Inc.

.63

%

,

6/15/29

,

Callable

6/15/26

@

103.31 (a) ..............................

2,000

2,066

.25

%

,

6/15/33

,

Callable

6/15/28

@

103.63 (a) (g) ............................

4,371

4,610

JB

Poindexter

&

Co.,

Inc.

,

.75

%

,

12/15/31

,

Callable

12/15/26

@

104.38 (a) .............

2,875

3,009

JetBlue

Airways

Corp./JetBlue

Loyalty

LP

,

.88

%

,

9/20/31

,

Callable

8/27/27

@

104.94 (a) ...

JH

North

America

Holdings,

Inc.

,

.13

%

,

7/31/32

,

Callable

7/31/28

@

103.06 (a) .........

1,359

1,395

Masterbrand,

Inc.

,

.00

%

,

7/15/32

,

Callable

7/15/27

@

103.5 (a) .....................

3,500

3,637

OneSky

Flight

LLC

,

.88

%

,

12/15/29

,

Callable

12/15/26

@

104.44 (a) .................

2,004

2,124

QXO

Building

Products,

Inc.

,

.75

%

,

4/30/32

,

Callable

4/30/28

@

103.38 (a) ............

2,009

2,084

Rand

Parent

LLC

,

.50

%

,

2/15/30

,

Callable

2/15/26

@

104.25 (a) (g) ..................

500

511

RB

Global

Holdings,

Inc.

,

.75

%

,

3/15/31

,

Callable

3/15/26

@

103.88 (a) ...............

2,000

2,091

Regal

Rexnord

Corp.

,

.40

%

,

4/15/33

,

Callable

1/15/33

@

......................

521

558

Resideo

Funding,

Inc.

,

.50

%

,

7/15/32

,

Callable

7/15/27

@

103.25 (a) .................

2,418

2,474

Roller

Bearing

Co.

of

America,

Inc.

,

.38

%

,

10/15/29

,

Callable

12/5/25

@

101.09 (a) .......

1,000

978

Science

Applications

International

Corp.

,

.88

%

,

11/1/33

,

Callable

11/1/28

@

102.94 (a) ....

894

891

Sensata

Technologies,

Inc.

,

.63

%

,

7/15/32

,

Callable

7/15/27

@

103.31 (a) ..............

1,000

1,041

Spirit

AeroSystems,

Inc.

.38

%

,

11/30/29

,

Callable

12/5/25

@

104.69 (a) .............................

4,000

4,203

.75

%

,

11/15/30

,

Callable

11/15/26

@

104.88 (a) ............................

6,777

7,446

Spirit

Airlines

Pass

Through

Trust

,

.10

%

,

4/1/28

................................

1,472

1,396

Standard

Industries,

Inc.

.38

%

,

7/15/30

,

Callable

12/5/25

@

102.19 (a) ..............................

3,000

2,894

.38

%

,

1/15/31

,

Callable

12/5/25

@

101.69 (a) ..............................

5,000

4,557

Star

Leasing

Co.

LLC

,

.63

%

,

2/15/30

,

Callable

2/15/27

@

103.81 (a) .................

867

820

The

GEO

Group,

Inc.

,

.63

%

,

4/15/29

,

Callable

4/15/26

@

104.31 ....................

The

Hertz

Corp.

,

.63

%

,

7/15/29

,

Callable

7/15/27

@

106.31 (a) .....................

2,550

2,527

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) TKC

Holdings,

Inc.

,

.50

%

,

5/15/29

,

Callable

12/5/25

@

102.63 (a) ..................

$

3,000

$

3,084

TransDigm,

Inc.

.88

%

,

5/1/29

,

Callable

12/5/25

@

101.22 .................................

1,500

1,484

.00

%

,

1/15/33

,

Callable

9/15/27

@

(a) ................................

1,000

1,016

TriNet

Group,

Inc.

,

.13

%

,

8/15/31

,

Callable

8/15/26

@

103.56 (a) ....................

2,200

2,282

United

Airlines

Pass

Through

Trust

,

.88

%

,

1/15/26

..............................

United

Rentals

North

America,

Inc.

.00

%

,

7/15/30

,

Callable

11/15/25

@

..................................

1,500

1,440

.13

%

,

3/15/34

,

Callable

3/15/29

@

103.06 (a) ..............................

4,916

5,137

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

2,304

Windsor

Holdings

III

LLC

,

.50

%

,

6/15/30

,

Callable

6/15/26

@

104.25 (a) ..............

1,000

1,055

XPO,

Inc.

,

.13

%

,

6/1/31

,

Callable

6/1/26

@

103.56 (a) ............................

101,700

Information

Technology

(3.2%):

AthenaHealth

Group,

Inc.

,

.50

%

,

2/15/30

,

Callable

12/5/25

@

103.25 (a) ...............

500

Block,

Inc.

,

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.25 ...........................

3,227

3,349

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

12/5/25

@

103.63 (a) ......

2,500

2,069

Cloud

Software

Group,

Inc.

.50

%

,

3/31/29

,

Callable

11/15/25

@

103.25 (a) .............................

1,979

1,994

.00

%

,

9/30/29

,

Callable

12/5/25

@

104.5 (a) ...............................

500

517

CoreWeave,

Inc.

.25

%

,

6/1/30

,

Callable

6/1/27

@

104.63 (a) ................................

.00

%

,

2/1/31

,

Callable

2/1/28

@

104.5 (a) .................................

880

883

Diebold

Nixdorf,

Inc.

,

.75

%

,

3/31/30

,

Callable

12/18/26

@

103.88 (a) .................

Ellucian

Holdings,

Inc.

,

.50

%

,

12/1/29

,

Callable

12/1/26

@

103.25 (a) .................

1,581

1,602

EquipmentShare.com,

Inc.

.00

%

,

5/15/28

,

Callable

12/5/25

@

106.75 (a) ..............................

1,500

1,512

.63

%

,

5/15/32

,

Callable

5/15/27

@

104.31 (a) ..............................

1,000

1,010

.00

%

,

3/15/33

,

Callable

9/15/27

@

(a) ................................

Fair

Isaac

Corp.

,

.00

%

,

5/15/33

,

Callable

5/15/28

@

(a) ........................

993

1,014

NCR

Voyix

Corp.

,

.13

%

,

4/15/29

,

Callable

12/5/25

@

101.28 (a) ....................

729

722

Open

Text

Holdings,

Inc.

,

.13

%

,

12/1/31

,

Callable

12/1/26

@

102.06 (a) ...............

3,500

3,259

Qnity

Electronics,

Inc.

,

.25

%

,

8/15/33

,

Callable

8/15/28

@

103.13 (a) .................

1,000

1,027

Rocket

Software,

Inc.

.00

%

,

11/28/28

,

Callable

11/15/25

@

(a) ...............................

780

804

.50

%

,

2/15/29

,

Callable

12/5/25

@

101.63 (a) ..............................

500

S&S

Holdings

LLC

,

.38

%

,

10/1/31

,

Callable

10/1/27

@

104.19 (a) ...................

2,924

2,795

Solstice

Advanced

Materials,

Inc.

,

.63

%

,

9/30/33

,

Callable

9/30/28

@

102.81 (a) .........

536

536

UKG,

Inc.

,

.88

%

,

2/1/31

,

Callable

2/1/27

@

103.44 (a) ............................

2,571

2,646

Zebra

Technologies

Corp.

,

.50

%

,

6/1/32

,

Callable

6/1/27

@

103.25 (a) ................

1,500

1,555

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp.

,

.88

%

,

2/1/29

,

Callable

11/15/25

@

100.97 (a) .........................................................

2,000

1,886

31,646

Materials

(2.8%):

AAR

Escrow

Issuer

LLC

,

.75

%

,

3/15/29

,

Callable

3/15/26

@

103.38 (a) ...............

2,000

2,065

AmeriTex

HoldCo

Intermediate

LLC

,

.63

%

,

8/15/33

,

Callable

8/15/28

@

103.81 (a) ......

2,309

2,415

Avient

Corp.

,

.25

%

,

11/1/31

,

Callable

9/15/27

@

103.13 (a) ........................

500

511

Axalta

Coating

Systems

LLC

,

.38

%

,

2/15/29

,

Callable

12/5/25

@

100.84 (a) ............

500

Clydesdale

Acquisition

Holdings,

Inc.

,

.75

%

,

4/15/32

,

Callable

4/15/28

@

103.38 (a) ......

Compass

Minerals

International,

Inc.

,

.00

%

,

7/1/30

,

Callable

7/1/27

@

(a) ...........

Dcli

Bidco

LLC

,

.75

%

,

11/15/29

,

Callable

11/15/26

@

103.88 (a) ....................

1,674

1,702

Knife

River

Corp.

,

.75

%

,

5/1/31

,

Callable

5/1/26

@

103.88 (a) ......................

3,475

3,639

Light

&

Wonder

International,

Inc.

,

.25

%

,

10/1/33

,

Callable

10/1/28

@

103.13 (a) ........

1,340

1,335

Louisiana-Pacific

Corp.

,

.63

%

,

3/15/29

,

Callable

12/5/25

@

100.91 (a) ................

1,000

961

Mativ

Holdings,

Inc.

,

.00

%

,

10/1/29

,

Callable

10/1/26

@

(a) (g) ..................

850

822

Novelis

Corp.

,

.88

%

,

1/30/30

,

Callable

1/30/27

@

103.44 (a) .......................

Panther

Escrow

Issuer

LLC

,

.13

%

,

6/1/31

,

Callable

6/1/27

@

103.56 (a) ...............

1,600

1,654

Sasol

Financing

USA

LLC

,

.75

%

,

5/3/29

,

Callable

3/3/29

@

(a) ..................

1,500

1,525

Sealed

Air

Corp.

,

.50

%

,

7/15/32

,

Callable

7/15/27

@

103.25 (a) .....................

3,000

3,104

Smyrna

Ready

Mix

Concrete

LLC

,

.88

%

,

11/15/31

,

Callable

11/15/26

@

104.44 (a) .......

3,266

3,444

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

Chemours

Co.

.75

%

,

11/15/28

,

Callable

11/15/25

@

100.96 (a) ............................

$

1,000

$

960

.63

%

,

11/15/29

,

Callable

12/5/25

@

101.16 (a) .............................

1,000

882

.00

%

,

1/15/33

,

Callable

1/15/28

@

(a) ................................

991

956

27,594

Real

Estate

(2.3%):

Cushman

&

Wakefield

U.S.

Borrower

LLC

,

.88

%

,

9/1/31

,

Callable

9/1/26

@

104.44 (a) ....

1,500

1,606

Forestar

Group,

Inc.

,

.50

%

,

3/15/33

,

Callable

3/15/28

@

103.25 (a) ...................

2,712

2,781

GLP

Capital

LP/GLP

Financing

II,

Inc.

,

.63

%

,

9/15/34

,

Callable

6/15/34

@

.........

845

854

RHP

Hotel

Properties

LP/RHP

Finance

Corp.

.50

%

,

2/15/29

,

Callable

12/5/25

@

101.5 (a) ...............................

1,738

1,710

.50

%

,

4/1/32

,

Callable

4/1/27

@

103.25 (a) ................................

2,121

2,181

SBA

Tower

Trust

,

.60

%

,

1/15/28

,

Callable

1/15/27

@

(a) .......................

1,053

1,078

Service

Properties

Trust

.38

%

,

2/15/30

,

Callable

8/15/29

@

(g) ................................

2,107

1,772

.63

%

,

11/15/31

,

Callable

11/15/26

@

104.31 (a) ............................

1,000

1,054

.88

%

,

6/15/32

,

Callable

6/15/27

@

104.44 ................................

2,043

2,013

The

Howard

Hughes

Corp.

,

.38

%

,

2/1/31

,

Callable

2/1/26

@

102.19 (a) ................

6,390

6,010

VICI

Properties

LP/VICI

Note

Co.,

Inc.

,

.13

%

,

8/15/30

,

Callable

12/5/25

@

102.06 (a) ....

1,224

1,184

22,243

Utilities

(1.6%):

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer

,

.75

%

,

4/15/28

,

Callable

12/5/25

@

103.38 (a) ................................................

1,000

1,018

Calpine

Corp.

.13

%

,

3/15/28

,

Callable

12/5/25

@

100.85 (a) ..............................

4,250

4,250

.63

%

,

2/1/29

,

Callable

12/5/25

@

101.16 (a) ...............................

3,600

3,576

Entergy

Corp.

,

.13

%

(H15T5Y

+

bps)

,

12/1/54

,

Callable

9/1/29

@

(b) ............

3,500

3,678

NRG

Energy,

Inc.

,

.75

%

,

7/15/29

,

Callable

11/15/25

@

101.44 (a) ...................

2,000

2,009

Vistra

Operations

Co.

LLC

,

.88

%

,

4/15/32

,

Callable

4/15/27

@

103.44 (a) ..............

1,000

1,051

15,582

Total

Corporate

Bonds

(Cost

$577,966)

a

a

a

580,762

Yankee

Dollars

(14.1%)

Communication

Services

(1.8%):

Altice

France

Lux

3/Altice

Holdings

,

.00

%

,

1/15/33

,

Callable

10/1/26

@

(a) .......

2,200

2,069

Altice

France

SA

.50

%

,

11/1/29

,

Callable

10/1/26

@

(a) ................................

2,785

2,834

.88

%

,

10/15/30

,

Callable

10/1/26

@

(a) ...............................

5,776

5,651

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

.88

%

(H15T5Y

+

bps)

,

9/15/55

,

Callable

6/15/30

@

(b) ...................................................

Flutter

Treasury

DAC

,

.88

%

,

6/4/31

,

Callable

4/15/27

@

102.94 (a) ..................

Rogers

Communications,

Inc.

,

.00

%

(H15T5Y

+

bps)

,

4/15/55

,

Callable

2/14/30

@

(b) 873

914

Telecom

Italia

Capital

SA

,

.20

%

,

7/18/36

.....................................

753

821

Virgin

Media

Finance

PLC

,

.00

%

,

7/15/30

,

Callable

12/5/25

@

102.5 (a) ...............

970

866

Vmed

O2

UK

Financing

I

PLC

,

.75

%

,

7/15/31

,

Callable

7/15/26

@

102.38 (a) ...........

2,212

2,048

Zegona

Finance

PLC

,

.63

%

,

7/15/29

,

Callable

7/15/26

@

104.31 (a) ..................

2,051

2,181

18,075

Consumer

Discretionary

(3.2%):

Brightstar

Lottery

PLC

,

.25

%

,

1/15/27

,

Callable

7/15/26

@

(a) ...................

2,594

2,619

Carnival

Corp.

.00

%

,

5/1/29

(a) ...................................................

676

686

.13

%

,

2/15/33

,

Callable

2/15/28

@

103.06 (a) ..............................

Global

Auto

Holdings

Ltd./AAG

FH

UK

Ltd.

.50

%

,

8/15/29

,

Callable

11/15/26

@

105.75 (a) ............................

2,290

2,366

.75

%

,

1/15/32

,

Callable

1/15/27

@

104.38 (a) ..............................

2,732

2,587

Great

Canadian

Gaming

Corp./Raptor

LLC

,

.75

%

,

11/15/29

,

Callable

11/15/26

@

104.38 (a) 837

818

IHO

Verwaltungs

GmbH

.38

%

,

5/15/29

,

Callable

12/5/25

@

102.13 (a) (o) ............................

1,024

1,024

.00

%

,

11/15/32

,

Callable

11/15/27

@

(a) (p) .............................

1,013

1,056

Mattamy

Group

Corp.

,

.63

%

,

3/1/30

,

Callable

12/5/25

@

102.31 (a) ..................

2,300

2,232

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) NCL

Corp.

Ltd.

.25

%

,

3/1/30

,

Callable

3/1/27

@

103.13 (a) ................................

$

1,000

$

1,016

.75

%

,

2/1/32

,

Callable

2/1/28

@

103.38 (a) ................................

5,099

5,241

Nissan

Motor

Co.

Ltd.

,

.75

%

,

7/17/32

,

Callable

5/17/32

@

(a) ...................

1,268

1,339

Royal

Caribbean

Cruises

Ltd.

.63

%

,

9/30/31

,

Callable

9/30/27

@

102.81 (a) ..............................

596

607

.25

%

,

3/15/32

,

Callable

3/15/27

@

103.13 (a) ..............................

.00

%

,

2/1/33

,

Callable

8/1/27

@

(a) ..................................

7,787

7,992

Viking

Cruises

Ltd.

.13

%

,

7/15/31

,

Callable

7/15/26

@

104.56 (a) ..............................

.88

%

,

10/15/33

,

Callable

10/15/28

@

102.94 (a) ............................

1,116

1,133

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

.63

%

,

2/15/29

,

Callable

12/5/25

@

101.41 (a) .......

31,417

Energy

(0.5%):

Baytex

Energy

Corp.

,

.38

%

,

3/15/32

,

Callable

3/15/27

@

103.69 (a) ..................

946

932

Consolidated

Energy

Finance

SA

,

.00

%

,

2/15/31

,

Callable

2/15/27

@

(a) (g) .........

834

587

Northriver

Midstream

Finance

LP

,

.75

%

,

7/15/32

,

Callable

7/15/27

@

103.38 (a) .........

2,000

2,037

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) .................

920

848

4,670

Financials

(2.5%):

1261229

BC

Ltd.

,

.00

%

,

4/15/32

,

Callable

4/15/28

@

(a) ......................

2,575

2,694

Ardonagh

Finco

Ltd.

,

.75

%

,

2/15/31

,

Callable

2/15/27

@

103.88 (a) ..................

3,663

3,831

Ardonagh

Group

Finance

Ltd.

,

.88

%

,

2/15/32

,

Callable

2/15/27

@

104.44 (a) ...........

4,000

4,172

Belron

UK

Finance

PLC

,

.75

%

,

10/15/29

,

Callable

10/15/26

@

102.88 (a) ..............

2,275

2,306

GGAM

Finance

Ltd.

.88

%

,

4/15/29

,

Callable

4/15/26

@

103.44 (a) ..............................

1,100

1,141

.88

%

,

3/15/30

,

Callable

9/15/26

@

102.94 (a) ..............................

1,100

1,118

Howden

UK

Refinance

PLC/Howden

UK

Refinance

PLC/Howden

U.S.

Refinance

LLC

,

.13

%

,

2/15/32

,

Callable

2/15/27

@

104.06 (a) ..............................

750

774

Jones

Deslauriers

Insurance

Management,

Inc.

.50

%

,

3/15/30

,

Callable

3/15/26

@

104.25 (a) ..............................

500

526

.88

%

,

10/1/33

,

Callable

10/1/28

@

103.44 (a) ..............................

Lehman

Brothers

Treasury

Co.

B.V.

,

MTN

(j) (q) .................................

1,447

—

(i) Opal

Bidco

SAS

,

.50

%

,

3/31/32

,

Callable

3/31/28

@

103.25 (a) .....................

2,800

2,884

UniCredit

SpA

,

.86

%

(USISOA05

+

bps)

,

6/19/32

,

Callable

6/19/27

@

(a) (b) ......

5,000

5,081

24,626

Health

Care

(0.5%):

Bausch

+

Lomb

Corp.

,

.38

%

,

10/1/28

,

Callable

11/15/25

@

104.19 (a) ................

600

627

Perrigo

Finance

Unlimited

Co.

,

.13

%

,

9/30/32

,

Callable

9/30/27

@

103.06 .............

3,900

3,941

4,568

Industrials

(3.0%):

ATS

Corp.

,

.13

%

,

12/15/28

,

Callable

12/5/25

@

101.03 (a) .........................

1,000

964

Avianca

Midco

PLC

,

.63

%

,

2/14/30

,

Callable

2/14/27

@

104.81 (a) .................

3,353

3,324

Azorra

Finance

Ltd.

,

.75

%

,

4/15/30

,

Callable

10/15/26

@

103.88 (a) ..................

4,275

4,510

Bombardier,

Inc.

.00

%

,

2/15/28

,

Callable

12/5/25

@

101.5 (a) ...............................

2,500

2,505

.25

%

,

7/1/31

,

Callable

7/1/27

@

103.63 (a) ................................

4,890

5,192

.75

%

,

6/15/33

,

Callable

6/15/28

@

103.38 (a) ..............................

1,788

1,877

Cimpress

PLC

,

.38

%

,

9/15/32

,

Callable

9/15/27

@

103.69 (a) .......................

1,100

1,118

Fibercop

SpA

,

.20

%

,

7/18/36

,

Callable

4/18/36

@

(a) .........................

2,247

2,277

Grupo

Aeromexico

SAB

de

CV

,

.63

%

,

11/15/31

,

Callable

11/15/27

@

104.31 (a) .........

3,410

3,437

Latam

Airlines

Group

SA

,

.88

%

,

4/15/30

,

Callable

10/15/26

@

103.94 (a) ..............

1,548

1,602

Seaspan

Corp.

,

.50

%

,

8/1/29

,

Callable

12/5/25

@

101.38 (a) ........................

750

720

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.

.50

%

,

6/1/28

,

Callable

12/5/25

@

104.75 (a) ...............................

700

727

.38

%

,

2/1/30

,

Callable

12/5/25

@

103.19 (a) ...............................

1,301

1,255

29,508

Information

Technology

(1.5%):

Iliad

Holding

SAS

,

.50

%

,

4/15/31

,

Callable

4/15/27

@

104.25 (a) ....................

2,000

2,149

Kioxia

Holdings

Corp.

,

.63

%

,

7/24/33

,

Callable

7/24/28

@

103.31 (a) .................

7,319

7,643

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Seagate

Data

Storage

Technology

Pte

Ltd.

.50

%

,

7/15/31

,

Callable

7/15/26

@

104.25 (a) ..............................

$

2,100

$

2,235

.63

%

,

12/1/32

,

Callable

12/1/27

@

104.81 (a) ..............................

2,090

2,383

14,410

Materials

(1.1%):

Aris

Mining

Corp.

,

.00

%

,

10/31/29

,

Callable

10/31/26

@

(a) ....................

900

936

Endeavour

Mining

PLC

,

.00

%

,

5/28/30

,

Callable

5/28/27

@

103.5 (a) .................

500

516

First

Quantum

Minerals

Ltd.

,

.25

%

,

2/15/34

,

Callable

2/15/29

@

103.63 (a) .............

833

865

Ivanhoe

Mines

Ltd.

,

.88

%

,

1/23/30

,

Callable

1/23/27

@

103.94 (a) ...................

1,614

1,663

Methanex

Corp.

,

.25

%

,

12/15/29

,

Callable

9/15/29

@

.........................

2,431

2,419

Mineral

Resources

Ltd.

,

.25

%

,

10/1/28

,

Callable

12/5/25

@

104.63 (a) ................

2,000

2,097

NOVA

Chemicals

Corp.

.25

%

,

5/15/29

,

Callable

12/5/25

@

101.06 (a) ..............................

2,215

2,155

.00

%

,

12/1/31

,

Callable

12/1/27

@

103.5 (a) ...............................

11,081

Total

Yankee

Dollars

(Cost

$132,210)

a

a

a

138,355

Commercial

Paper

(7.1%)

Consumer

Discretionary

(0.3%):

AutoNation,

Inc.

,

.51

%

,

11/5/25

(a) (r) ........................................

3,500

3,498

Consumer

Staples

(1.2%):

Bacardi-Martini

B.V.

,

.44

%

,

12/11/25

(a) (r) ....................................

1,800

1,791

Conagra

Brands,

Inc.

,

.25

%

,

11/13/25

(a) (r) ....................................

9,700

9,685

11,476

Energy

(2.0%):

Ovintiv,

Inc.

,

.59

%

,

12/16/25

(a) (r) ..........................................

9,700

9,643

Western

Midstream

Operating

LP

,

.51

%

,

11/7/25

(a) (r) ............................

9,700

9,692

19,335

Health

Care

(0.5%):

HCA,

Inc.

,

.30

%

,

11/4/25

(a) (r) ............................................

5,000

4,998

Industrials

(1.0%):

Air

Lease

Corp.

.32

%

,

11/13/25

(a) (r) ................................................

1,200

1,198

.38

%

,

11/20/25

(a) (r) ................................................

8,500

8,479

9,677

Information

Technology

(1.0%):

Jabil,

Inc.

,

.40

%

,

11/3/25

(a) (r) .............................................

9,700

9,696

Materials

(1.1%):

FMC

Corp.

,

.72

%

,

11/3/25

(a) (r) ............................................

7,500

7,497

International

Flavors

&

Fragrances,

Inc.

,

.11

%

,

11/13/25

(a) (r) ......................

3,900

3,894

11,391

Total

Commercial

Paper

(Cost

$70,079)

a

a

a

70,071

Shares

Exchange-Traded

Funds

(1.9%)

iShares

BB

Rated

Corporate

Bond

ETF

.......................................

246,500

11,630

SPDR

Portfolio

High

Yield

Bond

ETF

(g) ......................................

300,000

7,140

Total

Exchange-Traded

Funds

(Cost

$18,538)

a

a

a

18,770

Collateral

for

Securities

Loaned

(1.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(s) ........

3,104,697

3,104

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(s) ............

3,104,697

3,105

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(s) ................

3,104,697

3,105

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(s) .

3,104,697

3,105

Total

Collateral

for

Securities

Loaned

(Cost

$12,419)

a

a

a

12,419

Total

Investments

(Cost

$965,884)

—

99.1%

974,390

Other

assets

in

excess

of

liabilities

— 0.9%

8,362

NET

ASSETS

-

100.00%

$

982,752

Victory

Portfolios

III

#### Victory

#### High

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

At

October

31,

2025,

the

Fund's

investments

in

foreign

securities

were

15.8%

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

October

31,

2025,

the

fair

value

of

these

securities

was

$786,466

(thousands)

and

amounted

to

80.0%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

October

31,

2025. (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

October

31,

2025. (e) Amount

represents

less

than

0.05%

of

net

assets.

(f) Non-income

producing

security.

(g) All

or

a

portion

of

this

security

is

on

loan.

(h) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.1%

of

net

assets

as

of

October

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(i) Rounds

to

less

than

$1

thousand.

(j) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(k) 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.

(l) Up

to

6.75%

of

the

coupon

may

be

PIK.

(m) Up

to

10.75%

of

the

coupon

may

be

PIK.

(n) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(o) Up

to

7.13%

of

the

coupon

may

be

PIK.

(p) Up

to

8.75%

of

the

coupon

may

be

PIK.

(q) Zero-coupon

bond.

(r) Rate

represents

the

effective

yield

at

October

31,

2025. (s) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

ETF

—

Exchange-Traded

Fund

H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

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

October

31,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

October

31,

2025. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

October

31,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

October

31,

2025. USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

October

31,

2025. Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 10-Year

U.S.

Treasury

Note

Futures

......

12/19/25

$

7,807

$

7,887

$

30-Year

U.S.

Treasury

Bond

Futures

.....

12/19/25

680

704

5-Year

U.S.

Treasury

Note

Futures

.......

12/31/25

24,476

24,572

$

Total

unrealized

appreciation

$

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(11.2%)

ABS

Auto

(5.1%):

Ally

Auto

Receivables

Trust

,

Series

2024-1

,

Class

C

,

.41

%

,

11/15/29

,

Callable

7/15/27

@

$

1,500

$

1,527

ARI

Fleet

Lease

Trust

....................................................

Series

2024-B

,

Class

B

,

.39

%

,

4/15/33

,

Callable

11/15/27

@

(a) ..............

1,100

1,126

Series

2025-A

,

Class

A3

,

.46

%

,

1/17/34

,

Callable

9/15/28

@

(a) ..............

1,000

1,009

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2022-5A

,

Class

B

,

.09

%

,

4/20/27

(a) ................................

3,500

3,524

Series

2023-6A

,

Class

C

,

.03

%

,

12/20/29

(a) ...............................

4,000

4,216

BofA

Auto

Trust

,

Series

2024-1A

,

Class

A4

,

.31

%

,

6/17/30

,

Callable

4/15/27

@

(a) ....

1,350

1,374

CarMax

Auto

Owner

Trust

................................................

Series

2022-3

,

Class

D

,

.20

%

,

1/16/29

,

Callable

9/15/26

@

.................

2,930

2,964

Series

2023-2

,

Class

B

,

.18

%

,

11/15/28

,

Callable

4/15/27

@

................

5,000

5,057

CarMax

Select

Receivables

Trust

...........................................

Series

2024-A

,

Class

B

,

.35

%

,

1/15/30

,

Callable

2/15/28

@

.................

2,400

2,432

Series

2025-A

,

Class

B

,

.01

%

,

9/16/30

,

Callable

10/15/28

@

................

2,000

2,022

Carvana

Auto

Receivables

Trust

,

Series

2021-N4

,

Class

A2

,

.80

%

,

9/11/28

,

Callable

11/10/27

@

...........................................................

1,284

1,256

Chase

Auto

Owner

Trust

..................................................

Series

2023-AA

,

Class

C

,

.24

%

,

9/25/29

,

Callable

3/25/28

@

(a) .............

2,750

2,867

Series

2024-1A

,

Class

B

,

.16

%

,

11/26/29

,

Callable

12/25/27

@

(a) ............

964

983

Series

2024-2A

,

Class

B

,

.55

%

,

1/25/30

,

Callable

12/25/27

@

(a) .............

2,500

2,577

Series

2024-3A

,

Class

A4

,

.08

%

,

12/25/29

,

Callable

12/25/27

@

(a) ...........

2,000

2,044

Series

2024-4A

,

Class

B

,

.23

%

,

4/25/30

,

Callable

2/25/28

@

(a) ..............

1,500

1,532

Series

2025-2A

,

Class

B

,

.32

%

,

3/25/31

,

Callable

5/25/29

@

(a) ..............

1,367

1,361

Chesapeake

Funding

II

LLC

,

Series

2023-1A

,

Class

C

,

.07

%

,

5/15/35

,

Callable

5/15/26

@

(a) ...........................................................

1,000

1,007

Citizens

Auto

Receivables

Trust

............................................

Series

2023-1

,

Class

A3

,

.84

%

,

1/18/28

,

Callable

2/15/27

@

(a) ..............

1,475

1,483

Series

2023-1

,

Class

A4

,

.78

%

,

10/15/30

,

Callable

2/15/27

@

(a) .............

2,000

2,038

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2023-2A

,

Class

A

,

.92

%

,

5/16/33

,

Callable

11/15/26

@

(a) .............

Series

2023-2A

,

Class

B

,

.61

%

,

7/15/33

,

Callable

11/15/26

@

(a) .............

2,000

2,013

Series

2023-3A

,

Class

B

,

.09

%

,

10/17/33

,

Callable

3/15/27

@

(a) .............

2,842

2,880

Series

2024-3A

,

Class

A

,

.68

%

,

9/15/34

,

Callable

5/15/28

@

(a) ..............

2,000

1,987

Ent

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A4

,

.26

%

,

11/15/29

,

Callable

4/15/28

@

(a) ...........................................................

1,750

1,791

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-4

,

Class

A3

,

.65

%

,

10/22/29

,

Callable

4/20/26

@

(a) .............

4,000

4,042

Series

2023-1

,

Class

A3

,

.42

%

,

10/22/29

,

Callable

10/20/26

@

(a) ............

2,222

2,246

Series

2023-2

,

Class

A2

,

.56

%

,

4/22/30

,

Callable

2/20/27

@

(a) ..............

1,393

1,400

Series

2024-1

,

Class

A3

,

.16

%

,

9/20/30

,

Callable

8/20/27

@

(a) ..............

3,000

3,056

FCCU

Auto

Receivables

Trust

..............................................

Series

2024-1A

,

Class

A4

,

.46

%

,

4/15/30

,

Callable

1/15/28

@

(a) .............

3,232

3,295

Series

2025-1A

,

Class

B

,

.36

%

,

9/15/31

,

Callable

2/15/29

@

(a) ..............

647

668

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2023-1

,

Class

B

,

.29

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...............

2,467

2,511

Series

2023-2

,

Class

B

,

.92

%

,

2/15/36

,

Callable

8/15/28

@

(a) ...............

6,150

6,382

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2024-1

,

Class

B

,

.55

%

,

5/15/29

,

Callable

4/15/27

@

(a) ............................................

2,143

2,143

GECU

Auto

Receivables

Trust

.............................................

Series

2023-1A

,

Class

B

,

.87

%

,

1/15/30

,

Callable

2/15/28

@

(a) ..............

1,660

1,714

Series

2023-1A

,

Class

C

,

.33

%

,

4/15/30

,

Callable

2/15/28

@

(a) ..............

998

1,036

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2021-3A

,

Class

E

,

.20

%

,

10/16/28

,

Callable

4/15/26

@

(a) .............

1,000

990

Series

2021-4A

,

Class

E

,

.43

%

,

10/16/28

,

Callable

2/15/27

@

(a) .............

750

737

GLS

Auto

Select

Receivables

Trust

..........................................

Series

2023-2A

,

Class

B

,

.67

%

,

12/17/29

,

Callable

6/15/28

@

(a) .............

3,110

3,201

Series

2025-1A

,

Class

A2

,

.71

%

,

4/15/30

,

Callable

7/15/29

@

(a) .............

1,151

1,158

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

3/16/28

@

........................................

2,000

2,034

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) GreenState

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

A4

,

.17

%

,

1/15/30

,

Callable

3/15/28

@

(a) ...................................................

$

4,000

$

4,061

GTE

Auto

Receivables

Trust

,

Series

2023-1

,

Class

A4

,

.12

%

,

4/16/29

,

Callable

3/15/27

@

(a) ...........................................................

7,000

7,040

Hertz

Vehicle

Financing

III

LLC

,

Series

2023-1A

,

Class

B

,

.22

%

,

6/25/27

(a) ...........

1,000

1,007

Hertz

Vehicle

Financing

LLC

,

Series

2022-2A

,

Class

C

,

.95

%

,

6/26/28

,

Callable

6/25/27

@

(a) ...........................................................

3,500

3,357

LAD

Auto

Receivables

Trust

...............................................

Series

2023-1A

,

Class

B

,

.59

%

,

8/16/27

,

Callable

4/15/27

@

(a) ..............

1,925

1,926

Series

2023-2A

,

Class

A3

,

.42

%

,

2/15/28

,

Callable

5/15/27

@

(a) .............

1,074

1,075

Series

2023-2A

,

Class

B

,

.45

%

,

4/15/28

,

Callable

5/15/27

@

(a) ..............

2,719

2,727

Series

2023-3A

,

Class

B

,

.09

%

,

6/15/28

,

Callable

7/15/27

@

(a) ..............

2,307

2,327

Series

2023-4A

,

Class

B

,

.39

%

,

10/16/28

,

Callable

10/15/27

@

(a) ............

1,450

1,474

M&T

Bank

Auto

Receivables

Trust

,

Series

2025-1A

,

Class

A4

,

.89

%

,

7/15/32

,

Callable

9/15/28

@

(a) ...................................................

1,800

1,834

Mercedes-Benz

Auto

Receivables

Trust

,

Series

2025-1

,

Class

A4

,

.92

%

,

4/15/31

,

Callable

8/15/28

@

.....................................................

3,000

3,065

Merchants

Fleet

Funding

LLC

,

Series

2024-1A

,

Class

B

,

.95

%

,

4/20/37

,

Callable

3/20/27

@

(a) ...........................................................

4,299

4,356

OCCU

Auto

Receivables

Trust

.............................................

Series

2023-1A

,

Class

B

,

.51

%

,

9/17/29

,

Callable

1/15/28

@

(a) ..............

1,500

1,556

Series

2025-1A

,

Class

A4

,

.79

%

,

1/15/31

,

Callable

5/15/29

@

(a) .............

2,000

2,023

Series

2025-1A

,

Class

B

,

.94

%

,

4/15/31

,

Callable

5/15/29

@

(a) ..............

1,215

1,235

PenFed

Auto

Receivables

Owner

Trust

........................................

Series

2024-A

,

Class

A4

,

.75

%

,

3/15/30

,

Callable

7/15/28

@

(a) ..............

4,500

4,542

Series

2025-A

,

Class

A4

,

.19

%

,

5/15/31

,

Callable

10/15/29

@

(a) .............

1,500

1,491

Series

2025-A

,

Class

B

,

.37

%

,

7/15/31

,

Callable

10/15/29

@

(a) ..............

667

665

Prestige

Auto

Receivables

Trust

,

Series

2023-2A

,

Class

B

,

.64

%

,

12/15/27

,

Callable

11/15/27

@

(a) .........................................................

3,254

3,265

SBNA

Auto

Lease

Trust

,

Series

2024-B

,

Class

A4

,

.55

%

,

12/20/28

,

Callable

5/20/27

@

(a) 1,182

1,197

SBNA

Auto

Receivables

Trust

..............................................

Series

2024-A

,

Class

A4

,

.21

%

,

4/16/29

,

Callable

5/15/28

@

(a) ..............

3,450

3,480

Series

2024-A

,

Class

B

,

.29

%

,

9/17/29

,

Callable

5/15/28

@

(a) ...............

3,450

3,485

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A

,

Class

A4

,

.70

%

,

8/15/29

,

Callable

8/15/27

@

(a) .............

900

917

Series

2023-1A

,

Class

B

,

.08

%

,

11/15/29

,

Callable

8/15/27

@

(a) .............

3,000

3,096

Series

2024-1A

,

Class

B

,

.33

%

,

7/15/30

,

Callable

4/15/28

@

(a) ..............

3,980

4,069

Series

2025-1A

,

Class

B

,

.78

%

,

12/15/31

,

Callable

6/15/29

@

(a) .............

3,000

3,037

Securitized

Term

Auto

Receivables

Trust

,

Series

2025-A

,

Class

B

,

.04

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...................................................

915

921

SFS

Auto

Receivables

Securitization

Trust

.....................................

Series

2023-1A

,

Class

B

,

.71

%

,

1/22/30

,

Callable

8/20/27

@

(a) ..............

1,500

1,531

Series

2024-1A

,

Class

B

,

.38

%

,

1/21/31

,

Callable

1/20/28

@

(a) ..............

1,218

1,242

Series

2024-2A

,

Class

B

,

.41

%

,

8/20/30

,

Callable

5/20/28

@

(a) ..............

4,349

4,448

Series

2024-3A

,

Class

B

,

.76

%

,

11/20/31

,

Callable

6/20/28

@

(a) .............

3,000

3,029

Tesla

Auto

Lease

Trust

...................................................

Series

2023-B

,

Class

A4

,

.22

%

,

3/22/27

,

Callable

11/20/25

@

(a) .............

1,337

1,338

Series

2024-A

,

Class

A4

,

.31

%

,

12/20/27

,

Callable

5/20/26

@

(a) .............

3,000

3,020

Tesla

Lease

Electric

Vehicle

Securitization

LLC

,

Series

2025-A

,

Class

A4

,

.37

%

,

5/21/29

,

Callable

1/20/28

@

(a) ............................................

1,500

1,506

Toyota

Auto

Receivables

Owner

Trust

,

Series

2024-D

,

Class

A4

,

.43

%

,

4/15/30

,

Callable

5/15/28

@

.....................................................

2,883

2,914

Truist

Bank

Auto

Credit-Linked

Notes

,

Series

2025-1

,

Class

B

,

.73

%

,

9/26/33

,

Callable

11/25/28

@

(a) ..................................................

921

922

USB

Auto

Owner

Trust

...................................................

Series

2025-1A

,

Class

A4

,

.62

%

,

12/16/30

,

Callable

11/15/27

@

(a) ...........

1,500

1,524

Series

2025-1A

,

Class

B

,

.81

%

,

1/15/31

,

Callable

11/15/27

@

(a) .............

1,000

1,014

Veridian

Auto

Receivables

Trust

............................................

Series

2023-1A

,

Class

A4

,

.59

%

,

12/15/28

,

Callable

8/15/27

@

(a) ............

3,000

3,037

Series

2023-1A

,

Class

B

,

.86

%

,

4/16/29

,

Callable

8/15/27

@

(a) ..............

1,600

1,636

Series

2023-1A

,

Class

C

,

.37

%

,

7/16/29

,

Callable

8/15/27

@

(a) ..............

3,500

3,606

Western

Funding

Auto

Loan

Trust

,

Series

2025-1

,

Class

A

,

.75

%

,

7/16/35

(a) ............

2,000

1,984

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Westlake

Automobile

Receivables

Trust

,

Series

2025-1A

,

Class

B

,

.98

%

,

9/16/30

,

Callable

5/15/28

@

(a) ...................................................

$

1,563

$

1,573

Wheels

Fleet

Lease

Funding

LLC

..........................................

Series

2023-1A

,

Class

A

,

.80

%

,

4/18/38

(a) ................................

1,499

1,509

Series

2024-1A

,

Class

B

,

.50

%

,

2/18/39

(a) ................................

3,167

3,219

196,485

ABS

Card

(0.7%):

American

Express

Credit

Account

Master

Trust

,

Series

2024-2

,

Class

A

,

.24

%

,

4/15/31

....

1,985

2,069

Capital

One

Multi-Asset

Execution

Trust

,

Series

2021-A2

,

Class

A2

,

.39

%

,

7/15/30

.......

1,985

1,859

CARDS

II

Trust

,

Series

2024-1A

,

Class

C

,

.84

%

,

7/15/29

(a) .......................

1,575

1,584

Citibank

Credit

Card

Issuance

Trust

,

Series

2018-A7

,

Class

A7

,

.96

%

,

10/13/30

.........

5,000

5,008

Golden

Credit

Card

Trust

.................................................

Series

2021-1A

,

Class

B

,

.44

%

,

8/15/28

(a) ................................

4,500

4,399

Series

2021-1A

,

Class

C

,

.74

%

,

8/15/28

(a) ................................

4,467

4,356

Master

Credit

Card

Trust

,

Series

2022-2A

,

Class

C

,

.73

%

,

7/21/28

(a) .................

2,344

2,283

Master

Credit

Card

Trust

II

,

Series

2023-4A

,

Class

C

,

.53

%

,

10/21/32

(a) ..............

1,273

1,338

Trillium

Credit

Card

Trust

II

...............................................

Series

2023-2A

,

Class

C

,

.32

%

,

3/26/33

(a) ................................

3,603

3,796

Series

2025-1A

,

Class

B

,

.41

%

,

9/26/30

(a) ................................

1,500

1,499

28,191

ABS

Other

(4.6%):

Aligned

Data

Centers

Issuer

LLC

,

Series

2021-1A

,

Class

A2

,

.94

%

,

8/15/46

,

Callable

11/15/25

@

(a) ..................................................

8,500

8,303

Amur

Equipment

Finance

Receivables

X

LLC

,

Series

2022-1A

,

Class

B

,

.20

%

,

1/20/28

,

Callable

11/20/25

@

(a) ...........................................

Amur

Equipment

Finance

Receivables

XII

LLC

,

Series

2023-1A

,

Class

B

,

.03

%

,

12/20/29

,

Callable

6/20/27

@

(a) ............................................

2,875

2,923

Amur

Equipment

Finance

Receivables

XIII

LLC

,

Series

2024-1A

,

Class

C

,

.55

%

,

1/21/31

,

Callable

1/20/28

@

(a) ............................................

1,365

1,389

Atalaya

Equipment

Leasing

Trust

,

Series

2021-1A

,

Class

C

,

.69

%

,

6/15/28

,

Callable

11/15/25

@

(a) .........................................................

556

553

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

3/13/31

@

(a) ..............

1,900

1,965

Series

2025-B

,

Class

A4

,

.29

%

,

9/13/50

,

Callable

9/13/30

@

(a) ..............

1,960

1,952

CCG

Receivables

Trust

...................................................

Series

2023-1

,

Class

A2

,

.82

%

,

9/16/30

,

Callable

8/14/26

@

(a) ..............

Series

2023-1

,

Class

B

,

.99

%

,

9/16/30

,

Callable

8/14/26

@

(a) ...............

985

996

Series

2024-1

,

Class

B

,

.08

%

,

3/15/32

,

Callable

4/14/28

@

(a) ...............

4,000

4,052

Series

2025-1

,

Class

B

,

.69

%

,

10/14/32

,

Callable

10/14/28

@

(a) .............

990

995

CF

Hippolyta

Issuer

LLC

.................................................

Series

2020-1

,

Class

A1

,

.69

%

,

7/15/60

(a) ................................

Series

2021-1A

,

Class

A1

,

.53

%

,

3/15/61

,

Callable

11/15/25

@

(a) ............

2,808

2,334

Crossroads

Asset

Trust

...................................................

Series

2024-A

,

Class

B

,

.94

%

,

8/20/30

,

Callable

1/20/28

@

(a) ...............

2,518

2,573

Series

2025-A

,

Class

B

,

.20

%

,

2/20/32

,

Callable

1/20/29

@

(a) ...............

CyrusOne

Data

Centers

Issuer

I

LLC

,

Series

2024-2A

,

Class

A2

,

.50

%

,

5/20/49

,

Callable

5/20/27

@

(a) ...................................................

3,256

3,207

Dell

Equipment

Finance

Trust

..............................................

Series

2023-1

,

Class

A3

,

.65

%

,

9/22/28

,

Callable

11/22/25

@

(a) .............

Series

2023-3

,

Class

A3

,

.93

%

,

4/23/29

,

Callable

5/22/26

@

(a) ..............

761

765

Series

2025-2

,

Class

B

,

.34

%

,

3/24/31

,

Callable

6/22/28

@

(a) ...............

1,000

999

Dext

ABS

LLC

,

Series

2023-2

,

Class

D

,

.30

%

,

5/15/34

,

Callable

1/15/28

@

(a) .......

2,333

2,477

Diamond

Infrastructure

Funding

LLC

,

Series

2021-1A

,

Class

A

,

.76

%

,

4/15/49

,

Callable

11/20/25

@

(a) ..................................................

5,667

5,458

Diamond

Issuer

LLC

,

Series

2021-1A

,

Class

A

,

.31

%

,

11/20/51

,

Callable

11/20/25

@

(a) 4,875

4,644

DLLAA

LLC

,

Series

2025-1A

,

Class

A4

,

.08

%

,

4/20/33

,

Callable

6/20/29

@

(a) ......

2,375

2,445

DLLAD

LLC

,

Series

2024-1A

,

Class

A4

,

.38

%

,

9/22/31

,

Callable

3/20/29

@

(a) ......

2,257

2,339

DLLMT

LLC

..........................................................

Series

2023-1A

,

Class

A3

,

.34

%

,

3/22/27

,

Callable

3/20/27

@

(a) .............

507

509

Series

2023-1A

,

Class

A4

,

.35

%

,

3/20/31

,

Callable

3/20/27

@

(a) .............

2,286

2,305

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-1A

,

Class

A4

,

.98

%

,

4/20/32

,

Callable

5/20/28

@

(a) .............

$

1,758

$

1,792

FirstKey

Homes

Trust

,

Series

2021-SFR2

,

Class

B

,

.61

%

,

9/17/38

(a) (b) ...............

6,538

6,366

Ford

Credit

Floorplan

Master

Owner

Trust

A

,

Series

2023-1

,

Class

C

,

.75

%

,

5/15/28

(a) ....

1,597

1,606

Frontier

Issuer

LLC

.....................................................

Series

2023-1

,

Class

B

,

.30

%

,

8/20/53

,

Callable

7/20/26

@

(a) ...............

4,667

4,757

Series

2023-1

,

Class

C

,

.50

%

,

8/20/53

,

Callable

7/20/26

@

(a) ..............

1,000

1,038

Series

2024-1

,

Class

C

,

.16

%

,

6/20/54

,

Callable

5/20/28

@

(a) ..............

3,650

4,012

GreatAmerica

Leasing

Receivables

Funding

LLC

,

Series

2025-1

,

Class

A4

,

.58

%

,

1/15/32

,

Callable

5/15/29

@

(a) ............................................

1,990

2,016

HPEFS

Equipment

Trust

..................................................

Series

2023-2A

,

Class

C

,

.48

%

,

1/21/31

,

Callable

12/20/26

@

(a) .............

2,635

2,648

Series

2025-1A

,

Class

B

,

.51

%

,

9/20/32

,

Callable

4/20/29

@

(a) ..............

2,000

2,007

John

Deere

Owner

Trust

,

Series

2024-B

,

Class

A4

,

.19

%

,

5/15/31

,

Callable

12/15/27

@

1,100

1,126

Kubota

Credit

Owner

Trust

,

Series

2024-2A

,

Class

A4

,

.19

%

,

5/15/30

,

Callable

4/15/28

@

(a) ...........................................................

1,300

1,334

M&T

Equipment

LEAF1

Notes

,

Series

2024-1A

,

Class

A4

,

.94

%

,

8/18/31

,

Callable

7/16/28

@

(a) .........................................................

1,600

1,621

MMAF

Equipment

Finance

LLC

............................................

Series

2022-A

,

Class

A4

,

.32

%

,

6/13/44

(a) ................................

1,500

1,495

Series

2023-A

,

Class

A4

,

.50

%

,

12/13/38

(a) ...............................

1,750

1,798

Series

2024-A

,

Class

A4

,

.10

%

,

7/13/49

,

Callable

12/13/29

@

(a) .............

MVW

LLC

,

Series

2021-1WA

,

Class

A

,

.14

%

,

1/22/41

,

Callable

11/20/26

@

(a) ......

NMEF

Funding

LLC

....................................................

Series

2023-A

,

Class

B

,

.83

%

,

6/17/30

,

Callable

7/15/27

@

(a) ...............

1,985

2,014

Series

2025-A

,

Class

B

,

.18

%

,

7/15/32

,

Callable

9/15/28

@

(a) ...............

1,404

1,423

Series

2025-B

,

Class

B

,

.73

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

2,000

2,010

NP

SPE

II

LLC

,

Series

2017-1A

,

Class

A2

,

.22

%

,

10/21/47

(a) ......................

15,625

14,498

NP

SPE

X

LP

,

Series

2019-2A

,

Class

C1

,

.44

%

,

11/19/49

(a) .......................

4,143

4,002

Pawnee

Equipment

Receivables

LLC

,

Series

2022-1

,

Class

B

,

.40

%

,

7/17/28

,

Callable

7/15/26

@

(a) .........................................................

958

960

PEAC

Solutions

Receivables

LLC

...........................................

Series

2024-1A

,

Class

A3

,

.64

%

,

11/20/30

,

Callable

3/20/28

@

(a) ............

3,500

3,561

Series

2025-1A

,

Class

A3

,

.04

%

,

7/20/32

,

Callable

8/20/28

@

(a) .............

837

850

Post

Road

Equipment

Finance

LLC

,

Series

2025-1A

,

Class

C

,

.13

%

,

5/15/31

,

Callable

8/15/28

@

(a) ...................................................

2,061

2,082

Progress

Residential

Trust

.................................................

Series

2021-SFR6

,

Class

A

,

.52

%

,

7/17/38

,

Callable

7/17/26

@

(a) (b) ..........

4,362

4,296

Series

2021-SFR6

,

Class

B

,

.75

%

,

7/17/38

,

Callable

7/17/26

@

(a) (b) ..........

3,938

3,877

PSNH

Funding

LLC

,

Series

2018-1

,

Class

A3

,

.81

%

,

2/1/35

.......................

8,545

8,410

Retained

Vantage

Data

Centers

Issuer

LLC

,

Series

2025-1A

,

Class

A2A

,

.09

%

,

8/15/50

,

Callable

8/15/28

@

(a) ............................................

2,000

1,995

SCF

Equipment

Leasing

LLC

..............................................

Series

2023-1A

,

Class

B

,

.37

%

,

5/20/32

,

Callable

2/20/30

@

(a) ..............

3,000

3,055

Series

2024-1A

,

Class

A3

,

.52

%

,

1/20/32

,

Callable

8/20/28

@

(a) .............

2,945

3,007

Switch

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

.04

%

,

3/25/55

,

Callable

3/25/28

@

(a) ...........................................................

4,000

3,972

Vantage

Data

Centers

LLC

,

Series

2025-1A

,

Class

A2

,

.13

%

,

8/15/55

,

Callable

8/15/28

@

(a) ...........................................................

2,000

2,007

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A

,

Class

C2I

,

.16

%

,

2/15/52

,

Callable

2/15/26

@

(a) ............

4,000

3,891

Series

2022-1A

,

Class

D

,

.29

%

,

2/15/52

,

Callable

2/15/26

@

(a) ..............

2,438

2,399

Verdant

Receivables

LLC

.................................................

Series

2023-1A

,

Class

A2

,

.24

%

,

1/13/31

,

Callable

8/12/27

@

(a) .............

594

603

Series

2024-1A

,

Class

A2

,

.68

%

,

12/12/31

,

Callable

8/12/28

@

(a) ............

1,466

1,490

Volvo

Financial

Equipment

LLC

............................................

Series

2024-1A

,

Class

A4

,

.29

%

,

7/15/31

,

Callable

5/15/28

@

(a) .............

3,500

3,515

Series

2025-1A

,

Class

A4

,

.53

%

,

10/15/31

,

Callable

1/15/29

@

(a) ............

1,990

2,014

WEPCO

Environmental

Trust

Finance

I

LLC

,

Series

2021-1

,

Class

A

,

.58

%

,

12/15/35

.....

6,321

5,693

Zayo

Issuer

LLC

.......................................................

Series

2025-1A

,

Class

A2

,

.65

%

,

3/20/55

,

Callable

9/20/28

@

(a) .............

4,500

4,569

Series

2025-2A

,

Class

A2

,

.95

%

,

6/20/55

,

Callable

12/20/28

@

(a) ............

2,000

2,050

177,377

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Agency

ABS

Other

(0.8%):

CIT

Education

Loan

Trust

,

Series

2007-1

,

Class

B

,

.93

%

(SOFR90A

+

bps)

,

6/25/42

,

Callable

9/25/26

@

(a) (c) ..........................................

$

1,603

$

1,306

Navient

Student

Loan

Trust

................................................

Series

2015-2

,

Class

B

,

.80

%

(SOFR30A

+

bps)

,

8/25/50

,

Callable

8/25/33

@

(c) 3,000

2,932

Series

2018-2A

,

Class

B

,

.45

%

(SOFR30A

+

bps)

,

3/25/67

,

Callable

8/25/37

@

(a) (c) .........................................................

3,500

3,135

Nelnet

Student

Loan

Trust

,

Series

2005-4

,

Class

B

,

.92

%

(SOFR90A

+

bps)

,

9/22/35

,

Callable

12/22/25

@

(c) ...........................................

873

828

SLM

Student

Loan

Trust

..................................................

Series

2003-14

,

Class

B

,

.12

%

(SOFR90A

+

bps)

,

10/25/65

,

Callable

1/25/26

@

(c) 678

651

Series

2005-9

,

Class

B

,

.87

%

(SOFR90A

+

bps)

,

1/25/41

,

Callable

4/25/29

@

(c) 1,078

1,022

Series

2006-10

,

Class

B

,

.79

%

(SOFR90A

+

bps)

,

3/25/44

,

Callable

7/25/30

@

(c) 862

811

Series

2007-1

,

Class

B

,

.79

%

(SOFR90A

+

bps)

,

1/27/42

,

Callable

7/25/29

@

(c) 3,119

2,883

Series

2007-7

,

Class

B

,

.32

%

(SOFR90A

+

bps)

,

10/27/70

,

Callable

1/25/26

@

(c) 5,740

5,590

Series

2012-6

,

Class

B

,

.30

%

(SOFR30A

+

bps)

,

4/27/43

,

Callable

3/25/30

@

(c) 12,862

12,092

31,250

Total

Asset-Backed

Securities

(Cost

$432,940)

a

a

a

433,303

Collateralized

Mortgage

Obligations

(5.2%)

Agency

CMO

Other

(0.5%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

5270

,

Class

AB

,

.50

%

,

1/25/49

........

1,464

1,485

Federal

National

Mortgage

Association

.......................................

Series

2017-M2

,

Class

A2

,

.89

%

,

2/25/27

(d) ...............................

1,536

1,516

Series

2022-M12

,

Class

A

,

.02

%

,

12/25/28

(d) ..............................

2,291

2,234

Series

2025-40

,

Class

B

,

.00

%

,

10/25/50

.................................

1,771

1,775

Government

National

Mortgage

Association

....................................

Series

2024-1

,

Class

GA

,

.50

%

,

6/20/50

..................................

5,363

5,342

Series

2024-160

,

Class

MA

,

.50

%

,

6/20/52

................................

3,908

3,883

Series

2024-95

,

Class

AB

,

.50

%

,

6/20/45

.................................

1,733

1,602

17,837

Agency

Commercial

MBS

(1.2%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

K097

,

Class

A2

,

.51

%

,

7/25/29

...................................

8,000

7,607

Series

K100

,

Class

A2

,

.67

%

,

9/25/29

...................................

5,455

5,207

Series

K121

,

Class

A2

,

.55

%

,

10/25/30

..................................

Series

K135

,

Class

A2

,

.15

%

,

10/25/31

(d) ................................

1,200

1,076

Series

K138

,

Class

A2

,

.48

%

,

1/25/32

...................................

980

892

Series

KG02

,

Class

A2

,

.41

%

,

8/25/29

...................................

9,091

8,600

Series

KIR1

,

Class

A2

,

.85

%

,

3/25/26

...................................

12,000

11,924

Series

S8FX

,

Class

A1

,

.02

%

,

3/25/27

...................................

4,316

4,279

Federal

National

Mortgage

Association

.......................................

Series

2017-M7

,

Class

A2

,

.96

%

,

2/25/27

(d) ...............................

1,916

1,892

Series

2018-M4

,

Class

A2

,

.06

%

,

3/25/28

(d) ...............................

4,825

4,738

46,602

Commercial

MBS

(3.5%):

ALA

Trust

............................................................

Series

2025-OANA

,

Class

A

,

.78

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ..........

3,000

3,013

Series

2025-OANA

,

Class

B

,

.88

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ..........

2,000

2,013

Atrium

Hotel

Portfolio

Trust

...............................................

Series

2025-ATRM

,

Class

A

,

.68

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ..........

1,000

1,001

Series

2025-ATRM

,

Class

B

,

.13

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ..........

1,277

1,276

Aventura

Mall

Trust

.....................................................

Series

2018-AVM

,

Class

A

,

.11

%

,

7/5/40

(a) (b) (d) ...........................

5,000

4,941

Series

2018-AVM

,

Class

D

,

.11

%

,

7/5/40

(a) (b) (d) ...........................

4,000

3,863

BANK

,

Series

2017-BNK4

,

Class

B

,

.00

%

,

5/15/50

,

Callable

4/15/27

@

...........

5,600

5,282

Benchmark

Mortgage

Trust

,

Series

2020-B22

,

Class

A5

,

.97

%

,

1/15/54

,

Callable

1/15/31

@

.............................................................

2,000

1,763

BPR

Trust

............................................................

Series

2021-TY

,

Class

A

,

.20

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

4,904

4,901

Series

2021-TY

,

Class

C

,

.85

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

1,538

1,535

BX

Commercial

Mortgage

Trust

............................................

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2020-VIV4

,

Class

A

,

.84

%

,

3/9/44

,

Callable

3/9/30

@

(a) (b) ............

$

2,265

$

2,096

Series

2022-CSMO

,

Class

A

,

.15

%

(TSFR1M

+

bps)

,

6/15/27

(a) (b) (c) ..........

1,985

1,995

Series

2022-CSMO

,

Class

B

,

.17

%

(TSFR1M

+

bps)

,

6/15/27

(a) (b) (c) ..........

5,000

5,026

BX

Trust

.............................................................

Series

2019-OC11

,

Class

A

,

.20

%

,

12/9/41

,

Callable

12/9/29

@

(a) (b) ..........

9,231

8,735

Series

2022-CLS

,

Class

B

,

.30

%

,

10/13/27

(a) (b) ............................

4,000

3,984

Series

2025-GW

,

Class

A

,

.63

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) ............

2,000

2,003

BXP

Trust

............................................................

Series

2021-601L

,

Class

C

,

.78

%

,

1/15/44

(a) (b) (d) ..........................

6,500

5,453

Series

2021-601L

,

Class

D

,

.78

%

,

1/15/44

(a) (b) (d) ..........................

3,500

2,824

COMM

Mortgage

Trust

..................................................

Series

2012-CR4

,

Class

AM

,

.25

%

,

10/15/45

,

Callable

11/15/25

@

(b) .........

8,600

7,892

Series

2012-CR4

,

Class

XA

,

.14

%

,

10/15/45

,

Callable

11/15/25

@

(b) (d) .......

10,719

Series

2020-CX

,

Class

A

,

.17

%

,

11/10/46

,

Callable

11/10/30

@

(a) (b) ..........

3,500

3,010

Series

2024-277P

,

Class

A

,

.34

%

,

8/10/44

(a) (b) ............................

4,000

4,211

CSMC

Trust

,

Series

2020-WEST

,

Class

A

,

.04

%

,

2/15/35

,

Callable

2/15/30

@

(a) (b) ...

2,500

2,106

DBJPM

Mortgage

Trust

,

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

,

.77

%

(TSFR1M

+

bps)

,

4/15/37

(a) (b) (c) .............................................................

2,000

1,997

GS

Mortgage

Securities

Corp.

Trust

..........................................

Series

2017-GPTX

,

Class

A

,

.86

%

,

5/10/34

(a) (b) ...........................

1,697

1,468

Series

2023-SHIP

,

Class

B

,

.94

%

,

9/10/38

(a) (b) (d) ..........................

1,920

1,918

GS

Mortgage

Securities

Trust

,

Series

2020-GC45

,

Class

A5

,

.91

%

,

2/13/53

,

Callable

1/13/30

@

...........................................................

4,231

3,969

Houston

Galleria

Mall

Trust

,

Series

2025-HGLR

,

Class

A

,

.46

%

,

2/5/45

(a) (b) (d) .........

1,833

1,898

Hudson

Yards

Mortgage

Trust

..............................................

Series

2016-10HY

,

Class

A

,

.84

%

,

8/10/38

,

Callable

8/10/26

@

(a) (b) ..........

4,150

4,086

Series

2019-55HY

,

Class

A

,

.94

%

,

12/10/41

(a) (b) (d) .........................

2,000

1,878

Series

2025-SPRL

,

Class

A

,

.47

%

,

1/13/40

(a) (b) (d) ..........................

3,242

3,356

HYT

Commercial

Mortgage

Trust

,

Series

2024-RGCY

,

Class

A

,

.87

%

(TSFR1M

+

bps)

,

9/15/41

(a) (b) (c) ....................................................

3,100

3,106

ILPT

Commercial

Mortgage

Trust

,

Series

2022-LPFX

,

Class

A

,

.38

%

,

3/15/32

(a) (b) ......

6,000

5,463

IRV

Trust

,

Series

2025-200P

,

Class

A

,

.29

%

,

3/14/47

,

Callable

2/14/35

@

(a) (b) (d) ....

1,000

1,024

LEX

Mortgage

Trust

,

Series

2024-BBG

,

Class

A

,

.87

%

,

10/13/33

,

Callable

10/13/28

@

(a) (b) (d) .......................................................

2,407

2,417

MAD

Commercial

Mortgage

Trust

,

Series

2025-11MD

,

Class

A

,

.75

%

,

10/15/42

(a) (b) (d) ..

1,818

1,814

Manhattan

West

Mortgage

Trust

............................................

Series

2020-1MW

,

Class

A

,

.13

%

,

9/10/39

(a) (b) ............................

1,980

1,890

Series

2020-1MW

,

Class

C

,

.33

%

,

9/10/39

(a) (b) (d) ..........................

1,000

952

One

Bryant

Park

Trust

,

Series

2019-OBP

,

Class

A

,

.52

%

,

9/15/54

(a) (b) ................

6,480

5,973

SCG

Commercial

Mortgage

Trust

,

Series

2025-FLWR

,

Class

A

,

.28

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ....................................................

1,000

1,000

SCOTT

Trust

,

Series

2023-SFS

,

Class

A

,

.91

%

,

3/10/40

(a) (b) ......................

4,000

4,099

SLG

Office

Trust

,

Series

2021-OVA

,

Class

A

,

.59

%

,

7/15/41

(a) (b) ...................

5,200

4,637

SWCH

Commercial

Mortgage

Trust

,

Series

2025-DATA

,

Class

A

,

.48

%

(TSFR1M

+

bps)

,

2/15/42

(a) (b) (c) ....................................................

3,993

3,967

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2025-HI

,

Class

A

,

.73

%

(TSFR1M

+

bps)

,

10/15/42

(a) (b) (c) ...................................................

1,500

1,502

137,507

Total

Collateralized

Mortgage

Obligations

(Cost

$209,832)

a

a

a

201,946

Shares

Preferred

Stocks

(0.8%)

Consumer

Staples

(0.1%):

CHS,

Inc.

,

Series

,

.88

%

(f) ..............................................

190,818

5,038

Financials

(0.0%):(g)

Citigroup

Capital

XIII

,

.47

%

(TSFR3M

+

663

bps)

,

10/30/40

(c) .....................

40,000

1,201

Real

Estate

(0.7%):

Mid-America

Apartment

Communities,

Inc.

,

Series

I

,

.50

%

(f) ......................

219,731

11,971

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Prologis,

Inc.

,

Series

Q

,

.54

%

(f) ...........................................

$

283,503

$

15,218

27,189

Total

Preferred

Stocks

(Cost

$29,485)

a

a

a

33,428

Principal

Amount

(000) Corporate

Bonds

(33.9%)

Communication

Services

(1.1%):

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

,

.50

%

,

6/1/41

,

Callable

12/1/40

@

.........................................

5,000

3,597

Comcast

Corp.

.90

%

,

3/1/38

,

Callable

9/1/37

@

....................................

3,000

2,617

.89

%

,

11/1/51

,

Callable

5/1/51

@

...................................

3,500

2,116

CSC

Holdings

LLC

,

.50

%

,

4/15/27

,

Callable

12/5/25

@

(a) .....................

3,000

2,790

Discovery

Communications

LLC

,

.63

%

,

5/15/30

,

Callable

2/15/30

@

..............

3,000

2,776

Meta

Platforms,

Inc.

,

.50

%

,

11/15/45

,

Callable

5/15/45

@

......................

2,800

2,776

Paramount

Global

,

.20

%

,

6/1/29

,

Callable

3/1/29

@

..........................

4,000

3,917

T-Mobile

US,

Inc.

.88

%

,

4/15/30

,

Callable

1/15/30

@

..................................

7,500

7,345

.55

%

,

2/15/31

,

Callable

11/15/30

@

..................................

5,000

4,546

Verizon

Communications,

Inc.

.13

%

,

8/15/46

....................................................

5,000

4,060

.88

%

,

11/20/50

,

Callable

5/20/50

@

..................................

3,000

1,892

Warnermedia

Holdings,

Inc.

.76

%

,

3/15/27

,

Callable

2/15/27

@

..................................

1,580

1,563

.05

%

,

3/15/42

,

Callable

9/15/41

@

..................................

3,759

3,017

43,012

Consumer

Discretionary

(1.8%):

AutoNation,

Inc.

.40

%

,

8/1/31

,

Callable

5/1/31

@

....................................

3,750

3,281

.85

%

,

3/1/32

,

Callable

12/1/31

@

...................................

4,500

4,200

Brunswick

Corp.

,

.40

%

,

8/18/31

,

Callable

5/18/31

@

.........................

3,250

2,827

Daimler

Truck

Finance

North

America

LLC

,

.38

%

,

12/14/28

(a) .....................

5,600

5,282

Genuine

Parts

Co.

,

.75

%

,

2/1/32

,

Callable

11/1/31

@

.........................

6,166

5,416

Hasbro,

Inc.

,

.90

%

,

11/19/29

,

Callable

8/19/29

@

............................

1,000

978

Kohl's

Corp.

,

.13

%

,

5/1/31

,

Callable

2/1/31

@

..............................

3,000

2,341

Marriott

International,

Inc.

.63

%

,

6/15/30

,

Callable

3/15/30

@

..................................

2,333

2,358

.50

%

,

10/15/32

,

Callable

7/15/32

@

.................................

2,750

2,557

Mattel,

Inc.

.38

%

,

4/1/26

,

Callable

11/15/25

@

(a) ................................

500

.75

%

,

4/1/29

,

Callable

11/15/25

@

100.94 (a) ..............................

7,750

7,517

Nordstrom,

Inc.

.38

%

,

4/1/30

,

Callable

1/1/30

@

....................................

2,000

1,896

.25

%

,

8/1/31

,

Callable

5/1/31

@

....................................

4,250

3,887

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

,

.63

%

,

4/6/31

,

Callable

1/6/31

@

(a) .

5,367

4,579

Smithsonian

Institution

,

.65

%

,

9/1/39

........................................

2,000

1,613

Tapestry,

Inc.

,

.50

%

,

3/11/35

,

Callable

12/11/34

@

...........................

3,000

3,052

Tractor

Supply

Co.

,

.25

%

,

5/15/33

,

Callable

2/15/33

@

........................

4,000

4,137

Vanderbilt

University

Medical

Center

,

.17

%

,

7/1/37

,

Callable

1/1/37

@

............

1,000

901

Volkswagen

Group

of

America

Finance

LLC

.45

%

,

11/16/30

,

Callable

9/16/30

@

(a) ................................

3,000

3,221

.80

%

,

3/27/35

,

Callable

12/27/34

@

(a) ...............................

2,000

2,058

Worthington

Enterprises,

Inc.

,

.30

%

,

8/1/32

,

Callable

5/1/32

@

..................

5,890

5,341

67,939

Consumer

Staples

(2.2%):

7-Eleven,

Inc.

.80

%

,

2/10/31

,

Callable

11/10/30

@

(a) ................................

3,000

2,610

.80

%

,

2/10/51

,

Callable

8/2/50

@

(a) .................................

2,000

1,240

BAT

Capital

Corp.

,

.39

%

,

8/15/37

,

Callable

2/15/37

@

........................

10,000

9,156

Bimbo

Bakeries

USA,

Inc.

,

.38

%

,

1/9/36

,

Callable

10/9/35

@

(a) .................

3,400

3,461

Bunge

Ltd.

Finance

Corp.

,

.75

%

,

5/14/31

,

Callable

2/14/31

@

...................

12,000

11,017

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Cargill,

Inc.

,

.13

%

,

11/10/31

,

Callable

8/10/31

@

(a) ..........................

$

6,000

$

5,296

Constellation

Brands,

Inc.

,

.25

%

,

8/1/31

,

Callable

5/1/31

@

.....................

5,645

4,991

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

.60

%

,

1/15/31

,

Callable

12/15/30

@

(a) ...........................................

1,481

1,487

General

Mills,

Inc.

,

.55

%

,

4/17/38

,

Callable

10/17/37

@

.......................

3,000

2,798

Keurig

Dr.

Pepper,

Inc.

,

.50

%

,

4/15/52

,

Callable

10/15/51

@

....................

5,000

4,071

Kraft

Heinz

Foods

Co.

,

.00

%

,

6/4/42

........................................

4,000

3,689

Mars,

Inc.

,

.65

%

,

5/1/45

,

Callable

11/1/44

@

(a) .............................

2,000

2,037

McCormick

&

Co.,

Inc.

.50

%

,

4/15/30

,

Callable

1/15/30

@

..................................

2,000

1,852

.85

%

,

2/15/31

,

Callable

11/15/30

@

..................................

2,000

1,758

Philip

Morris

International,

Inc.

,

.38

%

,

2/15/33

,

Callable

11/15/32

@

..............

2,000

2,084

SC

Johnson

&

Son,

Inc.

,

.35

%

,

9/30/44

,

Callable

3/30/44

@

(a) ..................

7,000

5,827

Smithfield

Foods,

Inc.

,

.25

%

,

2/1/27

,

Callable

11/1/26

@

(a) ....................

5,000

4,978

Sodexo,

Inc.

,

.72

%

,

4/16/31

,

Callable

1/16/31

@

(a) ..........................

10,750

9,728

Sysco

Corp.

,

.45

%

,

12/14/31

,

Callable

9/14/31

@

............................

5,000

4,455

The

Kroger

Co.

,

.00

%

,

9/15/34

,

Callable

6/15/34

@

..........................

4,000

4,033

86,568

Energy

(3.3%):

APA

Corp.

,

.25

%

,

1/15/44

,

Callable

7/15/43

@

..............................

5,404

3,823

Berkshire

Hathaway

Energy

Co.

,

.50

%

,

2/1/45

,

Callable

8/1/44

@

................

4,000

3,538

Buckeye

Partners

LP

,

.60

%

,

10/15/44

,

Callable

4/15/44

@

......................

10,000

9,208

Cameron

LNG

LLC

,

.30

%

,

1/15/35

,

Callable

9/15/34

@

(a) .....................

6,364

5,582

ConocoPhillips

Co.

.15

%

,

11/15/34

,

Callable

5/15/34

@

..................................

4,500

4,326

.55

%

,

3/15/54

,

Callable

9/15/53

@

..................................

3,485

3,437

Coterra

Energy,

Inc.

,

.40

%

,

2/15/35

,

Callable

11/15/34

@

......................

3,000

3,022

Diamondback

Energy,

Inc.

,

.75

%

,

4/18/54

,

Callable

10/18/53

@

.................

2,000

1,924

DT

Midstream,

Inc.

,

.80

%

,

12/15/34

,

Callable

9/15/34

@

(a) ....................

3,000

3,101

Eastern

Energy

Gas

Holdings

LLC

.65

%

,

10/15/54

,

Callable

4/15/54

@

.................................

3,000

2,952

.20

%

,

1/15/55

,

Callable

7/15/54

@

..................................

3,385

3,574

Energy

Transfer

LP

.50

%

(H15T5Y

+

569

bps)

,

Callable

11/15/26

@

(c) (f) ......................

2,000

2,009

.15

%

,

9/15/29

,

Callable

6/15/29

@

..................................

3,000

2,976

EOG

Resources,

Inc.

,

.35

%

,

1/15/36

,

Callable

10/15/35

@

.....................

3,000

3,084

EQT

Corp.

,

.00

%

,

2/1/30

,

Callable

11/1/29

@

..............................

2,000

2,171

Evergy

Missouri

West,

Inc.

,

.65

%

,

6/1/34

,

Callable

3/1/34

@

(a) ..................

3,450

3,583

Florida

Gas

Transmission

Co.

LLC

,

.55

%

,

7/1/30

,

Callable

4/1/30

@

(a) ............

6,500

5,980

Helmerich

&

Payne,

Inc.

,

.50

%

,

12/1/34

,

Callable

9/1/34

@

(h) ..................

4,000

3,937

HF

Sinclair

Corp.

,

.25

%

,

1/15/35

,

Callable

10/15/34

@

........................

3,000

3,136

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

.25

%

,

11/1/28

,

Callable

12/5/25

@

101.04 (a) ..............................

4,000

4,006

.00

%

,

2/1/31

,

Callable

2/1/26

@

(a) ..................................

3,000

2,852

Marathon

Petroleum

Corp.

,

.75

%

,

9/15/44

,

Callable

3/15/44

@

..................

2,000

1,737

Murphy

Oil

USA,

Inc.

.75

%

,

9/15/29

,

Callable

11/20/25

@

101.58 ...............................

2,000

1,974

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88 (a) ..............................

1,332

1,239

Occidental

Petroleum

Corp.

.45

%

,

9/15/36

....................................................

1,461

1,551

.40

%

,

8/15/49

,

Callable

2/15/49

@

..................................

10,235

7,795

ONEOK,

Inc.

.05

%

,

11/1/34

,

Callable

8/1/34

@

...................................

3,000

2,957

.25

%

,

10/15/55

,

Callable

4/15/55

@

.................................

1,000

1,003

Phillips

Co.

.65

%

,

11/15/34

,

Callable

5/15/34

@

..................................

1,000

979

.90

%

,

10/1/46

,

Callable

4/1/46

@

...................................

750

662

Plains

All

American

Pipeline

LP

,

.95

%

,

6/15/35

,

Callable

3/15/35

@

..............

2,400

2,506

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

,

.55

%

,

12/15/29

,

Callable

9/15/29

@

6,250

6,049

Rockies

Express

Pipeline

LLC

.95

%

,

7/15/29

,

Callable

4/15/29

@

(a) ................................

6,500

6,434

.80

%

,

5/15/30

,

Callable

2/15/30

@

(a) ................................

3,000

2,935

Sabal

Trail

Transmission

LLC

,

.68

%

,

5/1/38

,

Callable

11/1/37

@

(a) ...............

5,000

4,742

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Tampa

Electric

Co.

,

.15

%

,

3/1/35

,

Callable

12/1/34

@

........................

$

1,500

$

1,523

Targa

Resources

Corp.

,

.55

%

,

8/15/35

,

Callable

5/15/35

@

.....................

2,400

2,454

Western

Midstream

Operating

LP

.05

%

,

2/1/30

,

Callable

11/1/29

@

...................................

1,000

975

.25

%

,

2/1/50

,

Callable

8/1/49

@

....................................

500

126,168

Financials

(8.9%):

Park

Funding

Trust

,

.74

%

,

2/15/55

,

Callable

8/15/54

@

(a) ..................

4,000

4,050

Ally

Financial,

Inc.

,

.70

%

(H15T5Y

+

bps)

,

Callable

5/15/26

@

(c) (f) ............

2,000

1,960

American

Express

Co.

,

.99

%

(SOFR

+

bps)

,

5/26/33

,

Callable

2/26/32

@

(c) .......

6,000

6,137

American

Honda

Finance

Corp.

,

.20

%

,

3/5/35

..................................

1,500

1,530

American

International

Group,

Inc.

,

.88

%

,

1/15/35

,

Callable

7/15/34

@

............

7,000

6,520

American

National

Global

Funding

,

.55

%

,

1/28/30

(a) ............................

1,648

1,698

American

National

Group,

Inc.

,

.00

%

,

7/15/35

,

Callable

4/15/35

@

...............

3,000

3,050

Amrize

Finance

US

LLC

,

.40

%

,

4/7/35

,

Callable

1/7/35

@

(a) ...................

1,877

1,937

Antares

Holdings

LP

,

.35

%

,

10/23/29

,

Callable

9/23/29

@

(a) ....................

5,000

5,094

Ashtead

Capital,

Inc.

,

.00

%

,

5/1/28

,

Callable

11/15/25

@

100.67 (a) ..................

2,500

2,479

Bank

of

America

Corp.

.38

%

(H15T5Y

+

bps)

,

Callable

1/27/27

@

(c) (f) .......................

3,500

3,445

.57

%

(SOFR

+

bps)

,

10/20/32

,

Callable

10/20/31

@

(c) ..................

3,000

2,698

.48

%

(H15T5Y

+

bps)

,

9/21/36

,

Callable

9/21/31

@

(c) ..................

2,500

2,178

Blue

Owl

Credit

Income

Corp.

,

.13

%

,

9/23/26

,

Callable

8/23/26

@

...............

500

Blue

Owl

Technology

Finance

Corp.

,

.75

%

,

12/15/25

,

Callable

11/15/25

@

(a) .......

1,000

1,000

Brown

&

Brown,

Inc.

,

.55

%

,

6/23/35

,

Callable

3/23/35

@

......................

1,261

1,298

Capital

One

Financial

Corp.

,

.82

%

(SOFR

+

bps)

,

2/1/34

,

Callable

2/1/33

@

(c) .....

3,500

3,669

Citizens

Financial

Group,

Inc.

,

.64

%

(H15T5Y

+

bps)

,

5/21/37

,

Callable

5/21/32

@

(c) 2,500

2,527

Clearinghouse

Community

Development

Financial

Institution

,

.00

%

,

10/15/30

,

Callable

9/15/30

@

(a) ...................................................

1,845

1,945

CNO

Global

Funding

,

.95

%

,

9/9/29

(a) .......................................

2,227

2,268

Compeer

Financial

FLCA/Compeer

Financial

PCA

,

.38

%

(SOFR

+

bps)

,

6/1/36

,

Callable

6/1/31

@

(a) (c) ..................................................

4,000

2,530

Cullen/Frost

Bankers,

Inc.

,

.50

%

,

3/17/27

,

Callable

2/17/27

@

...................

3,000

2,984

Cullen/Frost

Capital

Trust

II

,

.98

%

(TSFR3M

+

bps)

,

3/1/34

,

Callable

12/5/25

@

(c) .

5,000

4,462

Equitable

Holdings,

Inc.

,

.57

%

,

2/15/29

,

Callable

11/15/28

@

(a) .................

4,000

4,016

F&G

Global

Funding

,

.00

%

,

9/20/28

(a) ......................................

4,000

3,720

Fells

Point

Funding

Trust

,

.05

%

,

1/31/27

,

Callable

12/31/26

@

(a) ................

6,500

6,403

Fifth

Third

Bancorp

,

.34

%

(SOFR

+

bps)

,

4/25/33

,

Callable

4/25/32

@

(c) .........

6,957

6,765

First

American

Financial

Corp.

,

.40

%

,

8/15/31

,

Callable

5/15/31

@

...............

4,000

3,486

First

Horizon

Bank

,

.75

%

,

5/1/30

,

Callable

2/1/30

@

.........................

8,850

9,133

Fiserv,

Inc.

.60

%

,

3/2/33

,

Callable

12/2/32

@

...................................

5,000

5,149

.63

%

,

8/21/33

,

Callable

5/21/33

@

..................................

1,550

1,597

.40

%

,

7/1/49

,

Callable

1/1/49

@

....................................

1,000

802

Ford

Motor

Credit

Co.

LLC

.80

%

,

11/7/28

,

Callable

10/7/28

@

..................................

2,000

2,090

.13

%

,

3/8/34

,

Callable

12/8/33

@

...................................

2,000

2,021

Fulton

Financial

Corp.

,

.32

%

(TSFR3M

+

bps)

,

3/15/30

,

Callable

12/15/25

@

(c) ....

2,932

2,893

Glencore

Funding

LLC

,

.50

%

,

9/1/30

,

Callable

6/1/30

@

(a) ....................

6,500

5,943

Global

Payments,

Inc.

.90

%

,

11/15/31

,

Callable

8/15/31

@

..................................

6,500

5,781

.40

%

,

8/15/32

,

Callable

5/15/32

@

..................................

1,750

1,771

Globe

Life,

Inc.

,

.85

%

,

9/15/34

,

Callable

6/15/34

@

..........................

2,308

2,419

Horizon

Mutual

Holdings,

Inc.

,

.20

%

,

11/15/34

,

Callable

8/15/34

@

(a) ............

6,589

6,454

Huntington

Bancshares,

Inc.

.44

%

(SOFR

+

bps)

,

8/4/28

,

Callable

8/4/27

@

(c) ......................

2,750

2,759

.49

%

(H15T5Y

+

bps)

,

8/15/36

,

Callable

8/15/31

@

(c) ..................

7,676

6,580

Huntington

Capital

Trust

I

,

.80

%

(TSFR3M

+

bps)

,

2/1/27

,

Callable

12/5/25

@

(c) ....

2,300

2,266

ILFC

E-Capital

Trust

I

,

.27

%

,

12/21/65

,

Callable

12/5/25

@

(a) ..................

10,000

8,396

JPMorgan

Chase

&

Co.

.62

%

(TSFR3M

+

bps)

,

2/1/27

,

Callable

12/5/25

@

(c) ...................

4,000

3,967

.95

%

(SOFR

+

bps)

,

2/4/32

,

Callable

2/4/31

@

(c) ......................

2,750

2,435

.29

%

(SOFR

+

bps)

,

7/22/35

,

Callable

7/22/34

@

(c) ....................

7,250

7,494

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) KeyBank

NA

.40

%

,

5/20/26

,

MTN

................................................

$

2,500

$

2,487

.90

%

,

4/13/29

....................................................

3,000

2,936

.90

%

,

8/8/32

.....................................................

1,000

988

KeyCorp

,

.79

%

(SOFRINDX

+

bps)

,

6/1/33

,

Callable

6/1/32

@

,

MTN

(c) .........

3,784

3,764

Lincoln

National

Corp.

,

.80

%

(TSFR3M

+

bps)

,

5/17/66

,

Callable

8/11/26

@

(c) ....

2,341

2,011

LPL

Holdings,

Inc.

,

.75

%

,

6/15/35

,

Callable

3/15/35

@

........................

3,980

4,080

Midwest

Connector

Capital

Co.

LLC

,

.63

%

,

4/1/29

,

Callable

1/1/29

@

(a) ...........

2,500

2,511

Morgan

Stanley

.51

%

(SOFR

+

bps)

,

10/20/32

,

Callable

10/20/31

@

,

MTN

(c) .............

2,000

1,789

.32

%

(SOFR

+

bps)

,

7/19/35

,

Callable

7/19/34

@

(c) ....................

1,500

1,547

.48

%

(SOFR

+

bps)

,

9/16/36

,

Callable

9/16/31

@

(c) ....................

8,000

6,972

National

Rural

Utilities

Cooperative

Finance

Corp.

,

.01

%

(TSFR3M

+

bps)

,

4/30/43

,

Callable

12/5/25

@

(c) ............................................

5,938

5,922

NLG

Global

Funding

,

.40

%

,

1/23/30

(a) ......................................

3,000

3,098

PNC

Bank

NA

,

.70

%

,

10/22/29

............................................

6,000

5,641

PPL

Capital

Funding,

Inc.

.25

%

,

9/1/34

,

Callable

6/1/34

@

....................................

1,490

1,527

.93

%

(TSFR3M

+

bps)

,

3/30/67

,

Callable

12/5/25

@

(c) ..................

6,130

6,041

Primerica,

Inc.

,

.80

%

,

11/19/31

,

Callable

8/19/31

@

..........................

4,000

3,617

Protective

Life

Global

Funding

,

.43

%

,

1/14/32

(a) ...............................

3,500

3,645

Prudential

Financial,

Inc.

.94

%

,

12/7/49

,

Callable

6/7/49

@

...................................

2,500

1,979

.00

%

(H15T5Y

+

bps)

,

9/1/52

,

Callable

6/1/32

@

(c) ....................

6,000

6,244

Raymond

James

Financial,

Inc.

,

.95

%

,

7/15/46

.................................

4,000

3,697

Regions

Bank

,

.45

%

,

6/26/37

.............................................

6,909

7,543

Repsol

E&P

Capital

Markets

US

LLC

,

.98

%

,

9/16/35

,

Callable

6/16/35

@

(a) ........

2,000

2,035

Santander

Holdings

USA,

Inc.

.57

%

(SOFR

+

bps)

,

6/12/29

,

Callable

6/12/28

@

(c) ....................

2,500

2,612

.35

%

(SOFR

+

bps)

,

9/6/30

,

Callable

9/6/29

@

(c) ......................

1,000

1,019

Simon

Property

Group

LP

.75

%

,

9/26/34

,

Callable

6/26/34

@

..................................

1,450

1,440

.85

%

,

3/8/53

,

Callable

9/8/52

@

....................................

3,400

3,510

State

Street

Corp.

,

.12

%

(SOFR

+

bps)

,

11/21/34

,

Callable

11/21/33

@

(c) .........

1,250

1,355

Stellantis

Finance

US,

Inc.

,

.69

%

,

9/15/31

,

Callable

6/15/31

@

(a) (h) ..............

13,800

12,017

Stewart

Information

Services

Corp.

,

.60

%

,

11/15/31

,

Callable

8/15/31

@

...........

8,500

7,609

Synovus

Financial

Corp.

,

.54

%

(USISOA05

+

bps)

,

2/7/29

(c) ....................

10,000

10,374

Teachers

Insurance

&

Annuity

Association

of

America

,

.90

%

,

9/15/44

(a) ..............

5,000

4,621

The

Allstate

Corp.

,

.41

%

(TSFR3M

+

bps)

,

8/15/53

,

Callable

12/5/25

@

(c) ........

5,000

5,010

The

Bank

of

New

York

Mellon

Corp.

.75

%

(H15T5Y

+

bps)

,

Callable

12/20/26

@

(c) (f) ......................

7,000

6,857

.61

%

(SOFR

+

bps)

,

7/21/39

,

Callable

7/21/34

@

(c) ....................

3,030

3,170

The

Charles

Schwab

Corp.

,

.14

%

(SOFR

+

bps)

,

8/24/34

,

Callable

8/24/33

@

(c) ....

1,385

1,507

The

Hartford

Insurance

Group,

Inc.

,

.60

%

(TSFR3M

+

bps)

,

2/12/47

,

Callable

12/5/25

@

(a) (c) .........................................................

8,000

7,604

The

Northwestern

Mutual

Life

Insurance

Co.

,

.17

%

,

5/29/55

,

Callable

11/29/54

@

(a) ..

1,255

1,349

The

PNC

Financial

Services

Group,

Inc.

.63

%

(SOFRINDX

+

bps)

,

6/6/33

,

Callable

6/6/32

@

(c) .................

1,382

1,369

.68

%

(SOFR

+

bps)

,

1/22/35

,

Callable

1/22/34

@

(c) ....................

1,408

1,486

Truist

Bank

,

.63

%

(H15T5Y

+

bps)

,

9/17/29

(c) ...............................

2,450

2,455

Truist

Financial

Corp.

.10

%

(H15T10Y

+

bps)

,

Callable

3/1/30

@

(c) (f) .......................

2,000

2,007

.87

%

(SOFR

+

bps)

,

6/8/34

,

Callable

6/8/33

@

,

MTN

(c) .................

3,000

3,174

U.S.

Bancorp

,

.97

%

(SOFR

+

bps)

,

7/22/33

,

Callable

7/22/32

@

(c) .............

4,000

4,011

W.R.

Berkley

Corp.

,

.55

%

,

3/30/52

,

Callable

9/30/51

@

.......................

5,588

4,025

Webster

Financial

Corp.

,

.51

%

(TSFR3M

+

bps)

,

12/30/29

,

Callable

12/31/25

@

(c) ..

3,000

2,969

Wells

Fargo

&

Co.

,

.90

%

(H15T5Y

+

bps)

,

Callable

3/15/26

@

(c) (f) ............

2,500

2,483

344,399

Health

Care

(2.4%):

Medical,

Inc.

,

.30

%

,

10/8/35

,

Callable

7/8/35

@

(a) ........................

989

979

Amgen,

Inc.

.00

%

,

1/15/52

,

Callable

7/15/51

@

..................................

4,500

2,989

.20

%

,

2/22/52

,

Callable

8/22/51

@

..................................

3,500

2,819

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Baxter

International,

Inc.

,

.13

%

,

12/1/51

,

Callable

6/1/51

@

....................

$

10,000

$

6,460

Biogen,

Inc.

,

.75

%

,

5/15/35

,

Callable

2/15/35

@

.............................

1,900

1,993

Bon

Secours

Charity

Health

System,

Inc.

,

.25

%

,

11/1/25

..........................

3,000

3,000

Bristol-Myers

Squibb

Co.

,

.90

%

,

11/15/33

,

Callable

8/15/33

@

..................

4,100

4,459

Centene

Corp.

,

.50

%

,

3/1/31

,

Callable

12/1/30

@

............................

2,000

1,722

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

.63

%

,

7/15/30

,

Callable

7/16/26

@

103.31 (a) ..........................................

3,600

3,695

CVS

Pass-Through

Trust

,

.04

%

,

12/10/28

.....................................

2,281

2,322

DENTSPLY

SIRONA,

Inc.

,

.25

%

,

6/1/30

,

Callable

3/1/30

@

....................

5,250

4,872

Eastern

Maine

Healthcare

Systems

,

.02

%

,

7/1/36

...............................

17,000

14,314

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

.38

%

,

2/16/31

,

Callable

11/16/30

@

(a) ...

6,500

5,757

HCA,

Inc.

.38

%

,

3/15/42

,

Callable

9/15/41

@

..................................

2,156

1,861

.25

%

,

6/15/49

,

Callable

12/15/48

@

.................................

3,500

3,205

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

.45

%

,

6/15/34

,

Callable

3/15/34

@

(a) ...........................................................

3,450

3,545

Humana,

Inc.

,

.55

%

,

5/1/35

,

Callable

2/1/35

@

..............................

1,500

1,534

Northwell

Healthcare,

Inc.

,

.39

%

,

11/1/27

,

Callable

8/1/27

@

...................

3,900

3,832

Orlando

Health

Obligated

Group

,

.89

%

,

10/1/35

................................

1,660

1,445

Revvity,

Inc.

.55

%

,

3/15/31

,

Callable

12/15/30

@

.................................

2,000

1,797

.25

%

,

9/15/31

,

Callable

6/15/31

@

..................................

4,500

3,928

Solventum

Corp.

.40

%

,

3/1/29

,

Callable

2/1/29

@

....................................

504

520

.45

%

,

3/13/31

,

Callable

1/13/31

@

..................................

1,300

1,353

.60

%

,

3/23/34

,

Callable

12/23/33

@

.................................

1,300

1,352

.90

%

,

4/30/54

,

Callable

10/30/53

@

.................................

1,267

1,290

Southern

Illinois

Healthcare

Enterprises,

Inc.

,

.97

%

,

5/15/50

,

Callable

11/15/49

@

....

4,000

2,983

Tenet

Healthcare

Corp.

,

.13

%

,

6/15/30

,

Callable

12/5/25

@

103.06 ...................

1,500

1,527

Trinity

Health

Corp.

,

.63

%

,

12/1/40

,

Callable

6/1/40

@

........................

3,000

2,201

Universal

Health

Services,

Inc.

,

.65

%

,

1/15/32

,

Callable

10/15/31

@

..............

3,000

2,623

Zoetis,

Inc.

,

.00

%

,

8/17/35

,

Callable

5/17/35

@

.............................

3,062

3,091

93,468

Industrials

(4.6%):

Acuity

Brands

Lighting,

Inc.

,

.15

%

,

12/15/30

,

Callable

9/15/30

@

................

3,551

3,189

American

Airlines

Pass

Through

Trust

.70

%

,

10/1/26

....................................................

4,391

4,358

.00

%

,

9/22/27

....................................................

5,499

5,390

.58

%

,

1/15/28

....................................................

2,288

2,248

.00

%

,

2/15/29

....................................................

2,956

2,846

.60

%

,

10/15/29

....................................................

5,941

5,623

.65

%

,

11/11/34

....................................................

571

577

.90

%

,

5/11/38

.....................................................

1,600

1,603

Aon

North

America,

Inc.

.45

%

,

3/1/34

,

Callable

12/1/33

@

...................................

2,000

2,082

.75

%

,

3/1/54

,

Callable

9/1/53

@

....................................

2,000

2,019

Ashtead

Capital,

Inc.

.45

%

,

8/12/31

,

Callable

5/12/31

@

(a) ................................

6,000

5,327

.95

%

,

10/15/33

,

Callable

7/15/33

@

(a) ...............................

4,500

4,754

BNSF

Funding

Trust

I

,

.61

%

(US0003M

+

bps)

,

12/15/55

,

Callable

1/15/26

@

(c) (i) .

6,325

6,348

British

Airways

Pass

Through

Trust

.35

%

,

6/15/29

(a) ..................................................

2,939

2,835

.80

%

,

9/20/31

(a) ..................................................

2,035

1,973

Builders

FirstSource,

Inc.

,

.38

%

,

6/15/32

,

Callable

6/15/27

@

103.19 (a) ...............

2,500

2,591

Burlington

Northern

Santa

Fe

LLC

,

.90

%

,

8/1/46

,

Callable

2/1/46

@

..............

5,000

4,057

Carlisle

Cos.,

Inc.

,

.55

%

,

9/15/40

,

Callable

6/15/40

@

.........................

553

561

Delta

Air

Lines

Pass

Through

Trust

,

.88

%

,

7/30/27

..............................

5,074

5,007

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

,

.75

%

,

10/20/28

(a) .........................

2,000

2,013

Fluor

Corp.

,

.25

%

,

9/15/28

,

Callable

6/15/28

@

.............................

4,000

3,969

GXO

Logistics,

Inc.

,

.65

%

,

7/15/31

,

Callable

4/15/31

@

.......................

5,000

4,468

Hawaiian

Airlines

Pass

Through

Certificates

,

.90

%

,

1/15/26

........................

6,805

6,763

Hubbell,

Inc.

,

.80

%

,

11/15/35

,

Callable

8/15/35

@

...........................

836

832

JetBlue

Pass

Through

Trust

,

.95

%

,

5/15/28

....................................

7,258

6,638

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Kennametal,

Inc.

,

.63

%

,

6/15/28

,

Callable

3/15/28

@

.........................

$

5,295

$

5,331

Leidos,

Inc.

,

.30

%

,

2/15/31

,

Callable

11/15/30

@

............................

3,000

2,684

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

.71

%

,

12/1/35

,

Callable

9/1/35

@

.......

3,935

3,523

Otis

Worldwide

Corp.

,

.11

%

,

2/15/40

,

Callable

8/15/39

@

......................

1,000

782

Regal

Rexnord

Corp.

,

.40

%

,

4/15/33

,

Callable

1/15/33

@

......................

5,000

5,355

RTX

Corp.

,

.20

%

,

12/15/44

,

Callable

6/15/44

@

.............................

5,000

4,191

Ryder

System,

Inc.

,

.25

%

,

6/1/28

,

Callable

5/1/28

@

,

MTN

.....................

5,000

5,130

Spirit

Airlines

Pass

Through

Trust

.10

%

,

4/1/28

.....................................................

7,362

6,979

.38

%

,

2/15/30

....................................................

6,003

5,624

The

Boeing

Co.

.63

%

,

2/1/31

,

Callable

11/1/30

@

...................................

4,000

3,837

.71

%

,

5/1/40

,

Callable

11/1/39

@

...................................

6,000

6,120

.81

%

,

5/1/50

,

Callable

11/1/49

@

...................................

2,250

2,238

The

Conservation

Fund

A

Nonprofit

Corp.

,

.47

%

,

12/15/29

,

Callable

9/15/29

@

......

7,000

6,712

The

Timken

Co.

,

.13

%

,

4/1/32

,

Callable

1/1/32

@

............................

6,400

6,145

UL

Solutions,

Inc.

,

.50

%

,

10/20/28

,

Callable

9/20/28

@

.......................

4,550

4,792

Union

Pacific

Corp.

.38

%

,

2/1/35

,

Callable

8/1/34

@

....................................

2,000

1,807

.25

%

,

4/15/43

,

Callable

10/15/42

@

.................................

5,000

4,218

United

Airlines

Pass

Through

Trust

,

.90

%

,

5/1/28

...............................

3,754

3,555

United

Airlines,

Inc.

,

.63

%

,

4/15/29

,

Callable

10/15/28

@

(a) ....................

4,000

3,961

Verisk

Analytics,

Inc.

,

.25

%

,

6/5/34

,

Callable

3/5/34

@

........................

3,500

3,599

Weir

Group,

Inc.

,

.35

%

,

5/6/30

,

Callable

4/6/30

@

(a) (h) .......................

3,150

3,234

177,888

Information

Technology

(1.5%):

Amphenol

Corp.

,

.20

%

,

9/15/31

,

Callable

6/15/31

@

.........................

4,875

4,333

Broadcom,

Inc.

.60

%

,

2/15/33

,

Callable

11/15/32

@

..................................

5,000

4,396

.47

%

,

4/15/34

,

Callable

1/15/34

@

..................................

2,000

1,831

Dell

International

LLC/EMC

Corp.

.85

%

,

2/1/35

,

Callable

11/1/34

@

...................................

700

689

.10

%

,

2/15/36

,

Callable

11/15/35

@

..................................

3,044

3,012

Hewlett

Packard

Enterprise

Co.

,

.00

%

,

10/15/34

,

Callable

7/15/34

@

..............

3,000

2,973

HP,

Inc.

,

.50

%

,

1/15/33

,

Callable

10/15/32

@

...............................

3,000

3,093

Jabil,

Inc.

,

.00

%

,

1/15/31

,

Callable

10/15/30

@

..............................

4,776

4,411

Keysight

Technologies,

Inc.

,

.95

%

,

10/15/34

,

Callable

7/15/34

@

................

3,365

3,389

Marvell

Technology,

Inc.

,

.45

%

,

4/15/28

,

Callable

2/15/28

@

...................

5,950

5,709

Microsoft

Corp.

,

.53

%

,

6/1/50

,

Callable

12/1/49

@

...........................

4,250

2,669

Motorola

Solutions,

Inc.

,

.60

%

,

6/1/32

,

Callable

3/1/32

@

......................

1,000

1,052

Oracle

Corp.

.85

%

,

7/15/36

,

Callable

1/15/36

@

..................................

9,250

8,066

.38

%

,

7/15/40

....................................................

3,000

2,861

.60

%

,

4/1/50

,

Callable

10/1/49

@

...................................

4,750

3,219

Synopsys,

Inc.

,

.15

%

,

4/1/35

,

Callable

1/1/35

@

.............................

2,000

2,031

TSMC

Arizona

Corp.

,

.50

%

,

10/25/31

,

Callable

7/25/31

@

.....................

6,400

5,824

59,558

Materials

(2.1%):

Amcor

Flexibles

North

America,

Inc.

,

.50

%

,

3/17/35

,

Callable

12/17/34

@

..........

3,000

3,102

AptarGroup,

Inc.

,

.60

%

,

3/15/32

,

Callable

12/15/31

@

........................

7,071

6,596

Avery

Dennison

Corp.

,

.25

%

,

2/15/32

,

Callable

11/15/31

@

....................

4,750

4,126

Ball

Corp.

,

.13

%

,

9/15/31

,

Callable

6/15/31

@

..............................

6,500

5,923

Bayport

Polymers

LLC

,

.74

%

,

4/14/27

,

Callable

3/14/27

@

(a) ...................

6,000

6,014

Colonial

Enterprises,

Inc.

,

.25

%

,

5/15/30

,

Callable

2/15/30

@

(a) .................

4,000

3,741

Commercial

Metals

Co.

,

.88

%

,

2/15/31

,

Callable

2/15/26

@

101.94 ..................

4,500

4,210

Ecolab,

Inc.

.13

%

,

8/15/50

,

Callable

2/15/50

@

..................................

5,000

2,806

.70

%

,

12/15/51

,

Callable

6/15/51

@

.................................

500

Freeport-McMoRan,

Inc.

,

.63

%

,

8/1/30

,

Callable

12/5/25

@

102.31 ..................

2,000

2,002

Huntsman

International

LLC

.50

%

,

5/1/29

,

Callable

2/1/29

@

....................................

4,000

3,698

.70

%

,

10/15/34

,

Callable

7/15/34

@

.................................

3,960

3,457

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) LYB

International

Finance

III

LLC

.38

%

,

10/1/40

,

Callable

4/1/40

@

...................................

$

5,485

$

4,059

.20

%

,

5/1/50

,

Callable

11/1/49

@

...................................

2,500

1,845

Martin

Marietta

Materials,

Inc.

,

.40

%

,

7/15/31

,

Callable

4/15/31

@

...............

5,000

4,491

Monsanto

Co.

,

.95

%

,

4/15/45

,

Callable

10/15/44

@

..........................

5,000

3,476

NewMarket

Corp.

,

.70

%

,

3/18/31

,

Callable

12/18/30

@

........................

5,000

4,547

Packaging

Corp.

of

America

.20

%

,

8/15/35

,

Callable

5/15/35

@

..................................

1,042

1,060

.05

%

,

10/1/51

,

Callable

4/1/51

@

...................................

5,875

3,874

Sonoco

Products

Co.

,

.00

%

,

9/1/34

,

Callable

6/1/34

@

(h) ......................

3,870

3,816

Syensqo

Finance

America

LLC

,

.85

%

,

6/4/34

,

Callable

3/4/34

@

(a) ...............

4,000

4,183

The

Dow

Chemical

Co.

,

.25

%

,

10/1/34

,

Callable

4/1/34

@

.....................

1,750

1,612

Vulcan

Materials

Co.

,

.35

%

,

12/1/34

,

Callable

9/1/34

@

.......................

1,400

1,446

80,401

Real

Estate

(1.3%):

Alexandria

Real

Estate

Equities,

Inc.

,

.55

%

,

3/15/52

,

Callable

9/15/51

@

...........

5,000

3,428

Boston

Properties

LP

,

.55

%

,

4/1/32

,

Callable

1/1/32

@

........................

11,878

10,285

CBRE

Services,

Inc.

,

.50

%

,

6/15/35

,

Callable

3/15/35

@

.......................

4,000

4,126

CoStar

Group,

Inc.

,

.80

%

,

7/15/30

,

Callable

4/15/30

@

(a) ......................

5,354

4,895

Crown

Castle,

Inc.

,

.25

%

,

1/15/31

,

Callable

10/15/30

@

.......................

1,250

1,113

Essex

Portfolio

LP

,

.65

%

,

3/15/32

,

Callable

12/15/31

@

.......................

5,000

4,465

GLP

Capital

LP/GLP

Financing

II,

Inc.

.25

%

,

1/15/32

,

Callable

10/15/31

@

.................................

3,617

3,248

.63

%

,

9/15/34

,

Callable

6/15/34

@

..................................

2,000

2,021

Highwoods

Realty

LP

,

.60

%

,

2/1/31

,

Callable

11/1/30

@

.......................

3,502

3,109

Host

Hotels

&

Resorts

LP

,

.38

%

,

12/15/29

,

Callable

9/15/29

@

..................

3,500

3,328

Kilroy

Realty

LP

,

.65

%

,

11/15/33

,

Callable

8/15/33

@

........................

4,000

3,263

Phillips

Edison

Grocery

Center

Operating

Partnership

LP

,

.95

%

,

1/15/35

,

Callable

10/15/34

@

.............................................................

1,500

1,480

SBA

Tower

Trust

,

.60

%

,

1/15/28

,

Callable

1/15/27

@

(a) .......................

1,158

1,186

VICI

Properties

LP/VICI

Note

Co.,

Inc.

,

.13

%

,

8/15/30

,

Callable

12/5/25

@

102.06 (a) ....

4,000

3,867

49,814

Utilities

(4.7%):

AEP

Texas,

Inc.

.70

%

,

5/15/34

,

Callable

2/15/34

@

(h) ................................

1,500

1,566

.85

%

,

10/15/55

,

Callable

4/15/55

@

.................................

2,000

2,001

Alabama

Power

Co.

,

.85

%

,

12/1/42

.........................................

3,000

2,505

Ameren

Corp.

,

.50

%

,

1/15/31

,

Callable

10/15/30

@

..........................

4,250

4,064

Black

Hills

Corp.

,

.88

%

,

10/15/49

,

Callable

4/15/49

@

........................

10,000

7,542

CMS

Energy

Corp.

,

.75

%

(H15T5Y

+

bps)

,

6/1/50

,

Callable

3/1/30

@

(c) .........

2,000

1,968

Delmarva

Power

&

Light

Co.

,

.15

%

,

5/15/45

,

Callable

11/15/44

@

...............

5,000

4,270

Dominion

Energy

South

Carolina,

Inc.

,

.10

%

,

6/15/46

,

Callable

12/15/45

@

.........

5,000

3,995

DTE

Energy

Co.

.85

%

,

6/1/34

,

Callable

3/1/34

@

....................................

1,094

1,165

.05

%

,

10/1/35

,

Callable

7/1/35

@

...................................

1,885

1,879

Duke

Energy

Carolinas

LLC

,

.88

%

,

3/15/46

,

Callable

9/15/45

@

.................

5,000

4,042

Duke

Energy

Corp.

,

.45

%

,

6/15/34

,

Callable

3/15/34

@

.......................

2,000

2,083

Duke

Energy

Progress

LLC

,

.15

%

,

12/1/44

,

Callable

6/1/44

@

..................

7,000

5,964

Duquesne

Light

Holdings,

Inc.

,

.78

%

,

1/7/32

,

Callable

10/7/31

@

(a) ..............

3,967

3,527

Entergy

Louisiana

LLC

,

.95

%

,

1/15/45

,

Callable

12/5/25

@

....................

7,000

6,508

Entergy

Mississippi

LLC

,

.25

%

,

12/1/27

,

Callable

9/1/27

@

....................

5,000

4,919

Entergy

Texas,

Inc.

.45

%

,

12/1/27

,

Callable

9/1/27

@

...................................

9,420

9,255

.55

%

,

9/30/49

,

Callable

3/30/49

@

..................................

5,000

3,655

Evergy

Kansas

Central,

Inc.

,

.25

%

,

3/15/35

,

Callable

12/15/34

@

................

2,500

2,555

Florida

Power

&

Light

Co.

.15

%

,

10/1/49

,

Callable

4/1/49

@

...................................

8,750

6,113

.88

%

,

12/4/51

,

Callable

6/4/51

@

...................................

4,500

2,938

Georgia

Power

Co.

,

.25

%

,

3/15/34

,

Callable

9/15/33

@

........................

5,000

5,161

IPALCO

Enterprises,

Inc.

,

.25

%

,

5/1/30

,

Callable

2/1/30

@

.....................

5,475

5,358

ITC

Holdings

Corp.

,

.35

%

,

11/15/27

,

Callable

8/15/27

@

......................

2,000

1,971

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) MidAmerican

Energy

Co.

.15

%

,

4/15/50

,

Callable

10/15/49

@

.................................

$

7,000

$

4,858

.70

%

,

8/1/52

,

Callable

2/1/52

@

....................................

2,500

1,584

Mississippi

Power

Co.

,

.25

%

,

3/15/42

.......................................

3,168

2,771

Niagara

Mohawk

Power

Corp.

,

.29

%

,

1/17/34

,

Callable

10/17/33

@

(a) .............

3,550

3,620

Oglethorpe

Power

Corp.

.20

%

,

12/1/42

....................................................

3,392

2,785

.50

%

,

4/1/47

,

Callable

10/1/46

@

...................................

3,750

3,196

.80

%

,

6/1/54

,

Callable

12/1/53

@

...................................

1,000

995

Oncor

Electric

Delivery

Co.

LLC

.35

%

,

4/1/35

,

Callable

1/1/35

@

(a) ..................................

1,417

1,470

.75

%

,

4/1/45

,

Callable

10/1/44

@

...................................

5,000

3,993

PECO

Energy

Co.

,

.00

%

,

9/15/49

,

Callable

3/15/49

@

........................

7,000

4,743

Potomac

Electric

Power

Co.

,

.15

%

,

3/15/43

,

Callable

9/15/42

@

.................

5,000

4,306

Public

Service

Co.

of

Colorado

,

.70

%

,

1/15/51

,

Callable

7/15/50

@

...............

7,000

4,332

Public

Service

Electric

&

Gas

Co.

,

.80

%

,

3/1/46

,

Callable

9/1/45

@

,

MTN

..........

8,000

6,437

Rayburn

Country

Securitization

LLC

,

.31

%

,

12/1/30

(a) ...........................

4,052

3,840

South

Jersey

Industries,

Inc.

,

.02

%

,

4/15/31

...................................

9,000

7,794

Southwestern

Public

Service

Co.

,

.15

%

,

5/1/50

,

Callable

11/1/49

@

...............

10,000

6,721

The

AES

Corp.

,

.80

%

,

3/15/32

,

Callable

1/15/32

@

..........................

3,000

3,069

The

Southern

Co.

,

.00

%

(H15T5Y

+

bps)

,

1/15/51

,

Callable

11/17/25

@

(c) ........

5,450

5,436

Tri-State

Generation

and

Transmission

Association,

Inc.

.70

%

,

11/1/44

,

Callable

5/1/44

@

...................................

5,000

4,116

.25

%

,

6/1/46

,

Callable

12/1/45

@

...................................

10,000

7,593

Union

Electric

Co.

,

.20

%

,

4/1/34

,

Callable

1/1/34

@

..........................

2,500

2,583

181,246

Total

Corporate

Bonds

(Cost

$1,394,301)

a

a

a

1,310,461

Yankee

Dollars

(8.7%)

Communication

Services

(0.1%):

Rogers

Communications,

Inc.

,

.50

%

,

3/15/42

,

Callable

9/15/41

@

................

2,000

1,736

Consumer

Discretionary

(0.3%):

Brightstar

Lottery

PLC

,

.25

%

,

1/15/29

,

Callable

12/5/25

@

101.31 (a) .................

5,500

5,480

Gildan

Activewear,

Inc.

,

.40

%

,

10/7/35

,

Callable

7/7/35

@

(a) ...................

984

980

Nemak

SAB

de

CV

,

.63

%

,

6/28/31

,

Callable

3/28/31

@

(a) .....................

7,192

6,271

12,731

Consumer

Staples

(0.6%):

Alimentation

Couche-Tard,

Inc.

,

.95

%

,

1/25/30

,

Callable

10/25/29

@

(a) ............

5,000

4,729

Bacardi

Ltd.

,

.70

%

,

5/15/28

,

Callable

2/15/28

@

(a) ...........................

12,000

12,089

JBS

USA

Holding

LUX

SARL/JBS

USA

Food

Co./JBS

LUX

Co.

SARL

.75

%

,

4/1/33

,

Callable

1/1/33

@

....................................

2,179

2,270

.75

%

,

3/15/34

,

Callable

12/15/33

@

.................................

2,786

3,074

22,162

Energy

(0.8%):

Aker

BP

ASA

,

.00

%

,

1/15/31

,

Callable

10/15/30

@

(a) ........................

9,250

8,928

Canadian

Natural

Resources

Ltd.

,

.40

%

,

12/15/34

,

Callable

9/15/34

@

(a) ...........

2,400

2,447

Harbour

Energy

PLC

,

.33

%

,

4/1/35

,

Callable

1/1/35

@

(a) ......................

5,000

5,117

TransCanada

PipeLines

Ltd.

,

.68

%

(TSFR3M

+

bps)

,

5/15/67

,

Callable

12/5/25

@

(c) 10,124

9,123

Var

Energi

ASA

,

.00

%

,

11/15/32

,

Callable

8/15/32

@

(a) .......................

3,750

4,327

29,942

Financials

(4.0%):

Allianz

SE

,

.35

%

(H15T5Y

+

bps)

,

9/6/53

,

Callable

3/6/33

@

(a) (c) .............

2,000

2,155

Ascot

Group

Ltd.

.25

%

,

12/15/30

,

Callable

12/15/25

@

(a) ...............................

7,802

7,177

.35

%

(H15T5Y

+

bps)

,

6/15/35

,

Callable

3/15/30

@

(a) (c) ................

866

900

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

.53

%

(H15T5Y

+

bps)

,

10/1/28

(a) (c) .......................................

1,000

1,072

Banco

Santander

SA

,

.92

%

,

8/8/33

.........................................

4,000

4,439

Bank

of

Montreal

,

.09

%

(H15T5Y

+

bps)

,

1/10/37

,

Callable

1/10/32

@

(c) ........

6,500

5,807

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Barclays

PLC

.39

%

(H15T1Y

+

bps)

,

11/2/28

,

Callable

11/2/27

@

(c) ..................

$

5,000

$

5,293

.89

%

(H15T1Y

+

bps)

,

11/24/32

,

Callable

11/24/31

@

(c) ................

5,000

4,520

.22

%

(SOFR

+

bps)

,

5/9/34

,

Callable

5/9/33

@

(c) ......................

3,000

3,229

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

.45

%

(H15T5Y

+

bps)

,

6/29/38

,

Callable

6/29/33

@

(a) (c) ................

3,125

3,458

.13

%

(H15T5Y

+

bps)

,

1/8/39

,

Callable

1/8/34

@

(a) (c) ..................

2,500

2,721

BNP

Paribas

SA

,

.63

%

,

3/13/27

(a) ..........................................

4,500

4,501

BP

Capital

Markets

PLC

,

.88

%

(H15T5Y

+

bps)

,

Callable

3/22/30

@

(c) (f) ........

4,000

3,998

BPCE

SA

.50

%

,

10/23/27

(a) ..................................................

5,000

4,920

.51

%

(SOFR

+

bps)

,

1/18/35

,

Callable

1/18/34

@

(a) (c) ..................

3,500

3,721

Canadian

Imperial

Bank

of

Commerce

.26

%

,

4/10/32

(a) ..................................................

4,365

4,635

.09

%

,

10/3/33

,

Callable

7/3/33

@

...................................

1,500

1,632

Deutsche

Bank

AG

.88

%

(USISOA05

+

bps)

,

12/1/32

,

Callable

12/1/27

@

(c) ................

3,000

3,000

.74

%

(SOFR

+

bps)

,

1/7/33

,

Callable

10/7/31

@

(c) .....................

5,000

4,618

HSBC

Holdings

PLC

,

.21

%

(SOFR

+

bps)

,

8/17/29

,

Callable

8/17/28

@

(c) ........

8,500

8,031

Imperial

Brands

Finance

PLC

,

.88

%

,

7/26/29

,

Callable

4/26/29

@

(a) ..............

5,000

4,904

Lloyds

Banking

Group

PLC

.57

%

(US0003M

+

bps)

,

11/7/28

,

Callable

11/7/27

@

(c) (i) ...............

5,000

4,937

.95

%

(H15T1Y

+

bps)

,

11/15/33

,

Callable

8/15/32

@

(c) .................

2,121

2,470

Macquarie

Bank

Ltd.

,

.05

%

(H15T5Y

+

bps)

,

3/3/36

,

Callable

3/3/31

@

(a) (c) ......

8,750

7,939

Mizuho

Financial

Group,

Inc.

,

.17

%

(H15T1Y

+

bps)

,

5/22/32

,

Callable

5/22/31

@

(c) .

5,000

4,419

NatWest

Group

PLC

,

.08

%

(US0003M

+

bps)

,

1/27/30

,

Callable

1/27/29

@

(c) (i) ....

6,000

6,133

Pershing

Square

Holdings

Ltd.

,

.50

%

,

10/28/32

,

Callable

8/28/32

@

..............

RenaissanceRe

Holdings

Ltd.

,

.80

%

,

4/1/35

,

Callable

1/1/35

@

..................

2,857

2,990

Societe

Generale

SA

,

.22

%

(H15T1Y

+

bps)

,

6/15/33

,

Callable

6/15/32

@

(a) (c) (h) ..

4,000

4,211

Standard

Chartered

PLC

,

.87

%

(USISOA05

+

bps)

,

3/15/33

,

Callable

3/15/28

@

(a) (c) 3,750

3,760

Sumitomo

Mitsui

Financial

Group,

Inc.

,

.22

%

,

9/17/31

...........................

8,500

7,521

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

.05

%

,

3/13/35

(a) .............................

1,500

1,527

The

Toronto-Dominion

Bank

.63

%

(USSW5

+

bps)

,

9/15/31

,

Callable

9/15/26

@

(c) ...................

10,000

9,928

.15

%

(H15T5Y

+

bps)

,

9/10/34

,

Callable

9/10/29

@

(c) ..................

3,200

3,246

UBS

Group

AG

,

.87

%

(US0003M

+

bps)

,

1/12/29

,

Callable

1/12/28

@

(a) (c) (i) .....

4,445

4,414

Washington

Aircraft

Co.

DAC

(NBGA

-

United

States

Government)

,

.64

%

,

9/15/26

.....

642

632

Westpac

Banking

Corp.

,

.32

%

(USISOA05

+

bps)

,

11/23/31

,

Callable

11/23/26

@

(c) .

5,000

4,988

154,242

Health

Care

(0.8%):

Olympus

Corp.

,

.14

%

,

12/8/26

,

Callable

11/8/26

@

(a) ........................

3,939

3,848

Royalty

Pharma

PLC

.40

%

,

9/2/34

,

Callable

6/2/34

@

....................................

3,500

3,575

.30

%

,

9/2/40

,

Callable

3/2/40

@

....................................

5,000

3,866

.55

%

,

9/2/50

,

Callable

3/2/50

@

....................................

2,500

1,762

Smith

&

Nephew

PLC

.03

%

,

10/14/30

,

Callable

7/14/30

@

.................................

3,000

2,686

.40

%

,

3/20/34

,

Callable

12/20/33

@

.................................

3,864

3,997

STERIS

Irish

FinCo

Unlimited

Co.

.70

%

,

3/15/31

,

Callable

12/15/30

@

.................................

3,000

2,739

.75

%

,

3/15/51

,

Callable

9/15/50

@

..................................

8,000

5,917

Teva

Pharmaceutical

Finance

Netherlands

III

B.V.

,

.15

%

,

10/1/26

...................

1,963

1,932

30,322

Industrials

(1.0%):

Air

Canada

Pass

Through

Trust

.60

%

,

3/15/27

(a) ..................................................

5,260

5,175

.75

%

,

12/15/27

(a) ..................................................

3,396

3,305

Aircastle

Ltd.

,

.50

%

,

7/18/28

,

Callable

6/18/28

@

(a) ..........................

3,000

3,150

BAE

Systems

PLC

,

.40

%

,

4/15/30

,

Callable

1/15/30

@

(a) ......................

3,500

3,373

Ferguson

Finance

PLC

,

.65

%

,

4/20/32

,

Callable

1/20/32

@

(a) ...................

3,000

2,983

LG

Energy

Solution

Ltd.

,

.50

%

,

7/2/34

(a) .....................................

3,000

3,061

nVent

Finance

SARL

,

.65

%

,

5/15/33

,

Callable

2/15/33

@

......................

5,500

5,754

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

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) $

6,000

$

6,197

Trane

Technologies

Financing

Ltd.

,

.25

%

,

3/3/33

,

Callable

12/3/32

@

.............

4,000

4,165

Turkish

Airlines

Pass

Through

Trust

,

.20

%

,

3/15/27

(a) ............................

2,068

2,011

39,174

Information

Technology

(0.3%):

Kioxia

Holdings

Corp.

,

.63

%

,

7/24/33

,

Callable

7/24/28

@

103.31 (a) .................

4,000

4,177

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

,

.65

%

,

2/15/32

,

Callable

11/15/31

@

....

7,000

6,225

Open

Text

Corp.

,

.90

%

,

12/1/27

,

Callable

11/1/27

@

(a) ........................

1,765

1,837

SK

hynix,

Inc.

,

.38

%

,

1/19/31

(a) (h) .........................................

1,000

905

13,144

Materials

(0.5%):

ArcelorMittal

SA

,

.00

%

,

10/15/39

..........................................

4,000

4,508

Braskem

Netherlands

Finance

B.V.

,

.50

%

,

1/31/30

,

Callable

10/31/29

@

(a) .........

4,000

1,606

CCL

Industries,

Inc.

,

.05

%

,

6/1/30

,

Callable

3/1/30

@

(a) .......................

7,235

6,790

Minera

Mexico

SA

de

CV

,

.63

%

,

2/12/32

,

Callable

12/12/31

@

(a) ................

4,414

4,572

Rio

Tinto

Finance

USA

PLC

,

.25

%

,

3/14/35

,

Callable

12/14/34

@

................

1,660

1,716

19,192

Real

Estate

(0.1%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

.50

%

,

10/15/31

,

Callable

7/15/31

@

(a) ...........................................................

5,500

4,917

Utilities

(0.2%):

Enel

Finance

International

NV

,

.50

%

,

7/12/31

,

Callable

4/12/31

@

(a) ..............

5,000

4,481

GENM

Capital

Labuan

Ltd.

,

.88

%

,

4/19/31

,

Callable

1/19/31

@

(a) ...............

4,000

3,623

8,104

Total

Yankee

Dollars

(Cost

$342,771)

a

a

a

335,666

Municipal

Bonds

(2.6%)

Arizona

(0.1%):

Arizona

Industrial

Development

Authority

Revenue

.26

%

,

10/1/33

....................................................

2,000

2,027

.36

%

,

10/1/34

....................................................

2,000

1,987

4,014

California

(0.2%):

California

Infrastructure

&

Economic

Development

Bank

Revenue

,

Series

B

,

.03

%

,

7/1/38

.

3,340

3,425

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

2,590

7,304

Connecticut

(0.1%):

State

of

Connecticut,

GO

,

Series

A

,

.43

%

,

4/15/28

..............................

1,500

1,489

Town

of

Hamden,

GO

,

.93

%

,

8/15/30

,

Continuously

Callable

@100

..................

3,845

3,847

5,336

Florida

(0.4%):

Florida

Development

Finance

Corp.

Revenue

,

Series

B

,

.22

%

,

2/1/32

,

Continuously

Callable

@100

...........................................................

4,080

3,750

Hillsborough

County

IDA

Revenue

,

.58

%

,

8/1/35

,

Continuously

Callable

@100

.........

8,500

7,377

St.

Johns

County

IDA

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

.54

%

,

10/1/30

,

Continuously

Callable

@100

....................................

2,500

2,294

13,421

Georgia

(0.1%):

Savannah

Hospital

Authority

Revenue

,

Series

B

,

.99

%

,

7/1/38

......................

5,000

4,549

Hawaii

(0.2%):

State

of

Hawaii

Department

of

Business

Economic

Development

&

Tourism

Revenue

,

Series

,

.24

%

,

1/1/31

..................................................

6,506

6,408

Illinois

(0.1%):

State

of

Illinois

Sales

Tax

Revenue

Series

B

,

.51

%

,

6/15/32

,

Continuously

Callable

@100

........................

2,000

1,771

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

B

,

.66

%

,

6/15/33

,

Continuously

Callable

@100

........................

$

1,500

$

1,310

3,081

Indiana

(0.0%):(g)

Indiana

Finance

Authority

Revenue

,

Series

A

,

.62

%

,

7/1/36

........................

1,500

1,403

Louisiana

(0.2%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A

,

.28

%

,

2/1/36

..............................................

2,950

2,916

Series

A

,

.48

%

,

8/1/39

..............................................

3,775

3,678

6,594

Maryland

(0.1%):

Maryland

Economic

Development

Corp.

Revenue

Series

B

,

.25

%

,

6/1/29

..............................................

2,495

2,426

Series

B

,

.35

%

,

6/1/30

..............................................

1,325

1,280

Series

B

,

.40

%

,

6/1/31

..............................................

1,385

1,326

5,032

New

Jersey

(0.1%):

New

Jersey

Educational

Facilities

Authority

Revenue

,

Series

E

,

.02

%

,

7/1/39

...........

3,000

2,648

South

Jersey

Transportation

Authority

Revenue

,

Series

B

,

.38

%

,

11/1/27

...............

1,030

1,000

3,648

Oklahoma

(0.3%):

Oklahoma

Development

Finance

Authority

Revenue

,

Series

C

,

.45

%

,

8/15/28

...........

9,750

9,632

Pennsylvania

(0.3%):

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

,

Series

SE

,

.73

%

,

7/15/43

...

3,000

2,247

Public

Parking

Authority

of

Pittsburgh

Revenue

.33

%

,

12/1/29

....................................................

895

839

.58

%

,

12/1/31

,

Continuously

Callable

@100

...............................

825

752

Scranton

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.05

%

,

4/1/29

.....................................................

800

778

.10

%

,

4/1/30

.....................................................

950

915

.15

%

,

4/1/31

.....................................................

State

Public

School

Building

Authority

Revenue

.05

%

,

4/1/28

.....................................................

2,000

1,959

.15

%

,

4/1/30

.....................................................

4,460

4,313

12,041

Texas

(0.3%):

County

of

Bexar

Revenue

,

.53

%

,

8/15/34

,

Continuously

Callable

@100

...............

2,800

2,359

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

.34

%

,

11/15/37

......

2,000

1,766

Port

of

Corpus

Christi

Authority

of

Nueces

County

Revenue

,

.49

%

,

12/1/25

............

1,000

1,000

San

Antonio

Education

Facilities

Corp.

Revenue

.38

%

,

4/1/28

.....................................................

1,500

1,406

.65

%

,

4/1/30

.....................................................

1,150

1,027

.73

%

,

4/1/31

.....................................................

750

653

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

.08

%

,

9/1/28

.....................................................

600

569

.57

%

,

9/1/32

,

Continuously

Callable

@100

...............................

1,000

888

.69

%

,

9/1/33

,

Continuously

Callable

@100

...............................

1,000

876

Waco

Educational

Finance

Corp.

Revenue

.69

%

,

3/1/28

.....................................................

1,500

1,427

.06

%

,

3/1/31

,

Continuously

Callable

@100

...............................

1,500

1,352

13,323

Wisconsin

(0.1%):

Public

Finance

Authority

Revenue

,

.63

%

,

6/1/51

................................

6,575

3,626

Total

Municipal

Bonds

(Cost

$108,647)

a

a

a

99,412

U.S.

Government

Agency

Mortgages

(9.7%)

Federal

Farm

Credit

Banks

Funding

Corporation

.60

%

,

8/5/39

.....................................................

4,000

3,963

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Federal

Home

Loan

Mortgage

Corporation

.50

%

,

12/1/35

-

1/1/55

..............................................

$

40,114

$

40,783

.50

%

,

4/1/37

.....................................................

4,039

3,620

.00

%

,

3/1/38

-

7/1/55

...............................................

42,401

42,469

.50

%

,

5/1/42

.....................................................

3,838

3,434

.50

%

,

5/1/42

-

11/1/52

..............................................

13,231

12,361

.50

%

,

11/1/42

-

10/1/52

..............................................

8,236

8,109

.00

%

,

1/1/43

-

12/1/54

..............................................

13,436

12,923

.00

%

,

1/1/52

-

5/1/52

...............................................

7,724

6,903

.00

%

,

8/1/53

-

3/1/55

...............................................

10,825

11,114

141,716

Federal

National

Mortgage

Association

.50

%

,

2/1/28

-

3/1/52

...............................................

9,967

8,753

.50

%

,

4/1/31

-

3/1/32

...............................................

.00

%

,

6/1/33

-

11/1/55

..............................................

33,768

33,775

.50

%

,

9/1/35

-

7/1/55

...............................................

37,213

37,829

.00

%

,

5/1/36

-

8/1/54

...............................................

11,196

11,541

.00

%

,

4/1/38

-

7/1/53

...............................................

12,660

12,226

.50

%

,

11/1/40

-

2/1/55

..............................................

11,190

11,021

.50

%

,

12/1/42

-

12/1/53

.............................................

16,452

15,385

.00

%

,

2/1/50

-

12/1/51

..............................................

7,602

6,787

137,452

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

.............................................

5,468

5,632

.50

%

,

4/20/33

-

9/20/53

.............................................

19,642

19,978

.00

%

,

8/15/33

-

4/20/54

.............................................

19,280

19,333

.50

%

,

9/20/51

-

7/20/53

.............................................

9,737

8,436

.00

%

,

3/20/52

-

12/20/53

.............................................

10,628

9,524

.50

%

,

4/20/52

....................................................

5,998

5,467

.50

%

,

8/20/52

-

9/20/53

.............................................

23,925

23,442

92,218

Total

U.S.

Government

Agency

Mortgages

(Cost

$371,374)

a

a

a

375,349

U.S.

Treasury

Obligations

(26.2%)

U.S.

Treasury

Bonds

.13

%

,

5/15/40

....................................................

10,000

6,433

.88

%

,

8/15/40

....................................................

47,000

44,077

.38

%

,

11/15/40

....................................................

30,000

19,758

.88

%

,

2/15/41

....................................................

9,000

6,379

.25

%

,

5/15/41

....................................................

70,000

52,270

.75

%

,

8/15/42

....................................................

35,000

27,448

.88

%

,

5/15/43

....................................................

10,000

7,898

.38

%

,

8/15/43

....................................................

20,000

19,456

.38

%

,

5/15/44

....................................................

12,000

10,110

.00

%

,

11/15/44

....................................................

25,000

19,758

.50

%

,

2/15/45

....................................................

55,000

39,823

.00

%

,

11/15/45

....................................................

21,000

16,423

.50

%

,

2/15/46

....................................................

15,000

10,697

.25

%

,

8/15/46

....................................................

42,950

28,978

.88

%

,

11/15/46

....................................................

10,000

7,570

.00

%

,

2/15/47

....................................................

23,000

17,753

.75

%

,

11/15/47

....................................................

12,000

8,771

.00

%

,

2/15/48

....................................................

25,000

19,082

.13

%

,

5/15/48

....................................................

30,000

23,377

.38

%

,

11/15/48

....................................................

25,000

20,277

.00

%

,

2/15/49

....................................................

24,000

18,154

.25

%

,

5/15/50

....................................................

30,000

14,906

.63

%

,

11/15/50

....................................................

35,000

19,031

.88

%

,

5/15/52

....................................................

10,000

7,212

.00

%

,

11/15/52

....................................................

10,000

8,937

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4

.13

%

,

8/15/53

....................................................

$

17,000

$

15,512

.75

%

,

11/15/53

....................................................

10,000

10,116

.25

%

,

2/15/54

....................................................

10,000

9,320

U.S.

Treasury

Inflation

Indexed

Notes

,

.88

%

,

1/15/29

............................

12,829

12,693

U.S.

Treasury

Notes

.63

%

,

9/15/26

....................................................

9,000

9,065

.38

%

,

12/15/26

....................................................

20,000

20,141

.38

%

,

5/15/27

....................................................

10,000

9,812

.25

%

,

3/31/28

....................................................

7,000

6,624

.88

%

,

7/15/28

....................................................

15,000

15,105

.88

%

,

8/15/28

....................................................

16,000

15,694

.63

%

,

8/15/28

....................................................

15,000

15,012

.38

%

,

9/15/28

....................................................

5,000

4,970

.25

%

,

2/28/29

....................................................

10,000

10,194

.25

%

,

6/30/29

....................................................

20,000

19,730

.25

%

,

6/30/29

....................................................

15,000

15,309

.63

%

,

8/31/29

....................................................

10,000

9,988

.88

%

,

9/30/29

....................................................

30,000

30,234

.88

%

,

7/31/30

....................................................

20,000

20,152

.13

%

,

8/31/30

....................................................

50,000

50,902

.38

%

,

11/30/30

....................................................

6,000

6,178

.25

%

,

2/28/31

....................................................

9,000

9,219

.63

%

,

9/30/31

....................................................

15,000

14,862

.88

%

,

9/30/32

....................................................

5,000

4,998

.13

%

,

11/15/32

....................................................

5,000

5,073

.88

%

,

8/15/33

....................................................

54,000

53,747

.00

%

,

2/15/34

....................................................

38,000

38,030

.38

%

,

5/15/34

....................................................

5,000

5,133

.88

%

,

8/15/34

....................................................

35,000

34,601

.25

%

,

11/15/34

....................................................

35,000

35,536

.25

%

,

5/15/35

....................................................

30,000

30,408

Total

U.S.

Treasury

Obligations

(Cost

$1,119,636)

a

a

a

1,012,936

Commercial

Paper

(0.9%)

Communication

Services

(0.1%):

The

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

.08

%

,

11/6/25

(a) (j) ................

3,000

2,998

Energy

(0.4%):

Targa

Resources

Corp.

.05

%

,

11/3/25

(a) (j) .................................................

11,100

11,096

.16

%

,

11/4/25

(a) (j) .................................................

5,000

4,998

16,094

Health

Care

(0.1%):

CSLB

Holdings,

Inc.

,

.05

%

,

11/4/25

(a) (j) .....................................

1,612

1,611

Industrials

(0.1%):

Lennox

International,

Inc.

,

.05

%

,

11/4/25

(a) (j) .................................

5,000

4,998

Real

Estate

(0.2%):

Boston

Properties

LP

,

.10

%

,

11/5/25

(a) (j) .....................................

2,800

2,798

Essex

Portfolio

LP

,

.15

%

,

11/7/25

(a) (j) .......................................

5,000

4,996

7,794

Total

Commercial

Paper

(Cost

$33,499)

a

a

a

33,495

Shares

Collateral

for

Securities

Loaned

(0.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(k) ........

2,975,883

2,976

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(k) ............

2,975,883

2,976

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(k) ...............

2,975,883

2,976

Victory

Portfolios

III

#### Victory

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(k) .

2,975,883

$

2,976

Total

Collateral

for

Securities

Loaned

(Cost

$11,904)

a

a

a

11,904

Total

Investments

(Cost

$4,054,389)

—

99.5%

3,847,900

Other

assets

in

excess

of

liabilities

— 0.5%

17,501

NET

ASSETS

-

100.00%

$

3,865,401

At

October

31,

2025,

the

Fund's

investments

in

foreign

securities

were

9.0%

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

October

31,

2025,

the

fair

value

of

these

securities

was

$964,190

(thousands)

and

amounted

to

24.9%

of

net

assets.

(b) Security

is

interest

only.

(c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

October

31,

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

October

31,

2025. (e) Rounds

to

less

than

$1

thousand.

(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

October

31,

2025. (k) Rate

disclosed

is

the

daily

yield

on

October

31,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

2025. H15T10Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

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

October

31,

2025. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

October

31,

2025. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

October

31,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

October

31,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

October

31,

2025. US0003M

—

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

October

31,

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

October

31,

2025. USSW5

—

USD

Year

Swap

Rate,

rate

disclosed

as

of

October

31,

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

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(31.7%)

ABS

Auto

(17.5%):

Alloya

Auto

Receivables

Trust

.............................................

Series

2025-1A

,

Class

A4

,

.71

%

,

1/25/30

,

Callable

6/25/28

@

(a) .............

$

1,308

$

1,318

Series

2025-1A

,

Class

B

,

.99

%

,

3/25/30

,

Callable

6/25/28

@

(a) ..............

694

704

Series

2025-1A

,

Class

C

,

.19

%

,

7/25/30

,

Callable

6/25/28

@

(a) ..............

785

794

Series

2025-1A

,

Class

D

,

.68

%

,

3/25/33

,

Callable

6/25/28

@

(a) ..............

602

609

Ally

Auto

Receivables

Trust

...............................................

Series

2023-1

,

Class

B

,

.76

%

,

1/15/29

,

Callable

4/15/27

@

(a) ...............

2,000

2,042

Series

2023-1

,

Class

D

,

.74

%

,

4/15/34

,

Callable

4/15/27

@

(a) ...............

1,268

1,306

Series

2023-A

,

Class

C

,

.08

%

,

1/17/34

,

Callable

6/15/27

@

(a) ...............

2,826

2,858

Series

2023-A

,

Class

D

,

.33

%

,

1/17/34

,

Callable

6/15/27

@

(a) ...............

1,333

1,387

Series

2024-1

,

Class

B

,

.16

%

,

10/15/29

,

Callable

7/15/27

@

................

1,263

1,282

Series

2024-1

,

Class

C

,

.41

%

,

11/15/29

,

Callable

7/15/27

@

................

1,500

1,527

Ally

Bank

Auto

Credit-Linked

Notes

.........................................

Series

2024-B

,

Class

C

,

.22

%

,

9/15/32

,

Callable

1/15/28

@

(a) ...............

1,483

1,492

Series

2024-B

,

Class

D

,

.41

%

,

9/15/32

,

Callable

1/15/28

@

(a) ...............

838

842

Series

2025-A

,

Class

C

,

.84

%

,

6/15/33

,

Callable

7/15/28

@

(a) ...............

2,239

2,245

American

Credit

Acceptance

Receivables

Trust

.................................

Series

2022-3

,

Class

E

,

.08

%

,

10/13/28

,

Callable

2/13/26

@

(a) ..............

1,500

1,511

Series

2023-2

,

Class

C

,

.96

%

,

8/13/29

,

Callable

11/12/26

@

(a) ..............

Series

2024-4

,

Class

C

,

.91

%

,

8/12/31

,

Callable

10/12/27

@

(a) ..............

2,500

2,507

Series

2025-4

,

Class

C

,

.83

%

,

1/13/31

,

Callable

5/12/29

@

(a) ...............

1,000

1,000

American

Heritage

Auto

Receivables

Issuer

Trust

,

Series

2025-1A

,

Class

C

,

.04

%

,

11/17/31

,

Callable

4/15/29

@

(a) ............................................

2,000

2,015

American

Heritage

Auto

Receivables

Trust

.....................................

Series

2024-1A

,

Class

B

,

.32

%

,

9/16/30

,

Callable

9/15/28

@

(a) ..............

500

513

Series

2024-1A

,

Class

C

,

.63

%

,

12/16/30

,

Callable

9/15/28

@

(a) .............

611

626

Series

2024-1A

,

Class

D

,

.34

%

,

1/18/33

,

Callable

9/15/28

@

(a) ..............

1,045

1,075

ARI

Fleet

Lease

Trust

....................................................

Series

2024-A

,

Class

C

,

.38

%

,

11/15/32

,

Callable

9/15/27

@

(a) ..............

813

826

Series

2024-B

,

Class

A3

,

.26

%

,

4/15/33

,

Callable

11/15/27

@

(a) .............

3,150

3,213

Series

2024-B

,

Class

B

,

.39

%

,

4/15/33

,

Callable

11/15/27

@

(a) ..............

550

563

Series

2024-B

,

Class

C

,

.55

%

,

4/15/33

,

Callable

11/15/27

@

(a) ..............

1,031

1,054

Series

2025-A

,

Class

C

,

.90

%

,

1/17/34

,

Callable

9/15/28

@

(a) ...............

1,625

1,627

Series

2025-B

,

Class

B

,

.97

%

,

3/15/34

,

Callable

12/15/28

@

(a) ..............

900

914

AutoNation

Finance

Trust

.................................................

Series

2025-1A

,

Class

C

,

.19

%

,

12/10/30

,

Callable

5/10/28

@

(a) .............

1,895

1,927

Series

2025-1A

,

Class

D

,

.63

%

,

9/10/32

,

Callable

5/10/28

@

(a) ..............

2,400

2,437

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2021-1A

,

Class

C

,

.13

%

,

8/20/27

,

Callable

8/20/26

@

(a) ..............

1,000

984

Series

2021-2A

,

Class

C

,

.35

%

,

2/20/28

,

Callable

2/20/27

@

(a) ..............

800

778

Series

2022-5A

,

Class

B

,

.09

%

,

4/20/27

(a) ................................

2,500

2,517

Series

2023-2A

,

Class

C

,

.18

%

,

10/20/27

(a) ...............................

535

540

Series

2023-5A

,

Class

B

,

.12

%

,

4/20/28

(a) ................................

2,000

2,035

Series

2023-5A

,

Class

C

,

.85

%

,

4/20/28

(a) ................................

1,000

1,023

Bridgecrest

Lending

Auto

Securitization

Trust

,

Series

2024-4

,

Class

B

,

.77

%

,

8/15/30

,

Callable

12/15/28

@

.............................................

1,714

1,719

CarMax

Auto

Owner

Trust

................................................

Series

2021-4

,

Class

D

,

.48

%

,

3/15/28

,

Callable

1/15/26

@

.................

6,894

6,866

Series

2022-2

,

Class

A3

,

.49

%

,

2/16/27

,

Callable

6/15/26

@

................

Series

2023-2

,

Class

C

,

.57

%

,

11/15/28

,

Callable

4/15/27

@

................

1,000

1,014

Series

2023-3

,

Class

D

,

.44

%

,

12/16/30

,

Callable

8/15/27

@

................

1,000

1,025

Series

2023-4

,

Class

D

,

.16

%

,

4/15/30

,

Callable

9/15/27

@

.................

1,000

1,043

Series

2024-1

,

Class

C

,

.47

%

,

8/15/29

,

Callable

11/15/27

@

................

1,000

1,017

Series

2024-2

,

Class

D

,

.42

%

,

10/15/30

,

Callable

1/15/28

@

................

3,000

3,089

Series

2024-3

,

Class

D

,

.67

%

,

1/15/31

,

Callable

4/15/28

@

.................

1,238

1,258

Series

2024-4

,

Class

D

,

.36

%

,

8/15/31

,

Callable

5/15/28

@

.................

1,480

1,494

CarMax

Select

Receivables

Trust

,

Series

2024-A

,

Class

B

,

.35

%

,

1/15/30

,

Callable

2/15/28

@

.............................................................

1,500

1,520

Carvana

Auto

Receivables

Trust

............................................

Series

2020-P1

,

Class

D

,

.82

%

,

9/8/27

,

Callable

12/8/25

@

.................

2,068

2,062

Series

2021-N1

,

Class

A

,

.70

%

,

1/10/28

,

Callable

7/10/26

@

................

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2021-N1

,

Class

B

,

.09

%

,

1/10/28

,

Callable

7/10/26

@

................

$

$

Series

2021-N1

,

Class

C

,

.30

%

,

1/10/28

,

Callable

7/10/26

@

................

Series

2021-N1

,

Class

D

,

.50

%

,

1/10/28

,

Callable

7/10/26

@

................

Series

2021-N2

,

Class

A2

,

.97

%

,

3/10/28

,

Callable

3/10/27

@

...............

Series

2021-N2

,

Class

B

,

.75

%

,

3/10/28

,

Callable

3/10/27

@

................

Series

2021-N2

,

Class

C

,

.07

%

,

3/10/28

,

Callable

3/10/27

@

................

Series

2021-N2

,

Class

D

,

.27

%

,

3/10/28

,

Callable

3/10/27

@

................

Series

2021-N3

,

Class

A2

,

.11

%

,

6/12/28

,

Callable

8/10/27

@

...............

1,306

1,276

Series

2021-N3

,

Class

B

,

.66

%

,

6/12/28

,

Callable

8/10/27

@

................

Series

2021-N3

,

Class

C

,

.02

%

,

6/12/28

,

Callable

8/10/27

@

................

Chase

Auto

Owner

Trust

..................................................

Series

2023-AA

,

Class

D

,

.85

%

,

6/25/31

,

Callable

3/25/28

@

(a) .............

5,000

5,235

Series

2024-1A

,

Class

B

,

.16

%

,

11/26/29

,

Callable

12/25/27

@

(a) ............

643

656

Series

2024-1A

,

Class

C

,

.36

%

,

1/25/30

,

Callable

12/25/27

@

(a) .............

2,000

2,047

Series

2024-1A

,

Class

D

,

.87

%

,

6/25/31

,

Callable

12/25/27

@

(a) .............

2,340

2,395

Series

2024-2A

,

Class

D

,

.15

%

,

8/25/31

,

Callable

12/25/27

@

(a) .............

4,028

4,155

Series

2024-3A

,

Class

D

,

.87

%

,

9/25/31

,

Callable

12/25/27

@

(a) .............

2,750

2,815

Series

2024-4A

,

Class

D

,

.79

%

,

11/25/31

,

Callable

2/25/28

@

(a) .............

700

715

Series

2024-5A

,

Class

C

,

.62

%

,

8/26/30

,

Callable

4/25/28

@

(a) ..............

500

503

Series

2024-5A

,

Class

D

,

.97

%

,

1/26/32

,

Callable

4/25/28

@

(a) ..............

713

711

Chesapeake

Funding

II

LLC

...............................................

Series

2023-1A

,

Class

B

,

.59

%

,

5/15/35

,

Callable

5/15/26

@

(a) ..............

1,192

1,198

Series

2023-1A

,

Class

C

,

.07

%

,

5/15/35

,

Callable

5/15/26

@

(a) ..............

800

805

Series

2023-1A

,

Class

D

,

.69

%

,

5/15/35

,

Callable

5/15/26

@

(a) ..............

1,500

1,512

Series

2023-2A

,

Class

A1

,

.16

%

,

10/15/35

,

Callable

10/15/26

@

(a) ...........

Series

2023-2A

,

Class

B

,

.97

%

,

10/15/35

,

Callable

10/15/26

@

(a) ............

1,582

1,622

Series

2023-2A

,

Class

C

,

.15

%

,

10/15/35

,

Callable

10/15/26

@

(a) ............

2,294

2,356

Series

2024-1A

,

Class

C

,

.60

%

,

5/15/36

,

Callable

7/15/27

@

(a) ..............

1,800

1,837

Citizens

Auto

Receivables

Trust

............................................

Series

2023-1

,

Class

A4

,

.78

%

,

10/15/30

,

Callable

2/15/27

@

(a) .............

3,000

3,056

Series

2023-2

,

Class

A4

,

.74

%

,

10/15/30

,

Callable

3/15/27

@

(a) .............

3,000

3,062

Series

2024-1

,

Class

A4

,

.03

%

,

10/15/30

,

Callable

6/15/27

@

(a) .............

2,000

2,026

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2022-3A

,

Class

C

,

.45

%

,

2/15/33

,

Callable

7/15/26

@

(a) ..............

963

967

Series

2023-1A

,

Class

B

,

.02

%

,

5/16/33

,

Callable

10/15/26

@

(a) .............

2,000

2,014

Series

2023-1A

,

Class

C

,

.71

%

,

7/15/33

,

Callable

10/15/26

@

(a) .............

Series

2023-2A

,

Class

C

,

.15

%

,

9/15/33

,

Callable

11/15/26

@

(a) .............

4,000

4,019

Series

2023-3A

,

Class

B

,

.09

%

,

10/17/33

,

Callable

3/15/27

@

(a) .............

1,895

1,920

Series

2023-3A

,

Class

C

,

.62

%

,

12/15/33

,

Callable

3/15/27

@

(a) .............

4,886

4,947

Series

2023-5A

,

Class

C

,

.30

%

,

4/17/34

,

Callable

6/15/27

@

(a) ..............

1,000

1,010

Series

2024-2A

,

Class

C

,

.70

%

,

10/16/34

,

Callable

4/15/28

@

(a) .............

1,000

1,002

Series

2025-1A

,

Class

C

,

.71

%

,

7/16/35

,

Callable

11/15/27

@

(a) .............

1,000

985

DT

Auto

Owner

Trust

,

Series

2022-2A

,

Class

D

,

.46

%

,

3/15/28

,

Callable

9/15/26

@

(a) .

1,782

1,787

Ent

Auto

Receivables

Trust

................................................

Series

2023-1A

,

Class

A4

,

.26

%

,

11/15/29

,

Callable

4/15/28

@

(a) ............

2,250

2,303

Series

2023-1A

,

Class

B

,

.45

%

,

1/15/30

,

Callable

4/15/28

@

(a) ..............

2,445

2,532

Series

2023-1A

,

Class

C

,

.77

%

,

4/15/30

,

Callable

4/15/28

@

(a) ..............

1,310

1,364

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-3

,

Class

A3

,

.29

%

,

7/20/29

,

Callable

4/20/26

@

(a) ..............

500

500

Series

2022-4

,

Class

A3

,

.65

%

,

10/22/29

,

Callable

4/20/26

@

(a) .............

2,000

2,021

Series

2023-1

,

Class

A3

,

.42

%

,

10/22/29

,

Callable

10/20/26

@

(a) ............

1,778

1,797

Series

2023-2

,

Class

A2

,

.56

%

,

4/22/30

,

Callable

2/20/27

@

(a) ..............

Series

2023-3

,

Class

A3

,

.41

%

,

6/20/30

,

Callable

7/20/27

@

(a) ..............

4,000

4,156

Series

2024-1

,

Class

A3

,

.16

%

,

9/20/30

,

Callable

8/20/27

@

(a) ..............

2,000

2,037

Series

2024-2

,

Class

A4

,

.69

%

,

12/20/30

,

Callable

1/20/28

@

(a) .............

2,528

2,608

Series

2024-4

,

Class

A3

,

.56

%

,

11/20/28

,

Callable

9/20/28

@

(a) .............

2,000

2,017

Series

2025-1

,

Class

A3

,

.82

%

,

2/20/29

,

Callable

10/20/28

@

(a) .............

Exeter

Automobile

Receivables

Trust

.........................................

Series

2022-5A

,

Class

C

,

.51

%

,

12/15/27

,

Callable

11/15/27

@

..............

Series

2025-1A

,

Class

C

,

.09

%

,

5/15/31

,

Callable

4/15/29

@

................

1,000

1,008

FCCU

Auto

Receivables

Trust

..............................................

Series

2024-1A

,

Class

A4

,

.46

%

,

4/15/30

,

Callable

1/15/28

@

(a) .............

2,828

2,883

Series

2024-1A

,

Class

B

,

.71

%

,

7/15/30

,

Callable

1/15/28

@

(a) ..............

1,713

1,761

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-1A

,

Class

C

,

.00

%

,

10/15/30

,

Callable

1/15/28

@

(a) .............

$

551

$

567

Series

2024-1A

,

Class

D

,

.78

%

,

7/15/32

,

Callable

1/15/28

@

(a) ..............

852

883

Series

2025-1A

,

Class

A4

,

.18

%

,

5/15/31

,

Callable

2/15/29

@

(a) .............

2,000

2,050

Series

2025-1A

,

Class

B

,

.36

%

,

9/15/31

,

Callable

2/15/29

@

(a) ..............

647

668

Series

2025-1A

,

Class

C

,

.61

%

,

12/15/31

,

Callable

2/15/29

@

(a) .............

683

701

First

Investors

Auto

Owner

Trust

,

Series

2023-1A

,

Class

C

,

.81

%

,

12/17/29

,

Callable

9/15/27

@

(a) .........................................................

3,000

3,093

Flagship

Credit

Auto

Trust

................................................

Series

2019-3

,

Class

E

,

.84

%

,

12/15/26

,

Callable

11/15/25

@

(a) .............

Series

2019-4

,

Class

E

,

.11

%

,

3/15/27

,

Callable

11/15/25

@

(a) ..............

1,697

1,679

Series

2021-2

,

Class

D

,

.59

%

,

6/15/27

,

Callable

9/15/26

@

(a) ...............

2,263

2,196

Series

2022-2

,

Class

B

,

.76

%

,

5/17/27

(a) .................................

517

517

Ford

Credit

Auto

Lease

Trust

..............................................

Series

2023-B

,

Class

C

,

.43

%

,

4/15/27

,

Callable

3/15/26

@

.................

1,571

1,582

Series

2023-B

,

Class

D

,

.97

%

,

6/15/28

,

Callable

3/15/26

@

.................

565

569

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2021-2

,

Class

D

,

.60

%

,

5/15/34

,

Callable

11/15/26

@

(a) ..............

850

829

Series

2023-1

,

Class

B

,

.29

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...............

822

837

Series

2023-1

,

Class

C

,

.58

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...............

3,000

3,059

Series

2023-1

,

Class

D

,

.26

%

,

8/15/35

,

Callable

2/15/28

@

(a) ...............

7,400

7,544

Foursight

Capital

Automobile

Receivables

Trust

.................................

Series

2023-1

,

Class

B

,

.35

%

,

3/15/28

,

Callable

11/15/26

@

(a) ..............

888

888

Series

2023-1

,

Class

C

,

.72

%

,

8/15/28

,

Callable

11/15/26

@

(a) ..............

2,000

1,990

Series

2024-1

,

Class

B

,

.55

%

,

5/15/29

,

Callable

4/15/27

@

(a) ...............

714

714

Series

2024-1

,

Class

C

,

.77

%

,

11/15/29

,

Callable

4/15/27

@

(a) ..............

1,000

990

Series

2024-1

,

Class

D

,

.83

%

,

3/15/30

,

Callable

4/15/27

@

(a) ...............

1,000

1,002

GECU

Auto

Receivables

Trust

.............................................

Series

2023-1A

,

Class

A4

,

.79

%

,

10/15/29

,

Callable

2/15/28

@

(a) ............

3,000

3,062

Series

2023-1A

,

Class

B

,

.87

%

,

1/15/30

,

Callable

2/15/28

@

(a) ..............

1,660

1,714

Series

2023-1A

,

Class

C

,

.33

%

,

4/15/30

,

Callable

2/15/28

@

(a) ..............

998

1,036

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2021-3A

,

Class

E

,

.20

%

,

10/16/28

,

Callable

4/15/26

@

(a) .............

1,250

1,237

Series

2023-1A

,

Class

D

,

.01

%

,

1/16/29

,

Callable

11/15/27

@

(a) .............

1,750

1,782

Series

2024-2A

,

Class

B

,

.77

%

,

11/15/28

,

Callable

8/15/28

@

(a) .............

1,333

1,343

Series

2024-3A

,

Class

B

,

.08

%

,

1/16/29

,

Callable

8/15/28

@

(a) ..............

2,000

2,010

Series

2025-1A

,

Class

C

,

.07

%

,

11/15/30

,

Callable

4/15/29

@

(a) .............

6,000

6,053

GLS

Auto

Select

Receivables

Trust

..........................................

Series

2023-2A

,

Class

D

,

.22

%

,

2/18/31

,

Callable

6/15/28

@

(a) ..............

2,000

2,155

Series

2024-1A

,

Class

B

,

.32

%

,

3/15/30

,

Callable

11/15/28

@

(a) .............

875

886

Series

2024-1A

,

Class

C

,

.69

%

,

3/15/30

,

Callable

11/15/28

@

(a) .............

1,000

1,018

Series

2024-2A

,

Class

C

,

.93

%

,

6/17/30

,

Callable

7/15/28

@

(a) ..............

2,000

2,045

Series

2024-4A

,

Class

C

,

.75

%

,

11/15/30

,

Callable

9/15/28

@

(a) .............

2,279

2,275

Series

2025-1A

,

Class

C

,

.26

%

,

3/15/31

,

Callable

7/15/29

@

(a) ..............

1,806

1,824

Series

2025-1A

,

Class

D

,

.74

%

,

4/15/32

,

Callable

7/15/29

@

(a) ..............

1,950

1,978

GMF

Floorplan

Owner

Revolving

Trust

.......................................

Series

2024-1A

,

Class

B

,

.33

%

,

3/15/29

(a) ................................

2,000

2,025

Series

2024-2A

,

Class

B

,

.35

%

,

3/15/31

(a) ................................

1,409

1,448

GreenState

Auto

Receivables

Trust

..........................................

Series

2024-1A

,

Class

A4

,

.17

%

,

1/15/30

,

Callable

3/15/28

@

(a) .............

4,500

4,568

Series

2024-1A

,

Class

B

,

.42

%

,

1/15/30

,

Callable

3/15/28

@

(a) ..............

1,200

1,226

Series

2024-1A

,

Class

C

,

.77

%

,

2/15/30

,

Callable

3/15/28

@

(a) ..............

1,929

1,974

Series

2024-1A

,

Class

D

,

.50

%

,

6/15/32

,

Callable

3/15/28

@

(a) ..............

1,641

1,691

GTE

Auto

Receivables

Trust

...............................................

Series

2023-1

,

Class

A3

,

.18

%

,

3/15/28

,

Callable

3/15/27

@

(a) ..............

Series

2023-1

,

Class

A4

,

.12

%

,

4/16/29

,

Callable

3/15/27

@

(a) ..............

4,000

4,023

Series

2023-1

,

Class

B

,

.39

%

,

8/15/29

,

Callable

3/15/27

@

(a) ...............

3,000

3,036

Series

2023-1

,

Class

C

,

.88

%

,

11/15/29

,

Callable

3/15/27

@

(a) ..............

2,625

2,667

Hertz

Vehicle

Financing

III

LLC

............................................

Series

2023-1A

,

Class

B

,

.22

%

,

6/25/27

(a) ................................

1,000

1,007

Series

2023-1A

,

Class

C

,

.91

%

,

6/25/27

(a) ................................

4,000

4,022

Huntington

Bank

Auto

Credit-Linked

Notes

,

Series

2025-2

,

Class

B1

,

.84

%

,

9/20/33

,

Callable

12/20/29

@

(a) ..................................................

1,411

1,416

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

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

10/15/28

@

.............................................................

$

941

$

949

LAD

Auto

Receivables

Trust

...............................................

Series

2022-1A

,

Class

B

,

.87

%

,

9/15/27

,

Callable

9/15/26

@

(a) ..............

1,445

1,447

Series

2022-1A

,

Class

C

,

.85

%

,

4/15/30

,

Callable

9/15/26

@

(a) ..............

2,000

2,027

Series

2023-1A

,

Class

B

,

.59

%

,

8/16/27

,

Callable

4/15/27

@

(a) ..............

962

963

Series

2023-1A

,

Class

C

,

.18

%

,

12/15/27

,

Callable

4/15/27

@

(a) .............

2,000

2,010

Series

2023-1A

,

Class

D

,

.30

%

,

6/17/30

,

Callable

4/15/27

@

(a) ..............

1,811

1,845

Series

2023-2A

,

Class

D

,

.30

%

,

2/15/31

,

Callable

5/15/27

@

(a) ..............

1,400

1,424

Series

2023-3A

,

Class

D

,

.92

%

,

12/16/30

,

Callable

7/15/27

@

(a) .............

1,820

1,871

Series

2024-1A

,

Class

C

,

.64

%

,

6/15/29

,

Callable

9/15/27

@

(a) ..............

614

622

Series

2024-3A

,

Class

D

,

.18

%

,

2/17/32

,

Callable

6/15/28

@

(a) ..............

762

761

Series

2025-1A

,

Class

B

,

.05

%

,

5/15/30

,

Callable

7/15/28

@

(a) ..............

2,000

2,023

Series

2025-1A

,

Class

C

,

.11

%

,

7/15/30

,

Callable

7/15/28

@

(a) ..............

3,000

3,019

Series

2025-1A

,

Class

D

,

.52

%

,

5/17/32

,

Callable

7/15/28

@

(a) ..............

4,000

4,045

Lobel

Automobile

Receivables

Trust

.........................................

Series

2025-1

,

Class

B

,

.20

%

,

4/17/28

,

Callable

7/15/27

@

(a) ...............

2,000

1,994

Series

2025-1

,

Class

C

,

.70

%

,

1/15/30

,

Callable

7/15/27

@

(a) ...............

4,000

3,950

Series

2025-1

,

Class

D

,

.19

%

,

2/15/30

,

Callable

7/15/27

@

(a) ...............

2,500

2,478

M&T

Bank

Auto

Receivables

Trust

,

Series

2025-1A

,

Class

A3

,

.73

%

,

6/17/30

,

Callable

9/15/28

@

(a) ...................................................

2,500

2,531

Merchants

Fleet

Funding

LLC

..............................................

Series

2023-1A

,

Class

A

,

.21

%

,

5/20/36

,

Callable

6/20/26

@

(a) ..............

1,512

1,520

Series

2023-1A

,

Class

B

,

.25

%

,

5/20/36

,

Callable

6/20/26

@

(a) ..............

4,000

4,053

Series

2023-1A

,

Class

D

,

.20

%

,

5/20/36

,

Callable

6/20/26

@

(a) ..............

730

743

Series

2024-1A

,

Class

A

,

.82

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

1,569

1,579

Series

2024-1A

,

Class

B

,

.95

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

2,638

2,673

Series

2024-1A

,

Class

C

,

.18

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

4,107

4,187

Series

2024-1A

,

Class

D

,

.85

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

5,820

5,978

Navistar

Financial

Dealer

Note

Master

Owner

Trust

..............................

Series

2024-1

,

Class

A

,

.59

%

,

4/25/29

(a) .................................

2,000

2,013

Series

2024-1

,

Class

B

,

.79

%

,

4/25/29

(a) .................................

650

654

Series

2024-1

,

Class

C

,

.13

%

,

4/25/29

(a) .................................

950

956

OCCU

Auto

Receivables

Trust

.............................................

Series

2022-1A

,

Class

C

,

.52

%

,

11/15/29

,

Callable

7/15/27

@

(a) .............

1,690

1,744

Series

2023-1A

,

Class

A4

,

.29

%

,

9/17/29

,

Callable

1/15/28

@

(a) .............

2,775

2,839

Series

2023-1A

,

Class

B

,

.51

%

,

9/17/29

,

Callable

1/15/28

@

(a) ..............

2,000

2,074

Series

2023-1A

,

Class

C

,

.82

%

,

9/17/29

,

Callable

1/15/28

@

(a) ..............

2,250

2,345

Series

2023-1A

,

Class

D

,

.88

%

,

12/15/31

,

Callable

1/15/28

@

(a) .............

4,500

4,754

Series

2025-1A

,

Class

A4

,

.79

%

,

1/15/31

,

Callable

5/15/29

@

(a) .............

2,000

2,023

Series

2025-1A

,

Class

B

,

.94

%

,

4/15/31

,

Callable

5/15/29

@

(a) ..............

1,214

1,234

Series

2025-1A

,

Class

C

,

.20

%

,

10/15/31

,

Callable

5/15/29

@

(a) .............

1,860

1,883

Series

2025-1A

,

Class

D

,

.60

%

,

11/15/34

,

Callable

5/15/29

@

(a) .............

2,000

2,011

Oscar

US

Funding

XII

LLC

,

Series

2021-1A

,

Class

A4

,

.00

%

,

4/10/28

,

Callable

11/10/25

@

(a) ...........................................................

668

665

Oscar

US

Funding

XIII

LLC

,

Series

2021-2A

,

Class

A4

,

.27

%

,

9/11/28

,

Callable

11/10/25

@

(a) ...........................................................

2,187

2,165

Oscar

US

Funding

XIV

LLC

,

Series

2022-1A

,

Class

A4

,

.82

%

,

4/10/29

,

Callable

3/10/26

@

(a) ...........................................................

842

833

Oscar

US

Funding

XVII

LLC

,

Series

2024-2A

,

Class

A3

,

.47

%

,

3/12/29

,

Callable

11/10/28

@

(a) ...........................................................

2,000

2,005

PenFed

Auto

Receivables

Owner

Trust

........................................

Series

2022-A

,

Class

A4

,

.18

%

,

12/15/28

,

Callable

3/15/26

@

(a) .............

Series

2022-A

,

Class

B

,

.60

%

,

12/15/28

,

Callable

3/15/26

@

(a) ..............

2,299

2,300

Series

2022-A

,

Class

C

,

.83

%

,

12/15/28

,

Callable

3/15/26

@

(a) ..............

1,833

1,834

Series

2022-A

,

Class

D

,

.85

%

,

6/17/30

,

Callable

3/15/26

@

(a) ...............

1,412

1,418

Series

2024-A

,

Class

A4

,

.75

%

,

3/15/30

,

Callable

7/15/28

@

(a) ..............

1,000

1,009

Series

2024-A

,

Class

C

,

.20

%

,

9/16/30

,

Callable

7/15/28

@

(a) ...............

1,000

1,012

Series

2024-A

,

Class

D

,

.78

%

,

9/15/32

,

Callable

7/15/28

@

(a) ...............

1,000

1,013

Series

2025-A

,

Class

A4

,

.19

%

,

5/15/31

,

Callable

10/15/29

@

(a) .............

750

746

Prestige

Auto

Receivables

Trust

............................................

Series

2023-1A

,

Class

C

,

.65

%

,

2/15/28

,

Callable

8/15/27

@

(a) ..............

1,528

1,533

Series

2023-2A

,

Class

C

,

.12

%

,

8/15/29

,

Callable

11/15/27

@

(a) .............

4,000

4,065

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-2A

,

Class

B

,

.56

%

,

2/15/29

,

Callable

1/15/29

@

(a) ..............

$

800

$

800

Series

2025-1A

,

Class

C

,

.52

%

,

2/15/30

,

Callable

2/15/29

@

(a) ..............

529

535

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2023-A

,

Class

B

,

.49

%

,

6/15/33

,

Callable

6/15/27

@

(a) ...............

Series

2023-A

,

Class

C

,

.74

%

,

6/15/33

,

Callable

6/15/27

@

(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

12/15/27

@

(a) .............

Series

2023-B

,

Class

D

,

.66

%

,

12/15/33

,

Callable

12/15/27

@

(a) .............

2,157

2,188

Series

2024-A

,

Class

D

,

.11

%

,

6/15/32

,

Callable

8/15/28

@

(a) ...............

1,423

1,439

Series

2024-A

,

Class

E

,

.76

%

,

6/15/32

,

Callable

8/15/28

@

(a) ...............

1,423

1,437

Series

2024-B

,

Class

C

,

.14

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

1,443

1,450

Series

2024-B

,

Class

D

,

.48

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

1,824

1,835

Series

2024-B

,

Class

E

,

.80

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

668

670

SBNA

Auto

Receivables

Trust

,

Series

2025-SF1

,

Class

D

,

.34

%

,

9/15/31

,

Callable

3/15/29

@

(a) ...........................................................

1,667

1,683

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A

,

Class

A4

,

.70

%

,

8/15/29

,

Callable

8/15/27

@

(a) .............

2,700

2,751

Series

2023-1A

,

Class

B

,

.08

%

,

11/15/29

,

Callable

8/15/27

@

(a) .............

2,500

2,580

Series

2023-1A

,

Class

C

,

.61

%

,

3/15/30

,

Callable

8/15/27

@

(a) ..............

5,635

5,845

Series

2023-1A

,

Class

D

,

.34

%

,

11/17/31

,

Callable

8/15/27

@

(a) .............

2,730

2,852

Series

2024-1A

,

Class

B

,

.33

%

,

7/15/30

,

Callable

4/15/28

@

(a) ..............

1,990

2,034

Series

2024-1A

,

Class

C

,

.62

%

,

12/16/30

,

Callable

4/15/28

@

(a) .............

2,000

2,043

Series

2025-1A

,

Class

B

,

.78

%

,

12/15/31

,

Callable

6/15/29

@

(a) .............

1,000

1,012

Series

2025-1A

,

Class

C

,

.08

%

,

2/17/32

,

Callable

6/15/29

@

(a) ..............

560

565

Securitized

Term

Auto

Receivables

Trust

......................................

Series

2025-A

,

Class

B

,

.04

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...............

915

921

Series

2025-A

,

Class

C

,

.19

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...............

741

747

Series

2025-A

,

Class

D

,

.75

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...............

1,107

1,128

Series

2025-B

,

Class

D

,

.46

%

,

12/29/32

,

Callable

7/25/28

@

(a) ..............

1,824

1,846

SFS

Auto

Receivables

Securitization

Trust

.....................................

Series

2023-1A

,

Class

C

,

.97

%

,

2/20/31

,

Callable

8/20/27

@

(a) ..............

2,709

2,774

Series

2024-1A

,

Class

B

,

.38

%

,

1/21/31

,

Callable

1/20/28

@

(a) ..............

1,260

1,285

Series

2024-1A

,

Class

C

,

.51

%

,

1/20/32

,

Callable

1/20/28

@

(a) ..............

1,500

1,529

Series

2024-2A

,

Class

B

,

.41

%

,

8/20/30

,

Callable

5/20/28

@

(a) ..............

1,857

1,899

Series

2024-3A

,

Class

A4

,

.60

%

,

11/20/31

,

Callable

6/20/28

@

(a) ............

1,000

1,010

Series

2024-3A

,

Class

B

,

.76

%

,

11/20/31

,

Callable

6/20/28

@

(a) .............

1,000

1,010

Tesla

Auto

Lease

Trust

...................................................

Series

2023-A

,

Class

B

,

.41

%

,

7/20/27

,

Callable

11/20/25

@

(a) ..............

2,046

2,046

Series

2023-B

,

Class

B

,

.57

%

,

8/20/27

,

Callable

11/20/25

@

(a) ..............

2,025

2,027

Series

2024-A

,

Class

A4

,

.31

%

,

12/20/27

,

Callable

5/20/26

@

(a) .............

1,000

1,007

Series

2024-A

,

Class

B

,

.55

%

,

5/22/28

,

Callable

5/20/26

@

(a) ...............

1,000

1,006

Series

2024-B

,

Class

B

,

.11

%

,

8/21/28

,

Callable

11/20/26

@

(a) ..............

2,083

2,097

Tesla

Electric

Vehicle

Trust

................................................

Series

2023-1

,

Class

A4

,

.38

%

,

2/20/29

,

Callable

4/20/27

@

(a) ..............

1,500

1,527

Series

2023-1

,

Class

B

,

.82

%

,

5/20/31

,

Callable

4/20/27

@

(a) ...............

1,950

1,992

Tesla

Lease

Electric

Vehicle

Securitization

LLC

,

Series

2025-A

,

Class

C

,

.09

%

,

6/20/29

,

Callable

1/20/28

@

(a) ............................................

833

834

Truist

Bank

Auto

Credit-Linked

Notes

,

Series

2025-1

,

Class

B

,

.73

%

,

9/26/33

,

Callable

11/25/28

@

(a) ..................................................

2,762

2,764

U.S.

Bank

NA

,

Series

2023-1

,

Class

B

,

.79

%

,

8/25/32

,

Callable

10/25/26

@

(a) .......

2,944

2,976

United

Auto

Credit

Securitization

Trust

.......................................

Series

2024-1

,

Class

B

,

.57

%

,

6/10/27

(a) .................................

Series

2025-1

,

Class

C

,

.15

%

,

6/10/30

,

Callable

11/10/27

@

(a) ..............

4,000

3,929

USB

Auto

Owner

Trust

,

Series

2025-1A

,

Class

D

,

.40

%

,

12/15/32

,

Callable

11/15/27

@

(a) ...........................................................

1,400

1,412

Veridian

Auto

Receivables

Trust

............................................

Series

2023-1A

,

Class

A3

,

.56

%

,

3/15/28

,

Callable

8/15/27

@

(a) .............

1,051

1,055

Series

2023-1A

,

Class

A4

,

.59

%

,

12/15/28

,

Callable

8/15/27

@

(a) ............

2,000

2,025

Series

2023-1A

,

Class

B

,

.86

%

,

4/16/29

,

Callable

8/15/27

@

(a) ..............

3,133

3,204

Series

2023-1A

,

Class

C

,

.37

%

,

7/16/29

,

Callable

8/15/27

@

(a) ..............

2,500

2,576

VStrong

Auto

Receivables

Trust

............................................

Series

2023-A

,

Class

B

,

.11

%

,

2/15/30

,

Callable

9/15/28

@

(a) ...............

2,828

2,861

Series

2024-A

,

Class

A3

,

.62

%

,

12/15/28

,

Callable

11/15/28

@

(a) ............

1,062

1,065

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-A

,

Class

B

,

.77

%

,

7/15/30

,

Callable

11/15/28

@

(a) ..............

$

750

$

751

Series

2024-A

,

Class

C

,

.44

%

,

7/15/30

,

Callable

11/15/28

@

(a) ..............

1,000

998

Western

Funding

Auto

Loan

Trust

...........................................

Series

2025-1

,

Class

B

,

.98

%

,

9/17/35

(a) .................................

2,544

2,481

Series

2025-1

,

Class

C

,

.34

%

,

11/15/35

(a) ................................

3,214

3,099

Westlake

Automobile

Receivables

Trust

.......................................

Series

2021-3A

,

Class

D

,

.12

%

,

1/15/27

,

Callable

11/15/25

@

(a) .............

Series

2022-3A

,

Class

C

,

.44

%

,

12/15/27

,

Callable

9/15/26

@

(a) .............

1,086

1,091

Series

2023-1A

,

Class

B

,

.41

%

,

1/18/28

,

Callable

1/15/27

@

(a) ..............

Series

2023-4A

,

Class

D

,

.19

%

,

7/16/29

,

Callable

8/15/27

@

(a) ..............

3,000

3,099

Series

2023-P1

,

Class

C

,

.44

%

,

6/15/27

,

Callable

8/15/26

@

(a) ..............

1,200

1,208

Series

2024-3A

,

Class

B

,

.72

%

,

11/15/29

,

Callable

2/15/28

@

(a) .............

1,000

1,002

Series

2024-3A

,

Class

C

,

.92

%

,

11/15/29

,

Callable

2/15/28

@

(a) .............

1,000

1,006

Series

2025-1A

,

Class

B

,

.98

%

,

9/16/30

,

Callable

5/15/28

@

(a) ..............

625

629

Series

2025-1A

,

Class

C

,

.14

%

,

10/15/30

,

Callable

5/15/28

@

(a) .............

1,000

1,008

Series

2025-P1

,

Class

C

,

.15

%

,

11/15/30

,

Callable

3/15/28

@

(a) .............

1,000

1,015

Wheels

Fleet

Lease

Funding

LLC

..........................................

Series

2023-1A

,

Class

A

,

.80

%

,

4/18/38

(a) ................................

Series

2023-1A

,

Class

B

,

.80

%

,

4/18/38

(a) ................................

1,345

1,361

Series

2023-1A

,

Class

C

,

.18

%

,

4/18/38

(a) ................................

3,333

3,382

Series

2023-2A

,

Class

C

,

.94

%

,

8/18/38

(a) ................................

2,769

2,849

Series

2023-2A

,

Class

D

,

.38

%

,

8/18/38

(a) ................................

3,644

3,765

Series

2024-1A

,

Class

C

,

.69

%

,

2/18/39

(a) ................................

2,625

2,671

Series

2024-2A

,

Class

B

,

.84

%

,

6/21/39

(a) ................................

833

838

Series

2024-2A

,

Class

C

,

.89

%

,

6/21/39

(a) ................................

2,000

2,014

Series

2024-3A

,

Class

C

,

.21

%

,

9/19/39

(a) ................................

2,056

2,077

World

Omni

Select

Auto

Trust

,

Series

2023-A

,

Class

C

,

.00

%

,

1/16/29

,

Callable

1/15/27

@

.............................................................

2,750

2,781

472,516

ABS

Card

(1.0%):

American

Express

Credit

Account

Master

Trust

,

Series

2024-2

,

Class

A

,

.24

%

,

4/15/31

....

2,000

2,085

CARDS

II

Trust

,

Series

2024-1A

,

Class

C

,

.84

%

,

7/15/29

(a) .......................

1,890

1,901

Evergreen

Credit

Card

Trust

...............................................

Series

2024-CRT4

,

Class

B

,

.25

%

,

10/15/28

(a) .............................

789

795

Series

2024-CRT4

,

Class

C

,

.64

%

,

10/15/28

(a) .............................

903

909

Series

2025-1A

,

Class

C

,

.54

%

,

10/15/29

,

Callable

10/15/27

@

(a) ............

1,250

1,248

Series

2025-CRT5

,

Class

B

,

.24

%

,

5/15/29

(a) ..............................

1,774

1,794

Series

2025-CRT5

,

Class

C

,

.53

%

,

5/15/29

(a) ..............................

1,111

1,121

Golden

Credit

Card

Trust

,

Series

2021-1A

,

Class

A

,

.14

%

,

8/15/28

(a) .................

5,000

4,887

Master

Credit

Card

Trust

II

................................................

Series

2023-1A

,

Class

C

,

.87

%

,

6/21/27

(a) ................................

2,200

2,202

Series

2023-3A

,

Class

C

,

.08

%

,

10/21/30

(a) ...............................

1,500

1,547

Series

2024-1A

,

Class

B

,

.53

%

,

1/21/28

(a) ................................

919

921

Series

2024-1A

,

Class

C

,

.02

%

,

1/21/28

(a) ................................

1,680

1,684

Synchrony

Card

Issuance

Trust

,

Series

2025-A1

,

Class

A

,

.78

%

,

2/15/31

..............

800

813

Trillium

Credit

Card

Trust

II

...............................................

Series

2023-1A

,

Class

B

,

.23

%

,

3/26/31

(a) ................................

1,000

1,015

Series

2023-1A

,

Class

C

,

.06

%

,

3/26/31

(a) ................................

1,500

1,541

Series

2024-1A

,

Class

B

,

.50

%

,

12/26/28

(a) ...............................

1,000

1,002

Series

2024-1A

,

Class

C

,

.99

%

,

12/26/28

(a) ...............................

1,120

1,121

Series

2025-1A

,

Class

C

,

.70

%

,

9/26/30

(a) ................................

1,273

1,272

27,858

ABS

Other

(13.1%):

AFG

ABS

I

LLC

.......................................................

Series

2023-1

,

Class

A2

,

.30

%

,

9/16/30

,

Callable

1/15/27

@

(a) ..............

Series

2023-1

,

Class

B

,

.51

%

,

9/16/30

,

Callable

1/15/27

@

(a) ...............

1,667

1,686

Aligned

Data

Centers

Issuer

LLC

,

Series

2021-1A

,

Class

A2

,

.94

%

,

8/15/46

,

Callable

11/15/25

@

(a) ..................................................

5,500

5,373

AMSR

Trust

..........................................................

Series

2021-SFR1

,

Class

A

,

.95

%

,

6/17/38

(a) (b) ............................

2,000

1,884

Series

2021-SFR1

,

Class

B

,

.15

%

,

6/17/38

(a) (b) ............................

2,000

1,875

Series

2021-SFR1

,

Class

C

,

.35

%

,

6/17/38

(a) (b) ............................

1,200

1,129

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Amur

Equipment

Finance

Receivables

X

LLC

,

Series

2022-1A

,

Class

B

,

.20

%

,

1/20/28

,

Callable

11/20/25

@

(a) ...........................................

$

$

Amur

Equipment

Finance

Receivables

XI

LLC

..................................

Series

2022-2A

,

Class

A2

,

.30

%

,

6/21/28

,

Callable

6/20/26

@

(a) .............

Series

2022-2A

,

Class

B

,

.65

%

,

10/20/28

,

Callable

6/20/26

@

(a) .............

2,000

2,011

Amur

Equipment

Finance

Receivables

XII

LLC

.................................

Series

2023-1A

,

Class

B

,

.03

%

,

12/20/29

,

Callable

6/20/27

@

(a) .............

750

763

Series

2023-1A

,

Class

C

,

.36

%

,

12/20/29

,

Callable

6/20/27

@

(a) .............

1,966

2,016

Series

2023-1A

,

Class

D

,

.48

%

,

7/22/30

,

Callable

6/20/27

@

(a) ..............

500

520

Amur

Equipment

Finance

Receivables

XIII

LLC

................................

Series

2024-1A

,

Class

B

,

.37

%

,

1/21/31

,

Callable

1/20/28

@

(a) ..............

1,912

1,938

Series

2024-1A

,

Class

C

,

.55

%

,

1/21/31

,

Callable

1/20/28

@

(a) ..............

2,722

2,770

Amur

Equipment

Finance

Receivables

XIV

LLC

................................

Series

2024-2A

,

Class

B

,

.20

%

,

7/21/31

,

Callable

8/20/28

@

(a) ..............

1,000

1,013

Series

2024-2A

,

Class

C

,

.38

%

,

7/21/31

,

Callable

8/20/28

@

(a) ..............

1,000

1,018

Atalaya

Equipment

Leasing

Trust

,

Series

2021-1A

,

Class

C

,

.69

%

,

6/15/28

,

Callable

11/15/25

@

(a) .........................................................

741

738

Auxilior

Term

Funding

LLC

...............................................

Series

2023-1A

,

Class

A3

,

.70

%

,

2/15/30

,

Callable

1/15/28

@

(a) .............

3,000

3,041

Series

2023-1A

,

Class

B

,

.05

%

,

6/17/30

,

Callable

1/15/28

@

(a) ..............

1,239

1,267

Series

2023-1A

,

Class

C

,

.50

%

,

11/15/30

,

Callable

1/15/28

@

(a) .............

1,200

1,243

Series

2023-1A

,

Class

D

,

.27

%

,

12/16/30

,

Callable

1/15/28

@

(a) .............

1,000

1,048

Series

2024-1A

,

Class

A3

,

.49

%

,

7/15/31

,

Callable

3/15/29

@

(a) .............

2,000

2,036

Series

2024-1A

,

Class

B

,

.69

%

,

7/15/31

,

Callable

3/15/29

@

(a) ..............

614

632

Series

2024-1A

,

Class

C

,

.01

%

,

7/15/31

,

Callable

3/15/29

@

(a) ..............

750

779

Series

2024-1A

,

Class

D

,

.79

%

,

7/15/31

,

Callable

3/15/29

@

(a) ..............

3,000

3,149

Barings

Equipment

Finance

LLC

,

Series

2025-A

,

Class

A2

,

.64

%

,

10/13/28

(a) ..........

1,778

1,786

Blue

Bridge

Funding

LLC

,

Series

2023-1A

,

Class

A

,

.37

%

,

11/15/30

,

Callable

1/15/27

@

(a) ...........................................................

Blue

Owl

Asset

Leasing

Trust

..............................................

Series

2024-1A

,

Class

B

,

.41

%

,

3/15/30

,

Callable

7/15/27

@

(a) ..............

851

853

Series

2024-1A

,

Class

C

,

.38

%

,

1/15/31

,

Callable

7/15/27

@

(a) ..............

903

916

Capital

Automotive

REIT

.................................................

Series

2024-2A

,

Class

A1

,

.90

%

,

5/15/54

,

Callable

5/15/27

@

(a) .............

660

659

Series

2024-3A

,

Class

A1

,

.40

%

,

10/15/54

,

Callable

10/15/27

@

(a) ...........

1,806

1,764

Capteris

Equipment

Finance

LLC

,

Series

2024-1A

,

Class

A2

,

.58

%

,

7/20/32

,

Callable

3/20/29

@

(a) .........................................................

2,218

2,253

CARS-DB5

LP

,

Series

2021-1A

,

Class

A1

,

.44

%

,

8/15/51

,

Callable

11/15/25

@

(a) ....

2,768

2,693

CARS-DB7

LP

,

Series

2023-1A

,

Class

A1

,

.75

%

,

9/15/53

,

Callable

9/15/26

@

(a) .....

2,811

2,831

CCG

Receivables

Trust

...................................................

Series

2023-1

,

Class

B

,

.99

%

,

9/16/30

,

Callable

8/14/26

@

(a) ...............

2,010

2,033

Series

2023-1

,

Class

C

,

.28

%

,

9/16/30

,

Callable

8/14/26

@

(a) ...............

3,556

3,604

Series

2023-2

,

Class

C

,

.45

%

,

4/14/32

,

Callable

5/14/27

@

(a) ...............

3,250

3,350

Series

2023-2

,

Class

D

,

.18

%

,

4/14/32

,

Callable

5/14/27

@

(a) ...............

1,300

1,352

Series

2024-1

,

Class

C

,

.22

%

,

3/15/32

,

Callable

4/14/28

@

(a) ...............

2,000

2,029

Series

2025-1

,

Class

D

,

.28

%

,

10/14/32

,

Callable

10/14/28

@

(a) .............

1,087

1,096

Series

2025-2

,

Class

D

,

.08

%

,

8/15/34

,

Callable

5/14/29

@

(a) ...............

1,221

1,221

CF

Hippolyta

Issuer

LLC

.................................................

Series

2020-1

,

Class

A1

,

.69

%

,

7/15/60

(a) ................................

Series

2021-1A

,

Class

A1

,

.53

%

,

3/15/61

,

Callable

11/15/25

@

(a) ............

2,808

2,334

Clarus

Capital

Funding

LLC

...............................................

Series

2024-1A

,

Class

B

,

.79

%

,

8/20/32

,

Callable

2/20/28

@

(a) ..............

1,170

1,173

Series

2024-1A

,

Class

C

,

.01

%

,

8/20/32

,

Callable

2/20/28

@

(a) ..............

585

583

Cloud

Capital

Holdco

LP

,

Series

2024-1A

,

Class

A2

,

.78

%

,

11/22/49

,

Callable

11/22/27

@

(a) ...........................................................

4,500

4,549

CNH

Equipment

Trust

,

Series

2022-A

,

Class

A3

,

.94

%

,

7/15/27

,

Callable

10/15/26

@

..

CP

EF

Asset

Securitization

II

LLC

,

Series

2023-1A

,

Class

A

,

.48

%

,

3/15/32

,

Callable

6/15/27

@

(a) .........................................................

620

625

Crossroads

Asset

Trust

...................................................

Series

2024-A

,

Class

A2

,

.90

%

,

8/20/30

,

Callable

1/20/28

@

(a) ..............

1,203

1,215

Series

2024-A

,

Class

B

,

.94

%

,

8/20/30

,

Callable

1/20/28

@

(a) ...............

2,518

2,573

Series

2024-A

,

Class

C

,

.52

%

,

8/20/30

,

Callable

1/20/28

@

(a) ...............

1,500

1,541

Series

2025-A

,

Class

B

,

.20

%

,

2/20/32

,

Callable

1/20/29

@

(a) ...............

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) CyrusOne

Data

Centers

Issuer

I

LLC

.........................................

Series

2024-2A

,

Class

A2

,

.50

%

,

5/20/49

,

Callable

5/20/27

@

(a) .............

$

2,790

$

2,748

Series

2025-1A

,

Class

A2

,

.91

%

,

2/20/50

,

Callable

2/20/28

@

(a) .............

2,694

2,775

Dell

Equipment

Finance

Trust

..............................................

Series

2023-1

,

Class

D

,

.80

%

,

3/22/29

,

Callable

11/22/25

@

(a) ..............

1,818

1,820

Series

2023-2

,

Class

C

,

.06

%

,

1/22/29

,

Callable

3/22/26

@

(a) ...............

1,100

1,104

Series

2023-2

,

Class

D

,

.74

%

,

7/23/29

,

Callable

3/22/26

@

(a) ...............

2,283

2,297

Series

2023-3

,

Class

D

,

.75

%

,

10/22/29

,

Callable

5/22/26

@

(a) ..............

1,235

1,249

Series

2024-1

,

Class

C

,

.73

%

,

3/22/30

,

Callable

12/22/26

@

(a) ..............

1,350

1,367

Series

2024-1

,

Class

D

,

.12

%

,

9/23/30

,

Callable

12/22/26

@

(a) ..............

1,464

1,487

Series

2024-2

,

Class

C

,

.99

%

,

8/22/30

,

Callable

4/22/27

@

(a) ...............

1,000

1,007

Series

2024-2

,

Class

D

,

.29

%

,

2/24/31

,

Callable

4/22/27

@

(a) ...............

1,118

1,128

Series

2025-1

,

Class

D

,

.64

%

,

8/22/31

,

Callable

12/22/27

@

(a) ..............

629

640

Series

2025-2

,

Class

D

,

.83

%

,

3/22/32

,

Callable

6/22/28

@

(a) ...............

2,000

1,998

Dext

ABS

LLC

........................................................

Series

2021-1

,

Class

C

,

.29

%

,

9/15/28

,

Callable

11/15/25

@

(a) ..............

504

504

Series

2023-1

,

Class

A2

,

.99

%

,

3/15/32

,

Callable

4/15/27

@

(a) ..............

Series

2023-1

,

Class

B

,

.55

%

,

3/15/32

,

Callable

4/15/27

@

(a) ...............

5,430

5,523

Series

2023-1

,

Class

D

,

.82

%

,

3/15/33

,

Callable

4/15/27

@

(a) ...............

600

624

Series

2023-2

,

Class

B

,

.41

%

,

5/15/34

,

Callable

1/15/28

@

(a) ...............

3,000

3,050

Series

2023-2

,

Class

D

,

.30

%

,

5/15/34

,

Callable

1/15/28

@

(a) ...............

1,666

1,769

Series

2025-1

,

Class

B

,

.98

%

,

8/15/35

,

Callable

4/15/29

@

(a) ...............

1,000

1,010

Series

2025-1

,

Class

C

,

.39

%

,

8/15/35

,

Callable

4/15/29

@

(a) ...............

1,000

1,004

Series

2025-1

,

Class

D

,

.65

%

,

2/15/36

,

Callable

4/15/29

@

(a) ...............

2,000

2,008

Diamond

Infrastructure

Funding

LLC

........................................

Series

2021-1A

,

Class

A

,

.76

%

,

4/15/49

,

Callable

11/20/25

@

(a) .............

3,333

3,210

Series

2021-1A

,

Class

B

,

.36

%

,

4/15/49

,

Callable

11/20/25

@

(a) .............

3,000

2,903

Diamond

Issuer

LLC

,

Series

2021-1A

,

Class

B

,

.70

%

,

11/20/51

,

Callable

11/20/25

@

(a) 3,273

3,094

DLLAA

LLC

..........................................................

Series

2023-1A

,

Class

A3

,

.64

%

,

2/22/28

,

Callable

8/20/27

@

(a) .............

1,785

1,804

Series

2025-1A

,

Class

A3

,

.95

%

,

9/20/29

,

Callable

6/20/29

@

(a) .............

2,087

2,123

DLLAD

LLC

..........................................................

Series

2024-1A

,

Class

A3

,

.30

%

,

7/20/29

,

Callable

3/20/29

@

(a) .............

1,000

1,019

Series

2024-1A

,

Class

A4

,

.38

%

,

9/22/31

,

Callable

3/20/29

@

(a) .............

1,290

1,336

DLLMT

LLC

..........................................................

Series

2023-1A

,

Class

A3

,

.34

%

,

3/22/27

,

Callable

3/20/27

@

(a) .............

1,014

1,018

Series

2023-1A

,

Class

A4

,

.35

%

,

3/20/31

,

Callable

3/20/27

@

(a) .............

1,143

1,153

Series

2024-1A

,

Class

A4

,

.98

%

,

4/20/32

,

Callable

5/20/28

@

(a) .............

1,406

1,434

FirstKey

Homes

Trust

....................................................

Series

2021-SFR1

,

Class

B

,

.79

%

,

8/17/38

(a) (b) ............................

3,000

2,934

Series

2021-SFR1

,

Class

C

,

.89

%

,

8/17/38

(a) (b) ............................

3,000

2,928

Series

2021-SFR2

,

Class

B

,

.61

%

,

9/17/38

(a) (b) ............................

2,308

2,247

Series

2021-SFR3

,

Class

B

,

.44

%

,

12/17/38

(a) (b) ...........................

1,000

977

Series

2021-SFR3

,

Class

C

,

.54

%

,

12/17/38

(a) (b) ...........................

1,750

1,706

Flexential

Issuer

,

Series

2021-1A

,

Class

A2

,

.25

%

,

11/27/51

,

Callable

11/25/25

@

(a) ..

5,000

4,871

Ford

Credit

Floorplan

Master

Owner

Trust

A

,

Series

2023-1

,

Class

C

,

.75

%

,

5/15/28

(a) ....

1,597

1,606

Frontier

Issuer

LLC

.....................................................

Series

2023-1

,

Class

B

,

.30

%

,

8/20/53

,

Callable

7/20/26

@

(a) ...............

1,867

1,903

Series

2023-1

,

Class

C

,

.50

%

,

8/20/53

,

Callable

7/20/26

@

(a) ..............

1,100

1,142

Series

2024-1

,

Class

C

,

.16

%

,

6/20/54

,

Callable

5/20/28

@

(a) ..............

2,475

2,721

FRTKL

,

Series

2021-SFR1

,

Class

B

,

.72

%

,

9/17/38

(a) (b) .........................

1,500

1,462

Granite

Park

Equipment

Leasing

LLC

........................................

Series

2023-1A

,

Class

B

,

.62

%

,

4/20/33

,

Callable

2/20/30

@

(a) ..............

654

679

Series

2023-1A

,

Class

C

,

.97

%

,

8/22/33

,

Callable

2/20/30

@

(a) ..............

1,200

1,257

Series

2023-1A

,

Class

D

,

.00

%

,

8/22/33

,

Callable

2/20/30

@

(a) ..............

800

838

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2023-1

,

Class

B

,

.21

%

,

3/15/30

,

Callable

7/15/27

@

(a) ...............

1,500

1,517

Series

2024-1

,

Class

B

,

.18

%

,

12/16/30

,

Callable

2/15/28

@

(a) ..............

1,480

1,502

Series

2024-1

,

Class

C

,

.43

%

,

12/15/31

,

Callable

2/15/28

@

(a) ..............

650

662

Series

2024-2

,

Class

B

,

.23

%

,

5/15/31

,

Callable

10/15/28

@

(a) ..............

1,000

1,020

Series

2025-1

,

Class

A3

,

.49

%

,

4/16/29

(a) ................................

2,000

2,018

Series

2025-1

,

Class

B

,

.77

%

,

1/15/32

,

Callable

5/15/29

@

(a) ...............

2,000

2,012

HPEFS

Equipment

Trust

..................................................

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2022-3A

,

Class

C

,

.13

%

,

8/20/29

,

Callable

4/20/26

@

(a) ..............

$

$

Series

2023-2A

,

Class

D

,

.97

%

,

7/21/31

,

Callable

12/20/26

@

(a) .............

1,500

1,519

Series

2024-1A

,

Class

D

,

.82

%

,

11/20/31

,

Callable

8/20/27

@

(a) .............

3,838

3,881

Series

2024-2A

,

Class

D

,

.82

%

,

4/20/32

,

Callable

11/20/27

@

(a) .............

2,343

2,387

Series

2025-1A

,

Class

C

,

.79

%

,

9/20/32

,

Callable

4/20/29

@

(a) ..............

1,654

1,664

Series

2025-1A

,

Class

D

,

.99

%

,

3/21/33

,

Callable

4/20/29

@

(a) ..............

2,000

2,018

Series

2025-2A

,

Class

D

,

.77

%

,

5/20/33

,

Callable

6/20/29

@

(a) ..............

748

746

John

Deere

Owner

Trust

,

Series

2024-B

,

Class

A4

,

.19

%

,

5/15/31

,

Callable

12/15/27

@

1,100

1,126

Kubota

Credit

Owner

Trust

................................................

Series

2022-1A

,

Class

A3

,

.67

%

,

10/15/26

,

Callable

1/15/26

@

(a) ............

Series

2023-2A

,

Class

A4

,

.23

%

,

6/15/28

,

Callable

4/15/27

@

(a) .............

1,500

1,523

Series

2024-2A

,

Class

A4

,

.19

%

,

5/15/30

,

Callable

4/15/28

@

(a) .............

1,300

1,334

Series

2025-1A

,

Class

A2

,

.61

%

,

12/15/27

(a) ..............................

5,000

5,017

M&T

Equipment

LEAF1

Notes

.............................................

Series

2023-1A

,

Class

A4

,

.75

%

,

7/15/30

,

Callable

7/15/27

@

(a) .............

2,596

2,635

Series

2024-1A

,

Class

A3

,

.76

%

,

8/18/31

,

Callable

7/16/28

@

(a) .............

1,000

1,006

Series

2025-1A

,

Class

A3

,

.78

%

,

9/17/29

,

Callable

4/16/29

@

(a) .............

2,739

2,763

MMAF

Equipment

Finance

LLC

............................................

Series

2021-A

,

Class

A4

,

.04

%

,

11/13/30

(a) ...............................

2,000

1,978

Series

2022-A

,

Class

A3

,

.20

%

,

1/13/28

(a) ................................

561

560

Series

2023-A

,

Class

A3

,

.54

%

,

12/13/29

(a) ...............................

2,250

2,286

Series

2023-A

,

Class

A4

,

.50

%

,

12/13/38

(a) ...............................

1,500

1,541

Series

2024-A

,

Class

A4

,

.10

%

,

7/13/49

,

Callable

12/13/29

@

(a) .............

1,100

1,136

MMP

Capital

LLC

,

Series

2025-A

,

Class

A

,

.36

%

,

12/15/31

,

Callable

3/15/29

@

(a) ...

2,880

2,900

MVW

LLC

...........................................................

Series

2021-1WA

,

Class

A

,

.14

%

,

1/22/41

,

Callable

11/20/26

@

(a) ...........

Series

2021-1WA

,

Class

B

,

.44

%

,

1/22/41

,

Callable

11/20/26

@

(a) ...........

Navistar

Financial

Dealer

Note

Master

Owner

Trust

,

Series

2025-1

,

Class

C

,

.72

%

,

9/25/30

(a) 602

597

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

,

Series

2025-1

,

Class

B

,

.42

%

,

9/25/30

(a) ........................................................

1,182

1,181

New

Economy

Assets

-

Phase

Sponsor

LLC

...................................

Series

2021-1

,

Class

A1

,

.91

%

,

10/20/61

,

Callable

11/20/25

@

(a) ............

4,516

3,810

Series

2021-1

,

Class

B1

,

.41

%

,

10/20/61

,

Callable

11/20/25

@

(a) ............

1,466

939

NMEF

Funding

LLC

....................................................

Series

2022-B

,

Class

A2

,

.07

%

,

6/15/29

,

Callable

7/15/26

@

(a) ..............

Series

2022-B

,

Class

B

,

.12

%

,

6/15/29

,

Callable

7/15/26

@

(a) ...............

1,000

1,006

Series

2023-A

,

Class

B

,

.83

%

,

6/17/30

,

Callable

7/15/27

@

(a) ...............

2,500

2,537

Series

2024-A

,

Class

A2

,

.15

%

,

12/15/31

,

Callable

1/15/28

@

(a) .............

1,741

1,750

Series

2024-A

,

Class

B

,

.32

%

,

12/15/31

,

Callable

1/15/28

@

(a) ..............

3,535

3,544

Series

2025-A

,

Class

B

,

.18

%

,

7/15/32

,

Callable

9/15/28

@

(a) ...............

3,309

3,354

Series

2025-A

,

Class

C

,

.79

%

,

7/15/32

,

Callable

9/15/28

@

(a) ...............

6,482

6,553

Series

2025-B

,

Class

C

,

.17

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

1,579

1,577

NP

SPE

II

LLC

,

Series

2017-1A

,

Class

A1

,

.37

%

,

10/21/47

(a) ......................

916

900

NP

SPE

X

LP

,

Series

2019-2A

,

Class

C1

,

.44

%

,

11/19/49

(a) .......................

2,110

2,038

OneMain

Financial

Issuance

Trust

,

Series

2022-3A

,

Class

B

,

.45

%

,

5/15/34

,

Callable

11/14/25

@

(a) .........................................................

5,500

5,586

Pawnee

Equipment

Receivables

LLC

,

Series

2022-1

,

Class

B

,

.40

%

,

7/17/28

,

Callable

7/15/26

@

(a) .........................................................

2,276

2,280

PEAC

Solutions

Receivables

LLC

...........................................

Series

2024-1A

,

Class

A3

,

.64

%

,

11/20/30

,

Callable

3/20/28

@

(a) ............

2,500

2,543

Series

2024-1A

,

Class

B

,

.79

%

,

11/20/30

,

Callable

3/20/28

@

(a) .............

2,500

2,559

Series

2024-2A

,

Class

A3

,

.65

%

,

10/20/31

,

Callable

6/20/27

@

(a) ............

1,429

1,435

Series

2024-2A

,

Class

B

,

.83

%

,

10/20/31

,

Callable

6/20/27

@

(a) .............

2,239

2,246

Series

2025-1A

,

Class

A3

,

.04

%

,

7/20/32

,

Callable

8/20/28

@

(a) .............

1,675

1,701

Series

2025-1A

,

Class

B

,

.20

%

,

7/20/32

,

Callable

8/20/28

@

(a) ..............

1,529

1,551

Series

2025-1A

,

Class

C

,

.49

%

,

7/20/32

,

Callable

8/20/28

@

(a) ..............

1,800

1,838

Post

Road

Equipment

Finance

LLC

..........................................

Series

2024-1A

,

Class

B

,

.58

%

,

10/15/30

,

Callable

4/15/27

@

(a) .............

1,254

1,265

Series

2024-1A

,

Class

C

,

.81

%

,

10/15/30

,

Callable

4/15/27

@

(a) .............

1,994

2,020

Series

2024-1A

,

Class

D

,

.77

%

,

10/15/30

,

Callable

4/15/27

@

(a) .............

1,250

1,279

Series

2025-1A

,

Class

B

,

.04

%

,

5/15/31

,

Callable

8/15/28

@

(a) ..............

546

551

Series

2025-1A

,

Class

C

,

.13

%

,

5/15/31

,

Callable

8/15/28

@

(a) ..............

2,195

2,218

Series

2025-1A

,

Class

D

,

.43

%

,

5/15/31

,

Callable

8/15/28

@

(a) ..............

1,680

1,695

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-1A

,

Class

E

,

.08

%

,

5/17/32

,

Callable

8/15/28

@

(a) ..............

$

2,353

$

2,383

Progress

Residential

Trust

.................................................

Series

2021-SFR5

,

Class

B

,

.66

%

,

7/17/38

(a) (b) ............................

2,400

2,365

Series

2021-SFR5

,

Class

C

,

.81

%

,

7/17/38

(a) (b) ............................

1,500

1,476

Series

2021-SFR6

,

Class

B

,

.75

%

,

7/17/38

,

Callable

7/17/26

@

(a) (b) ..........

2,813

2,769

Retained

Vantage

Data

Centers

Issuer

LLC

,

Series

2025-1A

,

Class

A2A

,

.09

%

,

8/15/50

,

Callable

8/15/28

@

(a) ............................................

1,000

997

SCF

Equipment

Leasing

LLC

..............................................

Series

2022-2A

,

Class

D

,

.50

%

,

10/20/32

,

Callable

7/20/26

@

(a) .............

Series

2023-1A

,

Class

B

,

.37

%

,

5/20/32

,

Callable

2/20/30

@

(a) ..............

857

873

Series

2023-1A

,

Class

C

,

.77

%

,

8/22/33

,

Callable

2/20/30

@

(a) ..............

4,863

5,021

SCF

Equipment

Trust

LLC

................................................

Series

2025-1A

,

Class

A3

,

.11

%

,

11/21/33

,

Callable

9/20/31

@

(a) ............

Series

2025-1A

,

Class

B

,

.23

%

,

9/20/34

,

Callable

9/20/31

@

(a) ..............

1,250

1,267

Series

2025-1A

,

Class

C

,

.37

%

,

9/20/34

,

Callable

9/20/31

@

(a) ..............

1,500

1,536

Stack

Infrastructure

Issuer

LLC

,

Series

2023-1A

,

Class

A2

,

.90

%

,

3/25/48

,

Callable

3/25/26

@

(a) .........................................................

1,750

1,766

Switch

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

.04

%

,

3/25/55

,

Callable

3/25/28

@

(a) ...........................................................

3,000

2,979

Tricon

Residential

Trust

..................................................

Series

2022-SFR1

,

Class

B

,

.20

%

,

4/17/39

(a) (b) ............................

1,000

991

Series

2024-SFR4

,

Class

A

,

.30

%

,

11/17/41

,

Callable

11/17/29

@

(a) (b) ........

864

856

Trinity

Rail

Leasing

LLC

,

Series

2019-2A

,

Class

A1

,

.39

%

,

10/18/49

,

Callable

11/17/25

@

(a) ...........................................................

Uniti

Fiber

ABS

Issuer

LLC

...............................................

Series

2025-1A

,

Class

A2

,

.88

%

,

4/20/55

,

Callable

10/20/28

@

(a) ............

4,861

4,957

Series

2025-1A

,

Class

B

,

.37

%

,

4/20/55

,

Callable

10/20/28

@

(a) .............

1,077

1,106

Vantage

Data

Centers

LLC

,

Series

2025-1A

,

Class

A2

,

.13

%

,

8/15/55

,

Callable

8/15/28

@

(a) ...........................................................

2,500

2,508

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A

,

Class

D

,

.29

%

,

2/15/52

,

Callable

2/15/26

@

(a) ..............

1,000

984

Series

2024-1A

,

Class

C2

,

.59

%

,

5/15/54

,

Callable

5/15/27

@

(a) .............

2,159

2,168

Series

2024-1A

,

Class

D

,

.64

%

,

5/15/54

,

Callable

5/15/27

@

(a) ..............

Verdant

Receivables

LLC

.................................................

Series

2023-1A

,

Class

A2

,

.24

%

,

1/13/31

,

Callable

8/12/27

@

(a) .............

951

964

Series

2023-1A

,

Class

B

,

.05

%

,

1/13/31

,

Callable

8/12/27

@

(a) ..............

2,000

2,048

Series

2023-1A

,

Class

C

,

.73

%

,

1/13/31

,

Callable

8/12/27

@

(a) ..............

749

768

Series

2024-1A

,

Class

A2

,

.68

%

,

12/12/31

,

Callable

8/12/28

@

(a) ............

1,256

1,276

Series

2024-1A

,

Class

B

,

.72

%

,

12/12/31

,

Callable

8/12/28

@

(a) .............

525

540

Series

2024-1A

,

Class

C

,

.25

%

,

12/12/31

,

Callable

8/12/28

@

(a) .............

Series

2024-1A

,

Class

D

,

.23

%

,

12/12/31

,

Callable

8/12/28

@

(a) .............

Series

2025-1A

,

Class

A3

,

.96

%

,

5/12/33

,

Callable

8/12/29

@

(a) .............

522

530

Series

2025-1A

,

Class

D

,

.49

%

,

5/12/33

,

Callable

8/12/29

@

(a) ..............

709

731

Verizon

Master

Trust

....................................................

Series

2024-2

,

Class

B

,

.08

%

,

12/22/31

,

Callable

12/20/28

@

(a) .............

2,000

2,042

Series

2024-3

,

Class

C

,

.73

%

,

4/22/30

,

Callable

4/20/27

@

.................

833

848

Series

2024-8

,

Class

C

,

.99

%

,

11/20/30

,

Callable

11/20/27

@

...............

2,466

2,491

Series

2025-1

,

Class

C

,

.09

%

,

1/21/31

,

Callable

1/20/28

@

.................

1,875

1,899

Series

2025-7

,

Class

C

,

.40

%

,

8/20/31

,

Callable

8/20/28

@

.................

1,500

1,497

VFI

ABS

LLC

,

Series

2025-1A

,

Class

A

,

.78

%

,

6/24/30

,

Callable

7/24/28

@

(a) ......

2,755

2,763

Volvo

Financial

Equipment

LLC

............................................

Series

2024-1A

,

Class

A3

,

.29

%

,

10/16/28

,

Callable

5/15/28

@

(a) ............

667

668

Series

2024-1A

,

Class

A4

,

.29

%

,

7/15/31

,

Callable

5/15/28

@

(a) .............

2,500

2,511

Series

2025-1A

,

Class

A4

,

.53

%

,

10/15/31

,

Callable

1/15/29

@

(a) ............

4,000

4,048

Wingspire

Equipment

Finance

LLC

..........................................

Series

2024-1A

,

Class

B

,

.06

%

,

9/20/32

,

Callable

10/20/27

@

(a) .............

2,189

2,205

Series

2024-1A

,

Class

C

,

.28

%

,

9/20/32

,

Callable

10/20/27

@

(a) .............

1,751

1,753

Series

2024-1A

,

Class

D

,

.31

%

,

9/20/32

,

Callable

10/20/27

@

(a) .............

1,000

1,016

Series

2025-1A

,

Class

C

,

.76

%

,

9/20/33

,

Callable

2/20/29

@

(a) ..............

Series

2025-1A

,

Class

D

,

.45

%

,

9/20/33

,

Callable

2/20/29

@

(a) ..............

1,000

1,000

Zayo

Issuer

LLC

.......................................................

Series

2025-1A

,

Class

A2

,

.65

%

,

3/20/55

,

Callable

9/20/28

@

(a) .............

4,000

4,062

Series

2025-1A

,

Class

B

,

.09

%

,

3/20/55

,

Callable

9/20/28

@

(a) ..............

2,000

2,037

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-2A

,

Class

A2

,

.95

%

,

6/20/55

,

Callable

12/20/28

@

(a) ............

$

1,000

$

1,025

Series

2025-2A

,

Class

B

,

.59

%

,

6/20/55

,

Callable

12/20/28

@

(a) .............

1,167

1,202

352,338

Agency

ABS

Other

(0.1%):

Nelnet

Student

Loan

Trust

,

Series

2005-3

,

Class

B

,

.92

%

(SOFR90A

+

bps)

,

9/22/37

,

Callable

12/22/25

@

(c) ...........................................

1,048

1,029

Total

Asset-Backed

Securities

(Cost

$845,714)

a

a

a

853,741

Collateralized

Loan

Obligations

(0.1%)

Cash

Flow

CLO

(0.1%):

Columbia

Cent

CLO

Ltd.

,

Series

2022-32A

,

Class

BF

,

.20

%

,

7/24/34

,

Callable

1/24/26

@

(a) ...........................................................

1,000

998

Palmer

Square

Loan

Funding

Ltd.

...........................................

Series

2024-1A

,

Class

A1

,

.95

%

(TSFR3M

+

bps)

,

10/15/32

,

Callable

1/15/26

@

(a) (c) .........................................................

684

684

Series

2024-3A

,

Class

A2

,

.88

%

(TSFR3M

+

bps)

,

8/8/32

,

Callable

11/8/25

@

(a) (c) .........................................................

1,000

999

Race

Point

X

CLO

Ltd.

,

Series

2016-10A

,

Class

A1R

,

.22

%

(TSFR3M

+

bps)

,

7/25/31

,

Callable

1/25/26

@

(a) (c) ..........................................

2,853

Total

Collateralized

Loan

Obligations

(Cost

$2,850)

a

a

a

2,853

Collateralized

Mortgage

Obligations

(4.6%)

Agency

ABS

Other

(0.2%):

Government

National

Mortgage

Association

....................................

Series

2025-139

,

Class

EA

,

.00

%

,

3/20/65

................................

1,979

1,952

Series

2025-150

,

Class

QD

,

.50

%

,

7/20/51

................................

3,485

3,468

5,420

Agency

CMO

Other

(1.4%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5270

,

Class

AB

,

.50

%

,

1/25/49

...................................

2,147

2,178

Series

5450

,

Class

KA

,

.50

%

,

6/25/51

...................................

3,318

3,304

Series

5478

,

Class

J

,

.50

%

,

3/25/51

.....................................

4,737

4,778

Federal

National

Mortgage

Association

.......................................

Series

2012-104

,

Class

HC

,

.25

%

,

9/25/27

................................

Series

2022-88

,

Class

BA

,

.50

%

,

7/25/47

.................................

1,220

1,233

Series

2024-33

,

Class

PB

,

.00

%

,

3/25/48

.................................

2,456

2,467

Series

2025-40

,

Class

B

,

.00

%

,

10/25/50

.................................

3,100

3,107

Series

2025-61

,

Class

DA

,

.50

%

,

9/25/51

.................................

1,951

1,940

Government

National

Mortgage

Association

....................................

Series

2023-107

,

Class

PA

,

.50

%

,

1/20/46

................................

1,640

1,655

Series

2023-128

,

Class

KA

,

.00

%

,

6/20/47

................................

1,261

1,270

Series

2023-131

,

Class

P

,

.50

%

,

6/20/48

..................................

1,617

1,622

Series

2024-160

,

Class

H

,

.00

%

,

9/20/62

.................................

1,842

1,841

Series

2024-19

,

Class

AD

,

.00

%

,

6/20/53

.................................

1,715

1,724

Series

2024-97

,

Class

MC

,

.00

%

,

1/20/64

.................................

1,855

1,863

Series

2025-131

,

Class

CE

,

.50

%

,

12/20/53

...............................

3,631

3,627

Series

2025-131

,

Class

QC

,

.00

%

,

7/20/51

................................

1,982

1,957

Series

2025-131

,

Class

QD

,

.50

%

,

7/20/51

................................

Series

2025-139

,

Class

DT

,

.00

%

,

3/20/65

................................

990

993

Series

2025-2

,

Class

EA

,

.50

%

,

9/20/40

..................................

2,090

2,095

38,226

Commercial

MBS

(3.0%):

1301

Trust

,

Series

2025-1301

,

Class

A

,

.06

%

,

8/11/42

(a) (b) (d) ......................

1,259

1,276

1345T

,

Series

2025-AOA

,

Class

A

,

.63

%

(TSFR1M

+

bps)

,

6/15/42

(a) (b) (c) ..........

1,250

1,254

ALA

Trust

............................................................

Series

2025-OANA

,

Class

A

,

.78

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ..........

2,500

2,511

Series

2025-OANA

,

Class

B

,

.88

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ..........

2,000

2,013

Atrium

Hotel

Portfolio

Trust

...............................................

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-ATRM

,

Class

A

,

.68

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ..........

$

2,500

$

2,503

Series

2025-ATRM

,

Class

B

,

.13

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ..........

2,277

2,275

Aventura

Mall

Trust

,

Series

2018-AVM

,

Class

C

,

.11

%

,

7/5/40

(a) (b) (d) ...............

2,000

1,946

BLP

Commercial

Mortgage

Trust

,

Series

2025-IND

,

Class

A

,

.23

%

(TSFR1M

+

bps)

,

3/15/42

(a) (b) (c) ....................................................

2,000

1,992

BPR

Trust

............................................................

Series

2021-TY

,

Class

A

,

.20

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

3,731

3,728

Series

2021-TY

,

Class

B

,

.30

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

750

748

Series

2021-TY

,

Class

C

,

.85

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

2,712

2,705

Series

2021-TY

,

Class

D

,

.50

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .............

1,313

1,309

BX

Commercial

Mortgage

Trust

............................................

Series

2021-VOLT

,

Class

B

,

.10

%

(TSFR1M

+

bps)

,

9/15/36

(a) (b) (c) ...........

2,422

2,420

Series

2025-COPT

,

Class

A

,

.78

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ...........

1,538

1,540

BX

Trust

.............................................................

Series

2022-CLS

,

Class

A

,

.76

%

,

10/13/27

(a) (b) ............................

500

504

Series

2022-CLS

,

Class

B

,

.30

%

,

10/13/27

(a) (b) ............................

2,750

2,739

Series

2025-GW

,

Class

A

,

.63

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) ............

3,000

3,004

Series

2025-ROIC

,

Class

A

,

.18

%

(TSFR1M

+

bps)

,

3/15/30

(a) (b) (c) ...........

2,327

2,321

COMM

Mortgage

Trust

,

Series

2012-CR4

,

Class

XA

,

.14

%

,

10/15/45

,

Callable

11/15/25

@

(b) (d) .........................................................

10,719

DBWF

Mortgage

Trust

,

Series

2024-LCRS

,

Class

A

,

.77

%

(TSFR1M

+

bps)

,

4/15/37

(a) (b) (c) .............................................................

2,000

1,997

GS

Mortgage

Securities

Corp.

Trust

..........................................

Series

2017-GPTX

,

Class

A

,

.86

%

,

5/10/34

(a) (b) ...........................

11,481

9,934

Series

2023-SHIP

,

Class

B

,

.94

%

,

9/10/38

(a) (b) (d) ..........................

2,400

2,398

Hudson

Yards

Mortgage

Trust

..............................................

Series

2016-10HY

,

Class

A

,

.84

%

,

8/10/38

,

Callable

8/10/26

@

(a) (b) ..........

5,000

4,922

Series

2025-SPRL

,

Class

A

,

.47

%

,

1/13/40

(a) (b) (d) ..........................

1,326

1,373

LEX

Mortgage

Trust

,

Series

2024-BBG

,

Class

A

,

.87

%

,

10/13/33

,

Callable

10/13/28

@

(a) (b) (d) .......................................................

1,926

1,934

MAD

Commercial

Mortgage

Trust

,

Series

2025-11MD

,

Class

A

,

.75

%

,

10/15/42

(a) (b) (d) ..

1,364

1,361

Manhattan

West

Mortgage

Trust

,

Series

2020-1MW

,

Class

B

,

.33

%

,

9/10/39

(a) (b) (d) ......

4,000

3,824

MILE

Trust

,

Series

2025-STNE

,

Class

A

,

.53

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) .....

3,000

3,005

SCG

Commercial

Mortgage

Trust

,

Series

2025-FLWR

,

Class

B

,

.58

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ....................................................

3,250

3,250

SCOTT

Trust

,

Series

2023-SFS

,

Class

AS

,

.20

%

,

3/10/40

(a) (b) .....................

2,357

2,405

SHR

Trust

,

Series

2024-LXRY

,

Class

A

,

.98

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) .....

2,105

2,106

SREIT

Trust

,

Series

2021-MFP2

,

Class

C

,

.52

%

(TSFR1M

+

bps)

,

11/15/36

(a) (b) (c) ....

2,000

1,996

SWCH

Commercial

Mortgage

Trust

,

Series

2025-DATA

,

Class

A

,

.48

%

(TSFR1M

+

bps)

,

2/15/42

(a) (b) (c) ....................................................

3,000

2,980

80,443

Private

CMO

Other

(0.0%):(e)

Sequoia

Mortgage

Trust

,

Series

2013-5

,

Class

A2

,

.00

%

,

5/25/43

,

Callable

1/25/26

@

(a) (d) .........................................................

Total

Collateralized

Mortgage

Obligations

(Cost

$125,074)

a

a

a

124,513

Shares

Preferred

Stocks

(0.2%)

Financials

(0.2%):

Citigroup

Capital

XIII

,

.47

%

(TSFR3M

+

663

bps)

,

10/30/40

(c) .....................

200,000

6,006

Total

Preferred

Stocks

(Cost

$5,470)

a

a

a

6,006

Principal

Amount

(000) Senior

Secured

Loans

(0.2%)

Materials

(0.2%):

Celanese

US

Holdings

LLC,

Delayed

Draw

Term

Loan,

First

Lien

,

.01

%

,

3/13/26

(f) ......

4,500

4,466

Total

Senior

Secured

Loans

(Cost

$4,500)

a

a

a

4,466

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Corporate

Bonds

(36.2%)

Communication

Services

(0.3%):

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

,

.10

%

,

6/1/29

,

Callable

5/1/29

@

..........................................

$

2,000

$

2,092

Paramount

Global

,

.90

%

,

1/15/27

,

Callable

10/15/26

@

.......................

1,750

1,718

TEGNA,

Inc.

,

.63

%

,

3/15/28

,

Callable

12/5/25

@

............................

1,500

1,485

T-Mobile

US,

Inc.

,

.75

%

,

2/1/28

,

Callable

11/15/25

@

100.79 ......................

2,641

2,643

Warnermedia

Holdings,

Inc.

,

.76

%

,

3/15/27

,

Callable

2/15/27

@

.................

948

937

8,875

Consumer

Discretionary

(2.3%):

Association

of

American

Medical

Colleges

,

.39

%

,

10/1/26

.........................

4,275

4,206

Brunswick

Corp.

,

.85

%

,

3/18/29

,

Callable

2/18/29

@

.........................

2,000

2,065

Daimler

Truck

Finance

North

America

LLC

.00

%

,

1/15/27

(a) ..................................................

2,000

2,018

.30

%

,

8/12/27

(a) ..................................................

2,000

2,005

.13

%

,

9/25/27

,

Callable

8/25/27

@

(a) ................................

2,000

2,031

Duke

University

Health

System,

Inc.

,

.26

%

,

6/1/26

..............................

700

692

General

Motors

Financial

Co.,

Inc.

.35

%

,

7/15/27

....................................................

2,000

2,035

.05

%

,

4/4/28

.....................................................

3,000

3,051

Genuine

Parts

Co.

,

.95

%

,

8/15/29

,

Callable

7/15/29

@

........................

2,000

2,022

Hyatt

Hotels

Corp.

,

.05

%

,

3/30/28

,

Callable

2/29/28

@

........................

2,000

2,035

Las

Vegas

Sands

Corp.

,

.90

%

,

6/1/27

,

Callable

5/1/27

@

.......................

2,100

2,139

LKQ

Corp.

,

.75

%

,

6/15/28

,

Callable

5/15/28

@

.............................

1,000

1,033

Mattel,

Inc.

.38

%

,

4/1/26

,

Callable

11/15/25

@

(a) ................................

2,800

2,783

.88

%

,

12/15/27

,

Callable

12/5/25

@

101.47 (a) .............................

7,250

7,266

McDonald's

Corp.

,

.70

%

,

1/30/26

,

MTN

.....................................

747

747

Nissan

Motor

Acceptance

Co.

LLC

.00

%

,

3/9/26

,

Callable

2/9/26

@

(a) ..................................

4,216

4,157

.85

%

,

9/16/26

,

Callable

8/16/26

@

(a) ................................

3,296

3,194

.30

%

,

9/13/27

(a) ..................................................

1,500

1,495

Stellantis

Finance

US,

Inc.

,

.35

%

,

3/17/28

,

Callable

2/17/28

@

(a) ................

1,250

1,266

Stellantis

Financial

Services

US

Corp.

,

.95

%

,

9/15/28

,

Callable

8/15/28

@

(a) ........

1,000

1,004

Tapestry,

Inc.

,

.10

%

,

3/11/30

,

Callable

2/11/30

@

............................

2,000

2,048

The

Home

Depot,

Inc.

,

.15

%

,

6/25/26

.......................................

1,875

1,889

Volkswagen

Group

of

America

Finance

LLC

.95

%

,

3/25/27

(a) ..................................................

2,500

2,519

.45

%

,

9/11/27

(a) ...................................................

2,000

2,005

.20

%

,

11/16/28

,

Callable

10/16/28

@

(a) ...............................

2,000

2,094

.25

%

,

3/22/29

,

Callable

2/22/29

@

(a) ................................

2,000

2,042

YMCA

of

Greater

New

York

,

.18

%

,

8/1/30

,

Callable

5/1/30

@

..................

625

629

60,470

Consumer

Staples

(1.7%):

7-Eleven,

Inc.

,

.95

%

,

2/10/26

,

Callable

1/10/26

@

(a) .........................

2,400

2,377

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

,

.25

%

,

3/15/26

,

Callable

11/20/25

@

(a) ...........................................

5,000

4,994

Bimbo

Bakeries

USA,

Inc.

,

.05

%

,

1/15/29

,

Callable

12/15/28

@

(a) ...............

4,000

4,192

Coca-Cola

Consolidated,

Inc.

,

.25

%

,

6/1/29

,

Callable

5/1/29

@

..................

2,000

2,071

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

.75

%

,

1/15/29

,

Callable

12/5/25

@

102.38 (a) ..............................

1,000

985

.60

%

,

1/15/31

,

Callable

12/15/30

@

(a) ...............................

1,111

1,116

Keurig

Dr.

Pepper,

Inc.

,

.05

%

,

3/15/29

,

Callable

2/15/29

@

.....................

3,000

3,057

Mars,

Inc.

,

.45

%

,

3/1/27

(a) ...............................................

3,000

3,020

Philip

Morris

International,

Inc.

.88

%

,

2/15/28

,

Callable

1/15/28

@

..................................

5,000

5,084

.25

%

,

9/7/28

,

Callable

8/7/28

@

....................................

3,000

3,090

Smithfield

Foods,

Inc.

,

.25

%

,

2/1/27

,

Callable

11/1/26

@

(a) ....................

1,605

1,598

Sodexo,

Inc.

.15

%

,

8/15/30

,

Callable

7/15/30

@

(a) ................................

3,000

3,074

.72

%

,

4/16/31

,

Callable

1/16/31

@

(a) ................................

3,000

2,715

Sysco

Corp.

,

.10

%

,

9/23/30

,

Callable

8/23/30

@

.............................

3,000

3,093

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

Campbell's

Company

,

.20

%

,

3/19/27

.....................................

$

2,000

$

2,028

The

J.M.

Smucker

Co.

,

.90

%

,

11/15/28

,

Callable

10/15/28

@

...................

2,000

2,096

The

Kroger

Co.

,

.50

%

,

2/1/26

,

Callable

12/5/25

@

...........................

1,905

1,900

46,490

Energy

(3.4%):

Antero

Resources

Corp.

,

.63

%

,

2/1/29

,

Callable

12/5/25

@

102.54 (a) .................

4,500

4,580

APA

Corp.

,

.75

%

,

12/15/29

...............................................

2,650

2,867

CITGO

Petroleum

Corp.

,

.38

%

,

1/15/29

,

Callable

12/5/25

@

104.19 (a) ...............

2,000

2,082

Columbia

Pipelines

Holding

Co.

LLC

.06

%

,

8/15/26

,

Callable

7/15/26

@

(a) ................................

.04

%

,

8/15/28

,

Callable

7/15/28

@

(a) ................................

2,000

2,082

Devon

Energy

Corp.

,

.25

%

,

10/15/27

,

Callable

11/15/25

@

.....................

13,330

13,331

Energy

Transfer

LP

.50

%

(H15T5Y

+

569

bps)

,

Callable

11/15/26

@

(c) (g) ......................

5,667

5,693

.13

%

(H15T5Y

+

531

bps)

,

Callable

5/15/30

@

(c) (g) ......................

2,300

2,374

EQT

Corp.

,

.50

%

,

6/1/27

,

Callable

11/15/25

@

101.88 ...........................

9,285

9,444

Expand

Energy

Corp.

,

.38

%

,

2/1/29

,

Callable

11/20/25

@

101.34 ....................

2,587

2,589

Helmerich

&

Payne,

Inc.

,

.90

%

,

9/29/31

,

Callable

6/29/31

@

....................

1,750

1,551

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

,

.00

%

,

4/15/30

,

Callable

12/5/25

@

(a) ......

2,333

2,275

Marathon

Petroleum

Corp.

,

.15

%

,

3/1/30

,

Callable

2/1/30

@

....................

2,000

2,055

NuStar

Logistics

LP

,

.00

%

,

6/1/26

,

Callable

3/1/26

@

.........................

4,150

4,163

ONEOK,

Inc.

,

.25

%

,

9/24/27

,

Callable

8/24/27

@

............................

2,000

2,002

Parsley

Energy

LLC/Parsley

Finance

Corp.

,

.13

%

,

2/15/28

,

Callable

12/5/25

@

(a) ....

8,699

8,610

Permian

Resources

Operating

LLC

,

.00

%

,

4/15/27

,

Callable

12/5/25

@

(a) ..........

2,613

2,649

Sunoco

LP

,

.63

%

,

3/15/31

,

Callable

9/15/27

@

102.81 (a) ..........................

500

500

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.

,

.50

%

,

3/1/30

,

Callable

11/15/25

@

102.75 ..................................................

1,750

1,775

Valero

Energy

Corp.

,

.15

%

,

2/15/30

,

Callable

1/15/30

@

.......................

3,000

3,086

Vnom

Sub,

Inc.

,

.38

%

,

11/1/27

(a) ..........................................

14,733

14,733

Western

Midstream

Operating

LP

,

.75

%

,

8/15/28

,

Callable

5/15/28

@

.............

3,000

3,020

91,515

Financials

(15.2%):

Ally

Financial,

Inc.

.70

%

(H15T5Y

+

bps)

,

Callable

5/15/26

@

(c) (g) ......................

4,115

4,032

.75

%

,

11/20/25

....................................................

9,719

9,719

.99

%

(SOFR

+

bps)

,

6/13/29

,

Callable

6/13/28

@

(c) ....................

4,611

4,845

American

Express

Co.

,

.55

%

(H15T5Y

+

bps)

,

Callable

9/15/26

@

(c) (g) .........

12,750

12,525

American

Honda

Finance

Corp.

.40

%

,

10/5/26

....................................................

2,000

2,007

.55

%

,

7/9/27

.....................................................

1,000

1,008

American

National

Global

Funding

,

.55

%

,

1/28/30

(a) ............................

1,705

1,757

American

National

Group,

Inc.

,

.75

%

,

10/1/29

,

Callable

9/1/29

@

................

3,000

3,098

AmFam

Holdings,

Inc.

,

.81

%

,

3/11/31

,

Callable

12/11/30

@

(a) ..................

1,550

1,349

Antares

Holdings

LP

.95

%

,

7/15/26

,

Callable

6/15/26

@

(a) ................................

815

810

.35

%

,

10/23/29

,

Callable

9/23/29

@

(a) ...............................

2,500

2,547

Arch

Capital

Finance

LLC

,

.01

%

,

12/15/26

,

Callable

9/15/26

@

.................

1,911

1,907

Ashtead

Capital,

Inc.

,

.38

%

,

8/15/27

,

Callable

11/20/25

@

(a) ...................

5,381

5,374

Assurant,

Inc.

,

.00

%

(US0003M

+

bps)

,

3/27/48

,

Callable

3/27/28

@

(c) (h) ........

2,500

2,572

Athene

Global

Funding

,

.95

%

,

1/7/27

(a) ......................................

3,000

3,024

Bank

of

America

Corp.

,

.30

%

(TSFR3M

+

bps)

,

Callable

3/10/26

@

(c) (g) (i) .......

2,000

2,008

Blackstone

Private

Credit

Fund

,

.63

%

,

12/15/26

,

Callable

11/15/26

@

.............

3,808

3,725

Block,

Inc.

,

.75

%

,

6/1/26

,

Callable

5/1/26

@

...............................

7,469

7,384

Blue

Owl

Capital

Corp.

,

.40

%

,

7/15/26

,

Callable

6/15/26

@

....................

2,200

2,180

Blue

Owl

Credit

Income

Corp.

,

.75

%

,

9/16/27

,

Callable

8/16/27

@

...............

2,677

2,798

Blue

Owl

Technology

Finance

Corp.

,

.75

%

,

12/15/25

,

Callable

11/15/25

@

(a) .......

1,000

1,000

BMW

US

Capital

LLC

,

.60

%

,

8/13/27

(a) .....................................

2,000

2,018

Brown

&

Brown,

Inc.

.60

%

,

12/23/26

....................................................

500

502

.70

%

,

6/23/28

,

Callable

5/23/28

@

..................................

1,636

1,650

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Capital

One

Financial

Corp.

.75

%

,

7/28/26

,

Callable

6/28/26

@

..................................

$

2,000

$

1,992

.47

%

(SOFR

+

bps)

,

2/1/29

,

Callable

2/1/28

@

(c) ......................

2,000

2,048

.31

%

(SOFR

+

bps)

,

6/8/29

,

Callable

6/8/28

@

(c) ......................

1,000

1,048

CDW

LLC/CDW

Finance

Corp.

,

.67

%

,

12/1/26

,

Callable

11/1/26

@

..............

2,703

2,655

Citigroup,

Inc.

.00

%

(H15T5Y

+

bps)

,

Callable

12/10/25

@

(c) (g) .....................

2,782

2,776

.25

%

(TSFR3M

+

bps)

,

Callable

8/15/26

@

(c) (g) ......................

3,500

3,523

Citizens

Bank

NA

,

.58

%

(SOFR

+

bps)

,

8/9/28

,

Callable

8/9/27

@

(c) ............

1,000

1,006

Citizens

Financial

Group,

Inc.

,

.00

%

(H15T5Y

+

bps)

,

Callable

10/6/26

@

(c) (g) ....

2,500

2,458

Clearinghouse

Community

Development

Financial

Institution

,

.00

%

,

10/15/30

,

Callable

9/15/30

@

(a) ...................................................

1,845

1,945

CNO

Global

Funding

.88

%

,

6/4/27

(a) ...................................................

2,500

2,562

.88

%

,

12/10/27

(a) ..................................................

2,000

2,024

.38

%

,

9/8/28

(a) ...................................................

1,000

1,000

.95

%

,

9/9/29

(a) ...................................................

1,953

1,989

Cullen/Frost

Bankers,

Inc.

,

.50

%

,

3/17/27

,

Callable

2/17/27

@

...................

6,090

6,056

Diageo

Investment

Corp.

,

.13

%

,

8/15/30

,

Callable

7/15/30

@

...................

1,091

1,131

Enact

Holdings,

Inc.

,

.25

%

,

5/28/29

,

Callable

4/28/29

@

.......................

5,150

5,390

Entergy

Texas

Restoration

Funding

II

LLC

,

.05

%

,

12/15/27

........................

563

556

F&G

Global

Funding

,

.88

%

,

6/10/27

(a) ......................................

2,000

2,047

First

Horizon

Bank

,

.75

%

,

5/1/30

,

Callable

2/1/30

@

.........................

2,223

2,294

First

Horizon

Corp.

,

.51

%

(SOFR

+

bps)

,

3/7/31

,

Callable

3/7/30

@

(c) ...........

3,000

3,091

First

Maryland

Capital

I

,

.17

%

(TSFR3M

+

bps)

,

1/15/27

,

Callable

12/5/25

@

(c) ...

1,650

1,633

Fiserv,

Inc.

.75

%

,

3/15/30

,

Callable

2/15/30

@

..................................

2,000

1,999

.55

%

,

2/15/31

,

Callable

1/15/31

@

..................................

2,000

1,985

Flagstar

Bank

NA

,

.93

%

(TSFR3M

+

bps)

,

11/6/28

,

Callable

2/6/26

@

(c) .........

2,242

2,152

Ford

Motor

Credit

Co.

LLC

.38

%

,

11/13/25

....................................................

3,000

2,999

.95

%

,

3/6/26

,

Callable

2/6/26

@

....................................

1,600

1,609

.13

%

,

11/5/26

.....................................................

2,000

2,007

.95

%

,

5/28/27

,

Callable

4/28/27

@

..................................

1,000

1,001

.90

%

,

2/10/29

,

Callable

12/10/28

@

.................................

2,000

1,864

FS

KKR

Capital

Corp.

,

.40

%

,

1/15/26

,

Callable

12/15/25

@

....................

6,797

6,775

Fulton

Financial

Corp.

,

.32

%

(TSFR3M

+

bps)

,

3/15/30

,

Callable

12/15/25

@

(c) ....

10,868

10,722

GA

Global

Funding

Trust

.63

%

,

1/15/26

(a) ..................................................

2,500

2,486

.40

%

,

9/23/27

(a) ..................................................

500

501

Glencore

Funding

LLC

.63

%

,

4/27/26

,

Callable

3/27/26

@

(a) (i) ...............................

5,000

4,934

.34

%

,

4/4/27

(a) ...................................................

3,000

3,045

Goldman

Sachs

Private

Credit

Corp.

,

.38

%

,

1/31/29

,

Callable

12/31/28

@

(a) ........

1,000

1,001

Goodman

US

Finance

Three

LLC

,

.70

%

,

3/15/28

,

Callable

12/15/27

@

(a) ..........

1,500

1,481

HA

Sustainable

Infrastructure

Capital,

Inc.

,

.15

%

,

1/15/31

,

Callable

12/15/30

@

......

3,000

3,075

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

.38

%

,

6/15/26

,

Callable

3/15/26

@

(a) ................................

1,764

1,746

.00

%

,

6/15/27

,

Callable

3/15/27

@

(a) ................................

4,600

4,779

Hercules

Capital,

Inc.

,

.63

%

,

9/16/26

,

Callable

8/16/26

@

......................

4,250

4,172

Horace

Mann

Educators

Corp.

.25

%

,

9/15/28

,

Callable

8/15/28

@

..................................

4,000

4,288

.70

%

,

10/1/30

,

Callable

9/1/30

@

...................................

3,000

2,974

Horizon

Mutual

Holdings,

Inc.

,

.20

%

,

11/15/34

,

Callable

8/15/34

@

(a) ............

6,966

6,823

HSB

Group,

Inc.

,

.08

%

(TSFR3M

+

bps)

,

7/15/27

,

Callable

12/5/25

@

(c) .........

2,750

2,692

Huntington

Bancshares,

Inc.

,

.45

%

(H15T7Y

+

bps)

,

Callable

10/15/27

@

(c) (g) (i) ..

2,405

2,357

Hyundai

Capital

America,

Inc.

.30

%

,

9/24/27

(a) ..................................................

2,000

2,000

.68

%

,

6/26/28

,

Callable

5/26/28

@

(a) ................................

1,000

1,032

.30

%

,

1/8/29

,

Callable

12/8/28

@

(a) .................................

5,000

5,126

Kemper

Corp.

.40

%

,

9/30/30

,

Callable

6/30/30

@

..................................

2,020

1,800

.80

%

,

2/23/32

,

Callable

11/23/31

@

..................................

6,701

6,197

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

,

.00

%

,

7/15/31

,

Callable

7/15/27

@

103.5 (a) ...........................................

$

2,500

$

2,623

LPL

Holdings,

Inc.

,

.70

%

,

5/20/27

,

Callable

4/20/27

@

........................

700

713

Main

Street

Capital

Corp.

,

.00

%

,

7/14/26

,

Callable

6/14/26

@

...................

3,500

3,455

Manufacturers

&

Traders

Trust

Co.

,

.65

%

,

1/27/26

,

Callable

12/27/25

@

...........

3,000

3,001

Mercedes-Benz

Finance

North

America

LLC

,

.65

%

,

4/1/27

(a) ......................

1,250

1,260

MGIC

Investment

Corp.

,

.25

%

,

8/15/28

,

Callable

11/20/25

@

...................

4,000

3,999

MMI

Capital

Trust

I

,

.63

%

,

12/15/27

........................................

1,000

1,058

Morgan

Stanley

,

.13

%

(SOFR

+

bps)

,

10/18/29

,

Callable

10/18/28

@

(c) ...........

1,500

1,496

Morgan

Stanley

Bank

NA

,

.97

%

(SOFR

+

bps)

,

7/14/28

,

Callable

7/14/27

@

(c) .....

3,500

3,548

NextEra

Energy

Capital

Holdings,

Inc.

,

.85

%

,

2/4/28

.............................

3,000

3,053

NLG

Global

Funding

,

.40

%

,

1/23/30

(a) ......................................

3,500

3,615

NMI

Holdings,

Inc.

,

.00

%

,

8/15/29

,

Callable

7/15/29

@

.......................

4,000

4,140

Old

Republic

International

Corp.

,

.88

%

,

8/26/26

,

Callable

7/26/26

@

..............

5,250

5,236

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

.75

%

,

5/24/26

,

Callable

4/24/26

@

(a) ................................

3,000

3,019

.35

%

,

3/30/29

,

Callable

2/28/29

@

(a) ................................

2,000

2,058

PRA

Group,

Inc.

,

.38

%

,

2/1/28

,

Callable

12/5/25

@

104.19 (a) ......................

2,398

2,433

Principal

Life

Global

Funding

II

,

.60

%

,

8/19/27

(a) ..............................

2,500

2,522

Radian

Group,

Inc.

,

.20

%

,

5/15/29

,

Callable

4/15/29

@

........................

3,245

3,393

Reliance

Standard

Life

Global

Funding

II

,

.51

%

,

9/28/26

(a) ........................

1,000

974

Repsol

E&P

Capital

Markets

US

LLC

,

.81

%

,

9/16/28

,

Callable

8/16/28

@

(a) ........

842

844

RGA

Global

Funding

,

.35

%

,

8/25/28

(a) ......................................

2,000

2,004

Rocket

Mortgage

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

,

.88

%

,

10/15/26

,

Callable

12/5/25

@

(a) ...........................................................

7,440

7,306

Sammons

Financial

Group

Global

Funding

,

.05

%

,

1/10/28

(a) .......................

3,000

3,047

SCE

Recovery

Funding

LLC

,

.86

%

,

11/15/31

..................................

6,230

5,621

Signature

Bank

(US0003M

+

bps)

,

11/1/29

,

Callable

12/5/25

@

(c) (h) (j) ...........

2,000

1,294

Starwood

Property

Trust,

Inc.

,

.63

%

,

7/15/26

,

Callable

1/15/26

@

(a) ..............

1,622

1,608

Stewart

Information

Services

Corp.

,

.60

%

,

11/15/31

,

Callable

8/15/31

@

...........

5,000

4,476

Synchrony

Financial

.70

%

,

8/4/26

,

Callable

5/4/26

@

....................................

1,000

995

.95

%

,

12/1/27

,

Callable

9/1/27

@

...................................

2,816

2,792

.94

%

(SOFRINDX

+

bps)

,

8/2/30

,

Callable

8/2/29

@

(c) .................

1,000

1,034

Synovus

Bank

,

.63

%

,

2/15/28

,

Callable

1/15/28

@

...........................

4,000

4,081

Synovus

Financial

Corp.

,

.54

%

(USISOA05

+

bps)

,

2/7/29

(c) ....................

6,188

6,420

Texas

Capital

Bancshares,

Inc.

,

.00

%

(H15T5Y

+

bps)

,

5/6/31

,

Callable

5/6/26

@

(c) .

8,756

8,617

Texas

Capital

Bank

NA

,

.25

%

,

1/31/26

......................................

1,530

1,499

The

Bank

of

New

York

Mellon

Corp.

.70

%

(H15T5Y

+

bps)

,

Callable

3/20/26

@

(c) (g) ......................

1,500

1,489

.98

%

(SOFR

+

bps)

,

3/14/30

,

Callable

3/14/29

@

(c) ....................

2,000

2,053

The

Charles

Schwab

Corp.

,

.00

%

(H15T5Y

+

bps)

,

Callable

6/1/26

@

(c) (g) .......

7,250

7,176

The

Goldman

Sachs

Group,

Inc.

,

.94

%

(SOFR

+

bps)

,

4/23/28

,

Callable

4/23/27

@

(c) 1,000

1,011

The

Hanover

Insurance

Group,

Inc.

,

.50

%

,

4/15/26

,

Callable

1/15/26

@

............

6,000

5,997

The

PNC

Financial

Services

Group,

Inc.

.40

%

(H15T5Y

+

bps)

,

Callable

9/15/26

@

(c) (g) (i) .....................

8,250

8,015

.20

%

(H15T5Y

+

bps)

,

Callable

9/15/27

@

(c) (g) ......................

830

844

Toyota

Motor

Credit

Corp.

.55

%

,

8/7/26

.....................................................

2,000

2,008

.25

%

,

9/11/28

.....................................................

2,000

2,069

.80

%

,

5/15/30

....................................................

2,000

2,050

Truist

Bank

,

.14

%

(SOFR

+

bps)

,

10/23/29

,

Callable

10/23/28

@

,

MTN

(c) .........

1,000

996

Truist

Financial

Corp.

,

.95

%

(H15T5Y

+

bps)

,

Callable

11/13/25

@

(c) (g) .........

10,141

10,129

U.S.

Bancorp

.30

%

(TSFR3M

+

bps)

,

Callable

4/15/27

@

(c) (g) ......................

5,200

5,201

.10

%

,

4/27/26

,

Callable

3/27/26

@

,

MTN

.............................

4,250

4,229

.78

%

(SOFR

+

bps)

,

6/12/29

,

Callable

6/12/28

@

(c) ....................

4,500

4,674

Veritex

Holdings,

Inc.

,

.88

%

(TSFR3M

+

bps)

,

10/15/30

,

Callable

1/15/26

@

(c) ....

2,100

2,092

Webster

Financial

Corp.

,

.51

%

(TSFR3M

+

bps)

,

12/30/29

,

Callable

12/31/25

@

(c) ..

8,750

8,660

Wells

Fargo

&

Co.

,

.90

%

(H15T5Y

+

bps)

,

Callable

3/15/26

@

(c) (g) ............

11,800

11,722

Western

Alliance

Bancorp

,

.00

%

(TSFR3M

+

bps)

,

6/15/31

,

Callable

6/15/26

@

(c) ..

500

408,816

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Health

Care

(1.2%):

Charles

River

Laboratories

International,

Inc.

,

.25

%

,

5/1/28

,

Callable

11/20/25

@

100.71 (a) .

$

4,000

$

3,945

DENTSPLY

SIRONA,

Inc.

,

.25

%

,

6/1/30

,

Callable

3/1/30

@

....................

4,231

3,926

Elevance

Health,

Inc.

,

.15

%

,

6/15/29

,

Callable

5/15/29

@

......................

2,000

2,059

HCA,

Inc.

.00

%

,

3/1/28

,

Callable

2/1/28

@

....................................

1,500

1,527

.30

%

,

11/15/30

,

Callable

10/15/30

@

.................................

2,000

1,990

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

.20

%

,

6/15/29

,

Callable

5/15/29

@

(a) ................................

3,000

3,077

.20

%

,

6/1/30

,

Callable

3/1/30

@

(a) ..................................

2,504

2,272

Humana,

Inc.

,

.38

%

,

4/15/31

,

Callable

2/15/31

@

............................

3,448

3,562

PeaceHealth

Obligated

Group

,

.38

%

,

11/15/25

.................................

5,617

5,608

PRA

Health

Sciences,

Inc.

,

.88

%

,

7/15/26

,

Callable

12/5/25

@

(a) ................

1,600

1,578

Solventum

Corp.

.45

%

,

2/25/27

,

Callable

1/25/27

@

..................................

613

622

.40

%

,

3/1/29

,

Callable

2/1/29

@

....................................

1,163

1,201

The

Cigna

Group

,

.50

%

,

9/15/30

,

Callable

8/15/30

@

.........................

2,000

2,008

33,375

Industrials

(3.5%):

AGCO

Corp.

,

.45

%

,

3/21/27

,

Callable

2/21/27

@

............................

3,000

3,041

American

Airlines

Pass

Through

Trust

.70

%

,

10/1/26

....................................................

1,238

1,229

.00

%

,

9/22/27

....................................................

1,237

1,213

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

.00

%

,

1/15/28

,

Callable

12/5/25

@

(a) 1,500

1,478

Aon

North

America,

Inc.

,

.15

%

,

3/1/29

,

Callable

2/1/29

@

.....................

2,000

2,057

British

Airways

Pass

Through

Trust

,

.35

%

,

6/15/29

(a) ............................

CNH

Industrial

Capital

LLC

,

.10

%

,

4/20/29

,

Callable

3/20/29

@

.................

2,000

2,047

CRH

America

Finance,

Inc.

,

.40

%

,

2/9/31

,

Callable

1/9/31

@

...................

2,000

1,998

Delta

Air

Lines

Pass

Through

Trust

,

.00

%

,

6/10/28

..............................

3,505

3,361

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

,

.75

%

,

10/20/28

(a) .........................

2,000

2,013

Extra

Space

Storage

LP

,

.20

%

,

10/15/30

,

Callable

7/15/30

@

....................

3,000

2,699

Ferguson

Enterprises,

Inc.

,

.35

%

,

3/15/31

,

Callable

2/15/31

@

...................

1,500

1,493

Georgia-Pacific

LLC

,

.40

%

,

6/30/28

,

Callable

5/30/28

@

(a) ....................

2,000

2,015

HEICO

Corp.

,

.25

%

,

8/1/28

,

Callable

7/1/28

@

.............................

3,300

3,399

Illinois

Central

Railroad

Co.

,

.70

%

,

9/15/96

,

Callable

9/15/26

@

102.92 ...............

6,093

6,418

JB

Hunt

Transport

Services,

Inc.

,

.90

%

,

3/15/30

,

Callable

2/15/30

@

..............

2,000

2,046

JH

North

America

Holdings,

Inc.

,

.88

%

,

1/31/31

,

Callable

7/31/27

@

102.94 (a) .........

3,792

3,862

Lineage

OP

LP

,

.25

%

,

7/15/30

,

Callable

6/15/30

@

(a) .........................

2,000

2,026

MasTec,

Inc.

,

.90

%

,

6/15/29

,

Callable

5/15/29

@

............................

1,905

1,992

Molex

Electronic

Technologies

LLC

,

.75

%

,

4/30/28

,

Callable

3/30/28

@

(a) .........

2,000

2,019

Quanta

Services,

Inc.

,

.75

%

,

8/9/27

,

Callable

7/9/27

@

........................

3,000

3,034

Regal

Rexnord

Corp.

,

.05

%

,

2/15/26

........................................

10,950

10,974

Republic

Services,

Inc.

,

.00

%

,

11/15/29

,

Callable

10/15/29

@

...................

3,000

3,105

RXO,

Inc.

,

.50

%

,

11/15/27

,

Callable

12/5/25

@

101.88 (a) .........................

1,100

1,124

Ryder

System,

Inc.

.25

%

,

6/1/28

,

Callable

5/1/28

@

,

MTN

...............................

3,000

3,078

.38

%

,

3/15/29

,

Callable

2/15/29

@

,

MTN

.............................

3,000

3,103

Southwest

Airlines

Co.

.13

%

,

6/15/27

,

Callable

4/15/27

@

..................................

1,194

1,207

.38

%

,

11/15/28

,

Callable

10/15/28

@

.................................

3,000

2,993

The

Boeing

Co.

,

.20

%

,

2/4/26

,

Callable

11/15/25

@

..........................

1,000

994

UL

Solutions,

Inc.

,

.50

%

,

10/20/28

,

Callable

9/20/28

@

.......................

3,000

3,159

United

Airlines

Pass

Through

Trust

.88

%

,

1/15/26

....................................................

1,362

1,358

.88

%

,

10/15/27

....................................................

959

982

United

Airlines,

Inc.

,

.38

%

,

4/15/26

,

Callable

12/5/25

@

(a) .....................

4,750

4,740

Weir

Group,

Inc.

,

.35

%

,

5/6/30

,

Callable

4/6/30

@

(a) .........................

3,937

4,042

XPO,

Inc.

,

.25

%

,

6/1/28

,

Callable

11/15/25

@

103.13 (a) ..........................

3,289

3,357

94,061

Information

Technology

(1.3%):

Atlassian

Corp.

,

.25

%

,

5/15/29

,

Callable

4/15/29

@

..........................

4,000

4,113

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Dell

International

LLC/EMC

Corp.

.75

%

,

4/1/28

,

Callable

3/1/28

@

....................................

$

2,500

$

2,535

.15

%

,

2/15/29

,

Callable

1/15/29

@

..................................

1,000

999

Hewlett

Packard

Enterprise

Co.

.45

%

,

9/25/26

....................................................

2,500

2,508

.15

%

,

9/15/28

,

Callable

8/15/28

@

..................................

2,000

1,996

Keysight

Technologies,

Inc.

,

.35

%

,

7/30/30

,

Callable

6/30/30

@

.................

3,000

3,113

Microchip

Technology,

Inc.

,

.90

%

,

3/15/28

....................................

2,000

2,025

Oracle

Corp.

,

.45

%

,

9/26/30

,

Callable

8/26/30

@

............................

2,000

1,983

RELX

Capital,

Inc.

,

.75

%

,

3/27/30

,

Callable

2/27/30

@

........................

3,000

3,059

Skyworks

Solutions,

Inc.

,

.80

%

,

6/1/26

,

Callable

5/1/26

@

.....................

5,000

4,927

Synopsys,

Inc.

.55

%

,

4/1/27

.....................................................

3,000

3,020

.65

%

,

4/1/28

,

Callable

3/1/28

@

....................................

2,000

2,022

TD

SYNNEX

Corp.

,

.30

%

,

1/17/29

,

Callable

12/17/28

@

......................

1,500

1,497

33,797

Materials

(1.3%):

Amcor

Flexibles

North

America,

Inc.

,

.80

%

,

3/17/28

.............................

2,000

2,025

Bayport

Polymers

LLC

,

.74

%

,

4/14/27

,

Callable

3/14/27

@

(a) ...................

5,000

5,012

Berry

Global,

Inc.

.57

%

,

1/15/26

,

Callable

12/15/25

@

.................................

4,181

4,155

.88

%

,

7/15/26

,

Callable

12/5/25

@

(a) ................................

3,226

3,227

Celanese

US

Holdings

LLC

,

.67

%

,

7/15/27

,

Callable

6/15/27

@

.................

1,273

1,305

Chevron

Phillips

Chemical

Co.

LLC/Chevron

Phillips

Chemical

Co.

LP

,

.75

%

,

5/15/30

,

Callable

4/15/30

@

(a) ............................................

3,000

3,036

Freeport-McMoRan,

Inc.

,

.38

%

,

8/1/28

,

Callable

12/5/25

@

100.73 ..................

8,000

7,976

Huntsman

International

LLC

,

.50

%

,

5/1/29

,

Callable

2/1/29

@

..................

3,000

2,773

Sonoco

Products

Co.

,

.45

%

,

9/1/26

.........................................

1,143

1,145

Steel

Dynamics,

Inc.

,

.00

%

,

12/15/26

,

Callable

12/5/25

@

......................

1,000

1,001

Syensqo

Finance

America

LLC

,

.65

%

,

6/4/29

,

Callable

5/4/29

@

(a) ...............

2,000

2,071

The

Sherwin-Williams

Co.

,

.55

%

,

3/1/28

,

Callable

2/1/28

@

....................

2,000

2,018

35,744

Real

Estate

(3.2%):

Boston

Properties

LP

,

.65

%

,

2/1/26

,

Callable

11/20/25

@

......................

4,001

3,993

CBRE

Services,

Inc.

,

.80

%

,

6/15/30

,

Callable

5/15/30

@

.......................

2,000

2,029

Crown

Castle,

Inc.

,

.70

%

,

6/15/26

,

Callable

3/15/26

@

........................

1,500

1,493

CubeSmart

LP

,

.38

%

,

2/15/29

,

Callable

11/15/28

@

..........................

4,033

4,039

DOC

DR

LLC

,

.95

%

,

1/15/28

,

Callable

10/15/27

@

..........................

2,531

2,512

Essex

Portfolio

LP

,

.70

%

,

3/1/28

,

Callable

1/1/28

@

..........................

1,149

1,086

Federal

Realty

OP

LP

,

.38

%

,

5/1/28

,

Callable

4/1/28

@

........................

4,000

4,103

Healthcare

Realty

Holdings

LP

.75

%

,

7/1/27

,

Callable

4/1/27

@

....................................

896

889

.63

%

,

1/15/28

,

Callable

10/15/27

@

.................................

2,754

2,709

Highwoods

Realty

LP

.13

%

,

3/15/28

,

Callable

12/15/27

@

.................................

950

939

.20

%

,

4/15/29

,

Callable

1/15/29

@

..................................

1,534

1,506

Jones

Lang

LaSalle,

Inc.

,

.88

%

,

12/1/28

,

Callable

11/1/28

@

....................

4,150

4,451

Kimco

Realty

OP

LLC

.80

%

,

10/1/26

,

Callable

7/1/26

@

...................................

1,000

989

.80

%

,

4/1/27

,

Callable

1/1/27

@

....................................

2,699

2,689

Kite

Realty

Group

LP

,

.00

%

,

10/1/26

,

Callable

7/1/26

@

.......................

3,894

3,884

LXP

Industrial

Trust

,

.75

%

,

11/15/28

,

Callable

10/15/28

@

.....................

525

Mid-America

Apartments

LP

,

.30

%

,

2/15/32

,

Callable

12/15/31

@

................

2,000

2,080

Nationwide

Health

Properties,

Inc.

,

.90

%

,

10/1/37

,

MTN

..........................

2,950

3,313

NNN

REIT,

Inc.

.00

%

,

11/15/25

....................................................

6,000

5,998

.50

%

,

4/15/30

,

Callable

1/15/30

@

..................................

2,000

1,852

.60

%

,

2/15/31

,

Callable

1/15/31

@

..................................

3,000

3,013

Public

Storage

Operating

Co.

,

.38

%

,

7/1/30

,

Callable

6/1/30

@

..................

2,500

2,516

Realty

Income

Corp.

,

.05

%

,

1/13/26

,

Callable

11/15/25

@

......................

2,000

2,000

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) SBA

Tower

Trust

.88

%

,

1/15/26

,

Callable

12/5/25

@

(a) ................................

$

3,500

$

3,481

.60

%

,

1/15/28

,

Callable

1/15/27

@

(a) ................................

842

862

.83

%

,

10/15/29

,

Callable

10/15/27

@

(a) ...............................

2,000

2,005

The

NHP

Foundation

,

.85

%

,

12/1/28

,

Callable

6/1/28

@

.......................

3,000

3,130

UDR,

Inc.

.95

%

,

9/1/26

,

Callable

6/1/26

@

,

MTN

...............................

1,580

1,565

.50

%

,

7/1/27

,

Callable

4/1/27

@

,

MTN

...............................

4,620

4,565

.20

%

,

1/15/30

,

Callable

10/15/29

@

,

MTN

.............................

1,178

1,128

Vornado

Realty

LP

,

.15

%

,

6/1/26

,

Callable

5/1/26

@

..........................

2,000

1,970

Welltower

OP

LLC

,

.50

%

,

7/1/30

,

Callable

6/1/30

@

.........................

4,000

4,041

WP

Carey,

Inc.

,

.65

%

,

7/15/30

,

Callable

6/15/30

@

...........................

4,000

4,026

85,381

Utilities

(2.8%):

AEP

Texas,

Inc.

,

.45

%

,

5/15/29

,

Callable

4/15/29

@

..........................

2,000

2,076

Alabama

Power

Co.

,

.30

%

,

3/15/31

,

Callable

1/15/31

@

.......................

1,000

1,001

Alliant

Energy

Finance

LLC

,

.40

%

,

6/6/27

,

Callable

5/6/27

@

(a) .................

2,000

2,023

Black

Hills

Corp.

,

.95

%

,

3/15/28

,

Callable

2/15/28

@

.........................

3,000

3,106

Calpine

Corp.

.50

%

,

2/15/28

,

Callable

12/5/25

@

100.75 (a) ..............................

4,928

4,913

.13

%

,

3/15/28

,

Callable

12/5/25

@

100.85 (a) ..............................

571

571

.63

%

,

2/1/29

,

Callable

12/5/25

@

101.16 (a) ...............................

1,500

1,490

CenterPoint

Energy,

Inc.

,

.40

%

,

6/1/29

,

Callable

5/1/29

@

......................

1,858

1,924

CMS

Energy

Corp.

,

.75

%

(H15T5Y

+

bps)

,

6/1/50

,

Callable

3/1/30

@

(c) .........

2,843

2,797

Dominion

Energy,

Inc.

,

.35

%

(H15T5Y

+

bps)

,

Callable

1/15/27

@

(c) (g) .........

4,500

4,440

DTE

Energy

Co.

.95

%

,

7/1/27

,

Callable

6/1/27

@

....................................

3,000

3,037

.88

%

,

6/1/28

,

Callable

5/1/28

@

....................................

2,000

2,035

Essential

Utilities,

Inc.

,

.80

%

,

8/15/27

,

Callable

7/15/27

@

.....................

2,500

2,526

Exelon

Corp.

,

.13

%

,

3/15/31

,

Callable

2/15/31

@

............................

2,500

2,585

Florida

Power

&

Light

Co.

.05

%

,

4/1/28

,

Callable

3/1/28

@

....................................

3,000

3,076

.40

%

,

5/15/28

,

Callable

3/15/28

@

..................................

2,800

2,829

KeySpan

Gas

East

Corp.

,

.74

%

,

8/15/26

,

Callable

5/15/26

@

(a) ..................

700

691

National

Fuel

Gas

Co.

,

.50

%

,

10/1/26

.......................................

2,750

2,780

NiSource,

Inc.

,

.20

%

,

7/1/29

,

Callable

6/1/29

@

.............................

2,000

2,065

NSTAR

Electric

Co.

,

.85

%

,

3/1/30

,

Callable

2/1/30

@

........................

2,000

2,050

Oncor

Electric

Delivery

Co.

LLC

,

.50

%

,

3/20/27

(a) .............................

2,500

2,517

ONE

Gas,

Inc.

,

.10

%

,

4/1/29

,

Callable

3/1/29

@

.............................

2,500

2,575

Pinnacle

West

Capital

Corp.

,

.90

%

,

5/15/28

,

Callable

4/15/28

@

.................

2,000

2,030

Public

Service

Enterprise

Group,

Inc.

,

.20

%

,

4/1/29

,

Callable

3/1/29

@

............

3,000

3,090

The

AES

Corp.

,

.38

%

,

1/15/26

,

Callable

12/15/25

@

..........................

2,800

2,781

The

Dayton

Power

&

Light

Co.

,

.55

%

,

8/15/30

,

Callable

7/15/30

@

(a) .............

1,000

996

The

Southern

Co.

,

.00

%

(H15T5Y

+

bps)

,

1/15/51

,

Callable

11/17/25

@

(c) ........

11,243

11,214

Wisconsin

Electric

Power

Co.

,

.00

%

,

5/15/29

,

Callable

4/15/29

@

................

3,000

3,082

76,300

Total

Corporate

Bonds

(Cost

$961,303)

a

a

a

974,824

Yankee

Dollars

(7.7%)

Communication

Services

(0.3%):

Flutter

Treasury

DAC

,

.88

%

,

6/4/31

,

Callable

4/15/27

@

102.94 (a) ..................

1,484

1,504

Videotron

Ltd.

,

.13

%

,

4/15/27

,

Callable

11/20/25

@

(a) ........................

7,750

7,751

9,255

Consumer

Discretionary

(0.7%):

Brightstar

Lottery

PLC

,

.25

%

,

1/15/27

,

Callable

7/15/26

@

(a) ...................

5,250

5,301

Flutter

Treasury

DAC

,

.38

%

,

4/29/29

,

Callable

4/15/26

@

103.19 (a) .................

4,617

4,783

Gildan

Activewear,

Inc.

,

.70

%

,

10/7/30

,

Callable

9/7/30

@

(a) ...................

2,000

1,992

Honda

Motor

Co.

Ltd.

,

.44

%

,

7/8/28

,

Callable

6/8/28

@

.......................

4,000

4,026

Royal

Caribbean

Cruises

Ltd.

,

.50

%

,

8/31/26

,

Callable

2/28/26

@

(a) ..............

2,600

2,608

18,710

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Consumer

Staples

(0.5%):

Bacardi-Martini

B.V.

,

.55

%

,

2/1/30

,

Callable

1/1/30

@

(a) ......................

$

3,000

$

3,100

BAT

International

Finance

PLC

.45

%

,

3/16/28

,

Callable

2/16/28

@

..................................

4,000

4,022

.93

%

,

2/2/29

,

Callable

1/2/29

@

....................................

2,000

2,100

Japan

Tobacco,

Inc.

,

.85

%

,

5/15/28

,

Callable

4/15/28

@

(a) .....................

2,000

2,034

JDE

Peet's

NV

,

.25

%

,

9/24/31

,

Callable

6/24/31

@

(a) .........................

2,000

1,740

12,996

Energy

(1.1%):

Canadian

Natural

Resources

Ltd.

,

.00

%

,

12/15/29

,

Callable

11/15/29

@

(a) ..........

4,750

4,848

Enbridge,

Inc.

.30

%

,

4/5/29

,

Callable

3/5/29

@

....................................

2,000

2,062

.75

%

(H15T5Y

+

531

bps)

,

7/15/80

,

Callable

4/15/30

@

(c) ..................

4,400

4,440

Harbour

Energy

PLC

,

.50

%

,

10/15/26

,

Callable

12/5/25

@

(a) (i) ..................

5,396

5,309

Parkland

Corp.

,

.88

%

,

7/15/27

,

Callable

12/5/25

@

(a) .........................

700

700

TransCanada

PipeLines

Ltd.

,

.88

%

,

1/15/26

,

Callable

11/24/25

@

................

1,145

1,145

TransCanada

Trust

,

.88

%

(US0003M

+

bps)

,

8/15/76

,

Callable

8/15/26

@

(c) (h) ....

750

750

Vallourec

SACA

,

.50

%

,

4/15/32

,

Callable

4/15/27

@

103.75 (a) .....................

500

532

Var

Energi

ASA

.00

%

,

5/18/27

,

Callable

4/18/27

@

(a) ................................

3,000

3,026

.50

%

,

1/15/28

,

Callable

12/15/27

@

(a) ...............................

3,333

3,528

.88

%

,

5/22/30

,

Callable

4/22/30

@

(a) ................................

2,000

2,081

28,421

Financials

(3.1%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

.45

%

,

4/3/26

,

Callable

2/3/26

@

....................................

2,000

2,001

.65

%

,

7/21/27

,

Callable

4/21/27

@

..................................

3,000

2,973

Amcor

Group

Finance

PLC

,

.45

%

,

5/23/29

,

Callable

4/23/29

@

..................

2,000

2,064

ASB

Bank

Ltd.

,

.28

%

(H15T5Y

+

bps)

,

6/17/32

,

Callable

6/17/27

@

(a) (c) ........

1,368

1,384

Aspen

Insurance

Holdings

Ltd.

,

.75

%

,

7/1/30

,

Callable

6/1/30

@

.................

1,212

1,267

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

.53

%

(H15T5Y

+

bps)

,

10/1/28

(a) (c) ..................................

3,630

3,893

.62

%

,

12/10/29

,

Callable

11/10/29

@

(a) ...............................

1,037

1,077

Bank

of

Montreal

,

.89

%

(SOFR

+

bps)

,

12/21/26

,

MTN

(c) ........................

2,400

2,408

Barclays

PLC

.33

%

(H15T1Y

+

bps)

,

11/2/26

(c) ....................................

2,000

2,000

.84

%

(SOFR

+

bps)

,

9/10/28

,

Callable

9/10/27

@

(c) ....................

2,000

2,020

.09

%

(SOFR

+

bps)

,

2/25/29

,

Callable

2/25/28

@

(c) .....................

2,000

2,034

Beazley

Insurance

DAC

.88

%

,

11/4/26

.....................................................

2,935

2,960

.50

%

,

9/10/29

....................................................

5,599

5,690

Brookfield

Finance,

Inc.

,

.35

%

,

4/15/30

,

Callable

1/15/30

@

....................

2,000

2,001

Canadian

Imperial

Bank

of

Commerce

.51

%

(SOFR

+

bps)

,

9/11/27

,

Callable

9/11/26

@

(c) .....................

3,000

3,007

.24

%

(SOFRINDX

+

bps)

,

9/8/28

,

Callable

9/8/27

@

(c) ..................

1,000

1,001

.86

%

(SOFR

+

bps)

,

3/30/29

,

Callable

3/31/28

@

(c) ....................

2,500

2,538

.26

%

,

4/10/32

(a) ..................................................

623

661

Essent

Group

Ltd.

,

.25

%

,

7/1/29

,

Callable

6/1/29

@

..........................

6,319

6,615

HSBC

Holdings

PLC

,

.90

%

(SOFR

+

bps)

,

3/3/29

,

Callable

3/3/28

@

(c) .........

2,500

2,534

Lloyds

Banking

Group

PLC

.58

%

,

12/10/25

....................................................

1,000

1,000

.99

%

(H15T1Y

+

bps)

,

8/7/27

,

Callable

8/7/26

@

(c) ....................

2,000

2,025

National

Bank

of

Canada

,

.70

%

(SOFR

+

bps)

,

3/5/27

,

Callable

3/5/26

@

(c) ........

3,585

3,589

Nationwide

Building

Society

,

.00

%

,

9/14/26

(a) .................................

2,000

1,995

NatWest

Group

PLC

,

.47

%

(H15T1Y

+

bps)

,

11/10/26

,

Callable

11/10/25

@

(c) .....

7,748

7,752

Pershing

Square

Holdings

Ltd.

,

.50

%

,

10/28/32

,

Callable

8/28/32

@

..............

Phoenix

Group

Holdings

PLC

,

.75

%

(H15T5Y

+

bps)

,

9/4/31

,

Callable

6/4/26

@

(c) .

4,488

4,473

Santander

UK

Group

Holdings

PLC

.83

%

(SOFR

+

bps)

,

11/21/26

,

Callable

11/21/25

@

(c) ..................

2,850

2,853

.53

%

(SOFR

+

bps)

,

1/10/29

,

Callable

1/10/28

@

(c) ....................

2,000

2,091

.32

%

(SOFRINDX

+

bps)

,

9/22/29

,

Callable

9/22/28

@

(c) ...............

1,000

997

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Standard

Chartered

PLC

.19

%

(H15T1Y

+

bps)

,

7/6/27

,

Callable

7/6/26

@

(a) (c) ..................

$

2,000

$

2,025

.69

%

(H15T1Y

+

bps)

,

5/14/28

,

Callable

5/14/27

@

(a) (c) ................

1,000

1,020

The

Toronto-Dominion

Bank

,

.63

%

(USSW5

+

bps)

,

9/15/31

,

Callable

9/15/26

@

(c) .

2,500

2,482

82,826

Health

Care

(0.3%):

Galaxy

Pipeline

Assets

Bidco

Ltd.

,

.75

%

,

9/30/27

(a) .............................

798

778

Olympus

Corp.

,

.14

%

,

12/8/26

,

Callable

11/8/26

@

(a) ........................

4,585

4,479

Royalty

Pharma

PLC

,

.45

%

,

3/25/31

,

Callable

2/25/31

@

......................

2,000

1,986

Smith

&

Nephew

PLC

,

.15

%

,

3/20/27

,

Callable

2/20/27

@

.....................

1,500

1,518

8,761

Industrials

(0.5%):

Element

Fleet

Management

Corp.

.64

%

,

3/13/27

,

Callable

2/13/27

@

(a) ................................

3,500

3,563

.32

%

,

12/4/28

,

Callable

11/4/28

@

(a) ................................

1,000

1,055

LG

Energy

Solution

Ltd.

.38

%

,

7/2/27

(a) ...................................................

3,957

4,015

.25

%

,

4/2/28

(a) ...................................................

3,500

3,565

The

Weir

Group

PLC

,

.20

%

,

5/13/26

,

Callable

4/13/26

@

(a) ....................

890

877

13,075

Information

Technology

(0.5%):

CGI,

Inc.

,

.95

%

,

3/14/30

,

Callable

2/14/30

@

(a) .............................

2,000

2,030

Kioxia

Holdings

Corp.

,

.25

%

,

7/24/30

,

Callable

7/24/27

@

103.13 (a) .................

2,500

2,582

NXP

BV/NXP

Funding

LLC

,

.35

%

,

3/1/26

,

Callable

1/1/26

@

..................

3,000

3,002

Open

Text

Corp.

,

.90

%

,

12/1/27

,

Callable

11/1/27

@

(a) ........................

5,677

5,910

13,524

Materials

(0.4%):

Braskem

Netherlands

Finance

B.V.

,

.50

%

,

1/10/28

,

Callable

10/10/27

@

(a) .........

3,500

1,570

Minera

Mexico

SA

de

CV

,

.63

%

,

2/12/32

,

Callable

12/12/31

@

(a) ................

3,000

3,107

Nutrien

Ltd.

,

.50

%

,

3/12/27

...............................................

2,000

2,009

Rio

Tinto

Finance

USA

PLC

,

.50

%

,

3/14/28

,

Callable

2/14/28

@

.................

2,000

2,022

Smurfit

Kappa

Treasury

Funding

DAC

,

.50

%

,

11/20/25

...........................

3,000

3,004

11,712

Real

Estate

(0.2%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

.88

%

,

3/20/27

,

Callable

12/20/26

@

(a) ...........................................................

4,390

4,366

Utilities

(0.1%):

Algonquin

Power

&

Utilities

Corp.

,

.37

%

,

6/15/26

..............................

3,695

3,712

Total

Yankee

Dollars

(Cost

$205,127)

a

a

a

207,358

Municipal

Bonds

(1.1%)

Alabama

(0.1%):

Black

Belt

Energy

Gas

District

Revenue

,

Series

,

.00

%

,

2/1/29

,

Continuously

Callable

@100

...........................................................

2,000

2,107

Arizona

(0.1%):

Arizona

Industrial

Development

Authority

Revenue

.51

%

,

10/1/26

....................................................

500

502

.51

%

,

10/1/27

....................................................

500

.60

%

,

10/1/28

....................................................

500

.71

%

,

10/1/29

....................................................

500

505

2,004

California

(0.3%):

California

Infrastructure

&

Economic

Development

Bank

Revenue

Series

B

,

.71

%

,

7/1/30

..............................................

2,780

2,840

Series

B

,

.76

%

,

7/1/31

..............................................

2,560

2,620

California

Municipal

Finance

Authority

Revenue

,

Series

B

,

.51

%

,

5/15/30

,

Continuously

Callable

@100

.....................................................

1,290

1,289

6,749

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Colorado

(0.0%):(e)

Colorado

Health

Facilities

Authority

Revenue

,

Series

B

,

.80

%

,

12/1/26

................

$

$

Georgia

(0.1%):

Athens

Housing

Authority

Revenue

,

.32

%

,

12/1/25

..............................

3,215

3,211

Illinois

(0.1%):

City

of

Kankakee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.57

%

,

12/1/27

....................................................

750

761

.63

%

,

12/1/28

....................................................

1,000

1,020

1,781

Indiana

(0.0%):(e)

Indiana

Finance

Authority

Revenue

,

Series

B

,

.45

%

,

11/15/25

......................

Maryland

(0.2%):

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

,

.89

%

,

1/1/26

.......

4,135

4,108

Massachusetts

(0.0%):(e)

Massachusetts

Educational

Financing

Authority

Revenue

,

Series

A

,

.52

%

,

7/1/35

........

1,250

1,264

New

Jersey

(0.1%):

South

Jersey

Transportation

Authority

Revenue

,

Series

B

,

.20

%

,

11/1/25

...............

3,515

3,515

New

York

(0.0%):(e)

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

Revenue

,

Series

B

,

.35

%

,

11/1/25

Ohio

(0.1%):

Columbus

Metropolitan

Housing

Authority

Revenue

,

.38

%

,

9/1/28

,

Continuously

Callable

@100

...........................................................

1,410

1,436

Texas

(0.0%):(e)

San

Antonio

Education

Facilities

Corp.

Revenue

.99

%

,

4/1/26

.....................................................

860

849

.19

%

,

4/1/27

.....................................................

525

504

1,353

Total

Municipal

Bonds

(Cost

$28,410)

a

a

a

28,641

U.S.

Government

Agency

Mortgages

(0.5%)

CoBank

ACB

Series

I

,

.25

%

(TSFR3M

+

bps)

(c) (g) ..................................

5,700

5,733

Federal

Home

Loan

Mortgage

Corporation

.63

%

(RFUCCT1Y

+

bps)

,

4/1/35

(c) ..................................

.50

%

,

10/1/38

....................................................

1,200

1,227

1,310

Federal

National

Mortgage

Association

.50

%

,

4/1/27

-

8/1/27

...............................................

1,286

1,267

.50

%

,

3/1/37

.....................................................

2,871

2,583

.50

%

,

11/1/40

.....................................................

2,500

2,496

6,346

Total

U.S.

Government

Agency

Mortgages

(Cost

$13,312)

a

a

a

13,389

U.S.

Treasury

Obligations

(15.7%)

U.S.

Treasury

Notes

.88

%

,

1/15/26

....................................................

3,000

2,999

.50

%

,

3/31/26

....................................................

7,000

7,019

.63

%

,

9/15/26

....................................................

56,000

56,405

.38

%

,

12/15/26

....................................................

25,000

25,176

.50

%

,

8/31/27

....................................................

74,000

69,968

.13

%

,

11/15/27

....................................................

27,000

27,276

.00

%

,

6/30/28

....................................................

55,000

55,563

.75

%

,

12/31/28

....................................................

21,000

21,084

.63

%

,

8/15/29

....................................................

50,000

46,516

.13

%

,

8/31/30

....................................................

55,000

55,992

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4

.00

%

,

1/31/31

....................................................

$

56,000

$

56,691

Total

U.S.

Treasury

Obligations

(Cost

$416,724)

a

a

a

424,689

Commercial

Paper

(1.6%)

Consumer

Discretionary

(0.4%):

AutoNation,

Inc.

.25

%

,

11/3/25

(a) (k) ................................................

4,800

4,798

.51

%

,

11/5/25

(a) (k) ................................................

6,500

6,496

11,294

Energy

(0.4%):

Ovintiv,

Inc.

,

.57

%

,

11/20/25

(a) (k) ..........................................

10,000

9,975

Materials

(0.8%):

FMC

Corp.

.72

%

,

11/17/25

(a) (k) ................................................

15,000

14,967

.74

%

,

11/24/25

(a) (k) ................................................

6,600

6,579

21,546

Total

Commercial

Paper

(Cost

$42,818)

a

a

a

42,815

Shares

Collateral

for

Securities

Loaned

(0.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(l) ........

1,427,240

1,428

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(l) ............

1,427,240

1,427

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(l) ................

1,427,240

1,427

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(l) .

1,427,240

1,427

Total

Collateral

for

Securities

Loaned

(Cost

$5,709)

a

a

a

5,709

Total

Investments

(Cost

$2,657,011)

—

99.8%

2,689,004

Other

assets

in

excess

of

liabilities

— 0.2%

5,665

NET

ASSETS

-

100.00%

$

2,694,669

At

October

31,

2025,

the

Fund's

investments

in

foreign

securities

were

8.8%

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

October

31,

2025,

the

fair

value

of

these

securities

was

$1,299,615

(thousands)

and

amounted

to

48.2%

of

net

assets.

(b) Security

is

interest

only.

(c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

October

31,

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

October

31,

2025. (e) Amount

represents

less

than

0.05%

of

net

assets.

(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

October

31,

2025,

the

Fund

held

unfunded

or

partially

unfunded

loan

commitments

of

$4,500

(thousands),

which

included

$(34)

(thousands)

unrealized

loss.

(g) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(h) Securities

referencing

LIBOR

are

expected

to

transition

to

an

alternative

reference

rate

by

the

security's

next

scheduled

coupon

reset

date.

(i) All

or

a

portion

of

this

security

is

on

loan.

(j) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(k) Rate

represents

the

effective

yield

at

October

31,

2025. (l) Rate

disclosed

is

the

daily

yield

on

October

31,

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

October

31,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

2025. H15T7Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

2025. ICE

—

Intercontinental

Exchange,

Inc.

Victory

Portfolios

III

#### Victory

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

IBA

—

ICE

Benchmark

Administration

Limited

IBOR

—

Interbank

Offered

Rate

LIBOR

—

London

Interbank

Offered

Rate

LLC

—

Limited

Liability

Company

LLLP

—

Limited

Liability

Limited

Partnership

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

October

31,

2025

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

October

31,

2025. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

October

31,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

October

31,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

October

31,

2025. US0003M

—

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

October

31,

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

October

31,

2025. USSW5

—

USD

Year

Swap

Rate,

rate

disclosed

as

of

October

31,

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.

Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(20.0%)

ABS

Auto

(10.1%):

Alloya

Auto

Receivables

Trust

,

Series

2025-1A

,

Class

C

,

.19

%

,

7/25/30

,

Callable

6/25/28

@

(a) ...........................................................

$

500

$

506

Ally

Bank

Auto

Credit

Linked

Notes

,

Series

2025-A

,

Class

B

,

.65

%

,

6/15/33

,

Callable

7/15/28

@

(a) .........................................................

672

673

Ally

Bank

Auto

Credit-Linked

Notes

.........................................

Series

2025-B

,

Class

B

,

.50

%

,

9/15/33

,

Callable

6/15/29

@

(a) ...............

500

500

Series

2025-B

,

Class

D

,

.94

%

,

9/15/33

,

Callable

6/15/29

@

(a) ...............

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2022-5A

,

Class

B

,

.09

%

,

4/20/27

(a) ................................

750

755

Series

2022-5A

,

Class

C

,

.24

%

,

4/20/27

(a) ................................

Series

2023-2A

,

Class

C

,

.18

%

,

10/20/27

(a) ...............................

CarMax

Auto

Owner

Trust

,

Series

2023-1

,

Class

D

,

.27

%

,

11/15/29

,

Callable

2/15/27

@

500

509

CarMax

Select

Receivables

Trust

,

Series

2025-B

,

Class

C

,

.83

%

,

6/16/31

,

Callable

7/15/29

@

.............................................................

500

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

12/25/27

@

(a) ...........................................................

1,060

1,085

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

,

.33

%

(SOFR30A

+

bps)

,

10/15/35

,

Callable

10/15/26

@

(a) (b) .........................................................

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2023-1A

,

Class

A

,

.48

%

,

3/15/33

,

Callable

10/15/26

@

(a) .............

Series

2023-1A

,

Class

B

,

.02

%

,

5/16/33

,

Callable

10/15/26

@

(a) .............

500

504

Series

2023-3A

,

Class

A

,

.39

%

,

8/15/33

,

Callable

3/15/27

@

(a) ..............

590

593

Series

2023-3A

,

Class

B

,

.09

%

,

10/17/33

,

Callable

3/15/27

@

(a) .............

Ent

Auto

Receivables

Trust

................................................

Series

2023-1A

,

Class

A3

,

.24

%

,

1/16/29

,

Callable

4/15/28

@

(a) .............

557

562

Series

2023-1A

,

Class

B

,

.45

%

,

1/15/30

,

Callable

4/15/28

@

(a) ..............

Enterprise

Fleet

Financing

LLC

,

Series

2022-4

,

Class

A2

,

.76

%

,

10/22/29

,

Callable

4/20/26

@

(a) ...........................................................

FCCU

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

A4

,

.46

%

,

4/15/30

,

Callable

1/15/28

@

(a) ...........................................................

646

659

Flagship

Credit

Auto

Trust

,

Series

2019-4

,

Class

E

,

.11

%

,

3/15/27

,

Callable

11/15/25

@

(a) ...........................................................

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2021-1

,

Class

D

,

.31

%

,

10/17/33

,

Callable

4/15/26

@

(a) ..............

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

4/15/26

@

(a) .............

1,250

1,237

Series

2021-4A

,

Class

E

,

.43

%

,

10/16/28

,

Callable

2/15/27

@

(a) .............

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2024-1

,

Class

B2

,

.58

%

(SOFR30A

+

bps)

,

5/20/32

,

Callable

10/20/27

@

(a) (b) .........................................................

606

607

Series

2024-2

,

Class

B2

,

.53

%

(SOFR30A

+

bps)

,

10/20/32

,

Callable

6/20/28

@

(a) (b) .........................................................

587

589

Series

2025-2

,

Class

B2

,

.38

%

(SOFR30A

+

bps)

,

9/20/33

,

Callable

12/20/29

@

(a) (b) .........................................................

895

896

LAD

Auto

Receivables

Trust

...............................................

Series

2023-1A

,

Class

B

,

.59

%

,

8/16/27

,

Callable

4/15/27

@

(a) ..............

Series

2023-1A

,

Class

C

,

.18

%

,

12/15/27

,

Callable

4/15/27

@

(a) .............

1,000

1,005

Series

2023-2A

,

Class

C

,

.58

%

,

9/15/28

,

Callable

5/15/27

@

(a) ..............

750

755

Series

2023-3A

,

Class

B

,

.09

%

,

6/15/28

,

Callable

7/15/27

@

(a) ..............

1,000

1,009

Lobel

Automobile

Receivables

Trust

.........................................

Series

2025-1

,

Class

B

,

.20

%

,

4/17/28

,

Callable

7/15/27

@

(a) ...............

500

Series

2025-1

,

Class

C

,

.70

%

,

1/15/30

,

Callable

7/15/27

@

(a) ...............

675

667

Merchants

Fleet

Funding

LLC

..............................................

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-1A

,

Class

A

,

.21

%

,

5/20/36

,

Callable

6/20/26

@

(a) ..............

$

$

Series

2024-1A

,

Class

A

,

.82

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

Series

2024-1A

,

Class

C

,

.18

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

500

510

Series

2024-1A

,

Class

D

,

.85

%

,

4/20/37

,

Callable

3/20/27

@

(a) ..............

Navistar

Financial

Dealer

Note

Master

Owner

Trust

,

Series

2024-1

,

Class

B

,

.79

%

,

4/25/29

(a) 260

Oscar

US

Funding

XVII

LLC

,

Series

2024-2A

,

Class

A3

,

.47

%

,

3/12/29

,

Callable

11/10/28

@

(a) ...........................................................

750

752

Prestige

Auto

Receivables

Trust

............................................

Series

2023-2A

,

Class

B

,

.64

%

,

12/15/27

,

Callable

11/15/27

@

(a) ............

976

979

Series

2025-1A

,

Class

B

,

.34

%

,

11/15/28

(a) ...............................

500

504

Series

2025-1A

,

Class

C

,

.52

%

,

2/15/30

,

Callable

2/15/29

@

(a) ..............

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2023-A

,

Class

D

,

.08

%

,

6/15/33

,

Callable

6/15/27

@

(a) ...............

Series

2023-B

,

Class

C

,

.93

%

,

12/15/33

,

Callable

12/15/27

@

(a) .............

Series

2023-B

,

Class

D

,

.66

%

,

12/15/33

,

Callable

12/15/27

@

(a) .............

Series

2024-B

,

Class

C

,

.14

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

Series

2024-B

,

Class

D

,

.48

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

551

555

Securitized

Term

Auto

Receivables

Trust

......................................

Series

2025-A

,

Class

B

,

.04

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...............

Series

2025-A

,

Class

C

,

.19

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...............

Series

2025-B

,

Class

B

,

.93

%

,

12/29/32

,

Callable

7/25/28

@

(a) ..............

Series

2025-B

,

Class

C

,

.12

%

,

12/29/32

,

Callable

7/25/28

@

(a) ..............

Tesla

Auto

Lease

Trust

,

Series

2023-B

,

Class

A3

,

.13

%

,

9/21/26

,

Callable

11/20/25

@

(a) 50

Truist

Bank

Auto

Credit-Linked

Notes

,

Series

2025-1

,

Class

B

,

.73

%

,

9/26/33

,

Callable

11/25/28

@

(a) ..................................................

1,151

1,152

U.S.

Bank

NA

,

Series

2023-1

,

Class

B

,

.79

%

,

8/25/32

,

Callable

10/25/26

@

(a) .......

United

Auto

Credit

Securitization

Trust

,

Series

2025-1

,

Class

B

,

.05

%

,

2/10/28

,

Callable

11/10/27

@

(a) ..................................................

1,000

996

Western

Funding

Auto

Loan

Trust

...........................................

Series

2025-1

,

Class

B

,

.98

%

,

9/17/35

(a) .................................

636

620

Series

2025-1

,

Class

C

,

.34

%

,

11/15/35

(a) ................................

Westlake

Automobile

Receivables

Trust

.......................................

Series

2023-2A

,

Class

B

,

.14

%

,

3/15/28

,

Callable

1/15/27

@

(a) ..............

Series

2023-2A

,

Class

C

,

.29

%

,

3/15/28

,

Callable

1/15/27

@

(a) ..............

500

502

Series

2023-P1

,

Class

C

,

.44

%

,

6/15/27

,

Callable

8/15/26

@

(a) ..............

Series

2025-1A

,

Class

A2B

,

.71

%

(SOFR30A

+

bps)

,

1/18/28

(a) (b) .............

749

750

Wheels

Fleet

Lease

Funding

LLC

..........................................

Series

2024-1A

,

Class

A2

,

.86

%

(TSFR1M

+

bps)

,

2/18/39

(a) (b) ...............

508

509

Series

2025-3A

,

Class

C

,

.79

%

,

9/18/40

(a) ................................

500

30,960

ABS

Card

(0.3%):

Evergreen

Credit

Card

Trust

,

Series

2025-CRT5

,

Class

B

,

.24

%

,

5/15/29

(a) .............

507

513

Master

Credit

Card

Trust

II

,

Series

2023-1A

,

Class

C

,

.87

%

,

6/21/27

(a) ...............

500

500

1,013

ABS

Other

(9.6%):

Aligned

Data

Centers

Issuer

LLC

,

Series

2021-1A

,

Class

A2

,

.94

%

,

8/15/46

,

Callable

11/15/25

@

(a) ..................................................

1,500

1,465

Amur

Equipment

Finance

Receivables

X

LLC

,

Series

2022-1A

,

Class

B

,

.20

%

,

1/20/28

,

Callable

11/20/25

@

(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

(a) ..............

Blue

Bridge

Funding

LLC

,

Series

2023-1A

,

Class

A

,

.37

%

,

11/15/30

,

Callable

1/15/27

@

(a) ...........................................................

CCG

Receivables

Trust

...................................................

Series

2023-1

,

Class

A2

,

.82

%

,

9/16/30

,

Callable

8/14/26

@

(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

513

Series

2025-1

,

Class

A2

,

.48

%

,

10/14/32

,

Callable

10/14/28

@

(a) ............

750

753

Series

2025-1

,

Class

C

,

.89

%

,

10/14/32

,

Callable

10/14/28

@

(a) .............

500

503

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Clarus

Capital

Funding

LLC

,

Series

2024-1A

,

Class

B

,

.79

%

,

8/20/32

,

Callable

2/20/28

@

(a) ...........................................................

$

$

Cloud

Capital

Holdco

LP

,

Series

2024-1A

,

Class

A2

,

.78

%

,

11/22/49

,

Callable

11/22/27

@

(a) ...........................................................

500

505

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

1/20/28

@

(a) ..............

601

607

Series

2025-A

,

Class

A2

,

.91

%

,

2/20/32

,

Callable

1/20/29

@

(a) ..............

500

503

Series

2025-A

,

Class

B

,

.20

%

,

2/20/32

,

Callable

1/20/29

@

(a) ...............

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

11/22/25

@

(a) ..............

1,000

1,001

Series

2024-2

,

Class

D

,

.29

%

,

2/24/31

,

Callable

4/22/27

@

(a) ...............

Series

2025-1

,

Class

C

,

.25

%

,

2/24/31

,

Callable

12/22/27

@

(a) ..............

Series

2025-2

,

Class

C

,

.53

%

,

3/24/31

,

Callable

6/22/28

@

(a) ...............

850

849

Dext

ABS

LLC

........................................................

Series

2023-1

,

Class

A2

,

.99

%

,

3/15/32

,

Callable

4/15/27

@

(a) ..............

Series

2023-2

,

Class

B

,

.41

%

,

5/15/34

,

Callable

1/15/28

@

(a) ...............

750

762

Series

2025-1

,

Class

C

,

.39

%

,

8/15/35

,

Callable

4/15/29

@

(a) ...............

1,000

1,004

DLLAA

LLC

,

Series

2025-1A

,

Class

A3

,

.95

%

,

9/20/29

,

Callable

6/20/29

@

(a) ......

522

531

Ford

Credit

Floorplan

Master

Owner

Trust

A

,

Series

2025-1

,

Class

A2

,

.03

%

(SOFR30A

+

bps)

,

4/15/30

(b) .........................................

500

503

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2025-1

,

Class

A2

,

.52

%

,

10/15/27

(a) ...............................

750

752

Series

2025-1

,

Class

A3

,

.49

%

,

4/16/29

(a) ................................

500

505

HPEFS

Equipment

Trust

..................................................

Series

2022-3A

,

Class

C

,

.13

%

,

8/20/29

,

Callable

4/20/26

@

(a) ..............

Series

2023-2A

,

Class

B

,

.25

%

,

1/21/31

,

Callable

12/20/26

@

(a) .............

1,000

1,001

Series

2024-1A

,

Class

D

,

.82

%

,

11/20/31

,

Callable

8/20/27

@

(a) .............

520

526

Series

2025-2A

,

Class

C

,

.41

%

,

11/22/32

,

Callable

6/20/29

@

(a) .............

500

Series

2025-2A

,

Class

D

,

.77

%

,

5/20/33

,

Callable

6/20/29

@

(a) ..............

Kubota

Credit

Owner

Trust

,

Series

2025-1A

,

Class

A2

,

.61

%

,

12/15/27

(a) .............

750

752

MMP

Capital

LLC

,

Series

2025-A

,

Class

A

,

.36

%

,

12/15/31

,

Callable

3/15/29

@

(a) ...

Navistar

Financial

Dealer

Note

Master

Owner

Trust

,

Series

2025-1

,

Class

C

,

.72

%

,

9/25/30

(a) 301

New

Economy

Assets

-

Phase

Sponsor

LLC

,

Series

2021-1

,

Class

B1

,

.41

%

,

10/20/61

,

Callable

11/20/25

@

(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

7/15/27

@

(a) ..............

Series

2024-A

,

Class

A2

,

.15

%

,

12/15/31

,

Callable

1/15/28

@

(a) .............

Series

2024-A

,

Class

B

,

.32

%

,

12/15/31

,

Callable

1/15/28

@

(a) ..............

650

652

Series

2025-A

,

Class

A2

,

.72

%

,

7/15/32

,

Callable

9/15/28

@

(a) ..............

Series

2025-A

,

Class

B

,

.18

%

,

7/15/32

,

Callable

9/15/28

@

(a) ...............

709

719

Series

2025-A

,

Class

C

,

.79

%

,

7/15/32

,

Callable

9/15/28

@

(a) ...............

Series

2025-B

,

Class

A2

,

.64

%

,

1/18/33

,

Callable

2/15/29

@

(a) ..............

500

501

Series

2025-B

,

Class

B

,

.73

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

500

503

Series

2025-B

,

Class

C

,

.17

%

,

1/18/33

,

Callable

2/15/29

@

(a) ...............

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

2022-1

,

Class

B

,

.40

%

,

7/17/28

,

Callable

7/15/26

@

(a) .........................................................

695

696

PEAC

Solutions

Receivables

LLC

...........................................

Series

2024-2A

,

Class

A3

,

.65

%

,

10/20/31

,

Callable

6/20/27

@

(a) ............

571

574

Series

2025-1A

,

Class

A2

,

.94

%

,

10/20/28

,

Callable

8/20/28

@

(a) ............

500

503

Series

2025-1A

,

Class

A3

,

.04

%

,

7/20/32

,

Callable

8/20/28

@

(a) .............

Post

Road

Equipment

Finance

LLC

..........................................

Series

2025-1A

,

Class

A2

,

.90

%

,

5/15/31

,

Callable

8/15/28

@

(a) .............

500

503

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

591

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Stack

Infrastructure

Issuer

LLC

,

Series

2023-1A

,

Class

A2

,

.90

%

,

3/25/48

,

Callable

3/25/26

@

(a) .........................................................

$

$

Switch

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

.04

%

,

3/25/55

,

Callable

3/25/28

@

(a) ...........................................................

Verdant

Receivables

LLC

.................................................

Series

2023-1A

,

Class

A2

,

.24

%

,

1/13/31

,

Callable

8/12/27

@

(a) .............

Series

2024-1A

,

Class

C

,

.25

%

,

12/12/31

,

Callable

8/12/28

@

(a) .............

Series

2025-1A

,

Class

A3

,

.96

%

,

5/12/33

,

Callable

8/12/29

@

(a) .............

VFI

ABS

LLC

,

Series

2025-1A

,

Class

A

,

.78

%

,

6/24/30

,

Callable

7/24/28

@

(a) ......

689

691

Wingspire

Equipment

Finance

LLC

..........................................

Series

2024-1A

,

Class

C

,

.28

%

,

9/20/32

,

Callable

10/20/27

@

(a) .............

Series

2024-1A

,

Class

D

,

.31

%

,

9/20/32

,

Callable

10/20/27

@

(a) .............

Series

2025-1A

,

Class

C

,

.76

%

,

9/20/33

,

Callable

2/20/29

@

(a) ..............

Series

2025-1A

,

Class

D

,

.45

%

,

9/20/33

,

Callable

2/20/29

@

(a) ..............

29,460

Total

Asset-Backed

Securities

(Cost

$61,276)

a

a

a

61,433

Collateralized

Loan

Obligations

(0.9%)

Cash

Flow

CLO

(0.9%):

CIFC

Funding

IV

Ltd.

,

Series

2017-4A

,

Class

A1R

,

.08

%

(TSFR3M

+

bps)

,

10/24/30

,

Callable

1/24/26

@

(a) (b) ..........................................

Palmer

Square

Loan

Funding

Ltd.

...........................................

Series

2022-3A

,

Class

A1BR

,

.30

%

(TSFR3M

+

bps)

,

4/15/31

,

Callable

1/15/26

@

(a) (b) .........................................................

500

500

Series

2022-3A

,

Class

BR

,

.90

%

(TSFR3M

+

bps)

,

4/15/31

,

Callable

1/15/26

@

(a) (b) .........................................................

500

500

Series

2024-3A

,

Class

A2

,

.88

%

(TSFR3M

+

bps)

,

8/8/32

,

Callable

11/8/25

@

(a) (b) .........................................................

750

750

Venture

CLO

Ltd.

,

Series

2024-49A

,

Class

X

,

.23

%

(TSFR3M

+

bps)

,

4/20/37

,

Callable

4/20/26

@

(a) (b) .................................................

553

553

Voya

CLO

Ltd.

,

Series

2019-2A

,

Class

AR

,

.08

%

(TSFR3M

+

bps)

,

7/20/32

,

Callable

1/20/26

@

(a) (b) .................................................

2,758

Total

Collateralized

Loan

Obligations

(Cost

$2,758)

a

a

a

2,758

Collateralized

Mortgage

Obligations

(11.3%)

Agency

ABS

Other

(0.7%):

Government

National

Mortgage

Association

....................................

Series

2025-139

,

Class

EA

,

.00

%

,

3/20/65

................................

Series

2025-150

,

Class

QD

,

.50

%

,

7/20/51

................................

1,494

1,486

1,974

Agency

CMO

Other

(2.6%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5450

,

Class

KA

,

.50

%

,

6/25/51

...................................

Series

5478

,

Class

J

,

.50

%

,

3/25/51

.....................................

789

796

Federal

National

Mortgage

Association

.......................................

Series

2025-40

,

Class

B

,

.00

%

,

10/25/50

.................................

664

666

Series

2025-61

,

Class

DA

,

.50

%

,

9/25/51

.................................

732

727

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

................................

628

635

Series

2024-160

,

Class

H

,

.00

%

,

9/20/62

.................................

684

684

Series

2024-19

,

Class

AD

,

.00

%

,

6/20/53

.................................

Series

2024-97

,

Class

MC

,

.00

%

,

1/20/64

.................................

Series

2025-131

,

Class

CE

,

.50

%

,

12/20/53

...............................

1,135

1,134

Series

2025-131

,

Class

QD

,

.50

%

,

7/20/51

................................

743

741

Series

2025-139

,

Class

DT

,

.00

%

,

3/20/65

................................

743

744

8,019

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Agency

Commercial

MBS

(0.3%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

K536

,

Class

AS

,

.81

%

(SOFR30A

+

bps)

,

11/25/29

(b) .......................................................

$

1,000

$

999

Commercial

MBS

(7.7%):

ALA

Trust

............................................................

Series

2025-OANA

,

Class

A

,

.78

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ..........

850

854

Series

2025-OANA

,

Class

B

,

.88

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ..........

500

503

Atrium

Hotel

Portfolio

Trust

...............................................

Series

2025-ATRM

,

Class

A

,

.68

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ..........

Series

2025-ATRM

,

Class

B

,

.13

%

(TSFR1M

+

bps)

,

8/15/42

(a) (b) (c) ..........

979

978

BBCMS

Mortgage

Trust

,

Series

2019-BWAY

,

Class

B

,

.46

%

(TSFR1M

+

bps)

,

11/15/34

(a) (b) (c) ...........................................................

1,000

BLP

Commercial

Mortgage

Trust

,

Series

2025-IND

,

Class

B

,

.58

%

(TSFR1M

+

bps)

,

3/15/42

(a) (b) (c) ....................................................

750

747

BPR

Trust

,

Series

2021-TY

,

Class

B

,

.30

%

(TSFR1M

+

bps)

,

9/15/38

(a) (b) (c) .........

BX

Commercial

Mortgage

Trust

............................................

Series

2021-VOLT

,

Class

C

,

.25

%

(TSFR1M

+

bps)

,

9/15/36

(a) (b) (c) ...........

727

726

Series

2021-XL2

,

Class

C

,

.34

%

(TSFR1M

+

bps)

,

10/15/38

(a) (b) (c) ...........

700

699

BX

Mortgage

Trust

,

Series

2021-PAC

,

Class

C

,

.25

%

(TSFR1M

+

bps)

,

10/15/36

(a) (b) (c) 1,000

996

BX

Trust

.............................................................

Series

2021-RISE

,

Class

B

,

.40

%

(TSFR1M

+

bps)

,

11/15/36

(a) (b) (c) ...........

Series

2022-CLS

,

Class

A

,

.76

%

,

10/13/27

(a) (c) ............................

Series

2022-LBA6

,

Class

B

,

.33

%

(TSFR1M

+

bps)

,

1/15/39

(a) (b) (c) ...........

500

Series

2022-LBA6

,

Class

C

,

.63

%

(TSFR1M

+

bps)

,

1/15/39

(a) (b) (c) ...........

1,000

998

Series

2025-GW

,

Class

B

,

.88

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) ............

500

501

Series

2025-ROIC

,

Class

A

,

.18

%

(TSFR1M

+

bps)

,

3/15/30

(a) (b) (c) ...........

CEDR

Commercial

Mortgage

Trust

,

Series

2022-SNAI

,

Class

B

,

.37

%

(TSFR1M

+

bps)

,

2/15/39

(a) (b) (c) ....................................................

1,000

961

COMM

Mortgage

Trust

..................................................

Series

2019-521F

,

Class

B

,

.28

%

(TSFR1M

+

bps)

,

6/15/34

(a) (b) (c) ............

1,500

1,389

Series

2024-277P

,

Class

A

,

.34

%

,

8/10/44

(a) (c) .............................

GFH

Mortgage

Trust

....................................................

Series

2025-IND

,

Class

A

,

.15

%

,

6/15/33

(a) (c) .............................

Series

2025-IND

,

Class

B

,

.55

%

,

6/15/33

(a) (c) .............................

800

807

GS

Mortgage

Securities

Corp.

Trust

..........................................

Series

2017-GPTX

,

Class

A

,

.86

%

,

5/10/34

(a) (c) ...........................

849

734

Series

2023-SHIP

,

Class

B

,

.94

%

,

9/10/38

(a) (c) (d) ..........................

600

599

Hilton

USA

Trust

,

Series

2016-HHV

,

Class

A

,

.72

%

,

11/5/38

(a) (c) ...................

HYT

Commercial

Mortgage

Trust

,

Series

2024-RGCY

,

Class

A

,

.87

%

(TSFR1M

+

bps)

,

9/15/41

(a) (b) (c) ....................................................

500

501

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2021-MHC

,

Class

A

,

.20

%

(TSFR1M

+

bps)

,

4/15/38

(a) (b) (c) .....................................

866

865

LBA

Trust

,

Series

2024-7IND

,

Class

B

,

.77

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ......

Manhattan

West

Mortgage

Trust

,

Series

2020-1MW

,

Class

A

,

.13

%

,

9/10/39

(a) (c) ........

750

716

MHC

Commercial

Mortgage

Trust

,

Series

2021-MHC

,

Class

B

,

.25

%

(TSFR1M

+

bps)

,

4/15/38

(a) (b) (c) ....................................................

800

799

ONE

Mortgage

Trust

,

Series

2021-PARK

,

Class

B

,

.10

%

(TSFR1M

+

bps)

,

3/15/36

(a) (b) (c) .............................................................

1,000

976

One

New

York

Plaza

Trust

,

Series

2020-1NYP

,

Class

A

,

.10

%

(TSFR1M

+

bps)

,

1/15/36

(a) (b) (c) ...........................................................

875

855

SHR

Trust

............................................................

Series

2024-LXRY

,

Class

A

,

.98

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ..........

Series

2024-LXRY

,

Class

B

,

.48

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) ..........

500

501

SMRT

,

Series

2022-MINI

,

Class

B

,

.38

%

(TSFR1M

+

bps)

,

1/15/39

(a) (b) (c) ..........

1,300

1,295

SWCH

Commercial

Mortgage

Trust

,

Series

2025-DATA

,

Class

A

,

.48

%

(TSFR1M

+

bps)

,

2/15/42

(a) (b) (c) ....................................................

1,000

993

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2025-HI

,

Class

A

,

.73

%

(TSFR1M

+

bps)

,

10/15/42

(a) (b) (c) ...................................................

750

751

23,680

Total

Collateralized

Mortgage

Obligations

(Cost

$35,873)

a

a

a

34,672

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Senior

Secured

Loans

(0.9%)

Financials

(0.2%):

Delos

Finance

SARL,

Term,

First

Lien

,

.75

%

(SOFR03M

+

bps)

,

10/29/27

(b) .........

$

571

$

573

Industrials

(0.3%):

AAdvantage

Loyality

IP

Ltd.

(American

Airlines,

Inc.),

2025

Replacement

Term

Loan

,

4/20/28

(e) ........................................................

997

998

Materials

(0.4%):

Celanese

US

Holdings

LLC,

Delayed

Draw

Term

Loan,

First

Lien

,

.01

%

,

3/13/26

(f) ......

1,250

1,241

Total

Senior

Secured

Loans

(Cost

$2,815)

a

a

a

2,812

Corporate

Bonds

(25.5%)

Consumer

Discretionary

(1.6%):

Daimler

Truck

Finance

North

America

LLC

,

.14

%

(SOFR

+

bps)

,

9/25/27

(a) (b) ........

750

753

General

Motors

Financial

Co.,

Inc.

,

.35

%

(SOFRINDX

+

bps)

,

4/4/28

(b) ............

1,000

1,000

Las

Vegas

Sands

Corp.

,

.63

%

,

6/15/28

,

Callable

5/15/28

@

.....................

500

511

Mattel,

Inc.

,

.88

%

,

12/15/27

,

Callable

12/5/25

@

101.47 (a) ........................

500

501

Nissan

Motor

Acceptance

Co.

LLC

.00

%

,

3/9/26

,

Callable

2/9/26

@

(a) ..................................

500

.30

%

,

9/13/27

(a) ..................................................

500

Stellantis

Finance

US,

Inc.

,

.35

%

,

3/17/28

,

Callable

2/17/28

@

(a) ................

500

506

Volkswagen

Group

of

America

Finance

LLC

,

.55

%

,

9/11/28

,

Callable

8/11/28

@

(a) ...

750

753

5,015

Consumer

Staples

(0.6%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

,

.88

%

,

2/15/28

,

Callable

12/5/25

@

(a) ............................................

750

751

Smithfield

Foods,

Inc.

,

.25

%

,

2/1/27

,

Callable

11/1/26

@

(a) ....................

1,000

995

1,746

Energy

(1.4%):

Energy

Transfer

LP

,

.50

%

(H15T5Y

+

569

bps)

,

Callable

11/15/26

@

(b) (g) ...........

750

754

EQT

Corp.

,

.50

%

,

6/1/27

,

Callable

11/15/25

@

101.88 ...........................

1,250

1,271

Sunoco

LP/Sunoco

Finance

Corp.

,

.00

%

,

4/15/27

,

Callable

12/5/25

@

.............

1,000

1,001

Vnom

Sub,

Inc.

,

.38

%

,

11/1/27

(a) ..........................................

1,250

1,250

4,276

Financials

(15.4%):

Ally

Financial,

Inc.

,

.70

%

(H15T5Y

+

bps)

,

Callable

5/15/26

@

(b) (g) ...........

American

Express

Co.

,

.42

%

(SOFR

+

bps)

,

4/25/29

,

Callable

4/25/28

@

(b) .......

750

759

American

Honda

Finance

Corp.

,

.06

%

(SOFR

+

bps)

,

3/3/28

(b) ....................

1,000

1,000

American

National

Group,

Inc.

,

.75

%

,

10/1/29

,

Callable

9/1/29

@

................

500

516

Antares

Holdings

LP

,

.95

%

,

7/15/26

,

Callable

6/15/26

@

(a) (h) ..................

1,500

1,490

Ares

Capital

Corp.

,

.88

%

,

1/15/26

,

Callable

12/15/25

@

.......................

1,000

998

Athene

Global

Funding

,

.39

%

(SOFRINDX

+

bps)

,

3/25/27

(a) (b) ..................

1,000

1,007

Bank

of

America

NA

,

.29

%

(SOFR

+

bps)

,

8/18/26

,

Callable

7/17/26

@

(b) ........

500

503

Blackstone

Private

Credit

Fund

,

.95

%

,

9/26/27

,

Callable

8/26/27

@

...............

500

502

Blackstone

Secured

Lending

Fund

,

.63

%

,

1/15/26

,

Callable

12/15/25

@

............

1,000

997

Blue

Owl

Capital

Corp.

.63

%

,

1/15/27

,

Callable

12/15/26

@

.................................

750

730

.13

%

,

4/13/27

,

Callable

3/13/27

@

..................................

500

Blue

Owl

Credit

Income

Corp.

,

.13

%

,

9/23/26

,

Callable

8/23/26

@

...............

1,500

1,479

BMW

US

Capital

LLC

,

.10

%

(SOFRINDX

+

bps)

,

3/21/28

(a) (b) ...................

1,000

1,005

Capital

Impact

Partners

,

.34

%

,

8/1/30

,

Callable

5/1/30

@

......................

650

664

Citibank

NA

,

.98

%

(SOFR

+

bps)

,

11/19/27

,

Callable

11/19/26

@

(b) .............

500

501

Citigroup,

Inc.

.88

%

(H15T5Y

+

bps)

,

Callable

2/18/26

@

(b) (g) ......................

750

745

.00

%

(H15T5Y

+

bps)

,

Callable

12/10/25

@

(b) (g) .....................

Citizens

Financial

Group,

Inc.

,

.00

%

(H15T5Y

+

bps)

,

Callable

10/6/26

@

(b) (g) ....

750

737

Clearinghouse

Community

Development

Financial

Institution

,

.00

%

,

10/15/30

,

Callable

9/15/30

@

(a) ...................................................

770

812

CNO

Global

Funding

,

.88

%

,

12/10/27

(a) .....................................

1,000

1,012

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Corebridge

Global

Funding

.48

%

(SOFR

+

bps)

,

9/25/26

(a) (b) ....................................

$

$

.92

%

(SOFR

+

bps)

,

1/7/28

(a) (b) ......................................

1,000

999

Credit

Acceptance

Corp.

,

.25

%

,

12/15/28

,

Callable

12/15/25

@

104.63 (a) ..............

F&G

Global

Funding

.88

%

,

6/10/27

(a) ..................................................

500

512

.55

%

(SOFR

+

bps)

,

9/8/28

(a) (b) .....................................

750

754

Ford

Motor

Credit

Co.

LLC

.17

%

(SOFR

+

bps)

,

3/6/26

(b) .......................................

500

503

.60

%

(SOFR

+

bps)

,

11/5/26

(b) ......................................

750

750

GA

Global

Funding

Trust

,

.40

%

,

9/23/27

(a) ...................................

500

501

Glencore

Funding

LLC

,

.24

%

(SOFRINDX

+

bps)

,

4/4/27

(a) (b) ...................

1,000

1,004

Goldman

Sachs

Private

Credit

Corp.

,

.38

%

,

1/31/29

,

Callable

12/31/28

@

(a) ........

500

501

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

,

.00

%

,

6/15/27

,

Callable

3/15/27

@

(a) ....

1,250

1,299

Hercules

Capital,

Inc.

,

.63

%

,

9/16/26

,

Callable

8/16/26

@

......................

1,000

982

Horace

Mann

Educators

Corp.

,

.70

%

,

10/1/30

,

Callable

9/1/30

@

................

Hyundai

Capital

America,

Inc.

,

.22

%

(SOFR

+

bps)

,

3/19/27

(a) (b) .................

1,000

1,004

JPMorgan

Chase

&

Co.

,

.94

%

(SOFR

+

bps)

,

9/22/27

,

Callable

9/22/26

@

(b) .......

1,000

1,002

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

,

.75

%

,

6/15/29

,

Callable

12/5/25

@

101.19 (a) ..........................................

500

MassMutual

Global

Funding

II

,

.91

%

(SOFR

+

bps)

,

4/9/27

(a) (b) ..................

750

753

Mercedes-Benz

Finance

North

America

LLC

,

.11

%

(SOFR

+

bps)

,

3/31/28

(a) (b) ........

1,000

1,004

MGIC

Investment

Corp.

,

.25

%

,

8/15/28

,

Callable

11/20/25

@

...................

1,000

1,000

Morgan

Stanley

,

.19

%

(SOFR

+

bps)

,

4/13/28

,

Callable

4/13/27

@

(b) ............

1,000

1,005

New

York

Life

Global

Funding

,

.11

%

(SOFRINDX

+

bps)

,

4/2/26

(a) (b) ..............

750

752

NextEra

Energy

Capital

Holdings,

Inc.

,

.95

%

(SOFRINDX

+

bps)

,

2/4/28

(b) ..........

1,000

1,006

NMI

Holdings,

Inc.

,

.00

%

,

8/15/29

,

Callable

7/15/29

@

.......................

Pacific

Life

Global

Funding

II

,

.85

%

(SOFR

+

bps)

,

6/4/26

(a) (b) ...................

PayPal

Holdings,

Inc.

,

.89

%

(SOFR

+

bps)

,

3/6/28

(b) ...........................

750

752

Protective

Life

Global

Funding

,

.21

%

,

4/14/26

(a) ...............................

1,000

1,004

Reliance

Standard

Life

Global

Funding

II

,

.24

%

,

2/2/26

(a) ........................

1,300

1,302

Repsol

E&P

Capital

Markets

US

LLC

,

.81

%

,

9/16/28

,

Callable

8/16/28

@

(a) ........

RGA

Global

Funding

,

.35

%

,

8/25/28

(a) ......................................

500

501

Rocket

Mortgage

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

,

.88

%

,

10/15/26

,

Callable

12/5/25

@

(a) ...........................................................

1,250

1,228

Santander

Holdings

USA,

Inc.

,

.47

%

(SOFR

+

bps)

,

3/20/29

,

Callable

3/20/28

@

(b) .

1,400

1,424

Sixth

Street

Specialty

Lending,

Inc.

,

.50

%

,

8/1/26

,

Callable

7/1/26

@

(h) ............

1,000

984

Starwood

Property

Trust,

Inc.

,

.63

%

,

7/15/26

,

Callable

1/15/26

@

(a) ..............

500

Texas

Capital

Bancshares,

Inc.

,

.00

%

(H15T5Y

+

bps)

,

5/6/31

,

Callable

5/6/26

@

(b) .

Texas

Capital

Bank

NA

,

.25

%

,

1/31/26

......................................

1,000

980

The

Bank

of

New

York

Mellon

Corp.

,

.90

%

(SOFRINDX

+

bps)

,

6/9/28

,

Callable

6/9/27

@

(b) ...........................................................

1,000

1,000

The

Charles

Schwab

Corp.

,

.00

%

(H15T5Y

+

bps)

,

Callable

6/1/26

@

(b) (g) .......

500

The

Goldman

Sachs

Group,

Inc.

,

.46

%

(SOFR

+

bps)

,

4/23/28

,

Callable

4/23/27

@

(b) 1,000

1,008

Truist

Financial

Corp.

,

.14

%

(TSFR3M

+

bps)

,

5/15/27

,

Callable

12/5/25

@

(b) (h) ....

717

712

Veritex

Holdings,

Inc.

,

.88

%

(TSFR3M

+

bps)

,

10/15/30

,

Callable

1/15/26

@

(b) ....

500

Wells

Fargo

&

Co.

,

.90

%

(H15T5Y

+

bps)

,

Callable

3/15/26

@

(b) (g) ............

750

745

47,332

Health

Care

(2.1%):

Centene

Corp.

,

.25

%

,

12/15/27

,

Callable

11/20/25

@

100.71 .......................

1,250

1,231

Charles

River

Laboratories

International,

Inc.

,

.25

%

,

5/1/28

,

Callable

11/20/25

@

100.71 (a) .

1,000

986

CommonSpirit

Health

,

.35

%

,

9/1/30

,

Callable

6/1/30

@

.......................

750

748

HCA,

Inc.

,

.11

%

(SOFR

+

bps)

,

3/1/28

,

Callable

2/1/28

@

(b) ..................

1,250

1,256

Lifespan

Corp.

,

.05

%

,

2/15/30

,

Callable

8/15/29

@

...........................

Little

Co.

of

Mary

Hospital

of

Indiana,

Inc.

,

.97

%

,

11/1/25

........................

670

670

PeaceHealth

Obligated

Group

.38

%

,

11/15/25

....................................................

1,000

998

.34

%

,

11/15/28

,

Callable

8/15/28

@

..................................

6,493

Industrials

(2.4%):

American

Airlines

Pass

Through

Trust

,

.58

%

,

1/15/28

............................

Hawaiian

Airlines

Pass

Through

Certificates

,

.90

%

,

1/15/26

........................

1,244

1,236

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Regal

Rexnord

Corp.

,

.05

%

,

2/15/26

........................................

$

1,400

$

1,403

Southwest

Airlines

Co.

,

.38

%

,

11/15/28

,

Callable

10/15/28

@

...................

1,000

998

United

Airlines

Pass

Through

Trust

,

.88

%

,

1/15/26

..............................

United

Airlines,

Inc.

,

.38

%

,

4/15/26

,

Callable

12/5/25

@

(a) .....................

1,000

998

United

Rentals

North

America,

Inc.

,

.88

%

,

11/15/27

,

Callable

11/15/25

@

..........

1,000

987

XPO,

Inc.

,

.25

%

,

6/1/28

,

Callable

11/15/25

@

103.13 (a) ..........................

1,000

1,021

7,354

Information

Technology

(0.1%):

Hewlett

Packard

Enterprise

Co.

,

.16

%

(SOFR

+

bps)

,

9/15/28

(b) ...................

500

502

Materials

(0.2%):

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

756

Real

Estate

(0.6%):

Boston

Properties

LP

,

.65

%

,

2/1/26

,

Callable

11/20/25

@

......................

500

EPR

Properties

,

.50

%

,

6/1/27

,

Callable

3/1/27

@

............................

500

500

Stellantis

Financial

Services

US

Corp.

,

.89

%

(SOFR

+

bps)

,

9/15/28

(a) (b) (h) .........

750

753

1,752

Utilities

(1.1%):

Dominion

Energy,

Inc.

,

.35

%

(H15T5Y

+

bps)

,

Callable

1/15/27

@

(b) (g) .........

500

FirstEnergy

Pennsylvania

Electric

Co.

,

.60

%

,

6/1/29

,

Callable

3/1/29

@

(a) ..........

Monongahela

Power

Co.

,

.55

%

,

5/15/27

,

Callable

2/15/27

@

(a) ..................

968

960

The

Southern

Co.

,

.00

%

(H15T5Y

+

bps)

,

1/15/51

,

Callable

11/17/25

@

(b) ........

500

Vistra

Operations

Co.

LLC

,

.63

%

,

2/15/27

,

Callable

11/15/25

@

(a) ...............

1,000

1,000

3,275

Total

Corporate

Bonds

(Cost

$77,975)

a

a

a

78,501

Yankee

Dollars

(15.0%)

Consumer

Discretionary

(1.0%):

Carnival

Corp.

,

.13

%

,

5/1/29

,

Callable

2/1/29

@

(a) ...........................

600

607

Royal

Caribbean

Cruises

Ltd.

,

.50

%

,

8/31/26

,

Callable

2/28/26

@

(a) ..............

1,250

1,254

VOC

Escrow

Ltd.

,

.00

%

,

2/15/28

,

Callable

12/5/25

@

100.83 (a) ....................

1,156

1,153

3,014

Energy

(0.3%):

Var

Energi

ASA

,

.50

%

,

1/15/28

,

Callable

12/15/27

@

(a) .......................

750

794

Financials

(11.1%):

ABN

AMRO

Bank

NV

.96

%

(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) ................

Avolon

Holdings

Funding

Ltd.

,

.95

%

,

1/15/28

,

Callable

12/15/27

@

(a) ............

500

505

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

.62

%

,

12/10/29

,

Callable

11/10/29

@

(a) ....................................

Banco

Santander

SA

,

.59

%

(SOFR

+

bps)

,

3/14/28

,

Callable

3/14/27

@

(b) ........

1,500

1,510

Bank

of

Montreal

,

.82

%

(SOFRINDX

+

bps)

,

9/15/26

,

MTN

(b) ....................

1,500

1,503

Barclays

PLC

.33

%

(H15T1Y

+

bps)

,

11/2/26

(b) ....................................

500

500

.83

%

(SOFR

+

bps)

,

5/9/27

,

Callable

5/9/26

@

(b) ......................

1,000

1,008

BBVA

Global

Finance

Ltd.

,

.00

%

,

12/1/25

....................................

1,053

1,054

Beazley

Insurance

DAC

,

.50

%

,

9/10/29

......................................

BNP

Paribas

SA

,

.72

%

(SOFR

+

bps)

,

5/9/29

,

Callable

5/9/28

@

(a) (b) ...........

750

756

BPCE

SA

.15

%

(SOFRINDX

+

bps)

,

10/19/27

,

Callable

10/19/26

@

(a) (b) ............

500

506

.61

%

(SOFR

+

bps)

,

10/19/27

,

Callable

10/19/26

@

(a) (b) ................

500

510

Canadian

Imperial

Bank

of

Commerce

,

.40

%

(SOFR

+

bps)

,

10/2/26

(b) .............

1,000

1,008

Commonwealth

Bank

of

Australia

,

.72

%

(SOFR

+

bps)

,

6/15/26

(a) (b) ...............

1,500

1,502

Credit

Agricole

SA

.47

%

(SOFR

+

bps)

,

7/5/26

(a) (b) .....................................

750

754

.42

%

(SOFR

+

bps)

,

9/11/28

,

Callable

9/11/27

@

(a) (b) ..................

500

503

Deutsche

Bank

AG

,

.49

%

(SOFR

+

bps)

,

11/16/27

,

Callable

11/16/26

@

(b) .......

781

783

Essent

Group

Ltd.

,

.25

%

,

7/1/29

,

Callable

6/1/29

@

..........................

500

523

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) HSBC

Holdings

PLC

,

.86

%

(SOFR

+

bps)

,

8/14/27

,

Callable

8/14/26

@

(b) ........

$

600

$

605

ING

Groep

NV

.19

%

(SOFRINDX

+

bps)

,

4/1/27

,

Callable

4/1/26

@

(b) .................

500

501

.77

%

(SOFRINDX

+

bps)

,

9/11/27

,

Callable

9/11/26

@

(b) ................

500

504

Intesa

Sanpaolo

SpA

,

.71

%

,

1/15/26

(a) .......................................

1,420

1,423

Lloyds

Banking

Group

PLC

.86

%

(SOFRINDX

+

bps)

,

8/7/27

,

Callable

8/7/26

@

(b) .................

500

504

.27

%

(SOFRINDX

+

bps)

,

6/13/29

,

Callable

6/13/28

@

(b) ...............

750

752

National

Australia

Bank

Ltd.

,

.82

%

(SOFR

+

bps)

,

1/12/27

(a) (b) ...................

1,250

1,254

Nationwide

Building

Society

,

.57

%

(SOFR

+

bps)

,

2/16/28

,

Callable

2/16/27

@

(a) (b) 1,400

1,409

NatWest

Markets

PLC

.94

%

(SOFR

+

bps)

,

9/29/26

(a) (b) .....................................

1,000

1,003

.13

%

(SOFR

+

bps)

,

3/21/28

(a) (b) .....................................

Nordea

Bank

Abp

,

.89

%

(SOFR

+

bps)

,

3/17/28

(a) (b) ...........................

750

753

Phoenix

Group

Holdings

PLC

,

.38

%

,

7/6/27

,

MTN

..............................

1,000

1,010

Royal

Bank

of

Canada

,

.74

%

(SOFRINDX

+

bps)

,

11/2/26

(b) .....................

500

501

Santander

UK

Group

Holdings

PLC

.83

%

(SOFR

+

bps)

,

11/21/26

,

Callable

11/21/25

@

(b) ..................

500

501

.47

%

(SOFR

+

bps)

,

1/11/28

,

Callable

1/11/27

@

(b) ....................

500

Skandinaviska

Enskilda

Banken

AB

,

.99

%

(SOFR

+

bps)

,

6/2/28

(a) (b) ...............

1,000

1,004

Standard

Chartered

PLC

.11

%

(SOFR

+

bps)

,

7/6/27

,

Callable

7/6/26

@

(a) (b) ....................

500

504

.41

%

(SOFR

+

bps)

,

1/21/29

,

Callable

1/21/28

@

(a) (b) ..................

750

755

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

.97

%

(SOFR

+

bps)

,

9/11/28

(a) (b) ................

1,000

1,002

The

Bank

of

Nova

Scotia

,

.17

%

(SOFR

+

bps)

,

2/14/29

,

Callable

2/14/28

@

(b) ......

1,000

1,001

The

Toronto-Dominion

Bank

,

.80

%

(SOFR

+

bps)

,

9/10/26

(b) .....................

1,500

1,503

Westpac

Banking

Corp.

,

.76

%

(SOFR

+

bps)

,

6/3/26

(b) ..........................

1,500

1,502

34,112

Industrials

(1.2%):

Air

Canada

,

.88

%

,

8/15/26

,

Callable

2/15/26

@

(a) ...........................

750

744

Air

Canada

Pass

Through

Trust

,

.75

%

,

12/15/27

(a) ..............................

769

748

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

1,019

3,520

Information

Technology

(0.1%):

Kioxia

Holdings

Corp.

,

.25

%

,

7/24/30

,

Callable

7/24/27

@

103.13 (a) .................

Materials

(0.8%):

Alcoa

Nederland

Holding

B.V.

,

.50

%

,

12/15/27

,

Callable

12/5/25

@

(a) ............

843

840

James

Hardie

International

Finance

DAC

,

.00

%

,

1/15/28

,

Callable

12/5/25

@

100.83 (a) ...

750

746

Rio

Tinto

Finance

USA

PLC

,

.04

%

(SOFRINDX

+

bps)

,

3/14/28

(b) .................

1,000

1,009

2,595

Real

Estate

(0.2%):

Scentre

Group

Trust

1/Scentre

Group

Trust

,

.63

%

,

1/28/26

,

Callable

12/28/25

@

(a) ..

715

714

Utilities

(0.3%):

Algonquin

Power

&

Utilities

Corp.

,

.37

%

,

6/15/26

..............................

1,000

1,005

Total

Yankee

Dollars

(Cost

$45,664)

a

a

a

46,012

Municipal

Bonds

(0.3%)

California

(0.1%):

California

State

Public

Works

Board

Revenue

,

Series

B

,

.45

%

,

4/1/27

................

Ohio

(0.2%):

Columbus

Metropolitan

Housing

Authority

Revenue

,

.38

%

,

9/1/28

,

Continuously

Callable

@100

...........................................................

Total

Municipal

Bonds

(Cost

$800)

a

a

a

810

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Government

Agency

Mortgages

(0.9%)

Federal

Farm

Credit

Banks

Funding

Corporation

.58

%

,

4/2/29

.....................................................

$

750

$

751

Federal

Home

Loan

Mortgage

Corporation

.70

%

,

11/26/27

....................................................

1,000

1,000

.00

%

,

1/1/40

.....................................................

500

1,492

Federal

National

Mortgage

Association

.50

%

,

11/1/40

.....................................................

500

Total

U.S.

Government

Agency

Mortgages

(Cost

$2,737)

a

a

a

2,742

Commercial

Paper

(26.4%)

Consumer

Discretionary

(1.0%):

AutoNation,

Inc.

.51

%

,

11/5/25

(a) (i) .................................................

1,500

1,499

.51

%

,

11/6/25

(a) (i) .................................................

1,500

1,499

2,998

Consumer

Staples

(3.5%):

Bacardi-Martini

B.V.

.40

%

,

11/26/25

(a) (i) ................................................

1,500

1,495

.44

%

,

12/11/25

(a) (i) ................................................

1,500

1,493

Conagra

Brands,

Inc.

.22

%

,

11/7/25

(a) (i) .................................................

500

500

.34

%

,

11/19/25

(a) (i) ................................................

500

.36

%

,

11/20/25

(a) (i) ................................................

4,500

4,489

Keurig

Dr

Pepper,

Inc.

,

.10

%

,

11/6/25

(a) (i) ....................................

2,500

2,498

10,974

Energy

(6.6%):

Canadian

Natural

Resources

Ltd.

.23

%

,

11/3/25

(a) (i) .................................................

1,500

1,499

.28

%

,

11/6/25

(a) (i) .................................................

2,000

1,999

.32

%

,

11/19/25

(a) (i) ................................................

1,000

998

Ovintiv,

Inc.

.57

%

,

11/20/25

(a) (i) ................................................

2,750

2,743

.59

%

,

12/16/25

(a) (i) ................................................

1,000

994

.59

%

,

12/18/25

(a) (i) ................................................

2,500

2,485

Phillips

,

.16

%

,

12/1/25

(a) (i) ............................................

1,000

996

Plains

All

American

Pipeline

LP

,

.19

%

,

12/1/25

(a) (i) .............................

1,000

996

TransCanada

PipeLines

Ltd.

,

.12

%

,

12/2/25

(a) (i) ...............................

1,500

1,495

Western

Midstream

Operating

LP

.51

%

,

11/5/25

(a) (i) .................................................

1,000

999

.51

%

,

11/7/25

(a) (i) .................................................

3,500

3,497

.55

%

,

11/18/25

(a) (i) ................................................

1,500

1,497

20,198

Financials

(1.0%):

American

Honda

Finance

Corp.

,

.57

%

,

11/10/25

(a) (i) ............................

1,000

999

Brookfield

Corporate

Treasury

Ltd.

.30

%

,

11/12/25

(a) (i) ................................................

1,000

998

.39

%

,

12/22/25

(a) (i) ................................................

1,000

994

2,991

Health

Care

(1.8%):

CSLB

Holdings,

Inc.

,

.09

%

,

11/21/25

(a) (i) ....................................

2,000

1,995

HCA,

Inc.

,

.29

%

,

11/3/25

(a) (i) .............................................

3,500

3,499

5,494

Industrials

(2.8%):

Air

Lease

Corp.

.26

%

,

11/4/25

(a) (i) .................................................

3,000

2,999

.26

%

,

11/5/25

(a) (i) .................................................

1,000

999

.32

%

,

11/13/25

(a) (i) ................................................

500

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4

.38

%

,

11/20/25

(a) (i) ................................................

$

1,000

$

998

Fortune

Brands

Innovations,

Inc.

.08

%

,

11/18/25

(a) (i) ................................................

1,000

998

.09

%

,

11/19/25

(a) (i) ................................................

750

748

Stanley

Black

&

Decker,

Inc.

,

.23

%

,

12/4/25

(a) (i) ...............................

1,500

1,494

8,735

Information

Technology

(0.5%):

Jabil,

Inc.

.40

%

,

11/3/25

(a) (i) .................................................

1,000

1,000

.65

%

,

11/13/25

(a) (i) ................................................

500

1,499

Materials

(4.0%):

FMC

Corp.

.72

%

,

11/3/25

(a) (i) .................................................

2,500

2,499

.75

%

,

11/10/25

(a) (i) ................................................

1,250

1,248

.72

%

,

11/17/25

(a) (i) ................................................

1,000

998

.73

%

,

11/19/25

(a) (i) ................................................

1,000

998

.73

%

,

11/20/25

(a) (i) ................................................

500

International

Flavors

&

Fragrances,

Inc.

.13

%

,

11/6/25

(a) (i) .................................................

1,000

999

.15

%

,

11/7/25

(a) (i) .................................................

1,000

999

.11

%

,

11/13/25

(a) (i) ................................................

4,000

3,994

12,234

Real

Estate

(1.0%):

Boston

Properties

LP

,

.13

%

,

11/6/25

(a) (i) .....................................

1,703

1,702

Crown

Castle,

Inc.

.47

%

,

11/18/25

(a) (i) ................................................

500

.47

%

,

11/19/25

(a) (i) ................................................

1,000

997

3,198

Utilities

(4.2%):

American

Transmission

Co.

LLC

,

.95

%

,

11/5/25

(a) (i) ............................

1,000

999

Evergy

Missouri

West,

Inc.

.05

%

,

11/3/25

(a) (i) .................................................

1,000

1,000

.07

%

,

11/4/25

(a) (i) .................................................

3,000

2,999

.12

%

,

11/12/25

(a) (i) ................................................

2,000

1,997

National

Fuel

Gas

Co.

.40

%

,

11/17/25

(a) (i) ................................................

2,500

2,495

.40

%

,

11/18/25

(a) (i) ................................................

2,500

2,495

.42

%

,

11/21/25

(a) (i) ................................................

1,000

997

12,982

Total

Commercial

Paper

(Cost

$81,312)

a

a

a

81,303

Shares

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.01

%

(j) ........

642,373

643

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.98

%

(j) ............

642,373

642

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.00

%

(j) ................

642,373

642

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.00

%

(j) .

642,373

642

Total

Collateral

for

Securities

Loaned

(Cost

$2,569)

a

a

a

2,569

Total

Investments

(Cost

$313,779)

—

102.0%

313,612

Liabilities

in

excess

of

other

assets

— (2.0)%

(6,210)

NET

ASSETS

-

100.00%

$

307,402

At

October

31,

2025,

the

Fund's

investments

in

foreign

securities

were

20.7%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

October

31,

2025,

the

fair

value

of

these

securities

was

$227,238

(thousands)

and

amounted

to

73.9%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

October

31,

2025. (c) Security

is

interest

only.

Victory

Portfolios

III

#### Victory

#### Ultra

#### Short-Term

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(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

October

31,

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

October

31,

2025,

the

Fund

held

unfunded

or

partially

unfunded

loan

commitments

of

$1,250

(thousands),

which

included

$(9)

(thousands)

unrealized

loss.

(g) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(h) All

or

a

portion

of

this

security

is

on

loan.

(i) Rate

represents

the

effective

yield

at

October

31,

2025. (j) Rate

disclosed

is

the

daily

yield

on

October

31,

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.

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

October

31,

2025. LLC

—

Limited

Liability

Company

LLLP

—

Limited

Liability

Limited

Partnership

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

October

31,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

October

31,

2025. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

October

31,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

October

31,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

October

31,

2025. Statements

of

Assets

and

Liabilities

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Core

Plus

Intermediate

Bond

Fund

Victory

High

Income

Fund

Victory

Income

Fund

Assets:

Investments,

at

value

(Cost

$5,342,389,

$965,884

and

$4,054,389)

$

5,373,487

(a) $

974,390

(b) $

3,847,900

(c) Cash

9,569

5,023

1,765

Deposit

with

broker

for

futures

contracts

23,184

2,085

2,627

Receivables:

Dividends,

interest,

and

securities

lending

income

48,910

14,423

34,270

Capital

shares

issued

7,953

2,456

Investments

sold

1,741

11,791

2,604

From

Adviser

—

Prepaid

expenses

Total

Assets

5,464,961

1,007,818

3,891,677

Liabilities:

Payables:

Collateral

received

on

loaned

securities

18,457

12,419

11,904

Distributions

—

—

Investments

purchased

30,770

10,771

9,795

Capital

shares

redeemed

7,485

1,120

2,717

Payable

to

Adviser

—

—

Variation

margin

on

open

futures

contracts

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

1,542

958

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

Trustees'

fees

—

—

12b-1

fees

—

Other

accrued

expenses

Total

Liabilities

59,802

25,066

26,276

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

5,718,891

1,230,341

4,325,687

Total

accumulated

earnings

(loss)

(313,732)

(247,589)

(460,286)

Net

Assets

$

5,405,159

$

982,752

$

3,865,401

Net

Assets:

Fund

Shares

$

1,490,350

$

722,321

$

1,908,333

Institutional

Shares

2,619,617

258,868

1,905,317

Class

A

138,172

—

37,000

Class

C

24,861

—

—

Class

R6

1,132,159

1,563

14,751

Total

$

5,405,159

$

982,752

$

3,865,401

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

159,601

103,252

162,138

Institutional

Shares

280,467

37,059

161,986

Class

A

14,814

—

3,156

Class

C

2,664

—

—

Class

R6

121,204

1,254

Total

578,750

140,534

328,534

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

.34

$

.00

$

.77

Institutional

Shares

.34

.99

.76

Class

A

.33

—

.72

Class

C(e)

.33

—

—

Class

R6

.34

.00

.77

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

$

.54

$

—

$

.99

(a) Includes

$17,707

thousand

of

securities

on

loan.

(b) Includes

$11,951

thousand

of

securities

on

loan.

(c) Includes

$11,425

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

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Short-Term

Bond

Fund

Victory

Ultra

Short-Term

Bond

Fund

Assets:

Investments,

at

value

(Cost

$2,657,011

and

$313,779)

$

2,689,004

(a) $

313,612

(b) Cash

2,750

868

Deposit

with

broker

for

futures

contracts

—

Receivables:

Dividends,

interest,

and

securities

lending

income

20,679

1,596

Capital

shares

issued

2,954

Investments

sold

542

From

Adviser

Prepaid

expenses

Total

Assets

2,716,014

316,263

Liabilities:

Payables:

Collateral

received

on

loaned

securities

5,709

2,569

Investments

purchased

12,033

4,947

Capital

shares

redeemed

2,435

1,179

Accrued

expenses

and

other

payables:

Investment

advisory

fees

569

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(c) Trustees'

fees

—

(c) 1

12b-1

fees

—

(c) Other

accrued

expenses

Total

Liabilities

21,345

8,861

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

2,698,351

310,347

Total

accumulated

earnings

(loss)

(3,682)

(2,945)

Net

Assets

$

2,694,669

$

307,402

Net

Assets:

Fund

Shares

$

762,668

$

167,351

Institutional

Shares

1,527,157

126,439

Class

A

67,462

992

Class

R6

337,382

12,620

Total

$

2,694,669

$

307,402

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

83,153

16,586

Institutional

Shares

166,622

12,530

Class

A

7,354

Class

R6

36,765

1,250

Total

293,894

30,464

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

.17

$

.09

Institutional

Shares

.17

.09

Class

A

.17

.09

Class

R6

.18

.10

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

$

.38

$

—

(a) Includes

$5,564

thousand

of

securities

on

loan.

(b) Includes

$2,497

thousand

of

securities

on

loan.

(c) Rounds

to

less

than

$1

thousand.

(d) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Operations

For

the

Six

Months

Ended

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Core

Plus

Intermediate

Bond

Fund

Victory

High

Income

Fund

Victory

Income

Fund

Investment

Income:

Dividends

$

618

$

1,532

$

1,316

Interest

139,107

36,153

89,958

Securities

lending

(net

of

fees)

Total

Income

139,767

37,789

91,355

Expenses:

Investment

advisory

fees

9,016

2,773

6,019

Administration

fees

—

Fund

Shares

1,111

550

1,450

Administration

fees

—

Institutional

Shares

1,315

1,003

Administration

fees

—

Class

A

—

Administration

fees

—

Class

C

—

—

Administration

fees

—

Class

R6

—

(a) 4

Sub-Administration

fees

12b-1

fees

—

Class

A

—

12b-1

fees

—

Class

C

—

—

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

772

1,027

Transfer

agent

fees

—

Institutional

Shares

1,369

1,045

Transfer

agent

fees

—

Class

A

—

Transfer

agent

fees

—

Class

C

—

—

Transfer

agent

fees

—

Class

R6

—

(a) 1

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

15,069

4,270

11,063

Expenses

waived/reimbursed

by

Adviser

(113)

(40)

(18)

Net

Expenses

14,956

4,230

11,045

Net

Investment

Income

(Loss)

124,811

33,559

80,310

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(5,226)

(192)

(17,247)

Net

realized

gains

(losses)

from

futures

contracts

2,134

701

—

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

82,159

27,746

92,435

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(137)

(728)

—

Net

realized/unrealized

gains

(losses)

on

investments

78,930

27,527

75,188

Change

in

net

assets

resulting

from

operations

$

203,741

$

61,086

$

155,498

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Short-Term

Bond

Fund

Victory

Ultra

Short-Term

Bond

Fund

Investment

Income:

Dividends

$

$

—

Interest

72,024

7,922

Securities

lending

(net

of

fees)

Foreign

tax

withholding

—

—

(a) Total

Income

72,326

7,929

Expenses:

Investment

advisory

fees

3,436

Administration

fees

—

Fund

Shares

580

Administration

fees

—

Institutional

Shares

842

Administration

fees

—

Class

A

—

(a) Administration

fees

—

Class

R6

Sub-Administration

fees

12b-1

fees

—

Class

A

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

512

Transfer

agent

fees

—

Institutional

Shares

877

Transfer

agent

fees

—

Class

A

—

(a) Transfer

agent

fees

—

Class

R6

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

Total

Expenses

6,833

891

Expenses

waived/reimbursed

by

Adviser

(6)

(17)

Net

Expenses

6,827

874

Net

Investment

Income

(Loss)

65,499

7,055

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

3,359

(302)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

7,674

1,073

Net

realized/unrealized

gains

(losses)

on

investments

11,033

771

Change

in

net

assets

resulting

from

operations

$

76,532

$

7,826

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

124,811

$

229,901

$

33,559

$

76,266

$

80,310

$

176,005

Net

realized

gains

(losses)

(3,092)

(53,975)

509

(9,299)

(17,247)

(59,624)

Net

change

in

unrealized

appreciation/depreciation

82,022

205,129

27,018

12,559

92,435

214,589

Change

in

net

assets

resulting

from

operations

203,741

381,055

61,086

79,526

155,498

330,970

Distributions

to

Shareholders:

Fund

Shares

(34,283)

(65,492)

(21,613)

(53,515)

(38,644)

(79,113)

Institutional

Shares

(61,832)

(117,948)

(9,054)

(21,548)

(40,720)

(92,359)

Class

A

(2,883)

(4,773)

—

—

(716)

(1,527)

Class

C

(450)

(659)

—

—

—

—

Class

R6

(25,440)

(41,095)

(63)

(119)

(310)

(501)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(124,888)

(229,967)

(30,730)

(75,182)

(80,390)

(173,500)

Change

in

net

assets

resulting

from

capital

transactions

76,646

580,391

(51,315)

(22,377)

(214,105)

(559,398)

Change

in

net

assets

155,499

731,479

(20,959)

(18,033)

(138,997)

(401,928)

Net

Assets:

Beginning

of

period

5,249,660

4,518,181

1,003,711

1,021,744

4,004,398

4,406,326

End

of

period

$

5,405,159

$

5,249,660

$

982,752

$

1,003,711

$

3,865,401

$

4,004,398

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

100,139

$

283,780

$

34,942

$

66,385

$

45,658

$

125,729

Distributions

reinvested

33,599

63,530

19,593

48,696

36,975

75,764

Cost

of

shares

redeemed

(132,354)

(341,720)

(64,748)

(149,839)

(150,013)

(362,030)

Total

Fund

Shares

$

1,384

$

5,590

$

(10,213)

$

(34,758)

$

(67,380)

$

(160,537)

Institutional

Shares

Proceeds

from

shares

issued

$

323,403

$

817,004

$

3,051

$

21,416

$

106,439

$

246,117

Distributions

reinvested

56,075

107,038

9,044

21,526

40,623

92,136

Cost

of

shares

redeemed

(465,401)

(654,686)

(52,580)

(31,393)

(291,825)

(734,591)

Total

Institutional

Shares

$

(85,923)

$

269,356

$

(40,485)

$

11,549

$

(144,763)

$

(396,338)

Class

A

Proceeds

from

shares

issued

$

20,502

$

52,952

$

—

$

—

$

$

567

Distributions

reinvested

2,760

4,490

—

—

696

1,486

Cost

of

shares

redeemed

(11,682)

(23,694)

—

—

(3,320)

(8,459)

Total

Class

A

$

11,580

$

33,748

$

—

$

—

$

(2,351)

$

(6,406)

Class

C

Proceeds

from

shares

issued

$

3,005

$

14,314

$

—

$

—

$

—

$

—

Distributions

reinvested

606

—

—

—

—

Cost

of

shares

redeemed

(2,227)

(2,377)

—

—

—

—

Total

Class

C

$

1,200

$

12,543

$

—

$

—

$

—

$

—

Class

R6

Proceeds

from

shares

issued

$

231,344

$

446,411

$

745

$

1,653

$

4,660

$

8,552

Distributions

reinvested

25,440

40,963

501

Cost

of

shares

redeemed

(108,379)

(228,220)

(1,425)

(940)

(4,581)

(5,170)

Total

Class

R6

$

148,405

$

259,154

$

(617)

$

832

$

$

3,883

Change

in

net

assets

resulting

from

capital

transactions

$

76,646

$

580,391

$

(51,315)

$

(22,377)

$

(214,105)

$

(559,398)

Share

Transactions:

Fund

Shares

Issued

10,843

30,820

5,039

9,676

3,929

10,897

Reinvested

3,634

6,911

2,835

7,124

3,192

6,595

Redeemed

(14,336)

(37,213)

(9,325)

(21,886)

(12,912)

(31,429)

Total

Fund

Shares

518

(1,451)

(5,086)

(5,791)

(13,937)

Institutional

Shares

Issued

34,995

88,885

3,115

9,177

21,294

Reinvested

6,065

11,642

1,311

3,154

3,510

8,025

Redeemed

(50,343)

(71,449)

(7,536)

(4,609)

(24,991)

(63,880)

Total

Institutional

Shares

(9,283)

29,078

(5,784)

1,660

(12,304)

(34,561)

Class

A

Issued

2,222

5,775

—

—

Reinvested

—

—

Redeemed

(1,268)

(2,589)

—

—

(287)

(738)

Total

Class

A

1,253

3,675

—

—

(203)

(558)

Class

C

Issued

1,549

—

—

—

—

Reinvested

—

—

—

—

Redeemed

(242)

(259)

—

—

—

—

Total

Class

C

1,356

—

—

—

—

Class

R6

Issued

25,052

48,638

739

Reinvested

2,773

4,454

Redeemed

(11,743)

(24,894)

(205)

(138)

(394)

(449)

Total

Class

R6

16,082

28,198

(89)

Change

in

Shares

8,323

62,825

(7,324)

(3,305)

(18,263)

(48,722)

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

65,499

$

118,924

$

7,055

$

14,569

Net

realized

gains

(losses)

3,359

915

(302)

Net

change

in

unrealized

appreciation/depreciation

7,674

66,447

1,073

1,159

Change

in

net

assets

resulting

from

operations

76,532

186,286

7,826

15,990

Distributions

to

Shareholders:

Fund

Shares

(17,541)

(34,827)

(4,073)

(7,977)

Institutional

Shares

(38,955)

(70,745)

(2,687)

(6,084)

Class

A

(1,398)

(1,992)

(12)

(19)

Class

R6

(7,620)

(11,400)

(265)

(490)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(65,514)

(118,964)

(7,037)

(14,570)

Change

in

net

assets

resulting

from

capital

transactions

(66,313)

233,782

20,027

(11,241)

Change

in

net

assets

(55,295)

301,104

20,816

(9,821)

Net

Assets:

Beginning

of

period

2,749,964

2,448,860

286,586

296,407

End

of

period

$

2,694,669

$

2,749,964

$

307,402

$

286,586

(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

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

51,916

$

162,684

$

17,790

$

46,675

Distributions

reinvested

17,207

33,840

4,001

7,746

Cost

of

shares

redeemed

(79,707)

(228,261)

(22,480)

(40,245)

Total

Fund

Shares

$

(10,584)

$

(31,737)

$

(689)

$

14,176

Institutional

Shares

Proceeds

from

shares

issued

$

188,455

$

429,492

$

89,543

$

62,338

Distributions

reinvested

38,144

68,167

2,687

6,084

Cost

of

shares

redeemed

(329,169)

(354,445)

(76,102)

(89,026)

Total

Institutional

Shares

$

(102,570)

$

143,214

$

16,128

$

(20,604)

Class

A

Proceeds

from

shares

issued

$

13,150

$

44,507

$

584

$

Distributions

reinvested

1,275

1,847

Cost

of

shares

redeemed

(7,085)

(7,483)

(6)

(212)

Total

Class

A

$

7,340

$

38,871

$

590

$

Class

R6

Proceeds

from

shares

issued

$

76,948

$

161,451

$

5,007

$

3,138

Distributions

reinvested

7,620

11,399

Cost

of

shares

redeemed

(45,067)

(89,416)

(1,274)

(8,525)

Total

Class

R6

$

39,501

$

83,434

$

3,998

$

(4,897)

Change

in

net

assets

resulting

from

capital

transactions

$

(66,313)

$

233,782

$

20,027

$

(11,241)

Share

Transactions:

Fund

Shares

Issued

5,669

17,911

1,764

4,635

Reinvested

1,879

3,726

769

Redeemed

(8,703)

(25,167)

(2,229)

(3,999)

Total

Fund

Shares

(1,155)

(3,530)

(68)

1,405

Institutional

Shares

Issued

20,605

47,373

8,879

6,192

Reinvested

4,167

7,510

604

Redeemed

(35,878)

(39,046)

(7,549)

(8,846)

Total

Institutional

Shares

(11,106)

15,837

1,599

(2,050)

Class

A

Issued

1,437

4,922

Reinvested

Redeemed

(774)

(824)

(1)

(21)

Total

Class

A

802

4,301

Class

R6

Issued

8,392

17,769

Reinvested

840

1,254

Redeemed

(4,917)

(9,844)

(126)

(846)

Total

Class

R6

4,315

9,179

(487)

Change

in

Shares

(7,144)

25,787

1,986

(1,124)

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$9.20

$8.90

$9.26

$9.53

$11.06

$11.21

$10.78

Investment

Activities:

Net

investment

income

(loss)(b)

0.21 0.41 0.39 0.26 0.25 0.28 0.36 Net

realized

and

unrealized

gains

(losses)

0.15 0.30 (0.36)

(0.27)

(1.25)

0.25 0.58 Total

from

Investment

Activities

0.36 0.71 0.03 (0.01)

(1.00)

0.53 0.94 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.41)

(0.39)

(0.26)

(0.25)

(0.28)

(0.36)

Net

realized

gains

—

—

—

—

(0.28)

(0.40)

(0.15)

Total

Distributions

(0.22)

(0.41)

(0.39)

(0.26)

(0.53)

(0.68)

(0.51)

Net

Asset

Value,

End

of

Period

$9.34

$9.20

$8.90

$9.26

$9.53

$11.06

$11.21

Total

Return(c)(d)

3.91%

8.08%

0.38%

(0.05)%

(9.39)%

4.83%

8.94%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.64%

0.64%

0.66%

0.66%

0.65%

0.63%

0.58%

Net

Investment

Income

(Loss)(e)

4.62%

4.47%

4.35%

3.76%

2.39%

2.50%

3.32%

Gross

Expenses(e)(f)

0.64%

0.64%

0.66%

0.67%

0.65%

0.63%

0.58%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,490,350

$1,467,309

$1,414,540

$1,458,472

$1,549,932

$1,909,199

$1,960,334

Portfolio

Turnover(c)(g)

35%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$9.20

$8.90

$9.26

$9.54

$11.06

$11.22

$10.78

Investment

Activities:

Net

investment

income

(loss)(b)

0.22 0.42 0.40 0.26 0.25 0.28 0.37 Net

realized

and

unrealized

gains

(losses)

0.14 0.30 (0.36)

(0.28)

(1.24)

0.24 0.59 Total

from

Investment

Activities

0.36 0.72 0.04 (0.02)

(0.99)

0.52 0.96 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.42)

(0.40)

(0.26)

(0.25)

(0.28)

(0.37)

Net

realized

gains

—

—

—

—

(0.28)

(0.40)

(0.15)

Total

Distributions

(0.22)

(0.42)

(0.40)

(0.26)

(0.53)

(0.68)

(0.52)

Net

Asset

Value,

End

of

Period

$9.34

$9.20

$8.90

$9.26

$9.54

$11.06

$11.22

Total

Return(c)(d)

3.95%

8.17%

0.46%

(0.10)%

(9.24)%

4.80%

9.11%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.56%

0.55%

0.57%

0.59%

0.58%

0.57%

0.51%

Net

Investment

Income

(Loss)(e)

4.70%

4.55%

4.46%

3.82%

2.46%

2.56%

3.39%

Gross

Expenses(e)(f)

0.56%

0.56%

0.59%

0.62%

0.60%

0.59%

0.52%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,619,617

$2,666,808

$2,320,468

$1,396,075

$1,499,048

$1,901,458

$1,791,887

Portfolio

Turnover(c)(g)

35%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$9.19

$8.89

$9.25

$9.52

$11.05

$11.20

$10.77

Investment

Activities:

Net

investment

income

(loss)(b)

0.20 0.39 0.37 0.24 0.22 0.25 0.33 Net

realized

and

unrealized

gains

(losses)

0.14 0.30 (0.36)

(0.27)

(1.25)

0.25 0.58 Total

from

Investment

Activities

0.34 0.69 0.01 (0.03)

(1.03)

0.50 0.91 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.39)

(0.37)

(0.24)

(0.22)

(0.25)

(0.33)

Net

realized

gains

—

—

—

—

(0.28)

(0.40)

(0.15)

Total

Distributions

(0.20)

(0.39)

(0.37)

(0.24)

(0.50)

(0.65)

(0.48)

Net

Asset

Value,

End

of

Period

$9.33

$9.19

$8.89

$9.25

$9.52

$11.05

$11.20

Total

Return(c)(d)

3.80%

7.83%

0.13%

(0.24)%

(9.64)%

4.55%

8.66%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.86%

0.88%

0.91%

0.92%

0.92%

0.91%

0.86%

Net

Investment

Income

(Loss)(e)

4.41%

4.24%

4.13%

3.52%

2.16%

2.22%

3.06%

Gross

Expenses(e)(f)

0.86%

0.88%

0.91%

0.93%

0.92%

0.92%

0.86%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$138,172

$124,634

$87,880

$59,996

$52,190

$46,911

$45,991

Portfolio

Turnover(c)(g)

35%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$9.20

$8.89

$9.25

$9.53

$11.05

$11.20

$10.99

Investment

Activities:

Net

investment

income

(loss)(c)

0.17 0.33 0.32 0.19 0.15 0.16 0.02 Net

realized

and

unrealized

gains

(losses)

0.13 0.31 (0.37)

(0.27)

(1.23)

0.27 0.21 Total

from

Investment

Activities

0.30 0.64 (0.05)

(0.08)

(1.08)

0.43 0.23 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.33)

(0.31)

(0.20)

(0.16)

(0.18)

(0.02)

Net

realized

gains

—

—

—

—

(0.28)

(0.40)

—

Total

Distributions

(0.17)

(0.33)

(0.31)

(0.20)

(0.44)

(0.58)

(0.02)

Net

Asset

Value,

End

of

Period

$9.33

$9.20

$8.89

$9.25

$9.53

$11.05

$11.20

Total

Return(d)(e)

3.34%

7.25%

(0.51)%

(0.82)%

(10.11)%

3.90%

2.09%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.51%

1.53%

1.54%

1.56%

1.54%

1.53%

1.53%

Net

Investment

Income

(Loss)(f)

3.75%

3.60%

3.55%

2.85%

1.51%

1.50%

2.06%

Gross

Expenses(f)(g)

1.63%

1.68%

1.93%

2.82%

1.99%

2.60%

175.78%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$24,861

$23,307

$10,474

$1,594

$2,059

$2,544

$19

Portfolio

Turnover(d)(h)

35%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$9.20

$8.90

$9.26

$9.54

$11.06

$11.22

$10.79

Investment

Activities:

Net

investment

income

(loss)(b)

0.23 0.43 0.42 0.28 0.27 0.29 0.37 Net

realized

and

unrealized

gains

(losses)

0.14 0.30 (0.37)

(0.29)

(1.24)

0.25 0.59 Total

from

Investment

Activities

0.37 0.73 0.05 (0.01)

(0.97)

0.54 0.96 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.43)

(0.41)

(0.27)

(0.27)

(0.30)

(0.38)

Net

realized

gains

—

—

—

—

(0.28)

(0.40)

(0.15)

Total

Distributions

(0.23)

(0.43)

(0.41)

(0.27)

(0.55)

(0.70)

(0.53)

Net

Asset

Value,

End

of

Period

$9.34

$9.20

$8.90

$9.26

$9.54

$11.06

$11.22

Total

Return(c)(d)

4.02%

8.32%

0.62%

0.03%

(9.08)%

4.97%

9.14%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.42%

0.41%

0.42%

0.42%

0.41%

0.42%

0.39%

Net

Investment

Income

(Loss)(e)

4.84%

4.70%

4.62%

4.04%

2.70%

2.65%

3.45%

Gross

Expenses(e)(f)

0.42%

0.43%

0.42%

0.44%

0.43%

0.46%

0.46%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,132,159

$967,602

$684,819

$284,153

$163,640

$87,708

$26,359

Portfolio

Turnover(c)(g)

35%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$6.79

$6.76

$6.71

$6.91

$7.92

$7.44

$7.91

Investment

Activities:

Net

investment

income

(loss)(b)

0.23 0.50 0.52 0.33 0.37 0.39 0.44 Net

realized

and

unrealized

gains

(losses)

0.19 0.03 0.05 (0.20)

(1.00)

0.47 (0.47)

Total

from

Investment

Activities

0.42 0.53 0.57 0.13 (0.63)

0.86 (0.03)

Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.50)

(0.52)

(0.33)

(0.38)

(0.38)

(0.44)

Total

Distributions

(0.21)

(0.50)

(0.52)

(0.33)

(0.38)

(0.38)

(0.44)

Net

Asset

Value,

End

of

Period

$7.00

$6.79

$6.76

$6.71

$6.91

$7.92

$7.44

Total

Return(c)(d)

6.21%

8.01%

8.78%

2.00%

(8.17)%

11.84%

(0.27)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.84%

0.79%

0.81%

0.78%

0.75%

0.75%

0.81%

Net

Investment

Income

(Loss)(e)

6.45%

7.35%

7.69%

6.53%

4.93%

5.01%

5.82%

Gross

Expenses(e)(f)

0.84%

0.79%

0.81%

0.79%

0.75%

0.75%

0.81%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$722,321

$711,083

$742,382

$747,751

$782,254

$962,971

$1,027,510

Portfolio

Turnover(c)(g)

38%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$6.78

$6.75

$6.70

$6.90

$7.91

$7.43

$7.90

Investment

Activities:

Net

investment

income

(loss)(b)

0.23 0.51 0.52 0.33 0.38 0.39 0.44 Net

realized

and

unrealized

gains

(losses)

0.19 0.02 0.05 (0.19)

(1.00)

0.48 (0.47)

Total

from

Investment

Activities

0.42 0.53 0.57 0.14 (0.62)

0.87 (0.03)

Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.50)

(0.52)

(0.34)

(0.39)

(0.39)

(0.44)

Total

Distributions

(0.21)

(0.50)

(0.52)

(0.34)

(0.39)

(0.39)

(0.44)

Net

Asset

Value,

End

of

Period

$6.99

$6.78

$6.75

$6.70

$6.90

$7.91

$7.43

Total

Return(c)(d)

6.26%

8.12%

8.89%

2.11%

(8.08)%

11.93%

(0.19)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.77%

0.70%

0.72%

0.64%

0.64%

0.67%

0.72%

Net

Investment

Income

(Loss)(e)

6.53%

7.43%

7.78%

6.65%

5.00%

5.08%

5.91%

Gross

Expenses(e)(f)

0.79%

0.72%

0.73%

0.66%

0.65%

0.68%

0.73%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$258,868

$290,512

$278,069

$264,669

$317,913

$801,226

$798,688

Portfolio

Turnover(c)(g)

38%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$6.79

$6.76

$6.71

$6.91

$7.92

$7.43

$7.90

Investment

Activities:

Net

investment

income

(loss)(b)

0.23 0.51 0.53 0.34 0.41 0.40 0.45 Net

realized

and

unrealized

gains

(losses)

0.19 0.03 0.05 (0.20)

(1.00)

0.49 (0.47)

Total

from

Investment

Activities

0.42 0.54 0.58 0.14 (0.59)

0.89 (0.02)

Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.51)

(0.53)

(0.34)

(0.42)

(0.40)

(0.45)

Total

Distributions

(0.21)

(0.51)

(0.53)

(0.34)

(0.42)

(0.40)

(0.45)

Net

Asset

Value,

End

of

Period

$7.00

$6.79

$6.76

$6.71

$6.91

$7.92

$7.43

Total

Return(c)(d)

6.29%

8.16%

8.90%

2.19%

(7.65)%

12.25%

(0.12)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.68%

0.65%

0.68%

0.56%

0.22%

0.58%

0.64%

Net

Investment

Income

(Loss)(e)

6.72%

7.46%

7.85%

6.75%

5.51%

5.25%

5.98%

Gross

Expenses(e)(f)

1.50%

1.83%

2.17%

3.06%

4.07%

0.92%

0.82%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,563

$2,116

$1,293

$774

$763

$463

$5,323

Portfolio

Turnover(c)(g)

38%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$11.55

$11.15

$11.43

$11.80

$13.83

$13.95

$13.28

Investment

Activities:

Net

investment

income

(loss)(b)

0.23 0.46 0.44 0.29 0.36 0.40 0.43 Net

realized

and

unrealized

gains

(losses)

0.22 0.39 (0.27)

(0.37)

(1.76)

0.11 0.69 Total

from

Investment

Activities

0.45 0.85 0.17 (0.08)

(1.40)

0.51 1.12 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.45)

(0.45)

(0.29)

(0.36)

(0.40)

(0.41)

Net

realized

gains

—

—

—

—

(0.27)

(0.23)

(0.04)

Total

Distributions

(0.23)

(0.45)

(0.45)

(0.29)

(0.63)

(0.63)

(0.45)

Net

Asset

Value,

End

of

Period

$11.77

$11.55

$11.15

$11.43

$11.80

$13.83

$13.95

Total

Return(c)(d)

3.98%

7.73%

1.53%

(0.64)%

(10.41)%

3.75%

8.64%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.58%

0.59%

0.59%

0.58%

0.46%

0.44%

0.50%

Net

Investment

Income

(Loss)(e)

4.00%

3.96%

3.92%

3.40%

2.78%

2.90%

3.22%

Gross

Expenses(e)(f)

0.58%

0.59%

0.60%

0.59%

0.46%

0.44%

0.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,908,333

$1,939,750

$2,026,932

$2,260,747

$2,472,982

$3,089,682

$3,292,322

Portfolio

Turnover(c)(g)

8%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$11.54

$11.14

$11.42

$11.79

$13.82

$13.94

$13.27

Investment

Activities:

Net

investment

income

(loss)(b)

0.24 0.46 0.44 0.29 0.36 0.41 0.44 Net

realized

and

unrealized

gains

(losses)

0.22 0.40 (0.27)

(0.37)

(1.75)

0.11 0.69 Total

from

Investment

Activities

0.46 0.86 0.17 (0.08)

(1.39)

0.52 1.13 Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

(0.46)

(0.45)

(0.29)

(0.37)

(0.41)

(0.42)

Net

realized

gains

—

—

—

—

(0.27)

(0.23)

(0.04)

Total

Distributions

(0.24)

(0.46)

(0.45)

(0.29)

(0.64)

(0.64)

(0.46)

Net

Asset

Value,

End

of

Period

$11.76

$11.54

$11.14

$11.42

$11.79

$13.82

$13.94

Total

Return(c)(d)

4.01%

7.80%

1.58%

(0.62)%

(10.37)%

3.80%

8.78%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.52%

0.53%

0.55%

0.54%

0.41%

0.40%

0.45%

Net

Investment

Income

(Loss)(e)

4.05%

4.01%

3.96%

3.44%

2.81%

2.95%

3.28%

Gross

Expenses(e)(f)

0.53%

0.53%

0.55%

0.55%

0.41%

0.40%

0.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,905,317

$2,011,922

$2,326,045

$2,564,595

$2,914,607

$4,898,801

$4,978,740

Portfolio

Turnover(c)(g)

8%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$11.50

$11.10

$11.39

$11.76

$13.79

$13.91

$13.24

Investment

Activities:

Net

investment

income

(loss)(b)

0.22 0.42 0.41 0.27 0.32 0.36 0.40 Net

realized

and

unrealized

gains

(losses)

0.22 0.40 (0.28)

(0.38)

(1.75)

0.11 0.69 Total

from

Investment

Activities

0.44 0.82 0.13 (0.11)

(1.43)

0.47 1.09 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.42)

(0.42)

(0.26)

(0.33)

(0.36)

(0.38)

Net

realized

gains

—

—

—

—

(0.27)

(0.23)

(0.04)

Total

Distributions

(0.22)

(0.42)

(0.42)

(0.26)

(0.60)

(0.59)

(0.42)

Net

Asset

Value,

End

of

Period

$11.72

$11.50

$11.10

$11.39

$11.76

$13.79

$13.91

Total

Return(c)(d)

3.87%

7.51%

1.20%

(0.83)%

(10.65)%

3.50%

8.40%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.82%

0.84%

0.85%

0.83%

0.71%

0.70%

0.77%

Net

Investment

Income

(Loss)(e)

3.76%

3.70%

3.66%

3.15%

2.53%

2.64%

2.96%

Gross

Expenses(e)(f)

0.86%

0.90%

0.88%

0.87%

0.72%

0.71%

0.77%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$37,000

$38,648

$43,490

$51,813

$58,054

$77,209

$87,216

Portfolio

Turnover(c)(g)

8%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$11.55

$11.14

$11.43

$11.80

$13.83

$13.95

$13.27

Investment

Activities:

Net

investment

income

(loss)(b)

0.24 0.47 0.46 0.30 0.38 0.42 0.45 Net

realized

and

unrealized

gains

(losses)

0.22 0.41 (0.29)

(0.38)

(1.76)

0.11 0.70 Total

from

Investment

Activities

0.46 0.88 0.17 (0.08)

(1.38)

0.53 1.15 Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

(0.47)

(0.46)

(0.29)

(0.38)

(0.42)

(0.43)

Net

realized

gains

—

—

—

—

(0.27)

(0.23)

(0.04)

Total

Distributions

(0.24)

(0.47)

(0.46)

(0.29)

(0.65)

(0.65)

(0.47)

Net

Asset

Value,

End

of

Period

$11.77

$11.55

$11.14

$11.43

$11.80

$13.83

$13.95

Total

Return(c)(d)

4.07%

7.99%

1.58%

(0.58)%

(10.28)%

3.90%

8.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.43%

0.43%

0.45%

0.49%

0.32%

0.30%

0.37%

Net

Investment

Income

(Loss)(e)

4.15%

4.12%

4.07%

3.50%

2.93%

3.07%

3.35%

Gross

Expenses(e)(f)

0.48%

0.52%

0.57%

0.74%

0.45%

0.35%

0.37%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,751

$14,078

$9,859

$7,820

$6,979

$8,094

$21,794

Portfolio

Turnover(c)(g)

8%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$9.14

$8.90

$8.77

$8.82

$9.35

$9.29

$9.21

Investment

Activities:

Net

investment

income

(loss)(b)

0.21 0.40 0.35 0.19 0.17 0.23 0.26 Net

realized

and

unrealized

gains

(losses)

0.03 0.24 0.14 (0.04)

(0.46)

0.10 0.08 Total

from

Investment

Activities

0.24 0.64 0.49 0.15 (0.29)

0.33 0.34 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.40)

(0.36)

(0.20)

(0.19)

(0.23)

(0.26)

Net

realized

gains

—

—

—

—

(0.05)

(0.04)

—(c)

Total

Distributions

(0.21)

(0.40)

(0.36)

(0.20)

(0.24)

(0.27)

(0.26)

Net

Asset

Value,

End

of

Period

$9.17

$9.14

$8.90

$8.77

$8.82

$9.35

$9.29

Total

Return(d)(e)

2.64%

7.36%

5.73%

1.70%

(3.18)%

3.60%

3.79%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.56%

0.57%

0.59%

0.59%

0.56%

0.54%

0.52%

Net

Investment

Income

(Loss)(f)

4.53%

4.45%

3.96%

2.86%

1.92%

2.44%

2.82%

Gross

Expenses(f)(g)

0.56%

0.57%

0.59%

0.59%

0.56%

0.54%

0.52%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$762,668

$770,416

$781,752

$828,710

$927,583

$1,015,085

$1,040,688

Portfolio

Turnover(d)(h)

20%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$9.13

$8.89

$8.77

$8.82

$9.35

$9.29

$9.20

Investment

Activities:

Net

investment

income

(loss)(b)

0.21 0.41 0.36 0.19 0.18 0.23 0.27 Net

realized

and

unrealized

gains

(losses)

0.04 0.24 0.13 (0.04)

(0.46)

0.11 0.09 Total

from

Investment

Activities

0.25 0.65 0.49 0.15 (0.28)

0.34 0.36 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.41)

(0.37)

(0.20)

(0.20)

(0.24)

(0.27)

Net

realized

gains

—

—

—

—

(0.05)

(0.04)

—(c)

Total

Distributions

(0.21)

(0.41)

(0.37)

(0.20)

(0.25)

(0.28)

(0.27)

Net

Asset

Value,

End

of

Period

$9.17

$9.13

$8.89

$8.77

$8.82

$9.35

$9.29

Total

Return(d)(e)

2.80%

7.47%

5.72%

1.77%

(3.09)%

3.68%

4.01%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.46%

0.47%

0.49%

0.50%

0.48%

0.46%

0.42%

Net

Investment

Income

(Loss)(f)

4.63%

4.55%

4.07%

2.95%

2.00%

2.51%

2.92%

Gross

Expenses(f)(g)

0.46%

0.47%

0.49%

0.50%

0.48%

0.46%

0.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,527,157

$1,622,966

$1,439,848

$1,377,404

$1,681,332

$2,020,237

$1,777,916

Portfolio

Turnover(d)(h)

20%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$9.14

$8.90

$8.77

$8.82

$9.35

$9.29

$9.21

Investment

Activities:

Net

investment

income

(loss)(b)

0.20 0.39 0.34 0.18 0.16 0.21 0.24 Net

realized

and

unrealized

gains

(losses)

0.03 0.24 0.14 (0.04)

(0.47)

0.10 0.08 Total

from

Investment

Activities

0.23 0.63 0.48 0.14 (0.31)

0.31 0.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.39)

(0.35)

(0.19)

(0.17)

(0.21)

(0.24)

Net

realized

gains

—

—

—

—

(0.05)

(0.04)

—(c)

Total

Distributions

(0.20)

(0.39)

(0.35)

(0.19)

(0.22)

(0.25)

(0.24)

Net

Asset

Value,

End

of

Period

$9.17

$9.14

$8.90

$8.77

$8.82

$9.35

$9.29

Total

Return(d)(e)

2.55%

7.17%

5.54%

1.56%

(3.37)%

3.38%

3.58%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.74%

0.75%

0.77%

0.77%

0.76%

0.74%

0.73%

Net

Investment

Income

(Loss)(f)

4.35%

4.28%

3.80%

2.69%

1.73%

2.24%

2.61%

Gross

Expenses(f)(g)

0.76%

0.78%

0.87%

0.90%

0.89%

1.03%

0.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$67,462

$59,884

$20,034

$14,974

$15,489

$12,031

$11,236

Portfolio

Turnover(d)(h)

20%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$9.14

$8.90

$8.78

$8.83

$9.36

$9.30

$9.21

Investment

Activities:

Net

investment

income

(loss)(b)

0.22 0.43 0.37 0.21 0.20 0.23 0.27 Net

realized

and

unrealized

gains

(losses)

0.04 0.24 0.14 (0.05)

(0.47)

0.11 0.09 Total

from

Investment

Activities

0.26 0.67 0.51 0.16 (0.27)

0.34 0.36 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.43)

(0.39)

(0.21)

(0.21)

(0.24)

(0.27)

Net

realized

gains

—

—

—

—

(0.05)

(0.04)

—(c)

Total

Distributions

(0.22)

(0.43)

(0.39)

(0.21)

(0.26)

(0.28)

(0.27)

Net

Asset

Value,

End

of

Period

$9.18

$9.14

$8.90

$8.78

$8.83

$9.36

$9.30

Total

Return(d)(e)

2.87%

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%

0.33%

0.34%

0.36%

0.42%

0.39%

Net

Investment

Income

(Loss)(f)

4.76%

4.70%

4.23%

3.18%

2.20%

2.50%

2.96%

Gross

Expenses(f)(g)

0.33%

0.33%

0.33%

0.34%

0.36%

0.49%

0.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$337,382

$296,698

$207,226

$181,195

$110,978

$16,111

$7,950

Portfolio

Turnover(d)(h)

20%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$10.06

$10.01

$9.91

$9.85

$10.12

$10.13

$10.05

Investment

Activities:

Net

investment

income

(loss)(b)

0.25 0.52 0.51 0.14 0.19 0.09 0.20 Net

realized

and

unrealized

gains

(losses)

0.03 0.05 0.10 0.06 (0.26)

(0.01)

0.08 Total

from

Investment

Activities

0.28 0.57 0.61 0.20 (0.07)

0.08 0.28 Distributions

to

Shareholders

from:

Net

investment

income

(0.25)

(0.52)

(0.51)

(0.14)

(0.20)

(0.09)

(0.20)

Total

Distributions

(0.25)

(0.52)

(0.51)

(0.14)

(0.20)

(0.09)

(0.20)

Net

Asset

Value,

End

of

Period

$10.09

$10.06

$10.01

$9.91

$9.85

$10.12

$10.13

Total

Return(c)(d)

2.77%

5.86%

6.28%

2.05%

(0.68)%

0.80%

2.81%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.61%

0.59%

0.62%

0.66%

0.63%

0.62%

0.60%

Net

Investment

Income

(Loss)(e)

4.84%

5.20%

5.09%

4.32%

1.96%

0.89%

2.01%

Gross

Expenses(e)(f)

0.61%

0.59%

0.62%

0.68%

0.63%

0.62%

0.60%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$167,351

$167,586

$152,686

$166,303

$169,400

$210,831

$212,503

Portfolio

Turnover(c)(g)

29%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$10.06

$10.01

$9.91

$9.85

$10.12

$10.13

$10.05

Investment

Activities:

Net

investment

income

(loss)(b)

0.25 0.53 0.51 0.15 0.20 0.10 0.19 Net

realized

and

unrealized

gains

(losses)

0.03 0.05 0.10 0.05 (0.26)

(0.01)

0.09 Total

from

Investment

Activities

0.28 0.58 0.61 0.20 (0.06)

0.09 0.28 Distributions

to

Shareholders

from:

Net

investment

income

(0.25)

(0.53)

(0.51)

(0.14)

(0.21)

(0.10)

(0.20)

Total

Distributions

(0.25)

(0.53)

(0.51)

(0.14)

(0.21)

(0.10)

(0.20)

Net

Asset

Value,

End

of

Period

$10.09

$10.06

$10.01

$9.91

$9.85

$10.12

$10.13

Total

Return(c)(d)

2.77%

5.88%

6.33%

2.07%

(0.62)%

0.87%

2.87%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.60%

0.57%

0.57%

0.58%

0.57%

0.55%

0.56%

Net

Investment

Income

(Loss)(e)

4.85%

5.23%

5.14%

4.45%

2.03%

0.96%

1.86%

Gross

Expenses(e)(f)

0.60%

0.57%

0.58%

0.60%

0.67%

0.55%

0.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$126,439

$110,004

$129,978

$143,135

$102,043

$79,662

$56,042

Portfolio

Turnover(c)(g)

29%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$10.07

$10.02

$9.91

$9.85

$10.12

$10.13

$9.90

Investment

Activities:

Net

investment

income

(loss)(c)

0.23 0.50 0.49 0.13 0.27 0.07 0.07 Net

realized

and

unrealized

gains

(losses)

0.02 0.05 0.10 0.06 (0.36)

(0.01)

0.23 Total

from

Investment

Activities

0.25 0.55 0.59 0.19 (0.09)

0.06 0.30 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.50)

(0.48)

(0.13)

(0.18)

(0.07)

(0.07)

Total

Distributions

(0.23)

(0.50)

(0.48)

(0.13)

(0.18)

(0.07)

(0.07)

Net

Asset

Value,

End

of

Period

$10.09

$10.07

$10.02

$9.91

$9.85

$10.12

$10.13

Total

Return(d)(e)

2.53%

5.60%

6.09%

1.96%

(0.91)%

0.57%

3.02%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.87%

0.85%

0.86%

0.92%

0.85%

0.85%

0.84%

Net

Investment

Income

(Loss)(f)

4.55%

4.96%

4.90%

4.07%

2.77%

0.65%

1.32%

Gross

Expenses(f)(g)

3.90%

5.13%

8.30%

11.79%

2.73%

14.86%

108.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$992

$401

$315

$135

$133

$59

$19

Portfolio

Turnover(d)(h)

29%

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

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$10.07

$10.02

$9.92

$9.86

$10.12

$10.13

$10.05

Investment

Activities:

Net

investment

income

(loss)(b)

0.25 0.54 0.54 0.15 0.25 0.11 0.21 Net

realized

and

unrealized

gains

(losses)

0.03 0.05 0.09 0.06 (0.30)

(0.02)

0.09 Total

from

Investment

Activities

0.28 0.59 0.63 0.21 (0.05)

0.09 0.30 Distributions

to

Shareholders

from:

Net

investment

income

(0.25)

(0.54)

(0.53)

(0.15)

(0.21)

(0.10)

(0.22)

Total

Distributions

(0.25)

(0.54)

(0.53)

(0.15)

(0.21)

(0.10)

(0.22)

Net

Asset

Value,

End

of

Period

$10.10

$10.07

$10.02

$9.92

$9.86

$10.12

$10.13

Total

Return(c)(d)

2.85%

6.02%

6.49%

2.12%

(0.43)%

0.91%

3.02%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.43%

0.42%

0.41%

0.44%

0.47%

0.48%

0.41%

Net

Investment

Income

(Loss)(e)

5.01%

5.39%

5.37%

4.53%

2.56%

1.09%

2.15%

Gross

Expenses(e)(f)

0.59%

0.58%

0.55%

0.83%

0.83%

0.49%

0.51%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$12,620

$8,595

$13,428

$4,948

$5,309

$2,223

$7,648

Portfolio

Turnover(c)(g)

29%

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following five funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

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

(ASC) 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

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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

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

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

October

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

Level

Level

Level

Total

Core

Plus

Intermediate

Bond

Fund

Asset-Backed

Securities

.........................................

$

—

$

1,016,956

$

—

$

1,016,956

Collateralized

Loan

Obligations

...................................

—

94,191

—

94,191

Collateralized

Mortgage

Obligations

................................

—

514,152

—

514,152

Preferred

Stocks

...............................................

16,642

—

—

16,642

Senior

Secured

Loans

...........................................

—

93,507

—

93,507

Corporate

Bonds

..............................................

—

1,085,400

—

1,085,400

Yankee

Dollars

...............................................

—

193,474

—

193,474

Municipal

Bonds

..............................................

—

248,458

—

248,458

U.S.

Government

Agency

Mortgages

................................

—

1,033,285

—

1,033,285

U.S.

Treasury

Obligations

........................................

—

1,054,667

—

1,054,667

Commercial

Paper

.............................................

—

4,298

—

4,298

Collateral

for

Securities

Loaned

...................................

18,457

—

—

18,457

Total

.......................................................

$

35,099

$

5,338,388

$

—

$

5,373,487

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

6,444

—

—

6,444

Total

.......................................................

$

6,444

$

—

$

—

$

6,444

High

Income

Fund

Asset-Backed

Securities

.........................................

—

58,737

—

58,737

Collateralized

Mortgage

Obligations

................................

—

14,519

—

14,519

Common

Stocks

...............................................

3,040

—

566

3,606

Preferred

Stocks

...............................................

4,504

—

—

4,504

Senior

Secured

Loans

...........................................

—

72,647

—

72,647

Corporate

Bonds

..............................................

—

580,762

—

580,762

Yankee

Dollars

...............................................

—

138,355

—

138,355

Commercial

Paper

.............................................

—

70,071

—

70,071

Exchange-Traded

Funds

.........................................

18,770

—

—

18,770

Collateral

for

Securities

Loaned

...................................

12,419

—

—

12,419

Total

.......................................................

$

38,733

$

935,091

$

566

$

974,390

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

—

—

Total

.......................................................

$

$

—

$

—

$

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

As

of October

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Level

Level

Level

Total

Income

Fund

Asset-Backed

Securities

.........................................

$

—

$

433,303

$

—

$

433,303

Collateralized

Mortgage

Obligations

................................

—

201,946

—

201,946

Preferred

Stocks

...............................................

33,428

—

—

33,428

Corporate

Bonds

..............................................

—

1,310,461

—

1,310,461

Yankee

Dollars

...............................................

—

335,666

—

335,666

Municipal

Bonds

..............................................

—

99,412

—

99,412

U.S.

Government

Agency

Mortgages

................................

—

375,349

—

375,349

U.S.

Treasury

Obligations

........................................

—

1,012,936

—

1,012,936

Commercial

Paper

.............................................

—

33,495

—

33,495

Collateral

for

Securities

Loaned

...................................

11,904

—

—

11,904

Total

.......................................................

$

45,332

$

3,802,568

$

—

$

3,847,900

Short-Term

Bond

Fund

Asset-Backed

Securities

.........................................

—

853,741

—

853,741

Collateralized

Loan

Obligations

...................................

—

2,853

—

2,853

Collateralized

Mortgage

Obligations

................................

—

124,513

—

124,513

Preferred

Stocks

...............................................

6,006

—

—

6,006

Senior

Secured

Loans

...........................................

—

4,466

—

4,466

Corporate

Bonds

..............................................

—

974,824

—

974,824

Yankee

Dollars

...............................................

—

207,358

—

207,358

Municipal

Bonds

..............................................

—

28,641

—

28,641

U.S.

Government

Agency

Mortgages

................................

—

13,389

—

13,389

U.S.

Treasury

Obligations

........................................

—

424,689

—

424,689

Commercial

Paper

.............................................

—

42,815

—

42,815

Collateral

for

Securities

Loaned

...................................

5,709

—

—

5,709

Total

.......................................................

$

11,715

$

2,677,289

$

—

$

2,689,004

Ultra

Short-Term

Bond

Fund

Asset-Backed

Securities

.........................................

—

61,433

—

61,433

Collateralized

Loan

Obligations

...................................

—

2,758

—

2,758

Collateralized

Mortgage

Obligations

................................

—

34,672

—

34,672

Senior

Secured

Loans

...........................................

—

2,812

—

2,812

Corporate

Bonds

..............................................

—

78,501

—

78,501

Yankee

Dollars

...............................................

—

46,012

—

46,012

Municipal

Bonds

..............................................

—

810

—

810

U.S.

Government

Agency

Mortgages

................................

—

2,742

—

2,742

Commercial

Paper

.............................................

—

81,303

—

81,303

Collateral

for

Securities

Loaned

...................................

2,569

—

—

2,569

Total

.......................................................

$

2,569

$

311,043

$

—

$

313,612

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

As

of October

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Level

Level

Level

Total

Income

Fund

Asset-Backed

Securities

.........................................

$

—

$

433,303

$

—

$

433,303

Collateralized

Mortgage

Obligations

................................

—

201,946

—

201,946

Preferred

Stocks

...............................................

33,428

—

—

33,428

Corporate

Bonds

..............................................

—

1,310,461

—

1,310,461

Yankee

Dollars

...............................................

—

335,666

—

335,666

Municipal

Bonds

..............................................

—

99,412

—

99,412

U.S.

Government

Agency

Mortgages

................................

—

375,349

—

375,349

U.S.

Treasury

Obligations

........................................

—

1,012,936

—

1,012,936

Commercial

Paper

.............................................

—

33,495

—

33,495

Collateral

for

Securities

Loaned

...................................

11,904

—

—

11,904

Total

.......................................................

$

45,332

$

3,802,568

$

—

$

3,847,900

Short-Term

Bond

Fund

Asset-Backed

Securities

.........................................

—

853,741

—

853,741

Collateralized

Loan

Obligations

...................................

—

2,853

—

2,853

Collateralized

Mortgage

Obligations

................................

—

124,513

—

124,513

Preferred

Stocks

...............................................

6,006

—

—

6,006

Senior

Secured

Loans

...........................................

—

4,466

—

4,466

Corporate

Bonds

..............................................

—

974,824

—

974,824

Yankee

Dollars

...............................................

—

207,358

—

207,358

Municipal

Bonds

..............................................

—

28,641

—

28,641

U.S.

Government

Agency

Mortgages

................................

—

13,389

—

13,389

U.S.

Treasury

Obligations

........................................

—

424,689

—

424,689

Commercial

Paper

.............................................

—

42,815

—

42,815

Collateral

for

Securities

Loaned

...................................

5,709

—

—

5,709

Total

.......................................................

$

11,715

$

2,677,289

$

—

$

2,689,004

Ultra

Short-Term

Bond

Fund

Asset-Backed

Securities

.........................................

—

61,433

—

61,433

Collateralized

Loan

Obligations

...................................

—

2,758

—

2,758

Collateralized

Mortgage

Obligations

................................

—

34,672

—

34,672

Senior

Secured

Loans

...........................................

—

2,812

—

2,812

Corporate

Bonds

..............................................

—

78,501

—

78,501

Yankee

Dollars

...............................................

—

46,012

—

46,012

Municipal

Bonds

..............................................

—

810

—

810

U.S.

Government

Agency

Mortgages

................................

—

2,742

—

2,742

Commercial

Paper

.............................................

—

81,303

—

81,303

Collateral

for

Securities

Loaned

...................................

2,569

—

—

2,569

Total

.......................................................

$

2,569

$

311,043

$

—

$

313,612

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

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

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

make

the

commitment

to

purchase

a

security

on

a

delayed-delivery

or

when-issued

basis,

the

Funds

record

the

transaction

and

reflect

the

value

of

the

security

in

determining

NAV.

No

interest

accrues

to

the

Funds

until

the

transaction

settles

and

payment

takes

place.

If

the

Funds

own

delayed-

delivery

or

when-issued

securities,

these

values

are

included

in

Payables

for

Investments

purchased

on

the

accompanying

Statements

of

Assets

and

Liabilities.

Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

Mortgage-

and

Asset-Backed

Securities:

The

values

of

some

mortgage-related

or

asset-backed

securities

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

Early

repayment

of

principal

on

some

mortgage-related

securities

may

expose

the

Funds

to

a

lower

rate

of

return

upon

reinvestment

of

principal.

The

values

of

mortgage-

and

asset-backed

securities

depend

in

part

on

the

credit

quality

and

adequacy

of

the

underlying

assets

or

collateral

and

may

fluctuate

in

response

to

the

market's

perception

of

these

factors

as

well

as

current

and

future

repayment

rates.

Some

mortgage-backed

securities

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government

(e.g.,

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association,

commonly

known

as

"Ginnie

Mae"),

while

other

mortgage-backed

securities

(e.g.,

mortgage-backed

securities

issued

by

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

commonly

known

as

"Fannie

Mae"

and

"Freddie

Mac,"

respectively),

are

backed

only

by

the

credit

of

the

government

entity

issuing

them.

In

addition,

some

mortgage-backed

securities

are

issued

by

private

entities

and,

as

such,

are

not

guaranteed

by

the

U.S.

government

or

any

agency

or

instrumentality

of

the

U.S.

government.

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.

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

Derivative

Instruments:

Futures

Contracts:

The

Funds

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Funds

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Funds

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs and

a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian,

which is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Funds

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Funds

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Funds

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Funds'

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Funds'

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Funds

are

not

subject

to

master

netting

agreements

for

futures

contracts. During

the

six

months

ended October

31,

2025,

the Funds entered

into

futures

contracts

primarily

for

the

strategy

of

hedging

or

other

purposes,

including

but

not

limited

to,

providing

liquidity

and

equitizing

cash.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

October

31,

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

Statements

of

Assets

and

Liabilities.

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

October

31,

2025

(amounts

in

thousands):

All

open

derivative

positions

at

period

end

are

reflected

on

each

respective

Fund's

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund's

net

assets

at

period end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

Assets

Receivables:

Variation

margin

on

open

futures

contracts\*

Interest

Rate

Risk

Exposure:

6,644,000

Core

Plus

Intermediate

Bond

Fund

.......................................................................

$

6,444

High

Income

Fund

...................................................................................

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Interest

Rate

Risk

Exposure:

2,835,000

(865,000)

Core

Plus

Intermediate

Bond

Fund

.....................................................

$

2,134

$

(137) High

Income

Fund

.................................................................

701

(728) Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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

October

31,

2025

(amounts

in

thousands):

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Funds

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

six

months

ended

October

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Core

Plus

Intermediate

Bond

Fund

....................................

$

17,707

$

—

$

18,457

High

Income

Fund

................................................

11,951

—

12,419

Income

Fund

....................................................

11,425

—

11,904

Short-Term

Bond

Fund

.............................................

5,564

—

5,709

Ultra

Short-Term

Bond

Fund

.........................................

2,497

—

2,569

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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

six

months

ended

October

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Affiliated

#### Fund

#### Ownership:
The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund's

net

assets.

The

affiliated

fund-of-funds'

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

October

31,

2025,

certain

affiliated fund-of-funds

owned

total

outstanding

shares

of

the

Funds

as

follows:

\*Rounds

to

less

than

0.05%

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Core

Plus

Intermediate

Bond

Fund

...................................

$

1,115,512

$

1,255,257

$

860,751

$

578,710

High

Income

Fund

...............................................

353,579

420,814

—

—

Income

Fund

...................................................

133,718

488,528

177,589

69,761

Short-Term

Bond

Fund

............................................

451,604

560,024

65,115

20,638

Ultra

Short-Term

Bond

Fund

........................................

56,293

65,424

7,634

5,835

Core

Plus

Intermediate

Bond

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

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1.0 Victory

Target

Retirement

Income

Fund

.

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.

1.3 Victory

Target

Retirement

2030

Fund

.

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1.6 Victory

Target

Retirement

2040

Fund

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1.4 Victory

Target

Retirement

2050

Fund

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0.7 Victory

Target

Retirement

2060

Fund

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0.1 High

Income

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

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1.0 Victory

Target

Retirement

Income

Fund

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3.3 Victory

Target

Retirement

2030

Fund

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5.2 Victory

Target

Retirement

2040

Fund

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.3 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

1.0 Income

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

0.5 Short-Term

Bond

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

0.0\*

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

2.9 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

2.6 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

1.0 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

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.

0.0\*

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

0.0\*

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment.

Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

The

performance

adjustment

for

each

share

class

is

accrued

daily

and

calculated

monthly

by

comparing

the

respective class's

performance

to

the

Lipper

Index

listed

in

the

table

below.

Each

Index

tracks

the

total

return

performance

of

the

largest

funds

within

the

respective

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the average

annual

performance

of

the

relevant

share

class

of

the

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point.

Each

class's

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,

a class

pays

a

positive

performance

fee

adjustment

for

a

performance

period

whenever

that

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.

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%

Base

Rate

High

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Income

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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.

.

.

.

.

.

.

.

.

0.24%

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

+/-

+/-

and

greater

+/-

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

For

the

six

months ended October

31,

2025,

performance adjustments were

(amounts

in

thousands):

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

six

months

ended

October

31,

2025,

the

Funds

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate,

which

is

based

on

the

Funds' average

daily

net

assets as

follows:

Amounts

incurred

for

the

six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser, provides

transfer

agent

services

to

the

Fund

Shares based

on

an

annual

charge

of

$25.50

per

shareholder

account

plus

out-of-pocket

expenses. VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

For

the

classes

below,

transfer

agent

fees

are

paid

monthly

based

on

a

fee

accrued

daily

at

an

annualized

rate

of

average

daily

net

assets,

plus

out-of-pocket

expenses

as

follows:

Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

Core

Plus

Intermediate

Bond

Fund

..............................

$

(2) 145

as

annual

%

rate

..........................................

0.05%

0.04%

0.02%

(0.02)%

0.03%

High

Income

Fund

..........................................

$

N/A

N/A

—(a)

as

annual

%

rate

..........................................

0.03%

0.04%

N/A

N/A

0.03%

Income

Fund

..............................................

$

568

647

N/A

as

annual

%

rate

..........................................

0.06%

0.06%

0.05%

N/A

0.04%

Short-Term

Bond

Fund

.......................................

$

N/A

as

annual

%

rate

..........................................

0.05%

0.04%

0.01%

N/A

0.03%

Ultra

Short-Term

Bond

Fund

...................................

$

—(a)

N/A

as

annual

%

rate

..........................................

0.04%

0.05%

0.02%

N/A

0.04%

(a) Rounds

to

less

than

$1

thousand.

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%

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%

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Funds

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

and/or

servicing

of

Class

A

and

Class

C. Amounts

incurred

for

the

six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

October

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. 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

October

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

October

31,

2025. For

the

six

months ended

October

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

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

.................................................................................

In

effect

until

August

31,

2026

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

........................................................................

$

Income

Fund

........................................................................................

Ultra

Short-Term

Bond

Fund

.............................................................................

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

![](epub582573658996736.jpg)

As

of October

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

\*

Ultra

Short-Term

Bond

Fund's

fiscal

year-end

changed

from

December

to

April

effective

April

30,

2023. The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

and

expenses

or

make

other

payments to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

October

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

6. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Debt

Securities

Risk

—

The

value

of

a

debt

security

or

other

income-producing

security

changes

in

response

to

various

factors,

including,

for

example,

market-related

factors

(such

as

changes

in

interest

rates

or

changes

in

the

risk

appetite

of

investors

generally)

and

changes

in

the

actual

or

perceived

ability

of

the

issuer

(or

of

issuers

generally)

to

meet

its

(or

their)

obligations.

Other

factors

that

may

affect

the

value

of

debt

securities

include,

among

others,

economic

conditions,

market

events

and public

health

crises

and

responses

by

governments

and

companies

to

such

developments.

These

and

other

events

may

affect

the

creditworthiness

of

the

issuer

of

a

debt

security

and

may

impair

an

issuer's

ability

to

timely

meet

its

debt

obligations

as

they

come

due.

Interest

Rate

Risk

— The

Fund(s) 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

its

sensitivity

is to

interest

rates.

To

compensate

investors

for

this

higher

interest

rate

risk,

bonds

with

longer

durations

generally

offer

higher

yields

than

bonds

with

shorter

durations.

The

ability

of

an

issuer

of

a

debt

security

to

repay principal

prior

to

a

security's

maturity

can

increase

the

security's

sensitivity

to

interest

rate

changes.

Decisions

by

the

U.S.

Federal

Reserve regarding

interest

rate

and

monetary

policy,

which

can

be

difficult

to

predict

and

sometimes

change

direction

suddenly

in

response

to

economic

and

market

events,

can

have

a

significant

effect

on

the

value

of

fixed-income

securities

as

well

as

the

overall

strength

of

the

U.S.

economy.

Precise

interest

rate

predictions

are

difficult

to

make,

and

interest

rates

may

change

unexpectedly

and

dramatically

in

response

to

extreme

changes

in

market

or

economic

conditions.

As

a

result,

the

value

of

fixed-income

securities

may

vary

widely

under

certain

market

conditions.

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.

December

31,

2025\*

April

30,

2026

April

30,

2027

April

30,

2028

April

30,

2029

Total

Core

Plus

Intermediate

Bond

Fund

.............

$

—

$

$

$

$

$

1,155

High

Income

Fund

.........................

—

Income

Fund

.............................

—

Short-Term

Bond

Fund

......................

—

Ultra

Short-Term

Bond

Fund

..................

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

High-Yield/Junk

Bond

Risk

—

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.

Credit

Risk

—

The

fixed-income

securities

in

the

Fund(s)

portfolio

are

subject

to

credit

risk,

which

is

the

possibility

that

an

issuer

of

a

fixed-

income

security

will

fail

to

make

timely

interest

and/or

principal

payments

on

its

securities

or

that

negative

market

perceptions

of

the

issuer's

ability

to

make

such

payments

will

cause

the

price

of

that

security

to

decline.

The

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.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

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.

7. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

October

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

October

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

six

months

ended

October

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

October

31,

2025. 8. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income, if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and distributed

at

least

annually

from

each

Fund.

Borrower

or

Lender

Amount

Outstanding

at

October

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Income

Fund

...................................

Borrower

$

—

$

3,473

4.78%

$

3,817

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended April

30,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

9. #### Segment

#### Reporting:
The

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.

10. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds'

financial

statements.

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

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)

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-FIncome-1225

October

31,

2025

Semi-Annual:

Full

Financials

Victory

Money

Market

Fund

vcm.com

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And

Education

Hours

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Day,

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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
Schedule

of

Portfolio

Investments

October

31,

2025

Victory

Portfolios

III

#### Victory

#### Money

#### Market

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Commercial

Paper

(56.0%)

Consumer

Discretionary

(2.9%):

AutoNation,

Inc.

,

.25

%

,

11/3/25

(a) (b) .......................................

$

60,000

$

59,986

Consumer

Staples

(3.8%):

Dairy

Farmers

of

America,

Inc.

,

.05

%

,

11/3/25

(a) (b) .............................

80,000

79,982

Energy

(12.5%):

Canadian

Natural

Resources

Ltd.

.22

%

,

11/20/25

(a) (b) ................................................

60,000

59,867

.19

%

,

11/25/25

(a) (b) ................................................

20,000

19,944

Ovintiv,

Inc.

.74

%

,

11/17/25

(a) (b) ................................................

40,000

39,916

.65

%

,

11/25/25

(a) (b) ................................................

40,000

39,877

Plains

All

American

Pipeline

LP

.10

%

,

11/7/25

(a) (b) ................................................

20,000

19,986

.19

%

,

12/1/25

(a) (b) ................................................

20,000

19,931

Targa

Resources

Corp.

,

.05

%

,

11/3/25

(a) (b) ...................................

60,000

59,986

259,507

Financials

(25.9%):

American

Honda

Finance

Corp.

.57

%

,

11/10/25

(a) (b) ................................................

20,000

19,977

.19

%

,

12/4/25

(a) (b) ................................................

20,000

19,924

.22

%

,

1/9/26

(a) (b) .................................................

20,000

19,840

Barton

Capital

SA

.07

%

,

1/29/26

(a) (b) ................................................

14,000

13,861

.08

%

,

2/6/26

(a) (b) .................................................

20,000

19,783

Cancara

Asset

Securitization

LLC

,

.01

%

,

2/2/26

(a) (b) ............................

20,000

19,795

General

Motors

Financial

Co.,

Inc.

,

.21

%

,

12/1/25

(a) (b) ..........................

10,000

9,965

Gotham

Funding

Corp.

,

.29

%

,

11/7/25

(a) (b) ...................................

20,000

19,986

Hannover

Funding

Co.

LLC

.38

%

,

2/2/26

(a) (b) .................................................

20,000

19,778

.32

%

,

2/26/26

(a) (b) ................................................

20,000

19,725

.25

%

,

3/25/26

(a) (b) ................................................

20,000

19,668

.11

%

,

4/29/26

(a) (b) ................................................

20,000

19,600

Hyundai

Capital

America

,

.14

%

,

11/17/25

(a) (b) ................................

30,000

29,945

Intercontinental

Exchange,

Inc.

.21

%

,

11/3/25

(a) (b) ................................................

20,000

19,995

.21

%

,

11/10/25

(a) (b) ................................................

20,000

19,979

.21

%

,

11/13/25

(a) (b) ................................................

20,000

19,972

Liberty

Street

Funding

LLC

,

.45

%

,

12/8/25

(a) (b) ...............................

20,000

19,911

LMA-Americas

LLC

.42

%

,

2/2/26

(a) (b) .................................................

20,000

19,777

.38

%

,

2/17/26

(a) (b) ................................................

20,000

19,744

Manhattan

Asset

Funding

Co.

LLC

,

.45

%

,

12/2/25

(a) (b) ..........................

20,000

19,925

National

Rural

Utilities

Cooperative

Finance

Corp.

,

.12

%

,

11/13/25

(a) (b) ..............

50,000

49,931

Ridgefield

Funding

Co.

LLC

Series

A1

,

.50

%

,

11/19/25

(a) (b) ........................................

20,000

19,956

Series

A1

,

.92

%

,

5/27/26

(a) (b) ........................................

20,000

19,560

Sheffield

Receivables

Co.

LLC

.43

%

,

11/7/25

(a) (b) ................................................

20,000

19,985

.38

%

,

11/21/25

(a) (b) ................................................

20,000

19,952

VW

Credit,

Inc.

,

.51

%

,

11/3/25

(a) (b) ........................................

20,000

19,995

540,529

Industrials

(2.9%):

Aviation

Capital

Group

LLC

,

.06

%

,

11/3/25

(a) (b) ...............................

60,000

59,986

Information

Technology

(2.2%):

Jabil,

Inc.

.40

%

,

11/3/25

(a) (b) ................................................

17,000

16,996

.40

%

,

11/4/25

(a) (b) ................................................

30,000

29,989

46,985

Victory

Portfolios

III

#### Victory

#### Money

#### Market

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Materials

(2.9%):

Glencore

Funding

LLC

.49

%

,

11/3/25

(a) (b) ................................................

$

20,000

$

19,995

.21

%

,

11/25/25

(a) (b) ................................................

40,000

39,888

59,883

Utilities

(2.9%):

Duke

Energy

Corp.

.16

%

,

11/20/25

(a) (b) ................................................

20,000

19,956

.16

%

,

11/21/25

(a) (b) ................................................

10,000

9,977

.14

%

,

12/19/25

(a) (b) ...............................................

10,000

9,945

.15

%

,

12/30/25

(a) (b) ...............................................

20,000

19,866

59,744

Total

Commercial

Paper

(Cost

$1,166,602)

a

a

a

1,166,602

Certificates

of

Deposit

(9.8%)

Bank

of

America

Corp.

,

.47

%

,

11/1/25

.......................................

20,000

20,000

Bank

of

America

Corp.

,

.53

%

,

11/1/25

.......................................

20,000

20,000

Bank

of

America

Corp.

,

.41

%

,

11/7/25

.......................................

20,000

20,000

Deutsche

Bank

AG

,

.39

%

,

11/1/25

(SOFR

+

bps)

(c) ............................

20,000

20,000

Mitsubishi

UFJ

Trust

&

Banking

Corp.

,

.39

%

,

11/1/25

(SOFR

+

bps)

(c) ..............

20,000

20,000

Mizuho

Bank

Ltd.

,

.60

%

,

11/1/25

(SOFR

+

bps)

(c) .............................

25,000

25,000

Royal

Bank

of

Canada

,

.35

%

,

11/1/25

(SOFR

+

bps)

(c) ..........................

20,000

20,000

Sumitomo

Mitsui

Banking

Corp.

,

.32

%

,

11/1/25

(SOFR

+

bps)

(c) ...................

20,000

20,000

Sumitomo

Mitsui

Banking

Corp.

,

.39

%

,

11/1/25

(SOFR

+

bps)

(c) ...................

20,000

20,000

Toronto-Dominion

Bank

,

.59

%

,

11/1/25

(SOFR

+

bps)

(c) ........................

20,000

20,000

Total

Certificates

of

Deposit

(Cost

$205,000)

a

a

a

205,000

Repurchase

Agreements

(34.0%)

Fixed

Income

Clearing

Corporation-State

Street

Bank

&

Trust

Co.

,

.13

%

,

purchased

on

10/31/25,

with

a

maturity

date

of

11/3/25,

with

a

repurchase

value

of

$708,244

(collateralized

by

U.S.

Treasury

Notes

,

3.63%-4.13%,

due

8/31/29

-

2/28/30,

with

an

aggregate

value

of

$722,160)

............................................................

708,000

708,000

Total

Repurchase

Agreements

(Cost

$708,000)

a

a

a

708,000

Total

Investments

(Cost

$2,079,602)

—

99.8%

2,079,602

Other

assets

in

excess

of

liabilities

— 0.2%

3,632

NET

ASSETS

-

100.00%

$

2,083,234

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

October

31,

2025,

the

fair

value

of

these

securities

was

$1,166,602

(thousands)

and

amounted

to

56.0%

of

net

assets.

(b) Rate

represents

the

effective

yield

at

October

31,

2025. (c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

October

31,

2025. bps

—

Basis

points

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

SOFR

—

Secured

Overnight

Financing

Rate

Statement

of

Assets

and

Liabilities

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Money

Market

Fund

Assets:

Investments,

at

value

(Cost

$1,371,602)

$

1,371,602

Repurchase

agreements,

at

value

(Cost

$708,000)

708,000

Cash

3,359

Receivables:

Interest

747

Capital

shares

issued

2,730

Prepaid

expenses

Total

Assets

2,086,471

Liabilities:

Payables:

Capital

shares

redeemed

2,093

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

Trustees'

fees

—

(a) Other

accrued

expenses

Total

Liabilities

3,237

Commitments

and

contingencies

(Note

3)

Net

Assets:

Capital

2,083,266

Total

accumulated

earnings

(32)

Net

Assets

$

2,083,234

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

2,083,834

Net

asset

value,

offering

and

redemption

price

per

share:(b)

$

.00

(a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statement

of

Operations

For

the

Six

Months

Ended

October

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

(Unaudited)

Victory

Money

Market

Fund

Investment

Income:

Interest

$

48,084

Total

Income

48,084

Expenses:

Investment

advisory

fees

2,533

Administration

fees

1,056

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

2,681

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

Total

Expenses

6,584

Less

fees

paid

indirectly

(39)

Expenses

waived/reimbursed

by

Adviser

(2)

Net

Expenses

6,543

Net

Investment

Income

41,541

Realized

Gains

from

Investments:

Net

realized

gains

from

investment

securities

Net

realized

gains

on

investments

Change

in

net

assets

resulting

from

operations

$

41,542

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Money

Market

Fund

Six

Months

Ended

October

31,

2025

(Unaudited)

Year

Ended

April

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

$

41,541

$

92,560

Net

realized

gains

Change

in

net

assets

resulting

from

operations

41,542

92,601

Change

in

net

assets

resulting

from

distributions

to

shareholders

(41,539)

(92,559)

Change

in

net

assets

resulting

from

capital

transactions

(18,013)

39,612

Change

in

net

assets

(18,010)

39,654

Net

Assets:

Beginning

of

period

2,101,244

2,061,590

End

of

period

$

2,083,234

$

2,101,244

Capital

Transactions:

Proceeds

from

shares

issued

$

272,609

$

608,353

Distributions

reinvested

41,363

91,429

Cost

of

shares

redeemed

(331,985)

(660,170)

Change

in

net

assets

resulting

from

capital

transactions

$

(18,013)

$

39,612

Share

Transactions:

Issued

272,598

608,364

Reinvested

41,544

91,429

Redeemed

(331,985)

(660,170)

Change

in

Shares

(17,843)

39,623

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Money

Market

Fund

Six

Months

Ended

October

31,

2025

(Unaudited)

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

$1.00

Investment

Activities:

Net

investment

income(b)

0.02 0.04 0.05 0.03 —(c)

—(c)

0.01 Net

realized

and

unrealized

gains

—(c)

—(c)

—(c)

—

—(c)

—

—(c)

Total

from

Investment

Activities

0.02 0.04 0.05 0.03 —(c)

—(c)

0.01 Distributions

to

Shareholders

from:

Net

investment

income

(0.02)

(0.04)

(0.05)

(0.03)

—(c)

—(c)

(0.01)

Net

realized

gains

—

—

—

—

—(c)

—(c)

—

Total

Distributions

(0.02)

(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

$1.00

Total

Return(d)(e)

2.00%

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%(g)

0.62%

0.35%

0.23%

0.58%

Net

Investment

Income(f)

3.94%

4.48%

5.02%

3.61%

0.24%

0.01%

1.15%

Gross

Expenses(f)

0.62%(g)

0.63%(g)

0.63%(g)

0.62%

0.62%

0.61%

0.61%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,083,234

$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

October

31,

2025

Victory

Portfolios

III

(Unaudited)

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

"Fund"):

The

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. The

Fund

operates

as

a

retail

money

market

fund

in

compliance

with

the

requirements

of

Rule

2a-7

under

the

1940

Act

and

as

a

retail

money

market

fund,

shares

of

the

Fund

are

available

for

sale

only

to

accounts

that

are

beneficially

owned

by

natural

persons.

The

Fund

may

impose discretionary

liquidity

fees on

redemptions

from

the

Fund,

subject

to

the

Fund's

Board

of

Trustees

(the

"Board")

determination

that

such

liquidity

fees

are

in

the

best

interest

of

the

Fund.

Upon

such

determination,

the

Fund

may

impose

a

liquidity

fee

of

up

to

2%

of

the

value

of

the

shares

redeemed.

The

imposition

of

a

liquidity

fee

would

reduce

the

amount

you

would

receive

upon

redemption

of

your

shares

of

the

Fund.

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

(ASC) 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

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Repurchase

agreements

are

valued

at

cost

which

approximates

market

value.

All

securities

held

in

the

Fund

are

short-term

debt

securities,

which

are

valued

pursuant

to

Rule

2a-7

under

the

1940

Act

and

the

Money

Market

Funds

Procedures

to

Stabilize

Net

Asset

Value

(the

"Procedures").

This

method

values

a

security

at

its

purchase

price,

and

thereafter,

assumes

a

constant

amortization

to

maturity

of

any

premiums

or

discounts.

Securities

for

which

amortized

cost

valuations

are

considered

unreliable

or

whose

values

have

been

materially

affected

by

a

significant

event

are

valued

in

good

faith,

at

fair

value,

using

methods

determined

by

the

Committee,

under the

Procedures

to

stabilize

net

assets

and

valuation

procedures

approved

by

the

Board.

Repurchase

Agreements:

The

Fund

may

enter

into

repurchase

agreements

with

commercial

banks

or

recognized

security

dealers

pursuant

to

the

terms

of

a

Master

Repurchase

Agreement.

A

repurchase

agreement

is

an

arrangement

wherein

the

Fund

purchases

securities

and

the

seller

agrees

to

repurchase

Fund

(Legal

Name)

Fund

(Short

Name)

Victory

Money

Market

Fund

Money

Market

Fund

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

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

October

31,

2025,

the

value

of

the

related

collateral

exceeded

the

value

of

the

repurchase

agreements,

reducing

the

net

settlement

amount

to

zero.

Details

on

the

collateral

are

included

on

the

Schedule

of

Portfolio

Investments.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Interest

income

is

recorded

daily

on

the

accrual

basis. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of April

30. For

the

six

months

ended

October

31,

2025,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

The

Fund's

Investment

Adviser

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.24%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

October

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

six

months

ended

October

31,

2025,

the

Fund

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate

of

0.10%,

which

is

based

on

the

Fund's average

daily

net

assets.

Amounts

incurred

for

the

six

months ended

October

31,

2025, are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

allocated

to

the

Fund.

Amounts

incurred

for

the

six

months

ended

October

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-

Administration

fees.

The

Fund

(as

part

of

the

Trust)

has

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

October

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser,

provides

transfer

agent

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

six

months

ended

October

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the

six

months ended

October

31,

2025, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

K&L

Gates

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Trust.

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

October

31,

2025,

the

expense

limit

(excluding

voluntary

waivers) was:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limit

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

In

addition,

the

Fund

agreed

to

reimburse

the

Adviser

for

any

extra

waivers

(i.e.,

voluntary

fee

waivers

and/or

expense

reimbursements

made

in

excess

of

waivers

and

reimbursements

that

are

necessary

to

comply

with

any

Operating

Expense

Limit

in

effect

at

the

time

of

such

extra

waivers),

provided

that:

(a) the

Fund

is

not

obligated

to

reimburse

any

such

extra

waivers

more

than

three

years

after

the

date

in

which

the

extra

waiver

was

made

by

the

Adviser;

and

(b) such

payments

would

not

cause

the

Fund's

net

yield

to

fall

below

the

Fund's

minimum

yield

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

expense

limit

in

effect

at

the

time

of

the

extra

waiver.

The

Adviser

may

voluntarily

waive

additional

fees

and/or

make

additional

expense

reimbursements

or

other

payments

in

excess

of

the

Fund's

expense

limit

of

0.62%

in

order

to

prevent

the

Fund's

yield

from

declining

below

a

minimum

yield

determined

by

the

Adviser

("minimum

yield").

The

Fund

has

agreed

to

reimburse

the

Adviser

for

any

such

extra

waivers

(i.e.,

voluntary

fee

waivers

and/or

expense

reimbursements

or

other

payments

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

and

which

are

intended

to

ensure

that

the

Fund's

net

yield

does

not

decline

below

its

minimum

yield),

provided

that:

(a) the

Fund

is

not

obligated

to

reimburse

any

such

extra

waivers

more

than

three

years

after

the

date

in

which

the

extra

waiver

was

made

by

the

Adviser;

and

(b) such

payments

would

not

cause

the

Fund's

net

yield

to

fall

below

the

Fund's

minimum

yield

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

expense

limit

in

effect

at

the

time

of

the

extra

waiver.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

October

31,

2025. As

of October

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

In

effect

until

August

31,

2026

Money

Market

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.62%

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

and

expenses

or

make

other

payments to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Except

as

noted

above,

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 six

months

ended

October

31,

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

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

Stable

Net

Asset

Value

Risk

— You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares.

An

investment

in

the

Fund

is

not

a

bank deposit

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund's

sponsor

is

not

required

to

reimburse

the

Fund

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time,

including

during

periods

of

market

stress.

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

("NAV").

Decisions

by

the

U.S.

Federal

Reserve regarding

interest

rate

and

monetary

policy,

which

can

be

difficult

to

predict

and

sometimes

change

direction

suddenly

in

response

to

economic

and

market

events,

can

have

a

significant

effect

on

the

value

of

fixed-income

securities

as

well

as

the

overall

strength

of

the

U.S.

economy.

Precise

interest

rate

predictions

are

difficult

to

make,

and

interest

rates

may

change

unexpectedly

and

dramatically

in

response

to

extreme

changes

in

market

or

economic

conditions.

As

a

result,

the

value

of

fixed-income

securities

may

vary

widely

under

certain

market

conditions.

Legislative Risk

—

Changes

in

government

policies

may

affect

the

value

of

the

investments

held

by

the

Fund

in

ways

we

cannot

anticipate,

and

such

policies

could

have

an

adverse

impact

on

the

value

of

the

Fund's

investments

and

the

Fund's

NAV.

Management Risk

—

The

Fund

is

actively

managed,

and

the

investment

techniques

and

risk

analyses

used

by

the

Fund's

portfolio

managers

may

not

produce

the

desired

results.

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.

Discretionary

Liquidity

Fees Risk

—

The

Fund

may

impose

liquidity

fees

on

redemptions

subject

to

the

Board's

determination

that

such liquidity

fees

are

in

the

best

interests

of

the

Fund.

The

imposition

of

a

liquidity

fee

would

reduce

the

amount

you

would

receive

upon

redemption

of

your

shares

of

the

Fund.

5. #### Borrowing:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

funds

in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate,

may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

October

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

April

30,

2026

April

30,

2027

April

30,

2028

April

30,

2029

Total

Money

Market

Fund

.......................................

$

$

$

$

$

Notes

to

Financial

Statements

—

continued

October

31,

2025

Victory

Portfolios

III

(Unaudited)

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

October

31,

2025. 6. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

the

Fund's

net

investment

income

are

accrued

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax year

ended April

30,

2025,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

7. #### Segment

#### Reporting:
The

Adviser's

Management

Committee

acts

as

the

Fund's

Chief

Operating

Decision

Maker

("CODM").

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-

determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

8. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Fund's

financial

statements.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

23428-1225

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) <u>[The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)</u>

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) <u>[The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99906.htm)</u>

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Victory Portfolios III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino, Treasurer and Principal Financial Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>January 5, 2026&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>January 5, 2026</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>January 5, 2026</u>

## 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 October 31, 2025, of Victory Portfolios III (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>January 5, 2026&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.

## 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>January 5, 2026&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> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Principal Executive Officer

<u>Section 302 – CERTIFICATIONS</u>

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios III (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>January 5, 2026&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> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer